Karmoy, Hydro | More local companies on the list: The most polluting industrial giants received billions in emissions subsidies

Karmoy, Hydro | More local companies on the list: The most polluting industrial giants received billions in emissions subsidies

practical life: From 2013 to 2022, Norway's ten largest industrial giants received more than NOK 25 billion in emissions subsidies, but only managed to reduce emissions by seven percent.

Norway's ten most polluting companies account for a quarter of the country's climate emissions, consume the same amount of electricity and still make strong profits, writes Today's business.

– Among the best in the world

From 2013 to 2022, these companies – six of which are foreign-controlled – received nearly NOK 25 billion in state aid, according to an overview by the newspaper.

The companies involved are Equinor, Hydro, Elkem, Heidelberg, Eramet, Yara, Gassco, Alcoa, Ineos and Wacker.

Together, these companies have cut emissions by seven percent since 2013, but many have also cut production, notably Equinor and Alcoa. Over a decade, only half of these companies have cut emissions more than they have produced.

At Hydro in Karmoy, CO2 emissions still come directly from old and new production halls, waiting for technology that does not yet exist, he writes. Today's business.

Plant manager Arne Martin Kjærland tells the newspaper that the production method has remained largely the same for 140 years, but he still believes Hydro is among the best in the world for producing aluminium with low emissions.

The financial support scheme for energy-intensive industries aims to compensate for the higher electricity prices due to the EU CO2 quotas. The aim is to prevent energy-intensive industries from moving from Norway to countries with lower climate requirements and lower electricity prices.

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Strengthens requirements

There was previously no requirement to use CO2 offsets for climate measures, as in many other countries. Many critics have therefore objected that the Norwegian scheme gives industry billions of dollars in support without requiring the money to be used for emissions reduction measures.

But in March this year, the government and industry agreed on a compensation plan for 2024-2030. It now requires that 40 percent of the compensation received by companies be used for climate measures and/or energy efficiency in the companies.

(© NTB)

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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