Equinor unveils plans to cut fossil fuel emissions over next decade

Norway’s state-owned oil company Equinor is aiming to slash its fossil fuels emissions by 40% by 2030 as part of a wider plan to get close to net zero by 2050.

The 2030 emissions target will be attained by investing around US$5.7 billion to replace gas turbines with renewable energy at major installations, including offshore wind turbines and hydroelectric power sites.

Equinor’s chief executive Eldar Saetre said: “Equinor supports the Paris agreement and a net zero target for society. “We have already brought CO2 emissions in the production process down to industry leading levels.

“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.”

Since changing its name to Equnior from Statoil in 2018, the Norwegian firm has been keen to distance itself from its fossil fuel legacy, instead investing billions of dollars in renewable energy.

While Norway is currently reliant on oil and gas for roughly half of its export revenue, Equinor said it expects the Scandinavian country’s oil output to half by 2050.