Equinor has announced its ambition to become a net-zero energy company by 2050 in support of the Paris Agreement
In 2020 Equinor, an energy company developing oil, gas, wind and solar energy in more than 30 countries, announced its plans to achieve carbon neutral global operations by 2030 and to reduce absolute greenhouse gas emissions in Norway to near zero by 2050. At the same time, a value-driven strategy for significant growth within renewables, as well as a new net carbon intensity ambition was outlined. Equinor has now built upon these targets after announcing its ambition to become a net-zero energy company by 2050.
“Equinor has for years demonstrated an ability to deliver on climate ambitions and has a strong track record on lowering emissions from oil and gas,” commented Anders Opedal, chief executive officer and president of Equinor, “now, we are ready to further strengthen our climate ambitions, aiming to reach net zero by 2050.”
Equinor is preparing for an expected gradual decline in global demand for oil and gas from around 2030 onwards and is preparing, in the long term, to produce less oil and gas in the future. Due to this, Equinor has placed emphasis on renewable energies, such as expanding its acquisition of wind acreage, so that by 2026 they expect a production capacity of four to six GW and 12-16 GW by 2035.
To achieve net-zero emissions requires a well-functioning market for carbon capture and storage and natural sinks, as well as the development of competitive technologies for hydrogen. Building on its capabilities from oil and gas, Equinor is well positioned to provide low-carbon technologies and establish zero-emission value chains. The development of these technologies is being driven through projects such as Northern Lights, which aims to store CO2 from industrial sites across Europe. Equinor also assumes that an increasing share of oil and gas will be used for petrochemicals towards 2050.