Following its newly issued sustainability report for 2020, the Norwegian energy company Equinor announced that its greenhouse gas emissions were 1.4 million tonnes lower than in 2019.
The 2020 Sustainability Report offers an overview of how Equinor works with its most material sustainability impacts.
As explained, sustainability is embedded in Equinor’s strategy, while the company is committed to long term value creation inspired and guided by the United Nations’ Sustainable Development Goals.
According to the report, in 2020, Equinor’s greenhouse gas emissions were 1.4 million tonnes lower than in 2019, due to energy efficiency projects, changes in the portfolio and lower activity level.
In fact, the average CO2 intensity of Equinor’s operated portfolio was 8.0 kg CO2 per barrel of oil equivalent (boe), down from 9.5 kg per boe in 2019.
Climate change is one of the main challenges of our time and a clear call for action. To avoid an irreversible climate crisis, urgent actions are needed to reduce greenhouse gas emissions from all sectors to help society move towards net zero.
…as Equinor noted.
Going forward, Equinor expects fluctuations in the upstream carbon intensity from year to year, but the long-term direction towards lower emission intensity is clear.
Renewables and low carbon solutions projects accounted for 4% of Equinor’s gross capex in 2020. The renewable share of all projects sanctioned, and investments committed in 2020 was around 60%.
In addition, in an effort to low its maritime carbon footprint, the oil major has made agreements to charter a total of 40 tankers, which the company sees as more energy efficient.
Through the report, the company is reporting on new metrics on climate, security, human rights, and diversity & inclusion in the 2020 report. The material topics are also more clearly linked to the UN’s Sustainable Development Goals.
2020 was an extraordinary year with the pandemic causing human suffering and market turmoil. I am impressed by our employees’ hard work during this year, to keep people safe and operations running. We delivered solid operational performance during this demanding year, but our results were heavily impacted by the low prices for oil and gas.
….Anders Opedal, President and CEO of Equinor ASA, concluded.