Norwegian oil producer Equinor has announced its ambition to achieve net-zero emissions by 2050 as part of its plans to become a ‘broad energy company’.
The company’s commitment builds upon its goals presented earlier this year to reduce emissions by 40% by 2030 and to achieve absolute greenhouse gas emissions in Norway to near zero by 2050.
Anders Opedal, who recently took over the position as Equinor CEO and president, said that the company is committed to being a ‘leader in the energy transition’.
Opedal stated: “It is a sound business strategy to ensure long-term competitiveness during a period of profound changes in the energy systems as society moves towards net zero.
“Over the coming months, we will update our strategy to continue to create value for our shareholders and to realise this ambition.”
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The Norwegian firm expects to deliver an average annual oil and gas (O&G) production growth of 3% from 2019 to 2026.
In order to develop as a broad energy company, Equinor highlights renewables as a ‘significant growth area’.
The company’s move demonstrates its continued commitment to ‘long-term value creation’ in support of the global climate goals of the Paris Agreement.
Opedal added: “Climate change is a shared challenge. The combined efforts of governments, industries, investors and consumers are crucial to reaching net-zero emissions, for Equinor and for society.
“Together, we can overcome technological and commercial challenges, cut emissions, and develop CCS and zero-emission value chains for a net-zero future.”
In May, Equinor, Shell and Total made a final investment decision on the Northern Lights carbon capture and storage (CCS) project. This project will capture industrial and imported carbon dioxide (CO₂) emissions to be injected into reserves from a terminal in Øygarden, on Norway’s west coast.