Equinor unveils plans for "near-zero" emissions by 2050

Norwegian oil and gas company Equinor has unveiled its plans to cut CO2 emissions over the next thirty years. The firm says it aims for a 40% cut by 2030, a 70% cut by 2040, and to have reached "near-zero" by 2050.

In 2018, Equinor's total emissions from its operations amounted to around 13 million tonnes, according to figures released by the firm. Until May 2018, the company was named Statoil and changed its name to reflect its desire to move away from fossil fuels.

To reach its 2030 target, the company will need to bring in cuts of over 5 million tonnes - around 10% of Norway's total carbon dioxide emissions. This will require an investment of over €5-billion, which will be used to replace gas turbines will renewable installations such as offshore wind farms and hydroelectric power.

To reach its 2040 and 2050 goals, Equinor says that it will have to take a broader approach to electrification, infrastructure consolidation and increased investment in clean hydrogen, offshore wind, carbon capture and carbon storage. 

Eldar Saetre, Equinor’s chief executive, 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."

“The new climate ambitions will strengthen future competitiveness and value creation for Equinor, while supporting industrial developments in Norway.”

Norway is western Europe's biggest producer of oil and gas. The proceeds from the sales of which have been pumped into the world's largest sovereign wealth fund, valued at more than $1-trillion.

Equinor’s targets only cover emissions related to its operations and not those from the products it sells, drawing criticism from some environmental groups. Nature and Youth board member Andreas Radoey, who took to Twitter to say it was “too little, too late. In 2050, there can’t be any oil extraction from Norway’s continental shelf."

However, Saetre said: “We are convinced that (cutting) the CO2 emissions from the production process is going to be a competitive factor, increasingly so in the future."

“There will be regulation of these emissions and also taxes associated with it ... it is mainly about avoiding cost and creating a competitive situation,” he added.

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