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Strategy update: Equinor accelerates along the road to net zero

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22 June 2021

Strategy update: Equinor accelerates along the road to net zero

Report summary

Equinor will accelerate its strategic shift towards renewables and low carbon. The company’s first strategy update under new CEO Anders Opedal outlined an increasingly low carbon future, aligned with its 2050 carbon neutrality goal. Headline updates included a move to bring forward the company’s 12-16 GW net renewables capacity by five years to 2030. Equinor also unveiled ambitions to develop 15-30 mmtpa of CO2 storage capacity and 3-5 hydrogen projects over the next 15 years. To fund these goals, investment in renewables and low carbon will rise to 50% of gross investment (before project financing) by the end of this decade. We analyse new company guidance and key messages on strategy.

Table of contents

  • Executive Summary
    • Milestones on the road to carbon neutrality
    • Accelerated growth in renewables
    • Building low carbon leadership
    • Refocusing in oil and gas
    • Rising spend and shareholder distributions in updated financial framework

Tables and charts

This report includes 6 images and tables including:

  • Equinor net zero ambitions
  • Euro Majors’ carbon intensity reduction goals (based on production/energy provided)
  • Euro Majors’ renewables capacity targets
  • Current gross operational CCUS capacity by operator
  • Equinor entitlement production outlook: Wood Mackenzie base case
  • Equinor’s capex and cash flow outlook

What's included

This report contains:

  • Document

    Strategy update: Equinor accelerates along the road to net zero

    PDF 1.09 MB