Without energy, the world would simply stop. But the energy system must change. Does a future exist where we can ensure enough energy for everyone, while also being good stewards of our planet? At Equinor, we believe that the answer is yes! By 2050, we aim to become a net-zero company, delivering the energy the world needs without contributing to global warming.
Norway Energy Hub
Norway Energy hub is Equinor’s industrial plan for Norway’s future energy industry, placing Norway at centre stage in accelerating the energy transition.
The plan can lead to 350 billion NOK in investments from the private sector.
Equinor estimates that we will invest around 100 billion NOK under this plan.
This is the energy transition
Since the industrial revolution, when machines and fossil energy gradually replaced traditional trades and manual labour, the volume of CO2 in the atmosphere has increased by nearly 50 percent. And greenhouse gas emissions just continue to accelerate. The world has had a dawning realisation over the last couple of decades about the negative consequences this entails.
Climate change means that we must change the way the world produces and consumes energy, to eliminate harm to our society and the natural environment. We must transition away from fossil energy sources to renewable ones, and greenhouse gas emissions must be slashed.
The question we ask ourselves in Equinor is: “What will it take to bring about a successful energy transition for the world, and what role can Equinor play?”
“Our task in the coming decades will be to contribute to the transition from fossil fuels to other forms of energy, while continuing to create value.”
Anders Opedal, CEO Equinor
The job that has to be done is bigger than any one company, any single industry or any one country on its own. This is an endeavour that is described as the defining challenge of our time: “How do we ensure enough energy for everyone, while also solving the climate challenge?”
This is the equation we must solve
Today, nearly 80 percent of the energy the world uses comes from fossil sources. This cannot continue. At the same time, we know that the world will have to support many more human beings in the future, and we want to make sure that as few of us as possible live in poverty. Such a vision means a world that will demand even more energy than today.
In other words, while we work to replace more and more fossil energy with renewables, we will also have to produce more energy overall.
That means a complete change-over of the entire energy system on which our society is built – in the space of just a few decades.
And the clock is ticking.
These are some of the dilemmas
Just how fast can we implement the energy transition?
Even the most ambitious scenarios conclude that we have a long way to go. In the current scenario, we lack both the necessary technology, infrastructure, development areas and financing to achieve the energy transition. And it’s going to take global cooperation on a scale the world has probably never seen, across industries, borders and political divisions.
There is no shortcut to the finish line. There is no one perfect solution, nor do we have time to wait for one.
We have to be able to walk and chew gum at the same time. And we have to start doing what we can do right now.
This is how
There are few countries and companies that are in a better position to succeed in the energy transition as Norway and Equinor. We have built a veritable industrial fairy-tale on the shoulders of previous generations’ knowledge and success before, and we can do it again.
We have selected three areas where we will focus our efforts:
The energy transition + politics
In this special from Arendalsuka – Norway's largest annual political gathering – we discuss the most important challenges both the industry and politicians are facing in the energy transition with the party leaders of Norway's largest youth parties, AUF leader Astrid Hoem and Unge Høyre leader Ola Svenneby.
In Equinor’s podcast series, we invite in external voices and discuss the opportunities, challenges and dilemmas we and the world are facing when we together work to achieve the goals set in the Paris Agreement.
Photos and videos on this page are from Equinor ASA, Unsplash.com and Videezy.com