Our new Climate Roadmap
Equinor has launched a new Climate Roadmap aiming to ensure a competitive and resilient business model in the energy transition, fit for long term value creation and in line with the Paris Agreement.
Renewables and low-carbon:
That means growing our renewable energy capacity tenfold by 2026 and developing as a global offshore wind major, while strengthening our industry-leading position on carbon efficient production. We aim to reach carbon neutral global operations by 2030.
It means decarbonising our oil and gas production, growing within wind and solar, and developing low-carbon solutions such as hydrogen and CCS on an industrial scale. Here, we explain how.
“Equinor’s strategic direction is clear. We are developing as a broad energy company, leveraging the strong synergies between oil, gas, renewables, CCUS and hydrogen.“
Eldar Sætre, CEO
We already supply Europe with enough electricity from renewable offshore wind to power the equivalent of one million homes. Globally, we are expanding, and building material offshore wind clusters in the UK, the US East Coast and in the Baltics, and we are positioned for future floating wind options in the UK, Norway and Asia.
In 2026, Equinor expects a production capacity from renewable projects of 4 to 6 GW, Equinor share, mainly based on the current project portfolio. This is around 10 times higher than today’s capacity, implying an annual average growth rate of more than 30%. Towards 2035, Equinor expects to increase installed renewables capacity further to 12 to 16 GW, dependent on availability of attractive project opportunities.
We’re already one of the world’s most CO2-efficient producers of oil and gas and our ambition is to retain this leading position. Now, we’re taking great strides in low-carbon technologies such as CCS, CCUS, hydrogen and electrification.
In our business there are a multitude of ways in which we are working to reduce carbon emissions from our operations and products, including energy efficiency, restrictions on flaring, reducing methane emissions and electrification of oil and gas platforms.
As a pioneer in carbon capture, utilisation and storage (CCUS), Equinor is engaged in building a European value chain, capturing and storing CO2 from third-party industrial sites. This, combined with a strong position within natural gas, makes Equinor prepared for future growth in hydrogen, which offers large scale opportunities for zero emission energy.
We’re developing new business opportunities in decarbonisation of natural gas through gas-reforming hydrogen value chains and venture-funding investments in ambitious growth companies in low-carbon solutions.
Find out more about our low-carbon initiatives here.