Investing in the world's energy transition

Statoil's first cash holdings didn’t even fill a small cigar box. Today, Equinor is an international energy company and invests heavily to achieve its ambitions of net zero emissions by 2050.

The world is in the middle of a climate crisis – and countries and cities worldwide have set clear climate targets by 2050.

At the same time, the world is in an energy crisis, where secured supply and access to affordable energy are both high on the energy policy agenda. The climate targets are nevertheless a long-term driver – and to achieve them, entire energy systems must be restructured.

There is no exact estimate of how much this will cost. But the International Energy Agency (IEA) estimates that the annual energy investments globally must be increased from $2 trillion a year to $5 trillion a year by 2030.

These are huge sums.

To succeed, income from oil and gas will play an important role. But how?

The transition requires huge investments

“The power that made us a great energy nation is the same one that will contribute to the world's energy transition. By 2050, Equinor's ambition is to cut emissions to reach net zero while at the same time supplying the energy the world needs. To achieve this, we must invest heavily, and we are increasing investments in renewable energy,” says Reitan.

The ambition is for more than 30 percent of Equinor's gross investments to go to renewable and low-carbon solutions by 2025. By 2030, this will apply to at least half of the investments.

Leading the way in the green transition

To drive the transformation forward, someone must be willing to take leadership.

That is a position Equinor wants to take.

“We have big ambitions. Equinor is increasing the pace of change to be a leading company in the green transition. By 2030, we will be a leading supplier of energy and low-carbon solutions, a global leader in offshore wind, and a European leader in carbon capture and storage,” summarizes Reitan.

It would not have been possible without the 50-year history and the great assets that Equinor manages.

"Equinor's solid financial muscle gives us flexibility in financing large renewable developments. That, combined with technology and experience from large and complex energy projects, enables us to undertake large projects and contribute to changing the energy systems.”