Equinor plans 16GW in renewables by 2030 as part of transition strategy

Norwegian energy major Equinor has sought the approval of its shareholders for the company’s first energy transition strategy, that includes generating up to 16GW of net renewable energy by 2030, while simultaneously pledging “to produce oil and gas for the foreseeable future”.

The plan, published on Tuesday, will be submitted for an advisory vote by shareholders at the company’s 2022 Annual General Meeting on May 11.

The plan provides an overview of how the company is progressing towards its 2050 net zero ambition, and proposes to amend its object-clause, which currently has a sole focus on petroleum, to introduce “energy”, Equinor said in a statement.

“To decarbonise society, we need to be effective agents of change in the energy transition. We have set a clear direction to apply our experience, competence and the financial muscle from oil and gas to new value creating sectors of the energy system,” Jon Erik Reinhardsen, Chair of the Board of Directors in Equinor, said in a statement.

Equinor’s strategy is to continue to create long-term value while supplying reliable energy with progressively lower emissions, the company said. The transition plan integrates key elements of its decarbonisation strategy with existing actions and ambitions, along with data on capital allocation, policy engagement and risk and performance frameworks.

In February, Equinor widened the scope of a net group-wide emission reduction by 50 percent by 2030, and said it aims to achieve 90 percent of this through absolute reductions.

“Our Energy transition plan is based on actions. We believe it demonstrates that we have the right strategy, ambition level, capabilities and track record to be a leading company in the energy transition while ensuring long-term shareholder value creation and competitiveness,” Anders Opedal, CEO and President of Equinor, said in a statement.