US EditionEquinor scales back renewables push 7 years after ditching ‘oil’ from its name
- Equinor is reducing its investments in renewables to around $5 billion, nearly halving its previous budget, to adapt to market conditions in the energy sector.
- The company is lowering its renewable capacity target to 10-12 gigawatts by 2030, down from a previous target of 12 to 16 gigawatts.
- CEO Anders Opedal stated that the transition to greener energy is moving slowly and becoming more expensive due to various challenges.
- Equinor plans to increase its oil and gas production by 10% over the next two years while scaling back its renewables investments.
27 Articles
27 Articles
Norwegian oil giant cuts green investment in half
https://www.bbc.com/news/articles/c1jg7k1kjwyo Simon JackBBC Business editorGetty ImagesChief executive Anders Opedal said the transition to lower carbon energy was moving slower than expectedNorwegian energy giant Equinor is halving investment in renewable energy over the next two years while increasing oil and gas production.Chief executive Anders Opedal said that the transition to lower… Source
Norway’s largest energy company dropped ‘oil’ from its corporate name, but as Equinor it is increasing oil and gas production. At the same time, it is halving investments in green energy sources. TotalEnergies is also cutting back on sustainable projects.
Equinor slashes renewables, doubles down on hydrocarbons in focus on returns
Equinor’s dramatic renewable cuts and increased focus on oil and gas mirrors moves across the energy sector. The Norwegian major is prioritising shareholder returns over energy transition spending. The post Equinor slashes renewables, doubles down on hydrocarbons in focus on returns appeared first on Energy Voice.
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