Europe's top oil and gas exporter invests to cut emissions
Equinor and its partners plan to invest around £4.33bn by 2030 to cut CO2 emissions
Norway’s Equinor plans to cut greenhouse gas emissions from its domestic operations by 40 per cent this decade with goals to reach near zero by 2050.
Chief executive Eldar Saetre said the plan could give the state-controlled company a “competitive advantage” as the industry faces rising costs for climate warming emissions.
Equinor and its partners plan to invest around 50 billion crowns (£4.33bn, €5bn, $5.7bn) by 2030 to cut CO2 emissions to an annual rate of about 8 million tonnes at offshore fields and onshore plants in Norway from 13 million in 2018, the company said.
Norway is western Europe’s top oil and gas exporter and has used the proceeds from these sales to build the world’s largest sovereign wealth fund, worth more than $1tn.
Equinor’s targets only cover emissions related to its operations and not those from the products it sells.
Last month Spain’s Repsol said it aimed to reduce its CO2 emissions to net zero by 2050 at a cost of $5.3bn, including those from its products.
Oil and natural gas generate about half of Norway’s export revenue and around 25 per cent of the country’s CO2 emissions.
Equinor is an international energy company present in more than 30 countries worldwide and headquartered in Stavanger, Norway. Founded in 1972 under the name Den Norske Stats Oljeselskap AS—Statoil (the Norwegian State Oil company), it changed its name to Equinor in 2018.