This might sound like a contradiction. But why can’t we just stop oil and gas production? And what will the energy transition look like on the Norwegian continental shelf?
ACTING ON IT!
High aspirations are great, but what are Equinor really doing to get closer to our ambition of net zero by 2050?
These stories set focus on specific projects, concrete measures and real people that are shaping Equinor’s role energy transition:
How can gas help us getting to a carbon-neutral society, when we know that less fossil fuels are needed in the future? The answer:
Around 50% of global energy consumption comes from oil and gas today. If access to oil was cut off, the world would rapidly grind to a halt. Even more people will need even more energy in the years to come.
By 2050, global population will likely reach 9.7 billion human beings. There will be more of us, and we will live longer. At the same time, a considerable share of the population in developing countries in Asia and Africa will achieve a higher standard of living, and thus an increased need for energy in line with the economic growth.
Today, the world faces a difficult dilemma. The need to reduce and cut global greenhouse gas emissions to curb climate change is happening alongside a proportional increase in the demand for energy due to a growing global population.
Less oil and gas is a crucial factor in achieving the climate targets in the Paris Agreement, and they must be phased out entirely over time. But since we know that the energy needs of tomorrow cannot be met by renewable energy alone, what we must do is reduce our carbon footprint and make oil production more sustainable.
Electrification offshore and supply of renewable electricity to oil platforms
Initiatives and technology to achieve more energy-efficient production
Carbon capture and storage (CCS)
Carbon capture is one of the measures recommended by the Intergovernmental Panel on Climate Change (IPCC) to limit global warming to 1.5 degrees Celsius. The International Energy Agency (IEA) says we must store several billion tonnes every year in order to reduce global warming.
Therefore, technology to capture and store CO2 is an important solution towards reducing these emissions.
When we remove CO2 from emission sources and store it permanently below the sea bed so it cannot be released into the atmosphere, we are dealing with a significant climate problem – particularly for those industries that are unable to quickly transition to renewable energy.