The Energy Transition Norway report describes DNV’s view of the most likely development of Norway’s energy future and is commissioned by the Federation of Norwegian Industries (Norsk Industri). The forecast details the dynamics, challenges and opportunities ahead, and provides a basis for assessing whether Norway is likely to meet its energy and climate-related targets.
- Norway is not on track to reach its 2030 and 2050 climate targets.
- Russia’s invasion of Ukraine has raised Norwegian energy exports in the short term, but will lead to a steeper decline in natural gas demand in the long term.
- Record high electricity prices and a looming electricity deficit, between 2026-2030, hinders clean tech industry development.
- Power and hydrogen exports grow towards 2050 but will only amount to a fraction of today’s energy export revenues, which will fall dramatically due to declining oil and gas demand.