Norway’s upcoming adoption of the Corporate Sustainability Reporting Directive (CSRD) could see demand for guarantees of origin (GO) supported, however, the magnitude of impact on the GO market hinges on several factors.
Some local companies, particularly those like the aluminium industry that rely on low GHG emission claims, are unlikely to boost short- to medium-term GO demand due to the continued possibility of using dual reporting (i.e. both location- and market-based) for GHG reporting.
However, as the CSRD embraces the market-based approach for energy consumption and mix reporting, making 100% renewable energy consumption claims off the location-based method will go against the reporting standards. Therefore, companies relying on such claims could shift towards GOs as opposed to using the Norwegian fossil-dominant residual mix.
The Norwegian government is currently working to transpose the CSRD by introducing changes to the Accounting Act and a few other laws. The Norwegian Water Resources and Energy Directorate (NVE) reviewed climate change reporting requirements that fall under…
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