Norwegian energy giant Equinor has outlined plans to become a global offshore wind “major” by 2026 as it looks to “shape its portfolio” in line with the Paris goals.
Oslo-headquartered Equinor, which operates the Mariner oilfield, east of Shetland, pledged to grow its renewable energy capacity tenfold over the next six years.
That would give the firm, which is behind the Hywind floating wind project off Peterhead, as much as 6 gigawatts of green power production.
The business also intends to make its operations carbon neutral by 2030, and reduce its total carbon footprint, from initial production right through to final consumption, by 50% by 2050.
Chief executive Eldar Saetre said Equinor would produce less oil in a low carbon future, but that “value creation” from hydrocarbons would remain high over the next three decades.
Mr Saetre believes renewables present “significant new opportunities to create attractive returns and growth”, and said oil, gas, renewables, carbon capture and hydrogen could complement one another.
He said the push to lower carbon intensity would be met primarily through growth in renewables and “changes in the scale and compositions of the oil and gas portfolio”.
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