Industrial giants pollute the most – have received tens of billions in emission subsidies

The ten companies that pollute the most on land in Norway account for a quarter of the country’s climate emissions, consume the same amount of electricity and at the same time make a solid profit, write Today’s business.

From 2013 to 2022, these companies – of which six are foreign-controlled – have received almost NOK 25 billion in state aid, shows an overview that the newspaper has prepared.

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

Collectively, these companies have reduced emissions by 7 per cent since 2013, but several have also cut production, particularly Equinor and Alcoa. Over the course of ten years, only half have reduced emissions any more than production.

The financial support scheme for power-intensive industry is to compensate for higher electricity prices due to European CO2 quotas. The purpose is to prevent power-intensive industries from moving from Norway to countries with fewer climate requirements and lower electricity prices.

There has previously been no requirement for the CO2 compensation to be used for climate measures, as is the requirement in several other countries. Several critics have therefore objected that the Norwegian scheme gives the industry billions in support without making demands that the money be used for emission-reducing measures.

But in March this year, the government and the parties in the industry agreed on the compensation scheme for the years 2024–2030. It is now required that 40 per cent of the compensation the companies receive must be used for climate measures and/or energy efficiency in the companies.