This study is a comparative analysis of energy consumption and CO2 emission flows in the Nordic countries of Finland, Denmark, Norway and Sweden from the years 1960-1997. The comparative analyses are based on complete decomposition methodology, from which the authors provide an analysis of the dynamic changes of energy consumption and CO2 emission flows in those Nordic economies. The comparative analysis reveals that: 1. The economic activity effects of the different Nordic countries were quite similar. 2. The structural effects varied considerably indicating differences in the relative economic activities in the analysed countries. 3. The intensity effects on energy use suggest that there were no significant changes in Finland and Sweden during that period. In Denmark and Norway, although intensity effects first increased in the 1960s, they had a downward sloping trend after 1970. The intensity effects of CO, emissions increased until the year 1970 and thereafter decreased until the year 1990. In the 1990s, only Norway's intensity effect continued to decrease. In contrast to the other Nordic countries, Finland's CO, emission intensity effect differs greatly. It continued to increase until the year 1980, then decreased sharply at the beginning of the 1980s and experienced considerable fluctuations after that.