Wednesday 16 June 2021

Equinor vows more than half of annual spend will go to renewables

Norwegian energy company Equinor has today unveiled an ambitious roadmap to increase its spending on renewable energy and low carbon applications so as to form more than half of its annual investments.

The business expects gross investments in renewables of around $23 billion (£16.3bn) from 2021 to 2026.

Equinor has also pledged to deliver a 20% reduction in net carbon intensity by 2030 and 40% by 2035.

Anders Opedal, President and Chief Executive Officer of Equinor, said: "Our strategy is backed up by clear actions to accelerate our transition while growing cash flow and returns.

"We are optimising our oil and gas portfolio to deliver even stronger cash flow and returns with reduced emissions from production, and we expect significant profitable growth within renewables and low carbon solutions."