This report analyses the impact of renewables, CO2 pricing and energy efficiency improvements on CO2 emissions from stationary energy use in the Nordic countries except Iceland. The analysis shows that CO2 emissions from 1990 to 2005 could have been as much as 30-50% higher without the penetration of renewables in the energy system and the improvement in the energy intensity of GDP. Looking ahead, both the EU ETS and renewables policies may have a significant impact on CO2 emissions. Both measures yield significant CO2 reductions when applied separately, and even in combination for moderate CO2 prices. This is because the measures to some extent apply to different sectors and uses. The effectiveness of energy efficiency improvements is also found to have a significant effect on emissions. Electricity saving measures are found to be more effective in terms of CO2 emission reductions than general heat saving measures.