Helping small companies think big and green
We met up with Gareth Burns to ask him how one of the world’s largest corporate venture funds is helping to find—and fund—the energy solutions of tomorrow.
By 2020 we expect up to 25% of research funds to be devoted to new energy solutions & energy efficiency.
Aiming to achieve annual CO2 emission reductions of 3 million tonnes by 2030 compared to 2017.
By 2030 new energy has the potential to constitute around 15-20% of investments/annual capex.
One of our biggest successes so far in emission reduction has come from initiatives to stop flaring. Equinor will eliminate continuous production flaring in our operations altogether by 2030, in line with the World Bank Zero Routine Flaring by 2030 initiative.
Equinor works systematically to reduce CO2 emissions. In September 2017, we reached our goal of reducing annual CO2 emissions from NCS with 1.2 million tonnes. This was more than two years ahead of schedule and 50% above the target set by the Norwegian petroleum industry.
Equinor has been actively involved in offshore wind projects for more than ten years and aims to develop profitable projects in selected markets. To date we have invested around USD 2.3 billion, using our offshore experience to develop large scale wind farms and innovative floating platform technology that facilitates wind power in deep-water areas.
Equinor has long been a pioneer in carbon capture and storage (CCS) — operating some of the largest projects worldwide. Equinor is developing the CO2 storage part of a full CCS value chain, currently being created in Norway through public-private partnerships. This will be the first storage site in the world receiving CO2 from several industrial sources.
Equinor has long been a pioneer in carbon capture and storage (CCS), currently the main technology for decarbonising fossil fuels. We operate some of the largest projects worldwide, capturing and storing more than 20 million tonnes of CO2 to date at Sleipner and Snøhvit in Norway. In our research, we aim to contribute to the development of commercial scale CCS projects.
We look for opportunities to create synergies between renewables and the oil and gas value chain. For example converting gas to hydrogen, while capturing and storing the CO2, as a potential way to help our customers in the power and heating sectors meet their climate targets. It is still early days for hydrogen, but we see this is an exciting opportunity for natural gas in the future.