The oil company Equinor announced, in a statement released this Tuesday (15), that it will allocate more than 50% of its contributions to renewable energy generation by 2030. Currently, the segment accounts for 4% of the company's portfolio.
The company, which aims to become carbon neutral by 2050, said it expects gross investments in sustainable sources of US$23 billion from 2021 to 2026 – reaching an installed capacity of 12-16 GW over the next ten years.
“This is a business strategy to ensure long-term competitiveness in a period of profound change in energy systems as society moves towards net zero,” said Anders Opedal, CEO of Equinor.
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“We will continue to reduce emissions and, in the long term, Equinor expects to produce less oil and gas than today, recognizing reduced demand. Significant growth in renewables and low-carbon solutions will increase the pace of change for 2030 and 2035,” highlighted Opedal.
Furthermore, the company highlighted that the energy transition represents an opportunity to create new value chains and markets. In 2035, for example, its ambition is to develop the capacity to store 15-30 million tons of CO₂ per year and supply clean hydrogen in 3-5 industrial clusters.
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