Norwegian energy group Equinor ASA (NYSE:EQNR) has set its sights on becoming carbon neutral by 2050, the company said today.
The oil-and-gas major will aim to reduce scope 1, 2 and 3 emissions, while banking on a "well-functioning market" for carbon capture and storage (CCS) and natural sinks, and the development of competitive hydrogen technologies.
In addition to its previously announced targets for renewable energy capacity of between 4 GW and 6 GW by 2026 and 12 GW to 16 GW by 2035, the company intends to acquire more wind acreage. Equinor will also make renewables a separate reporting segment from the first quarter of 2021.
"Equinor is committed to being a leader in the energy transition. It is a sound business strategy to ensure long-term competitiveness during a period of profound changes in the energy systems as society moves towards net zero," new CEO Anders Opedal commented.