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Equinor plans to halve net carbon intensity by 2050

By: James Bernthal-Hooker 06/02/2020 Equinor

Corporate General

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:

· reduce the net carbon intensity, from initial production to final consumption, of energy produced by at least 50% by 2050,
· grow renewable energy capacity tenfold by 2026, developing as a global offshore wind major, and
· strengthen its industry leading position on carbon efficient production, aiming to reach carbon neutral global operations by 2030.

The new 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.

This 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.

By 2026, 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.

“Today 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.

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Equinor plans to halve net carbon intensity by 2050

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