Equinor has published its first energy transition plan, which will be submitted for an advisory vote by shareholders at the company’s 2022 Annual General Meeting on 11 May.
The Norwegian state controlled company has already revealed several of the measures, but the plan indicates its determination to reduce emissions as much as possible without resorting to carbon credits via tree planting and other mitigation measures.
“Halving our operated greenhouse gas emissions by 2030 relative to 2015 levels, with 90% of the cuts coming from absolute reductions, demonstrates our commitment to reduce emissions under our control in line with a Paris-aligned trajectory,” the company said.
Equinor added that it is also committed to further improving the high carbon and methane efficiency of its profitable upstream portfolio, enabling it to be “the resilient and responsible producer of the oil and gas that the world continues to demand”.
This will involve allocating more than half of the company’s annual gross capital expenditure to renewables and low carbon solutions by 2030.
“This is demonstrating our commitment to invest in the energy system of the future,” the company.
It will also deploy profitable renewables capacity and CCS and hydrogen solutions according to specified milestones.
Equinor said this would “provide a clear guide to how we plan to continue to create long-term value by delivering energy with progressively lower emissions”.
According to Equinor, each of its medium-term ambitions is underpinned by a detailed set of projects and plans that “enables us to demonstrate tangible and measurable progress”.