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 energy solutions for tomorrow. Our ambition is to provide reliable energy for a world in transition and to achieve net zero in 2050, in step with society.
Our Energy Transition Plan, originally published in 2022 and updated in 2025, is aligned with our purpose, shaped by our ambitions, and driven by our actions. The plan gives information about our strategy, our actions, and how we manage climate-related risk to ensure resilience and value creation. It reflects our long-term business opportunities in the transition and outlines our pathway to net zero in 2050 as well as our transition ambitions in the short, medium and long-term.
Equinor held a Capital Markets Day on 16 June, at which it presented an updated business plan and market outlook. The Energy Transition Plan will be adapted to reflect this update.
Our 2030 ambitions are to grow oil & gas production while pursuing a 50% net reduction in operated (scope 1+2) emissions1, an upstream CO2 intensity of <6kg CO2 /boe, and continued near-zero methane emissions.
A portfolio combining renewables, battery storage, flexible power and trading. Executing on our existing renewables pipeline and pursuing growth subject to value-creating opportunities and enabling policies.
Pursuing commercial opportunities in low-carbon value chains. Developing a portfolio of options subject to supportive policies, market developments and customer demand.
Our ambition is to reduce the net carbon intensity2 of the energy we provide by 5-15% by 2030 and by 15-30% by 2035 compared to 2019 levels. We aim to achieve net zero by 2050, in step with society.
1 Base year 2015; Equinor operated (100% basis); 90% to be met through absolute reductions.
2 Includes scope 3 emissions from use of energy products that we produce.
Equinor has demonstrated industry leadership in carbon-efficient oil and gas production, while reducing our upstream emissions through electrification and efficiency innovations. By the end of 2025, we had reduced our operated emissions by 34% compared with 2015, and we are making good progress towards our ambition of a 50% reduction in operated emissions by 2030. In 2025, we achieved an upstream CO2 intensity of 6.3 kg CO2 per barrel of oil equivalent, less than half of the industry average, and close to our 2030 upstream intensity target of 6 kg CO2/boe. We also aim to maintain our near-zero methane and upstream flaring intensities towards 2030.
In 2025 we established the Power business area, which combines our renewables portfolio with flexible generation, energy storage, and trading. An integrated approach to power increases value creation opportunities, optionality and resilience in the electricity sector.
In 2025, Equinor had a total of 3.0 GW of installed renewable capacity. We also increased our energy storage portfolio with the start-up of the Sunset Ridge facility (US) and Welkin Mill (UK). We are also continuing construction on Equinor’s large offshore wind projects including Dogger Bank A, B, C (UK), Empire Wind 1 (US) and Bałtyk 2&3 (Poland).
We continue to build out new capacity in our low-carbon solutions businesses, and to pursue commercial opportunities in low-carbon value chains.
In Norway the Northern Lights JV, the world’s first cross-border CO2 transport and storage facility began storing CO2 for the first customer in 2025, and final investment decisions were taken on Northern Lights Phase 2, and the Northern Endurance Partnership and Net Zero Teesside Power in the UK. In 2025, Equinor had a total portfolio volume of 3.7 mtpa of CO2 transport and storage capacity installed or under development.
In 2026 we adjusted our net carbon intensity reduction ambitions due to the increasingly challenging market and policy context for renewables and low carbon solutions, as well as our more integrated approach to power. Our net carbon intensity reduction ambitions for 2030 and 2035 are 5-15% and 15-30% respectively. Our ambition to reach net zero by 2050 remains unchanged.
We will continue to measure progress towards our transition ambitions, and to report our progress in the Integrated Annual Report.
The energy transition requires a balanced approach that considers the impacts of climate measures on people, nature, and society. Nature loss is happening faster and on a larger scale than ever before. Climate and nature are interconnected and must be addressed together. For climate policies to be sustainable, they need support from the broader society. Equinor supports a transition that is balanced, just and inclusive, aiming for long-term social, economic and human rights benefits for the workforces and communities where we are present.
Equinor is also among the investors backing Accelerate7, a USD 500 million fund which invests in growth stage companies advancing energy access across Sub Saharan Africa, South Asia and Southeast Asia.
Technology pioneer:
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 internal combustion engine cars.
With Hywind Tampen, Equinor now operates nearly half of the world’s offshore floating wind capacity.
Scaling renewable power:
When completed, Dogger Bank will be the largest offshore wind farm in the world. Located off the coast of Yorkshire in the UK, it will comprise 277 turbines, with a capacity of 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.
World’s first commercial CO2 storage facility:
Northern Lights, the world’s first commercial third-party CO2 storage facility, was completed in 2024 and is ready to receive and store captured CO2. It is a joint venture between Equinor, Shell and TotalEnergies, with Equinor as the technical service provider. It consists of an onshore receiving terminal from which CO2 is piped nearly 100 km offshore for injection and permanent storage in a subsurface reservoir deep beneath the North Sea.
Northern Lights offers a CO₂ storage capacity of 1.5 million tonnes of CO₂ per year, equivalent to the emissions of around 750,000 fossil fuel cars.