Section 1.
 Purpose
 The purpose of this Act is to promote the implementation of Norway's climate targets as part of its process of transformation to a low-emission society by 2050. The purpose of the Act is also to promote transparency and public debate on the status, direction and progress of this work. The Act is not intended to preclude joint fulfilment with the EU of climate targets set out in or adopted under the Act.

 Section 2.
 Emissions and removals of greenhouse gases to which the Act applies
 This Act applies to the emissions and removals of greenhouse gases covered by Norway's first nationally determined contribution submitted under the Paris Agreement of 12 December 2015. The King in Council may by regulations decide that this Act shall also apply to emissions and removals of greenhouse gases other than those to which the first paragraph applies.

 Section 3.
 Climate target for 2030
 The target is for greenhouse gas emissions to be reduced by at least 40 % by 2030 compared with the reference year 1990.

 Section 4.
 Climate target for 2050
 The target is for Norway to become a low-emission society by 2050. A low-emission society means one where greenhouse gas emissions, on the basis of the best available scientific knowledge, global emission trends and national circumstances, have been reduced in order to avert adverse impacts of global warming, as described in Article 2 1.(a) of the Paris Agreement of 12 December 2015. The target is to achieve reductions of greenhouse gas emissions of the order of 80-95 % from the level in the reference year 1990. The effect of Norway's participation in the EU Emissions Trading System is to be taken into account in assessing progress towards this target.

 Section 5.
 Review of climate targets every five years
 To promote the transformation to a low-emission society, see section 4, the Government shall in 2020 and thereafter every fifth year submit updated climate targets to the Storting. These shall:
 a. be based on the best available scientific knowledge;
 b. as far as possible be quantitative and measurable. Climate targets submitted under this section shall represent a progression from the preceding targets and promote a gradual transformation in the period up to 2050. Climate targets shall be consistent with Norway's nationally determined contributions under the Paris Agreement of 12 December 2015 and with joint fulfilment with the EU, if agreed. This Act is not intended to preclude the establishment of other types of targets to promote Norway's transformation to a low-emission society, as a supplement to climate targets in accordance with the first to third paragraphs of this section.

 Section 6.
 Annual reporting to the Storting
 In its budget proposal for the following year, the Government shall give an account of:
 a. how Norway can achieve the climate targets set out in sections 3-5;
 b. the expected effect of the proposed budget on greenhouse gas emissions. Each year, the Government shall, on the basis of scientific information, provide the Storting in a suitable manner with the following:
 a. an account of changes in emissions and removals of greenhouse gases, projections of emissions and removals, and progress towards the climate targets mentioned in sections 3-5;
 b. an account of how Norway is preparing for and adapting to climate change;
 c. an overview showing sectoral emission trajectories for emissions that are not covered by the EU Emissions Trading System and the types of measures that will be necessary to achieve them;
 d. a status report on Norway's carbon budget, taking into account relevant arrangements within the framework of joint fulfilment with the EU, if agreed.

 Section 7.
 Entry into force
 This Act applies from the date(1) decided by the King.
 (1) From 1 January 2018 according to Royal Decree of 16 June 2017 No. 790.