Norwegian oil producer Equinor has announced plans to cut greenhouse gas emissions generated at offshore fields and onshore plants in Norway.
The company aims to reduce emissions by about 40% by 2030, 70% by 2040 and to near zero by 2050.
To aid them with these new environmental goals, Equinor is seeking opportunities within offshore wind, carbon capture and storage, as well as green hydrogen.
According to the company, this substantial cut in emissions in Norway will align Equinor’s business with the 2015 Paris Agreement to slash domestic emissions.
Equinor CEO Eldar Sætre said: “We are now launching an unprecedented set of ambitions for forceful industrial action and substantial absolute emission reductions in Norway, aiming towards near zero in 2050. This is in line with society’s climate targets and our strategy to create high value with low emissions.”
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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.
Under its greenhouse gas emissions reduction plan, the company plans to cut more than 5 million tonnes (Mt), which constitutes around 10% of Norway’s total CO2 emissions.
The fields and plants that the company operated in 2018 emitted around 13Mt, which is about the same level as in 2005.
Sætre further added: “While realising these ambitions, we also expect our operated fields and plants to create significant value with a potential to generate more than 3.000 billion Norwegian kroner in income for the Norwegian State towards 2030.
“Collaboration is key to combat climate change. We appreciate the close cooperation with our industry partners and suppliers, and to realise these ambitions we need even closer collaboration across industries and with authorities.”
A 40% reduction by 2030 will be realised through large scale industrial measures, such as energy efficiency and digitalisation. The company also plans to introduce electrification projects at major fields, including the Troll and Oseberg offshore fields, as well as the Hammerfest LNG plant.
In order to achieve further cuts towards 70% by 2040 and close to zero by 2050, the company will need to undertake additional measures, such as projects electrification, infrastructure consolidation and the development of new technologies and value chains.