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Norway-based Equinor, a state-owned multi-national energy company, has announced its ambition to become a net-zero energy company by 2050, which includes emissions from production and final consumption of energy.
It sets a clear strategic direction and demonstrates the company’s continued commitment to long-term value creation in support of the Paris Agreement.
Earlier this year, Equinor announced its plans to achieve carbon-neutral global operations by 2030 and to reduce absolute greenhouse gas (GHG) emissions in Norway to near zero by 2050. At the same time, Equinor outlined a value-driven strategy for significant growth within renewables, as well as a new net-carbon intensity ambition.
To achieve net-zero emissions requires a well-functioning market for carbon capture and storage (CCS) and natural sinks, as well as the development of competitive technologies for hydrogen.
Building on its capabilities from oil and gas, Equinor is well positioned to provide low-carbon technologies and establish zero-emission value chains.
Equinor is driving the development of these technologies through projects such as Northern Lights, which aims to store CO2 from industrial sites across Europe. Equinor also assumes that an increasing share of oil & gas will be used for petrochemicals towards 2050.
