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Equinor yesterday announced its ambition to become a net zero emissions company by 2050. The ambition includes emissions from energy production and end-use. This represents a clear strategic guideline and demonstrates Equinor's continued commitment to creating long-term value in support of the Paris Agreement.
“Equinor is committed to being a leader in the energy transition. It's a sound business strategy to ensure long-term competitiveness during a period of profound changes in energy systems as society demands net zero emissions. In the coming months we will update our strategy to continue adding value to our shareholders and to achieve this goal”, says Anders Opedal, who today assumed the position of Chief Executive Officer (CEO) and President of Equinor.
Earlier this year Equinor unveiled its plans to achieve carbon neutrality in global operations by 2030 and to reduce absolute greenhouse gas (GHG) emissions in Norway to virtually zero by 2050. At the same time, Equinor outlined a values-based strategy for significant growth in renewables, as well as a new net carbon intensity target. Continuing to meet short- and medium-term targets will be critical to achieving net-zero emissions.
“Equinor has demonstrated its ability to realize its climate ambitions for years and has a strong track record in reducing oil and gas emissions. Now we are ready for even more ambitious climate targets, with the aim of achieving net zero emissions by 2050,” says Opedal.
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Equinor expects to deliver average annual growth in oil and gas production of around 3% between 2019 and 2026. Equinor is well positioned with global assets worldwide in attractive areas with considerable potential for value creation. By optimizing its portfolio through financial discipline and prioritization, Equinor will continue to develop competitive and resilient projects, while sustaining industry-leading recovery rates, costs and carbon efficiency. The net zero emission ambition will strengthen our future competitiveness and value creation on the Norwegian Continental Shelf (NCS). Equinor's production, development and exploration plans on the NCS hold firm.
Equinor is preparing for a gradual decrease in world oil and gas demand from around 2030 onwards. Value creation, not volume replacement, is and will guide Equinor's decisions. In the longer term, Equinor expects to produce less oil and gas than it does today.
To develop Equinor as a large-scale energy company, renewable energy will be a significant growth area. Equinor has set ambitions for profitable growth within renewable energy previously and expects production capacity of 4-6 Gigawatts (GW) in 2026 and 12-16 GW in 2035. Equinor now intends to expand its acquisition of wind acreage, aiming to accelerate profitable growth and will continue to leverage its leadership position in offshore wind energy. Equinor will establish renewables as a separate business segment from the first quarter of 2021.
Achieving net-zero emissions requires a well-functioning market for carbon capture and storage (CCS) and natural sinks, as well as the development of competitive technologies for hydrogen. Based on its capabilities in oil and gas, Equinor is well positioned to deliver low carbon technologies and establish zero emission value chains. Equinor is driving the development of these technologies through projects such as Northern Lights, which aims to store CO2 from industrial parks across Europe. Equinor also predicts that an increasing share of oil and gas will be used for petrochemicals by 2050.
“Climate change is a collective challenge. The combined efforts of governments, industry, investors and consumers are crucial to achieving net-zero emissions, for Equinor and for society. Together, we can overcome technological and commercial challenges, reduce emissions and develop zero-emission CCS and value chains for a zero-emissions future,” says Opedal.
Equinor expects to present an updated strategy on Equity Markets Day in June 2021.
Equinor's net zero emission ambition covers scope 1 and 2 GHG emissions (100% exploited base) and scope 3 GHG emissions (product use, equity participation).
