Equinor Targets Near-Zero Emissions in Norway
Equinor has launched new climate ambitions to reduce the absolute greenhouse gas emissions (GHG) from its operated offshore fields and onshore plants in Norway by 40 percent by 2030, 70 percent by 2040 and to near zero by 2050.
The first phase of the plan to reduce emissions by 2030 means more than 5 million tonnes in annual reductions, representing about 10 percent of total annual Norwegian greenhouse gas emissions today. Similar to the EU ETS targets, 2005 is used as a baseline for emissions reductions.
Total emissions for Equinor operated fields and plants in 2018 were around 13 million tonnes, approximately the same level as in 2005.
A 40 percent reduction by 2030 will be realized through large-scale industrial measures, including energy efficiency, digitalization 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 toward 70 percent in 2040 and close to zero in 2050 will entail additional measures, further electrification projects, consolidation of infrastructure, and opportunities to develop new technologies and value chains.
In 2050, Equinor expects Norwegian oil and gas production to be less than half of current levels, assuming development of the defined projects ahead, substantial efforts to increase production from existing fields and continued exploration.
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.
Setting ambitions for substantial cuts in emissions in Norway is an important step in aligning Equinor’s business with the Paris Agreement.