Norway plans to significantly cut CO2 emissions but will not end oil and gas production

The Norwegian government has proposed a target of cutting greenhouse gas emissions by 70 to 75% by 2035 compared with 1990. At the same time, it has committed to ensuring the country remains a stable and predictable supplier of oil and natural gas. The international Argus news outlet reported.

Last week, the Norwegian government proposed a new greenhouse gas emissions reduction target for 2035, as well as a broader new climate plan. The 2035 target builds on the original goal of cutting greenhouse gas emissions by at least 55% by 2030. The country also has a legally enshrined target of becoming a "low-emission society" by 2050 by reducing greenhouse gas emissions by 90 to 95% compared with 1990.

Despite maintaining its high climate ambitions in line with commitments under the Paris Agreement and its goal of phasing out the use of fossil fuels by 2050, the Norwegian government has not proposed a strategy to end oil and gas production.

"Our government's plan is to end emissions, not industries," the Norwegian government said, adding that Norway is a major player in Europe's energy security.

Norway accounted for 45.6% of pipeline natural gas supplies to European Union countries last year, making it by far the largest supplier. When total natural gas imports are considered, including liquefied natural gas deliveries, Norway's share was around 33%.

Norway is also a major supplier of crude oil and petroleum products to the EU. In 2024, it was the second-largest supplier, with a 13.5% share, behind the United States.

"The government will continue to develop the oil sector and support the future availability of production areas... production will remain efficient and low-emission," the Norwegian government added. It aims to achieve net-zero emissions from oil and natural gas production by 2050.