Energy major Equinor has announced new climate ambitions to reduce absolute greenhouse gas emissions from its offshore fields and onshore plants in Norway 40% by 2030, 70% by 2040, and to near zero by 2050.
The company says the first phase 2030 target implies annual cuts of more than 5 million tonnes, or around 10% of Norway’s total CO2 emissions.
Eldar Sætre, CEO of Equinor, stated: “Equinor supports the Paris agreement and a net zero target for society. We have already brought CO2-emissions in the production process down to industry leading levels. We are now launching an unprecedented set of ambitions for forceful industrial action and substantial absolute emission reductions in Norway, aiming towards near zero in 2050. This is in line with society’s climate targets and our strategy to create high value with low emissions.
“While realizing these ambitions, we also expect our operated fields and plants to create significant value with a potential to generate more than 3.000 billion Norwegian kroner in income for the Norwegian State towards 2030. New fields, field life extensions, improved oil and gas recovery and efficient operations will all contribute to substantial value creation. The new climate ambitions will strengthen future competitiveness and value creation for Equinor, while supporting industrial developments in Norway.”
Total emissions for Equinor operated fields and plants in 2018 were around 13 million tonnes, and initial reductions will be realised through large scale industrial measures including energy efficiency, digitalisation and the launch of several electrification projects at key fields and plants.
“Further reduction ambitions towards 70% in 2040 and close to zero in 2050 will entail additional measures, further electrification projects, consolidation of infrastructure as well as opportunities to develop new technologies and value chains,” the company said.
Investment of around NOK50bn ($5.65bn) will be required from Equinor and its partners to meet the 2030 targets.