Equinor Plans to Increase Investments in Renewable Energy to Accelerate Its Transition and Achieve Zero Carbon Emissions

Norwegian Equinor Reports Acceleration of Investments in Renewable Energies and Low-Carbon Solutions

Norwegian Equinor presented a plan showing that it will accelerate investments in renewable energies and low-carbon solutions as new oil and gas projects come online before reaching peak production in 2026, the company said on Tuesday, pressured to prove it can adapt to a greener future. Also see: Exxon and Equinor Forecasts to Invest $8 Billion in Oil Extraction at Bacalhau Field in Santos Basin

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Equinor’s Plan to Invest in Renewable Energies

Equinor stated that it will dedicate over 50% of its investments to renewable energies and carbon capture by 2030, up from less than 5% in 2020, responding to demands from investors and some Norwegian politicians.

The pressure to reduce carbon emissions, which Equinor has embraced, intensified last month after a Dutch court ruled that Shell must act more aggressively to reduce its greenhouse gas emissions, while the International Energy Agency (IEA) stated that the world needs to stop investing in new oil and gas projects by next year to achieve net-zero emissions by mid-century.

Anders Opedal, President and CEO of Equinor, says the company will meet its previous target of an annual increase of 3% in oil and gas production by 2026 as new projects come online. However, by 2030, daily production will be roughly the same as in 2020 and may decline further thereafter.

Amount to Be Invested in Renewable Energies and Equinor’s Plan

Equinor expects to make gross investments in renewable energies of about US$ 23 billion from 2021 to 2026, in addition to increasing the share of gross investment in renewable energies and low-carbon solutions from around 4% in 2020 to over 50% by 2030.

Based on early low-cost access at scale, Equinor expects to achieve installed capacity of 12 – 16 GW by 2030. Reflecting current market levels, Equinor is adjusting the expected real returns from the project base to 4 – 8% and remains determined to capture more capital returns through project financing.

Also See: João Dória Celebrates Equinor’s Investment, One of the Largest Oil and Gas Companies in the World, in Santos Basin; Deal Will Create 3,000 Jobs

Earlier this month, Equinor, the Norwegian oil and gas company, announced an investment of US$ 8 billion in phase 1 of the Bacalhau field, located in the Santos Basin, in a pre-salt area discovered by Petrobrás back in 2012. The investment is in partnership with ExxonMobil, a U.S. oil and gas company, Petrogal Brasil, and Pré-Sal Petróleo S.A.

On Tuesday, the 8th, João Dória, Governor of São Paulo, published a statement celebrating Equinor’s investment in the pre-salt region. On the same day, the governor had already received Equinor’s Executive Vice President, Al Cook, and Verônica Coelho, the president of the multinational in Brazil.