Video streaming is bad for the environment. Studies show that 60 minutes of streaming in Europe has a carbon footprint equivalent to driving 250 metres. Video compression technologies may help reverse this trend by reducing the data used to encode digital video content without loss of quality. While major media are investing in methods to revolutionise image/video compression, these methods are difficult to implement in consumer devices. The EU-funded FALCON project will investigate a novel framework for developing fast and energy-efficient deep learning-based image and video compression to reduce their carbon footprint. The findings will benefit important EU policies such as the Paris Agreement and the EU Green Deal.