Energy Transition – from fossil fuels to renewables

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Bundespresident,

Excellencies,

Ladies and gentlemen.

First of all, I hope you have enjoyed your visit to Norway, (Federal) Federal President Steinmeier. We very much appreciate your visit.

Let me thank the German embassy and the German-Norwegian Chamber of Commerce for bringing us together, and not least our host, DNV.

Soon, CEO of DNV, Remi Eriksen will give us the highlights from the Energy Transition Outlook.

I look very much forward to hearing your reflections on the transition we are facing.

I believe, whether we are politicians or industry leaders, that we share the need for knowledge on how to navigate in an ever-changing future when it comes to technology, energy and climate.

The current situation with soaring energy prices, should not be underestimated. It is a major challenge to economic growth.

It carries an important message to all of us: Energy plays a vital role for businesses and livelihoods across the world.

And not least, what is the perhaps largest challenge of our lifetime – addressing climate change.

As Prime Minister Støre put it in his address to the ongoing COP 26 in Glasgow: "This is existential. It is urgent. And it is possible – if we jointly step up our commitments. "

In our governing platform, the ambitions are clear:

We want a just transition.

Our policies will have an active approach – creating jobs, increasing export and facilitate for new and existing industries based on our common natural resources.

Whether it's strengthening Norway's position as a renewable nation.

Or developing our petroleum industry, cutting emissions and ensuring support for a green transition, building on the expertise of the oil and gas industry into new business areas, such as offshore wind, CCS or hydrogen.

I believe the government has a role to play when we prepare ourselves for a sustainable future, by providing policies and frameworks.

However, it is the industry itself that must ensure long term competitiveness.

I am looking forward to the update from the industry today. I know you all are at the forefront of the energy transition.

I am also glad that businesses seek partnerships across borders – and not just any partnership.

Germany is one of Norway's most valued partners.

Energy has been at the core of the excellent relationship between our two countries for a long time. And now, new partnerships are formed.

On renewables.

Such as the Nordlink cable, increasing the exchange capacity and the effective use of our renewable power resources.

Or offshore wind, where Germany is set to hugely increase its investments in the sector. Norwegian companies are already part of this effort. At home, Norway is opening large areas for commercial scale offshore wind.

Furthermore, Norway is Europe's second largest supplier of natural gas and a substantial share is consumed in Germany.

Gas is important in the energy transition, both for European energy security and for cutting emissions.  

• By replacing coal and by balancing variable renewables.

And, not to forget, natural gas combined with carbon capture and storage can become a significant source of clean hydrogen.

Dear friends, I believe our common energy prospects are ever growing.

As we look to the future, we must build on that platform and continue to identify those common interests. In energy, reducing emissions and developing technology.

Together, we can collaborate for a greener, sustainable energy future.

Thank you!