Equinor Sets New Target To Cut Greenhouse Gas Emissions
Zacks Investment Research | Jan 06, 2020 10:19PM ET
Equinor ASA (NYSE:EQNR) recently announced its strategy for a sustainable environment wherein the company is targeting net-zero greenhouse gas emissions by 2050 from its operated offshore and onshore fields in Norway.
The strategy is aimed at addressing climate change and creating high value with low carbon footprint. It will also provide this state-owned company with a competitive edge given the rising costs incurred from the effects of global warming.
While the company’s new target is to achieve 40% reduction in emissions by 2030, it is hopeful to attain 70% emission cut by 2040 and reach a near-zero level by 2050. So, the entity is making considerable investments in achieving this benchmark.
To meet this target, Equinor along with partners is gearing up for spending nearly $5.7 billion by 2030 to cut back carbon dioxide emissions by 8 million tonnes annually from 13 million tonnes in 2018 at Norway’s onshore and offshore plants.
Phase one of the strategy to trim 40% toxic emissions by 2030 will see adoption of large-scale industrial measures, comprising energy efficiency, digitalisation and the initiation of a number of electrification projects at major fields and plants. This initial phase will further include the Troll and Oseberg offshore fields and the Hammerfest LNG plant.
Depending on the soon-to-be-held developmental work on its well-defined projects together with several attempts of expanding the overall output by utilizing its existing fields, Equinor anticipates to reduce 50% of its Norwegian oil and gas production from the current levels by 2050.
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