According to the company, the first phase 2030 target of the plan includes cuts of more than 5 million tonnes per year, meaning 10% of Norway's total CO2 emissions amount.

With Equinor supporting the Paris agreement and a net zero target for society, the company has 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. This is in line with society’s climate targets and our strategy to create high value with low emissions.

...said CEO of Equinor, Eldar Sætre.

In order to meet the above-mentioned targets, Equinor expects that its operated fields and plants will further create significant value with a potential to generate more than 3.000 billion Norwegian kroner in income for the Norwegian State towards 2030.

New fields, field life extensions, improved oil and gas recovery and efficient operations will all contribute to substantial value creation. The new climate ambitions will strengthen future competitiveness and value creation for Equinor, while supporting industrial developments in Norway.

...Sætre continued.

Moreover, back in 2018, Equinor's total emissions for the operated fields and plants reported to be around 13 million tonnes while the initial reductions will be realized with the aid of a large scale industrial measures, involving energy efficiency, digitalization and the several new electrification projects at key fields and plants.

Further reduction ambitions towards 70% in 2040 and close to zero in 2050 will entail additional measures, further electrification projects, consolidation of infrastructure as well as opportunities to develop new technologies and value chains.

...Equinor further noted.

For the records, around $5.65bn are estimated in order for Equinor and its collaborators to follow the 2030 targets."Collaboration is key to combat climate change. We appreciate the close cooperation with our industry partners and suppliers, and to realise these ambitions we need even closer collaboration across industries and with authorities" the company concluded.