UPDATE: As per ESG Today, Norway's prime-minister Jonas Gahr Støre and Ursula von der Leyen, the president of the European Commission, announced the launch of the Green Alliance between the two entities, that has the purpose of protecting the environment and developing green technologies.

Both Norway and the EU are looking to reduce their carbon footprint by 55% before 2030 and to reach carbon neutrality by mid-century.

Ursula von der Leyen stated that “Norway is a long-standing and reliable partner to the EU and we share a common vision for building a climate-neutral continent. We want our societies and economies to prosper together while reducing emissions, protecting nature, decarbonising our energy systems, and greening our industries.”

According to Reuters, the plan would soon be revealed in detail by the policymakers and it aims to make the North Sea region a strategic location for offshore wind energy production and green technologies in general.

The draft seen by Reuters says that "both sides intend to work together to bring this key technology to markets to foster the decarbonization of hard-to-abate industrial sectors."

Last December we reported about the UK's planned carbon capture and storage project, one of the largest of its kind, which aims to deposit the captured emissions underneath the North Sea. The upcoming facility could have a carbon removal capacity of 1.5 million tons per year.

Among other collaboration efforts between the EU and Norway sits the protection of the Arctic region.