Equinor plans up to 12-16 GW renewables in 2035 under climate plan

Norwegian energy company Equinor ASA (NYSE:EQNR) aims to reach an installed renewable energy capacity, mainly wind, of 4 GW-6 GW in 2026 and 12 GW-16 GW towards 2035 in support of a goal to halve the emissions per unit of energy produced by 2050.

The company presented today a new climate roadmap, under which it will reduce the net carbon intensity of its products, from initial production to final consumption, by at least 50% by 2050, taking into account scope 1, 2 and 3 emissions. This will be achieved mainly with the expansion of Equinor’s renewable energy capacity and changes in the scale and composition of the oil and gas portfolio.

“Operational efficiency, CCUS [carbon capture, utilisation and storage] and hydrogen will also be important, and recognised offset mechanisms and natural sinks may be used as a supplement,” Equinor said.

The company wants to become a global offshore wind major. It said the 2026 renewables target, which represents a 10-fold increase from its capacity today, will mainly be based on the current project portfolio. Equinor is developing a number of offshore wind projects in Europe and the US so wind will account for a large portion of its future portfolio, but some capacity will come solar parks too, thanks to the 15.2% stake the company holds in Scatec Solar ASA (OSL:SSO).

Renewable energy projects already in development in 2019 are expected to add 2.8 GW of capacity to Equinor, it calculates.

The 2035 renewables goal of up to 16 GW will “dependent on availability of attractive project opportunities”.

As part of its climate roadmap, Equinor also aims to reduce absolute emissions from operated offshore fields and onshore plants in Norway by 40% by 2030, 70% by 2040 and towards near zero by 2050, achieve carbon-neutral operations globally by 2030, maintain methane emissions near zero and eliminate routine flaring before 2030. It has set itself a target to bring the carbon dioxide intensity of its globally operated oil and gas production to below 8 kg per barrel of oil equivalent by 2025, while the global industry average today stands at 18 kg CO2 per barrel.

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