Equinor aims to cut emissions in Norway towards near zero in 2050
Equinor has launched new climate ambitions to reduce the absolute greenhouse gas (GHG) emissions from its operated offshore fields and onshore plants in Norway by 40% by 2030, 70% by 2040 and to near zero by 2050. By 2030 this implies annual cuts of more than 5mn tonnes, corresponding to around 10% of Norway’s total CO2 emissions. As for the EU Emissions Trading Scheme (ETS) targets, 2005 is used as a baseline for emissions reductions.
Commenting on the announcement, Eldar Sætre, CEO of Equinor, said: ‘Equinor supports the Paris Agreement and a net zero target for society… Collaboration is key to combat climate change. We appreciate the close cooperation with our industry partners and suppliers, and to realise these ambitions we need even closer collaboration across industries and with authorities. We plan investments in the order of NKr50bn together with our partners by 2030 to cut emissions in order to strengthen the long-term competitiveness for our fields and plants. In setting these ambitions Equinor has assumed stable framework conditions and necessary investments in the electricity grid.’
Total emissions for Equinor operated fields and plants in 2018 were around 13mn tonnes, approximately the same level as in 2005. The ambition will cover all GHG emissions from offshore fields and onshore plants operated by Equinor in Norway, including both Scope 1 and Scope 2 emissions of CO2 and methane. Since methane emissions are very low at the Norwegian Continental Shelf, the CO2-emissions is the predominant part, notes the company.
A 40% reduction by 2030 will be realised through large-scale industrial measures, including energy efficiency, digitalisation and the launch of several electrification projects at key fields and plants, including the Troll and Oseberg offshore fields and the Hammerfest LNG plant. Further reduction ambitions towards 70% in 2040 and close to zero in 2050 will entail additional measures, further electrification projects, consolidation of infrastructure as well as opportunities to develop new technologies and value chains.
By 2050, Equinor expects Norwegian oil and gas production to be less than half of current levels, assuming development of the defined projects ahead of it, substantial efforts to increase production from existing fields and continued exploration. The company says it aims to utilise its capabilities within innovation, technology and large-scale industrial solutions to develop new competitive value chains. Currently Equinor is pursuing and maturing opportunities within offshore wind, carbon capture and storage, and emissions-free hydrogen based on natural gas.
‘The ambitions will support the development of new value chains within hydrogen and carbon capture and storage and help ensure that the Norwegian Continental Shelf and onshore plants can play an important role and create value in a world with net zero emissions,’ states Equinor.