Equinor sets new carbon intensity reduction targets

Norwegian energy company and LNG player Equinor has launched its new climate roadmap aiming to reduce the net carbon intensity of energy produced by at least 50 percent by 2050. 

Equinor added in its statement that it also aims to grow renewable energy capacity tenfold by 2026, developing as a global offshore wind major, and is aiming to reach carbon neutral global operations by 2030.

“Today we are setting new short-, mid- and long-term ambitions to reduce our own greenhouse gas emissions and to shape our portfolio in line with the Paris Agreement,” Equinor’s president and CEO Eldar Sætre said.

The ambition to reduce net carbon intensity by at least 50% by 2050 takes into account scope 1, 2 and 3 emissions, from initial production to final consumption. By 2050 each unit of energy produced will, on average, have less than half of the emissions compared to today. The ambition is expected to be met primarily through significant growth in renewables and changes in the scale and composition of the oil and gas portfolio.

In 2026, Equinor expects a production capacity from renewable projects of 4 to 6 GW.

The scale and composition of Equinor’s oil and gas portfolio, and the efficiency of its operations, will play a key role in achieving Equinor’s net carbon intensity ambition, the company said.

In January 2020, Equinor unveiled a set of ambitions to reduce absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway by 40 percent by 2030, 70 percent by 2040 and towards near zero by 2050.

The ambition can be realized through electrification projects, energy efficiency measures and new value chains such as carbon capture and storage and hydrogen.

Equinor is aiming to reduce the CO2 intensity of its globally operated oil and gas production to below 8 kg per barrel of oil equivalent by 2025, five years earlier than the previous ambition. The current global industry average is 18 kg CO2 per barrel.