Equinor’s Energy transition plan

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energy transition plan

Our roadmap to a net zero future

The world’s energy systems are transforming to meet the challenges of climate change, energy security and affordability. At Equinor, we are dedicated to delivering energy the world needs today, while developing the energy solutions for tomorrow. We aim to produce and provide energy with lower emissions over time and strive to be a leading company in the energy transition.

For Equinor, how we do business is as important as what we do. We are committed to contributing to a transition that is just and inclusive and brings about long-term social and economic benefits and protects biodiversity and nature.

Read our approach to a just energy transition

Our plan

Our Energy transition plan, launched in 2022, is aligned with our purpose, underpinned by our strategy, shaped by our ambitions, and driven by our actions. It is based on our three strategic pillars and outlines how we aim to become a broad energy company and deliver on our net-zero ambition by 2050. It includes ambitions and actions for how to reduce our emissions from oil and gas operations, build a renewables portfolio and develop low carbon solutions.

Our Energy transition plan (PDF)

Our ambitions

By 2050, our ambition is to achieve net zero emissions.

In the shorter term, our ambitions for 2030 are:

-50%

To halve emissions from our operated fields

20%

To reduce net carbon intensity by 20% including from the use of the products we sell (Scope1, 2, & 3)

>50

More than 50% of our investments will go to renewables and low carbon markets.

Our status in 2023

For our Energy transition plan, 2023 was a year of execution and capacity building against a backdrop of continuing energy security concerns and new market challenges.

We saw mixed progress towards our main climate ambitions in 2023. Operational factors and market dynamics negatively affected our progress toward net zero. As the deployment of renewables and carbon transport and storage accelerates in the coming years, we expect to see greater progress in Net Carbon Intensity reductions, which includes emissions from the use of sold products (scope 3).

We provide progress on our Energy transition plan annually:

Hywind tampen

2023 – A year of capacity building

In 2023, we bought two renewables energy companies: Rio Energy, a leading onshore renewables company in Brazil, and Danish solar company BeGreen.

We also saw two major developments in our CCS (Carbon Capture and Storage) portfolio, with the acquisition of a 25% stake in Bayou Bend in the US Gulf Coast and additional storage licenses in the UK.

We made notable achievements towards our emissions reduction ambitions (scope 1&2) with the start-up of Hywind Tampen, the world’s first floating wind farm to power installations on the Norwegian continental shelf and the electrification of the Gina Krog field with power from shore.

Building energy solutions for a net zero future

We are making good progress in building a solid foundation for renewable energy to play an increasingly important role in our future portfolio as a broad energy company. While less than one percent of the total energy we delivered in 2023 was from renewables and low carbon solutions, this figure is estimated to reach 15-20% in 2035.

Our ambition is to have 12-16 GW of installed net renewable capacity by 2030, up from 0.9 GW in 2023. For example, when fully complete, the Dogger Bank offshore wind farm will have a capacity of 3.6 GW, which produces enough energy to power the equivalent of six million British homes annually. We also aim to transport and store between 30 and 50 million tonnes of CO₂ per year by 2035.

We will continue to electrify our installations on the Norwegian Continental shelf, reducing emissions from our operations. The Norwegian government has given the green light for our Snøhvit Future project and has approved our electrification plans for the platforms on Troll B and C and the Oseberg field. There will be more such projects in the coming years.

In addition, Equinor made the final investment decision to progress Phase 1 of the Rosebank development on the UK Continental Shelf. The project has been optimised to reduce carbon emissions and will be prepared for future electrification.

The world’s first floating wind farm

In 2023, Hywind Tampen started operations. It is the world’s first floating wind farm powering offshore oil and gas installations. Gullfaks and Snorre are the first oil and gas fields in the world to receive power from offshore wind. Hywind Tampen’s 11 turbines meet about 35% of the platforms’ annual electricity power demand, offsetting 200,000 tonnes of CO₂ emissions a year, which is equivalent to 100,000 fossil fueled cars .

With Hywind Tampen, Equinor now operates nearly half of the world’s offshore floating wind capacity.

The world’s biggest offshore wind farm

When completed, Dogger Bank will be the largest offshore wind farm in the world. Located off the coast of Yorkshire (UK), it will comprise 277 turbines, producing 3.6GW. In October 2023, the first turbine started turning and producing electricity.

Dogger Bank will be capable of powering the equivalent of six million British homes annually.

Green light to the Snøhvit Future project

In 2023, The Norwegian government approved plans for the electrification of our LNG plant in Hammerfest, Norway, where we will replace today's gas turbines with electricity from the grid. This is the most substantial individual emission reduction decision that has been made aimed at decarbonising oil and gas production in Norway.

Snøhvit Future will reduce CO₂ emissions from the plant by around 850,000 tonnes annually, which is the equivalent of 425,000 fossil fuel cars.

People and planet

Delivering on our Energy transition plan will require an approach that considers impacts on our employees, nature, and society. For us, this means ensuring that our operations are carried out with respect for human rights and in a way that protects biodiversity and nature. It means contributing to the communities and societies where we operate through investments in the skills and training needed for the new energy reality, the creation of new high-value industries, and support for community initiatives.

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