Equinor is accelerating the company’s energy transition by setting a target to reach a 40% reduction in net carbon intensity by 2035, on the way towards net zero by 2050.
Equinor is accelerating the company’s energy transition by setting a target to reach a 40% reduction in net carbon intensity by 2035, on the way towards net zero by 2050.
The company is stepping up investments in renewables and low carbon solutions to more than 50% of gross annual investments by 2030.
Equinor has already set a target to become a net zero energy company by 2050 but has now set interim ambitions, aiming to reduce net carbon intensity 20% by 2030 and 40% by 2035.
Anders Opedal, president and CEO of Equinor, said: ‘This is a business strategy to ensure long-term competitiveness during a period with profound changes in the energy system, as society moves towards net zero. Significant growth within renewables and low carbon solutions will increase the pace of change towards 2030 and 2035.’
Equinor expects gross investments in renewables of around $23 billion from 2021 to 2026, and to increase the share of gross capex for renewables and low carbon solutions from around 4% in 2020 to more than 50% by 2030. It expects to reach an installed capacity of 12-16 GW by 2030.
By 2035, Equinor’s ambition is to develop the capacity to store 15-30 million tonnes of CO2 per year and to provide clean hydrogen in 3-5 industrial clusters.
Organic capital expenditure is estimated at an annual average of $9-10 billion for 2021-2022 and at around $12 billion for 2023-2024. Production growth from 2020 to 2021 is estimated to be around 2%.
