June 16, 2021 Read More →

Norwegian major Equinor updates renewable spending plans

NS Energy: 

Equinor plans to significantly raise its investments in clean energy this decade, pledging 50% of its capital spending budget to renewable and low-carbon projects by the end of 2030.

That compares to a 4% allocation in 2020, and will translate into 12-16 gigawatts (GW) installed capacity by the end of the period – a capacity target previously earmarked for 2035.

Around $23bn will be spent on renewable energy projects through to 2026, the company said in a strategy update.

The Norwegian state-backed oil and gas major, which is aiming to reach net zero by 2050, has also set updated emissions targets, with interim goals of reducing net carbon intensity 20% by 2030 and 40% by 2035.

It has avoided commitments to absolute emissions reduction, with no immediate plans to lower oil and gas output and new production capacity expected to be added in the medium term.

Optimised performance across the company’s upstream portfolio will lower the break-even price for production, with new projects coming online by 2030 having an average break-even of $35 per barrel.

[Andrew Fawthrop]

More: Clean energy to account for 50% of Equinor investments by 2030

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