The UK and Norway have formed a Green Industrial Partnership focused on renewable energy in the North Sea.
The partnership aims to establish both countries as leaders in the green energy transition. It centers on investments in offshore wind and green hydrogen projects.
The North Sea is crucial, with collaboration on large-scale renewable energy infrastructure, grid development, and cross-border carbon dioxide storage.
The North Sea could power over 120 million homes via offshore wind by 2030. Research suggests closer cooperation could create up to 51,000 jobs and inject up to £36 billion into the UK economy.
The partnership addresses energy security by investing in locally generated clean energy. It aims to reduce dependence on volatile fossil fuel markets.
The UK and Norway will explore carbon storage capacity beneath the UK's seabed, estimated at up to 78 billion tonnes of carbon dioxide. This supports broader efforts to reduce emissions and reach climate targets.
The partnership is expected to yield substantial economic advantages. It aims to create thousands of clean energy jobs and develop new green industries.
Norwegian companies like Equinor and Statkraft have invested in UK renewable projects. The agreement builds on decades of energy sector collaboration.
The partnership forms part of a wider Strategic Partnership covering defence, trade, climate change, and security. It reflects the UK's "Plan for Change" to be a hub for renewable innovation.