Leading oil producer, Equinor is planning to cut greenhouse gas emissions generated at Offshore fields and onshore plants in Norway.
The Norwegian oil producer had an agreement with Paris in 2015 to slash domestic emissions. Therefore, this aligns with its current move to cut gas emissions substantially.
The company hopes to achieve a 40% slash by 2030, 70% by 2040 and to near zero by 2050.
Equinor will harness opportunities within offshore wind, carbon capture, and storage as well as green hydrogen.
Offshore Technology reports that Equinor and its partners plan to invest around NOK50bn (approximately $5.7bn) by 2030 to cut emissions and strengthen the long-term competitiveness of the company’s fields and plants.
Furthermore, the Norwegian oil giant will cut more than 5 million tonnes (Mt), which constitutes around 10% of Norway’s total CO2 emissions, according to Offshore Technology.