Equinor is planning to grow its renewables business to support a new strategy to cut greenhouse gas emissions from its offshore and onshore fossil fuel plants in Norway.
The Norwegian developer is aiming to reduce emissions by 40% by 2030, 70% by 2040 and near zero by 2050.
The company will spend Nkr50bn (€5.1bn) over the next decade to kick-start the transformation, which will include electrification projects such as deploying floating offshore wind turbines to power platforms.
Beyond 2030, “additional measures” such as further electrification, consolidation of infrastructure and the development of new technologies and value chains will be required.
Other measures include energy efficiency and digitalisation.
“Equinor aims to utilize its capabilities within innovation, technology and large-scale industrial solutions to develop new competitive value chains. Currently Equinor is pursuing and maturing opportunities within offshore wind, carbon capture and storage and emissions-free hydrogen based on natural gas,” said the company.
“Subject to positive investment decisions in the licenses, these investments will have neutral to positive net present value, in addition to strengthening future competitiveness.”
Chief executive Eldar Saetre (pictured) said the strategy is “unprecedented” and will deliver “forceful industrial action”.
“The new climate ambitions will strengthen future competitiveness and value creation for Equinor, while supporting industrial developments in Norway,” said Saetre.
“Collaboration is key to combat climate change. We appreciate the close cooperation with our industry partners and suppliers, and to realise these ambitions we need even closer collaboration across industries and with authorities.”