Equinor has pledged to at least halve its net carbon intensity by 2050.
As part of its plans to ensure a “competitive and resilient business model” through the transition to a low carbon global economy, the energy giant also plans to grow renewable energy capacity tenfold by 2026 and strengthen its position on carbon-efficient production.
It notes “changes in the scale and composition of the oil and gas portfolio” will also be vital in reaching the target and suggests operational efficiency, carbon capture, usage and storage (CCUS) and hydrogen will also play a role.
The firm is also likely to use carbon offsetting as an additional measure.
By 2026, Equinor expects to generate up to 6GW of power from renewable sources, implying an annual average growth rate of more than 30% – it plans to increase this to as much as 16GW by 2035, depending on the availability of attractive project opportunities.
Eldar Sætre, President and CEO of Equinor, said: “We are now looking 30 years into the future, and it is not possible to predict an exact shape and pace of the transition. Not for society and not for us.
“But we know there will have to be significant changes in the energy markets, and our portfolio will change accordingly to remain competitive. 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.”