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Equinor cuts green energy investments by half, cuts €4 billion and increases oil and gas production by 10%, prioritizing profitability in the North Sea.
The transition to more sustainable energy is not going as expected — and the cost is weighing on our pockets. Faced with this scenario, Equinor, one of the giants in the energy sector in Norway, decided to change the game: it cut €4 billion in investments in renewables and decided to double down on oil and gas.
The decision took many people by surprise, since the company had been investing heavily in clean energy. But according to CEO Anders Opedal, this transition is costing more than expected and is not bringing the expected financial return. And as if that were not enough, customers are also unwilling to sign long-term contracts. The result? Oil remains Equinor's safe haven.
Change of Direction
Anyone who follows the energy market has noticed that large companies are putting the brakes on when it comes to sustainability. And Equinor has made this very clear.
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Opedal explained that the growth of renewables is taking longer than expected and, worse, costs are rising without a guarantee of a decent return. So, to avoid losses, the company is halving its investments in clean energy and reallocating money to oil.
And there's more: the goal of spending 50% of the budget on sustainable projects by 2030 has also been shelved. The focus is now elsewhere.
€4 billion cut and return to oil
If Equinor previously intended to invest €8 billion in renewable energy, this figure has now fallen to €4 billion in the next two years. And the math is simple: the company does not see enough profitability to maintain the pace.
Meanwhile, investment in oil and gas is only growing. Production is expected to increase by 10% in the coming years, which shows that Equinor is not at all willing to give up fossil fuels any time soon.
Rosebank: Equinor’s new gold mine
One of Equinor's major assets in this change of course is the Rosebank field in the North Sea. The project, despite being controversial, is expected to move forward even after a court ruling questioning the legality of the exploration.
And, according to Opedal, the company's logic is simple: it is better to produce oil and gas in Europe than to depend on imports from other countries. This would ensure more security. energy and less vulnerability to external crises.
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Except for eco-bores like Al Gore or Greta, and the **** who believe in them, no one is concerned about “clean energy”, what everyone wants is CASH, what’s more in a world where oil was going to run out and gigantic reserves are discovered every day.