Essentially, what Norway is planning on doing is reducing its emissions quite dramatically, probably somewhere on the order of what's being proposed in this bill. Obviously, a country cannot eliminate its carbon emissions entirely. Part of its plan is to reduce emissions as deeply as it can, and then any remaining emissions that may come from that jurisdiction, from Norway, would be offset with credible emission credits from elsewhere, most likely the developing world.
On February 4th, 2008. See this statement in context.