It is generally accepted that human activities have a large influence on global climate. In order to minimize human impact on global warming, regulations and agreements may be introduced for all CO2-generating sectors. Therefore, measures to reduce CO2-emissions will be of importance to the industrial sector. Strategic decisions and long-term thinking are needed to comply with the regulations and to fulfil the agreements. The pulp and paper industry is an energy intensive sector with relatively large potentials to accomplish energy efficiency measures that result in reduction of CO2-emissions. To settle the cost-effectiveness for each measure a number of system parameters have to be considered, such as investment costs, boundary conditions and reference systems. This paper presents two methods, pinch technology and the MIND method. These methods are used for analysis of industrial energy systems considering different parameters and aspects. Pinch technology is used for thermodynamic and economic evaluation of process integration possibilities and the MIND method is used for strategic evaluation of different energy efficiency measures. Foundation for long-term decision-making can be obtained by co-ordinating the results from the two methods. In this paper, cost-effectiveness has been determined for different energy efficiency measures. The measures are non-conventional evaporation and heat pumping. The case studied is from a Swedish board mill. Economic potentials and consequences for these CO2-reducing measures are discussed from both an industrial and a societal perspective.