Equinor Sets Ambition to Become Net-Zero Energy Company by 2050
November 02 2020 - 2:21AM
Dow Jones News
By Dominic Chopping
Norwegian oil-and-gas major Equinor ASA on Monday announced its
ambition to become a net-zero energy company by 2050, including
emissions from production and final consumption of energy.
Earlier this year, Equinor announced plans to achieve
carbon-neutral global operations by 2030 and to reduce absolute
greenhouse gas emissions in Norway to near zero by 2050.
Equinor said its plans for production, development and
exploration on the Norwegian continental shelf remain firm.
The company said it is preparing for an expected gradual decline
in global demand for oil and gas from around 2030 onward.
"Value creation, not volume replacement, is and will be guiding
Equinor's decisions," it said.
"In the longer term, Equinor expects to produce less oil and gas
than today."
Renewables will be a significant growth area, it said, adding
the company has previously set ambitions for profitable growth
within renewables and expects a production capacity of 4 gigawatts
to 6 gigawatts by 2026 and 12 gigawatts to 16 gigawatts by
2035.
Equinor plans to expand its acquisition of wind acreage, with
the aim of accelerating profitable growth, it said. The company
will continue to leverage its position in offshore wind and it will
establish renewables as a separate reporting segment from first
quarter 2021.
The company said it expects to present an updated strategy at
its capital markets day in June 2021.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 02, 2020 02:06 ET (07:06 GMT)
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