Norwegian energy giant
Equinor has set an ambition to halve net carbon intensity by 2050, launching
a new climate roadmap in line with the Paris Agreement.
The company’s three
stated goals are to:
the net carbon intensity, from initial production to final consumption,
of energy produced by at least 50% by 2050,
renewable energy capacity tenfold by 2026, developing as a global offshore
wind major, and
its industry leading position on carbon efficient production, aiming to
reach carbon neutral global operations by 2030.
roadmap takes account of scope 1, 2, and 3 emissions, from initial production
to final consumption. By 2050, the company suggests, each energy unit produced
will have (on average) half the emissions of an energy unit produced today.
target is expected to be achieved largely due to Equinor’s increased interest
in renewables such as offshore wind, as well as changes in the scale and
composition of the oil and gas portfolio. Other significant factors include
operational efficiency, CCUs, and hydrogen.
Equinor expects its renewable production capacity to stand at 4-6 GW, a
ten-times increase on today’s capacity. By 2035, the company expects to
further increase its installed renewables capacity to 12-16 GW, depending
on project opportunities.
Equinor also has an
ambition for carbon neutral global operations by 2030. It currently
has industry-leading low methane emissions, at roughly 10% of the global
industry average. According to the climate roadmap, the company will keep
methane emissions at near zero and eliminate routine flaring by 2030.
we are setting new short-, mid- and long-term ambitions to reduce our own
greenhouse gas emissions and to shape our portfolio in line with the Paris
Agreement. It is a good business strategy to ensure competitiveness and
drive change towards a low carbon future, based on a strong commitment
to value creation for our shareholders,” said Eldar Sætre, president and
CEO of Equinor.