Equinor, a Norwegian state-owned multinational energy company, published its first Energy transition plan, providing an overview of how the company is progressing towards its 2050 net zero ambition through short-term actions and medium-term ambitions.
s disclosed, the company is committed to long-term value creation in support of the goals of the Paris Agreement. Its strategy combines focused, carbon-efficient oil and gas production with accelerated, value-driven expansion in renewables and leadership in building out new low carbon technologies and value chains.
To decarbonise society, we need to be effective agents of change in the energy transition. We have set a clear direction to apply our experience, competence and the financial muscle from oil and gas to new value creating sectors of the energy system. We are pleased to present the plan to our shareholders and look forward to continued dialogue on the necessary decarbonization journey
…said Jon Erik Reinhardsen, Chair of the Board of Directors in Equinor.
Our Energy transition plan is based on actions. We believe it demonstrates that we have the right strategy, ambition level, capabilities and track record to be a leading company in the energy transition while ensuring long-term shareholder value creation and competitiveness
…added Anders Opedal, CEO and President of Equinor.
In February the company strengthened its ambition level by including a net group-wide emission reduction of operated scope 1 and 2 emissions by 50% by 2030. Equinor aims to achieve 90% of this ambition through absolute reductions This demonstrates that the company is taking action to reduce emissions under its operational control in line with a trajectory consistent with the goals of the Paris Agreement and a 1.5-degree pathway.
Equinor’s strategy is to continue to create long-term value while supplying reliable energy with progressively lower emissions. The Energy transition plan integrates key elements of Equinor’s decarbonisation strategy with existing actions and ambitions. It includes information on capital allocation, policy engagement, risk and performance frameworks, and other enablers to deliver on the company’s ambitions. The plan builds on Equinor’s many years of experience, its strategy and strong track-record.
Equinor has developed the plan in close collaboration with key stakeholders and it draws on investor group frameworks, including the Climate Action 100+ Net Zero Company Benchmark. The plan is informed by climate science and scenarios from the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC).
The energy transition is a massive, shared, global challenge that will require coordinated action. Equinor is committed to being a proactive and constructive partner with governments as they put in place the necessary policy frameworks for the market to move towards a lower carbon energy system.