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Norwegian PM on green transition cooperation with China

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Norwegian PM on green transition cooperation with China

2024-09-14 14:51 Last Updated At:16:17

Norway is seeking green transition partnership with China, said Norwegian Prime Minister Jonas Gahr Store while paying an official visit to the Asian country from Monday to Wednesday.

After a stay in Beijing where Chinese President Xi Jinping, Premier Li Qiang, and top legislator Zhao Leji met with him respectively, Store took a high-speed train to Shanghai on Tuesday.

In an interview with China Global Television Network on the train, Store said that he has reached consensus with Chinese leaders on green development, and the two sides also updated the trade relations between Norway and China, now one of the largest economies in the world.

"We have concluded an agreement on climate change mitigation, technological cooperation on the green transition. The Chinese side has been giving a 15-day visa waiver to Norway, which is helpful for our travelers, business people. So we have been updating and taking stock of our bilateral trade relations," said Store.

As a non-EU member state, Norway is currently one of the countries with the highest proportion of new energy vehicle sales in Europe. Store highlighted that NEV is another cooperation focus between the two countries.

"We will aim for carbon neutrality by 2050. We will cut our emissions by 55 percent by 2030 together with the European Union. Now since China is leading on many of these technologies, I believe you know we need to cooperate on them. I know that China is making major steps on electric vehicles. New sales of cars in Norway have 90 percent of electric vehicles," said Store.

China has been leading the way in developing wind energy, both onshore and offshore. The Norwegian PM disclosed that cooperation with China in next phase includes transition from oil and gas to renewable energy, and the two countries will step up alignment of each other's carbon emission reduction plans.

"As we electrify and move away from coal, oil and gas, we need new sources of electricity, because we need more electricity for a growing economy and for a growing world population. And that's why I think Norway and China can work together on some of these renewables," said Store.

During Store's visit, the two countries issued a joint statement on the establishment of Dialog on the Green Transition, and witnessed the signing of bilateral cooperation documents on green and low-carbon development.

Norwegian PM on green transition cooperation with China

Norwegian PM on green transition cooperation with China

Norwegian PM on green transition cooperation with China

Norwegian PM on green transition cooperation with China

Norwegian PM on green transition cooperation with China

Norwegian PM on green transition cooperation with China

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ECB cuts interest rates by 25 basis points

2025-03-07 03:04 Last Updated At:03:17

The European Central Bank (ECB) announced on Thursday that it would slash key interest rates by 25 basis points in a bid to wind down the restrictive monetary policy.

Effective from March 12, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 2.50 percent, 2.65 percent and 2.90 percent respectively, said the central bank in a statement.

The disinflation process is well on track, with headline inflation averaging 2.3 percent in 2025, 1.9 percent in 2026 and 2.0 percent in 2027, the ECB said.

The decision to keep on cutting rates came at a time when the economy in the eurozone is facing increasing uncertainties.

In its latest edition of the staff projections on Thursday, the ECB lowered its forecast for economic growth in the eurozone to 0.9 percent for 2025, 1.2 percent for 2026 and 1.3 percent for 2027.

This marks a downward revision from the ECB's forecast in December last year, which had projected 1.1 percent growth in 2025 and 1.4 percent in 2026, while the 2027 outlook remains unchanged.

The ECB attributed the weaker growth outlook for 2025 and 2026 to declining exports and sluggish investment, citing high trade policy uncertainty and broader economic instability as key factors.

ECB cuts interest rates by 25 basis points

ECB cuts interest rates by 25 basis points

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