The European Union and Norway have inked a strategic partnership aimed at bolstering cooperation in raw materials and battery value chains. The memorandum of understanding, signed by EU Commissioner Maros Sefcovic and Norwegian Minister of Trade and Industry Jan Christian Vestre, outlines joint investment projects and research collaboration in key areas.
The partnership, described as a “comprehensive framework for future-oriented and long-term cooperation,” aims to enhance overall competitiveness, create high-quality jobs, and reduce the risk of trade disruptions. It focuses on integrating value chains for raw materials and batteries through investment projects, joint ventures, and consortia, among other forms of industrial cooperation.
While the partnership covers various areas, cooperation on raw materials is limited to “land-based raw materials,” excluding materials extracted from the seabed off the coast of Norway. Other areas include aligning environmental, social, and governance standards, mobilizing financial and investment instruments, and developing skills for high-quality jobs in the raw materials and battery industry.
The EU and Norway plan to implement the partnership roadmap together with stakeholders, with the first joint activities scheduled for April at the Hanover Industrial Trade Fair, featuring a “business match-making event.”
The partnership builds upon the EU-Norway Green Deal finalized in April 2022. Norway, known for its mineral-rich reserves, boasts resources such as rare earths, magnesium, titanium, vanadium, and phosphate rock, along with a robust processing capacity. The country’s battery industry has flourished alongside its strong electric vehicle sector, making it an attractive partner for the EU, which is transitioning away from combustion engines by 2035.
EU Commissioner Sefcovic expressed optimism about the partnership, stating, “We are bringing cooperation between the EU and Norway to another level, as today’s signature is of strategic value. It will create a wide range of business and research opportunities on both sides, strengthening both our industrial base and our political bond.”
