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Equinor aims to cut emissions in Norway towards near zero in 2050

Equinor aims to cut emissions in Norway towards near zero in 2050

Oslo, January 7 - Neftegaz.RU. Equinor launched new climate ambitions to reduce the absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway with 40% by 2030, 70% by 2040 and to near zero by 2050. By 2030 this implies annual cuts of more than 5 million tonnes, corresponding to around 10% of Norway’s total CO2 emissions.

“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. We plan investments in the order of 50 billion Norwegian kroner together with our partners by 2030 to cut emissions in order to strengthen the long-term competitiveness for our fields and plants. In setting these ambitions Equinor has assumed stable framework conditions and necessary investments in the electricity grid,” says Eldar Sætre, CEO of Equinor.

Total emissions for Equinor operated fields and plants in 2018 were around 13 million tonnes, approximately the same level as in 2005. The ambition will cover all greenhouse gas emissions from offshore fields and onshore plants operated by Equinor in Norway, including both Scope 1 and Scope 2 emissions of CO2 and methane. Since methane emissions are very low at the Norwegian continental shelf, the CO2-emissions is the predominant part.

The 2030 ambition will require investments of around NOK 50 billion for Equinor and its partners. Subject to positive investment decisions in the licenses, these investments will have neutral to positive net present value, in addition to strengthening future competitiveness.

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.

In 2050, Equinor expects Norwegian oil and gas production to be less than half of current levels, assuming development of the defined projects ahead of us, substantial efforts to increase production from existing fields and continued exploration.

Equinor aims to utilize its capabilities within innovation, technology and large-scale industrial solutions to develop new competitive value chains. Currently Equinor is pursuing and maturing opportunities within offshore wind, carbon capture and storage and emissions-free hydrogen based on natural gas.