Equinor has set a goal of becoming a net-zero energy company by 2050 and says it plans to accelerate growth in offshore wind
Equinor chief executive and president Anders Opedal, who takes over the role today (2 November 2020) said, “Equinor is committed to being a leader in the energy transition. It is a sound business strategy to ensure long-term competitiveness during a period of profound changes in the energy systems as society moves towards net zero. Over the coming months, we will update our strategy to continue to create value for our shareholders and to realise this ambition.”
The company expects to deliver average annual oil and gas production growth of around 3% in the period to 2026 and said its plans for production, development and exploration on the Norwegian continental shelf “remain firm.”
However, it is preparing for an expected gradual decline in global demand for oil and gas from around 2030 onwards, and plans to develop as a broad energy company, in which renewables will be a significant growth area.
Equinor has previously set ambitions for profitable growth in renewables and expects a production capacity of 4-6 GW by 2026 and 12-16 GW by 2035. However, the company now plans to expand its acquisition of wind acreage, with the aim of accelerating profitable growth. It also plans to establish renewables as a separate reporting segment from Q1 2021.
Earlier this year, Equinor 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, it outlined a strategy for significant growth in renewables, as well as a new net carbon intensity ambition.
The company will present an updated strategy at its Capital Markets Day in June 2021.
Riviera is hosting a week of free to attend 45-minute webinars focused on offshore wind commencing 2 November. Register your interest now