Norway and the EU have signed an agreement to bolster cooperation on sustainable value chains, focusing on land-based raw materials and batteries.
Minister of Trade and Industry Jan Christian Vestre emphasized the significance of this industrial partnership, highlighting its role in accelerating climate and green transition goals. He noted the potential for economic growth, increased investments, and the creation of green jobs in Norway.
Executive Vice-President Maroš Šefčovič underscored the strategic importance of the agreement, emphasizing its potential to create business and research opportunities while strengthening the industrial base and political ties between Norway and the EU.
The industrial partnership, a key component of the Green Alliance signed last year, aims to enhance climate, environmental, energy, and industrial cooperation. It serves as the first building block under the Green Alliance framework.
Minister Vestre highlighted the agreement’s importance for Norwegian businesses and its role in fostering dialogue with the EU on matters affecting green value chains. He emphasized the partnership’s alignment with Norway’s Green Industrial Initiative and its focus on critical raw materials and batteries.
Norway’s role as a supplier of critical raw materials is crucial for the green and digital transformation. The partnership seeks to address vulnerabilities in global supply chains by promoting cooperation between Norway and the EU in this area.
Batteries are identified as a key technology for renewable energy transition, with global demand expected to soar. The industrial partnership aims to address concerns raised by Norwegian battery players regarding the impact of trade agreements on market access. Norway will now participate in ministerial meetings in the European Battery Alliance, facilitating dialogue on the establishment of the European battery value chain.
Overall, the partnership provides a framework for discussions on potential disruptions in regional value chains, including the application of rules of origin for battery components traded between the EU and the UK.