Chief executive Eldar Sætre. Photo: Ole Jørgen Bratland

Norwegian oil giant Equinor’s CO2 emission goals are applauded by GCE NODE.

“I am convinced that technology from the oil and gas industry in the end will be Norway’s most important contribution to the decrease in global CO2 emissions. Technology from – among other – NODE companies will enable det green shift in the energy sector,” says Anne Lene Dale, CEO of GCE NODE.

This week Equinor launched new climate ambitions to reduce the absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway with 40 per cent by 2030, 70 per cent by 2040 and to near zero by 2050.

By 2030 this implies annual cuts of more than 5 million tons, corresponding to around 10 per cent of Norway’s total CO2 emissions.

“Equinor supports the Paris agreement and a net zero target for society. We have already brought CO2-emissions in the production process down to industry leading levels. We are now launching an unprecedented set of ambitions for forceful industrial action and substantial absolute emission reductions in Norway, aiming towards near zero in 2050. This is in line with society’s climate targets and our strategy to create high value with low emissions,” says Eldar Sætre, CEO of Equinor.

“While realizing these ambitions, we also expect our operated fields and plants to create significant value with a potential to generate more than 3.000 billion Norwegian kroner in income for the Norwegian State towards 2030. New fields, field life extensions, improved oil and gas recovery and efficient operations will all contribute to substantial value creation. The new climate ambitions will strengthen future competitiveness and value creation for Equinor, while supporting industrial developments in Norway,” says Sætre.

“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 50 billion Norwegian kroner 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,” says Sætre.

April 18th 2024

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