Equinor’s ambition is to reach
net-zero emissions by 2050
The ambition includes emissions from production and final consumption of energy. It sets a clear strategic direction and demonstrates Equinor’s continued commitment to long-term value creation in support of the Paris Agreement.
Equinor climate ambitions:
- Become net zero by 2050. The ambition includes scope 1, 2 and 3 GHG emissions, where scope 3 emissions represent a calculation of indirect emissions from customers’ use of Equinor’s equity production volumes.
- Reduce emissions from oil and gas. Maintain industry leading carbon efficiency by (i) aiming to reach upstream <8 kg CO2 per boe by 2025, (ii) achieving carbon neutral global operations by 2030, (iii) reducing absolute greenhouse gas emissions from operated offshore fields and onshore plants in Norway towards near zero by 2050 without offsets, and (iv) ensuring no routine flaring and near zero methane emissions intensity by 2030.
- Grow in renewable energy. Expecting a production capacity of 4-6 GW by 2026 and 12-16 GW by 2035, Equinor equity.
- Reduce net carbon intensity to zero by 2050
Earlier this year, Equinor announced its plans to achieve carbon neutral global operations by 2030 and to reduce absolute greenhouse gas (GHG) emissions in Norway to near zero by 2050. At the same time, Equinor outlined a value-driven strategy for significant growth within renewables, as well as a new net carbon intensity ambition. Continuing to deliver on the short and mid-term ambitions will be key to achieving net-zero emissions.
“Equinor has for years demonstrated an ability to deliver on climate ambitions and has a strong track record on lowering emissions from oil and gas. Now, we are ready to further strengthen our climate ambitions, aiming to reach net zero by 2050,” Anders Opedal says.
“Equinor is committed to being a leader in the energy transition. It is a sound business strategy to ensure long-term competitiveness during a period of profound changes in the energy systems as society moves towards net zero. Over the coming months, we will update our strategy to continue to create value for our shareholders and to realise this ambition”
Anders Opedal Chief Executive Officer (CEO) and President of Equinor.
Industry-leading carbon efficiency
<8 kg CO2/boe
Ambition for operated emissions intensity
Carbon neutral operations
Ambition for absolute greenhouse gas emissions from operations in Norway
For a breakdown of all our ambitions please refer to the Climate Roadmap available above
The scale and composition of Equinor’s oil and gas portfolio, and the efficiency of its operations, will play a key role in achieving Equinor’s net-zero ambition. Carbon efficient production of oil and gas will increasingly be a competitive advantage, and Equinor will seek to ensure a high value and robust oil and gas portfolio. Equinor already has one of the industry’s lowest carbon intensities and now aims to reduce this further.
We aim to reduce the CO2 intensity of our globally operated oil and gas production to below 8 kg per barrel of oil equivalent by 2025, five years earlier than the previous ambition. The current global industry average is 18 kg CO2 per barrel (IOGP average, Environmental Performance Data 2018).
We have also set an ambition to reach carbon neutral global operations by 2030. The main priority will be to reduce greenhouse gas emissions from own operations. Remaining emissions will be compensated either through quota trading systems, such as EU ETS, or high-quality offset mechanisms. Through this ambition, Equinor demonstrates its long-standing support to carbon pricing and the establishment of global carbon market mechanisms as outlined in the Paris Agreement.
In Norway, we have announced an unprecedented set of ambitions to reduce absolute greenhouse gas emissions from its operated offshore fields and onshore plants towards near zero by 2050. The ambition can be realised through electrification projects, energy efficiency measures and new value chains such as carbon capture and storage and hydrogen.
We are also one of the industry leaders in reducing flaring and methane emissions, and we aim to keep methane emissions intensity at near zero and to eliminate routine flaring by 2030.
Profitable growth in renewables
Ambition for equity share of installed
capacity by 2026
Ambition for equity share of installed
capacity by 2035
The renewable market is changing and growing at unprecedented pace, presenting opportunities for decades of growth. Equinor has a strong renewable portfolio in production, and we are leveraging our core competencies in managing complex oil and gas projects when growing in offshore wind.
In 2026, Equinor expects a production capacity from renewable projects of 4 to 6 GW, Equinor share, mainly based on the current project portfolio. This is around 10 times higher than today’s capacity, implying an annual average growth rate of more than 30%. Towards 2035, Equinor expects to increase installed renewables capacity further to 12 to 16 GW, dependent on availability of attractive project opportunities.
Accelerating decarbonization for society
Engagement with other sectors to accelerate decarbonisation
Development of a well-functioning market for CCS
Commercial technologies for hydrogen
To achieve net-zero emissions requires a well-functioning market for carbon capture and storage (CCS) and natural sinks, as well as the development of competitive technologies for hydrogen. Building on its capabilities from oil and gas, Equinor is well positioned to provide low-carbon technologies and establish zero-emission value chains. Equinor is driving the development of these technologies through projects such as Northern Lights, which aims to store CO2 from industrial sites across Europe. We also assume that an increasing share of oil and gas will be used for petrochemicals towards 2050.
“Climate change is a shared challenge. The combined efforts of governments, industries, investors and consumers are crucial to reaching net-zero emissions, for Equinor and for society. Together, we can overcome technological and commercial challenges, cut emissions, and develop CCS and zero-emission value chains for a net-zero future,” says Opedal.
Equinor’s net-zero ambition covers scope 1 and 2 GHG emissions (operated basis 100%) and scope 3 GHG emissions (use of products, equity share).