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ESA greenlights amendments to Norwegian CO2 compensation scheme – Clayton & Segura

11 December 2024
Press Releases

ESA greenlights amendments to Norwegian CO2 compensation scheme

Today, the EFTA Surveillance Authority (ESA) has approved amendments to Norway’s CO2 compensation scheme, which targets energy-intensive industries and electricity price increases caused by the European Emissions Trading System (ETS) during the 2021-2030 period.

The scheme aims to reduce the risk of carbon leakage, where production shifts to countries outside the EEA with less stringent climate policies or is replaced by more carbon-intensive imports. Initially approved in September 2022, the scheme underwent amendments in March 2023 to introduce a European Union Allowance (EUA) price floor of NOK 200 (approximately EUR 17) per ton, later increased to NOK 375 (approximately EUR 32) in April 2024.

The latest approval concerns two new amendments: the removal of the price floor and the introduction of an annual compensation cap of NOK 7 billion (approximately EUR 599 million), with proportional reductions applied if total compensation exceeds this cap, and a requirement for beneficiaries to invest at least 40% of the aid received between 2024 and 2030 in climate mitigation or energy efficiency measures.

For further information, see ESA’s decision.

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