Equinor has launched a new climate roadmap aiming to ensure a competitive and resilient business model in the energy transition, fit for long term value creation and in line with the Paris Agreement.
By 2050 each unit of energy produced will, on average, have less than half of the emissions compared to today. The ambition is expected to be met primarily through significant growth in renewables and changes in the scale and composition of the oil and gas portfolio. Operational efficiency, CCUS and hydrogen will also be important, and recognised offset mechanisms and natural sinks may be used as a supplement.
In 2026, Equinor expects a production capacity from renewable projects of 4 to 6GW, mainly based on the current project portfolio. This is around 10 times higher than today’s capacity, implying an annual average growth rate of more than 30%. Towards 2035, Equinor expects to increase installed renewables capacity further to 12 to 16GW, dependent on availability of attractive project opportunities.