Equinor eyes zero emissions in Norway by 2050
Baku, Azerbaijan, Jan.6
By Leman Zeynalova – Trend:
Norway’s Equinor launches new climate ambitions to reduce the absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway with 40 percent by 2030, 70 percent by 2040 and to near zero by 2050, Trend reports citing the company.
By 2030 this implies annual cuts of more than 5 million tonnes, corresponding to around 10 percent of Norway’s total CO2 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,” says Eldar Sætre, CEO of Equinor.
“We plan investments in the order of 50 billion Norwegian kroner together with our partners by 2030 to cut emissions in order to strengthen the long-term competitiveness for our fields and plants. In setting these ambitions Equinor has assumed stable framework conditions and necessary investments in the electricity grid,” he added.
The first phase of the plan to reduce emissions by 2030 means more than 5 million tonnes in annual reductions, representing around 10 percent of total annual Norwegian greenhouse gas emissions today. Similar as for the EU ETS targets, 2005 is used as a baseline for emissions reductions.
A 40 percent reduction by 2030 will be realised through large scale industrial measures, including energy efficiency, digitalisation and the launch of several electrification projects at key fields and plants, including the Troll and Oseberg offshore fields and the Hammerfest LNG plant.
The 2030 ambition will require investments of around NOK 50 billion for Equinor and its partners. Subject to positive investment decisions in the licenses, these investments will have neutral to positive net present value, in addition to strengthening future competitiveness.
Further reduction ambitions towards 70 percent 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.
Equinor is developing oil, gas, wind and solar energy in more than 30 countries worldwide. It is the largest operator in Norway, one of the world’s largest offshore operators, and a growing force in renewables.
Follow the author on Twitter:@Lyaman_Zeyn