What does the energy transition mean for Equinor?
Climate change means that we must change the way the world produces and consumes energy, to eliminate harm to the environment. But we must also ensure people have access to energy which is a key driver for progress for societies.
“Our strategy is backed up by clear actions to accelerate our transition while growing cash flow and returns”, Anders Opedal, President and CEO of Equinor.
The question we ask ourselves in Equinor is: “What will it take to bring about a successful energy transition for the world, and what role can Equinor play?”
To respond to this challenge and ensure that the company becomes a net zero company by 2050, Equinor will focus on three key pillars:
Optimised oil and gas portfolio
By optimizing its portfolio through financial discipline and prioritization, Equinor will continue to develop competitive and resilient projects whilst maintaining industry-leading recovery rates, unit costs and carbon efficiency.
The average CO2 intensity of Equinor’s oil and gas portfolio is around 8 kg CO2 per barrel, less than half the global industry average of 18 kg CO2 per barrel.
High value growth in renewables
To develop Equinor as a broad energy company, renewables will be a significant growth area. Equinor has ambitions for profitable growth within renewables and expects a production capacity of 12-16 GW by 2030 (equity share) will continue to leverage its leading position in offshore wind.
New market opportunities in low carbon solutions
The energy transition represents an opportunity for Equinor to leverage its leading position within carbon management and hydrogen, and to develop and grow new value chains and markets. By 2035, Equinor’s ambition is to develop the capacity to store 15 -30 million tonnes CO2 per year and to provide clean hydrogen in 3-5 industrial clusters.
