Equinor is planning to become a global offshore wind major by setting up an ambition to grow its renewable energy capacity tenfold by 2026, to up to 6GW.
The ambition is part of Equinor’s new climate roadmap and the target to reduce the net carbon intensity, from initial production to final consumption, of energy produced by at least 50% by 2050.
In 2026, the company expects a production capacity from renewable projects of 4GW to 6GW, mainly based on the current project portfolio, which is around 10 times higher than today’s capacity, implying an annual average growth rate of more than 30%.
Towards 2035, Equinor hopes to increase the installed renewables capacity further to 12GW to 16GW, dependent on the availability of attractive project opportunities.
The reduction of net carbon intensity is planned primarily through the mentioned significant growth in renewables and changes in the scale and composition of the oil & gas portfolio. Operational efficiency, CCUS and hydrogen will also be important, and recognized offset mechanisms and natural sinks may be used as a supplement.
Equinor has also set a new ambition to reach carbon neutral global operations by 2030. The main priority will be to reduce greenhouse gas emissions from own operations.
“Today we are setting new short-, mid- and long-term ambitions to reduce our own greenhouse gas emissions and to shape our portfolio in line with the Paris Agreement,” said Eldar Sætre , President and CEO of Equinor.
“We will produce less oil in a low carbon future, but value creation from oil and gas will still be high, and renewables give significant new opportunities to create attractive returns and growth.”