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Equinor targets net zero emissions by 2050

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Norwegian energy company Equinor aims to become a net zero emitter of greenhouse gases by 2050, including emissions from the production and final consumption of oil and gas.

This was disclosed by Equinor’s new chief executive Anders Opedal as he took office on Monday saying, “We are ready to further strengthen our climate ambitions, aiming to reach net zero by 2050,”.

Opedal, who replaces Eldar Saetre, the first engineer to lead state-controlled Equinor, plans to expand the acquisition of acreage for wind power while also utilising carbon capture and storage (CCS) and so-called natural sinks while looking to develop the technology to make hydrogen power commercially viable.

He reiterated an ambition of increasing oil and gas output by 3% a year over 2019-2026 but declined to say if Equinor will persevere with its loss-making onshore U.S. shale oil and gas operations.

Opedal said that “The decision to invest (in U.S. onshore) was taken a long time ago when we had different sentiments about oil and gas and different price assumptions,”.

“We will see in the future whether we can extract more value from it.”

Opedal will present a detailed strategy update next June.

Source Reuters
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