In Equinor, we see these changes as opportunities to shape and improve the energy industry of tomorrow. We aim to set an example for how the oil and gas industry must develop, show leadership and point the way to bolder and better solutions.
We believe a low carbon footprint will make us more competitive in the future. We also believe there are attractive business opportunities in the transition to a low carbon economy.
Equinor intends to be a part of this transformation in order to fulfil our purpose of turning natural resources into energy for people and progress for society.
Our strategy focuses on high value and low carbon. Embedded in the strategy is a set of principles to guide our decision-making. One of these principles is that we should leverage our low carbon advantage.
Our Climate Roadmap explains how we plan to achieve this and how we will develop our business, in support of the ambitions of the Paris Climate Agreement.
Our strategy to create a low carbon advantage
Build a high value and lower carbon oil and gas portfolio
CO2 emission reductions of 3 million tonnes per year by 2030
Portfolio carbon intensity of 8kg CO2/boe by 2030
Methane emissions from the Norwegian gas value chain below 0.3%
Eliminate routine flaring by 2030
Create a material industrial position in new energy solutions
New energy solutions with potential to represent around 15-20% of capex by 2030
Up to 25% of research funds to NES and energy efficiency by 2020
Invest USD 200 million through our new energy ventures fund
Partner in the USD 1 billion OGCI Climate Investments
Accountability and collaboration
Continued support for carbon pricing
Minimum internal carbon price of USD 50 per tonne C02
Climate risk and performance embedded into strategy, incentives and decision-making
Amplifying our climate actions through collaboration
Technology and innovation are enablers for our strategy. We are an energy company committed to long term value creation in a low carbon future.
We need to come up with technology and solutions to lower our carbon emissions. Digitalisation will dominate technology development in the foreseeable future through integration of data, hardware, disciplines, value chains, industries and people. Innovation and technology will be essential to strengthen our competitiveness within O&G and renewables.