Monday 2 November 2020

Equinor announces commitment to reach net zero by 2050

Norwegian energy company Equinor has committed to reaching net zero by 2050, including emissions from the production and consumption of oil and gas products.

Earlier this year, the firm unveiled plans to achieve carbon-neutral global operations by 2030 and to reduce absolute greenhouse gas emissions in Norway to near zero by 2050.

The energy giant, which expects a gradual decline in global demand for oil and gas from around 2030 onwards, will invest in renewables, carbon capture and storage (CCS) and hydrogen technologies to achieve its net zero goals.

Anders Opedal, Equinor's Chief Executive Officer, said: "Equinor is committed to being a leader in the energy transition. It is a sound business strategy to ensure long-term competitiveness during a period of profound changes in the energy systems as society moves towards net zero.

"Climate change is a shared challenge. The combined efforts of governments, industries, investors and consumers are crucial to reaching net zero emissions, for Equinor and for society. Together, we can overcome technological and commercial challenges, cut emissions, and develop CCS and zero-emission value chains for a net zero future."