Equinor has launched targets to reduce the absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway to net zero by 2050.
Equinor has launched targets to reduce the absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway to net zero by 2050.
The company is aiming to cut emissions by 40% by 2030, 70% by 2040 and to near zero by 2050. By 2030 this implies annual cuts of more than 5 million tonnes, corresponding to around 10% of Norway’s total CO2 emissions, with 2005 emission levels used as a baseline.
‘Equinor supports the Paris agreement and a net zero target for society. We have already brought CO2 emissions in the production process down to industry leading levels. We are now launching an unprecedented set of ambitions for forceful industrial action and substantial absolute emission reductions in Norway, aiming towards near zero in 2050. This is in line with society’s climate targets and our strategy to create high value with low emissions,’ Eldar Sætre, CEO of Equinor, said.
‘While realising these ambitions, we also expect our operated fields and plants to create significant value with a potential to generate more than $340 billion in income for the Norwegian State towards 2030. New fields, field life extensions, improved oil and gas recovery and efficient operations will all contribute to substantial value creation. The new climate ambitions will strengthen future competitiveness and value creation for Equinor, while supporting industrial developments in Norway,’ Sætre added. ‘We plan investments in the order of $5.6 billion together with our partners by 2030 to cut emissions in order to strengthen the long-term competitiveness for our fields and plants.’
Total emissions for Equinor operated fields and plants in 2018 were around 13 million tonnes, approximately the same level as in 2005. The ambition will cover all greenhouse gas emissions from offshore fields and onshore plants operated by Equinor in Norway, including both Scope 1 and Scope 2 emissions of CO2 and methane.
A 40% reduction by 2030 will be realized through large-scale industrial measures, including energy efficiency, digitalization and the launch of several electrification projects at key fields and plants, including the Troll and Oseberg offshore fields and the Hammerfest LNG plant.
Further reduction ambitions towards 70% in 2040 and close to zero in 2050 will require additional measures, further electrification projects, consolidation of infrastructure as well as opportunities to develop new technologies and value chains.
In 2050, Equinor expects Norwegian oil and gas production to be less than half of current levels, assuming development of the defined projects, substantial efforts to increase production from existing fields and continued exploration.
Currently Equinor is pursuing and maturing opportunities within offshore wind, carbon capture and storage and emissions-free hydrogen based on natural gas.
The ambitions will support the development of new value chains within hydrogen and carbon capture and storage and help to ensure that the Norwegian Continental Shelf and onshore plants ‘can play an important role and create value in a world with net zero emissions’.
Equinor said it will present new corporate climate ambitions and a ‘holistic climate platform, including an approach to decarbonisation and life cycle emissions’at its capital markets update this month.
