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Released April 21, 2022 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Norway's Equinor (NYSE:EQNR) has published its first Energy Transition plan that will see US$23 billion of its gross capital expenditure invested in renewables over the next five years.
The company has pledged to add 12-16 gigawatts (GW) of installed net renewable capacity by 2030--five years earlier than previously announced--and the equivalent of more than twice the total global offshore wind capacity installed in 2020. Industrial Info has been tracking the company's aggressive moves into the wind sector in recent years. It owns a 40% stake in the giant Dogger Bank offshore windfarm in the U.K. With two phases underway and the third phase having reached financial approval late last year, it will be the world's largest offshore windfarm, producing 3.6 GW of electricity--enough to power 5 million homes. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the Dogger Bank project reports.
The company also is a key partner in the Hywind floating offshore windfarm project in the North Sea and is a 50% shareholder in the large-scale Empire I, Empire II, Beacon I and Beacon II offshore wind projects on the east coast of the U.S..
On the emissions front, Equinor aims to halve its operated greenhouse gas emissions by 2030 relative to 2015 levels "with 90% of the cuts coming from absolute reductions." It will reduce its net carbon intensity, including emissions from the use of sold products, by 20% by 2030 and 40% by 2035. It expects to be a net-zero emitter of greenhouse gasses by 2050. The ambitious plan will be submitted for an advisory vote by shareholders at the company's 2022 Annual General Meeting next month. Industrial Info first reported on Equinor's plans in 2020. For additional information, see Nov 18, 2020, article - Equinor Targets Net Zero Emissions by 2050.
"To decarbonise society, we need to be effective agents of change in the energy transition," said Jon Erik Reinhardsen, the chair of the board of directors in Equinor. "We have set a clear direction to apply our experience, competence and the financial muscle from oil and gas to new value creating sectors of the energy system. We are pleased to present the plan to our shareholders and look forward to continued dialogue on the necessary decarbonization journey."
A key part of Equinor's low-carbon push will be to become a major player in the emerging clean hydrogen sector. It is aiming to supply hydrogen to three to five major industrial clusters by 2035, with the goal of controlling a 10% share of the market. It said: "Hydrogen offers a low and zero-carbon solution to sectors that are technically difficult to decarbonise, such as heavy industries including steel and cement; and transport sectors such as heavy duty trucking, shipping and aviation. Pursuing a technology-neutral approach to hydrogen development will enable the fastest and most cost-efficient decarbonisation across sectors and regions. We plan to realize these ambitions through a portfolio of hydrogen projects, centered in industrial clusters in Norway, Northwest continental Europe, the U.K. and the U.S."
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
The company has pledged to add 12-16 gigawatts (GW) of installed net renewable capacity by 2030--five years earlier than previously announced--and the equivalent of more than twice the total global offshore wind capacity installed in 2020. Industrial Info has been tracking the company's aggressive moves into the wind sector in recent years. It owns a 40% stake in the giant Dogger Bank offshore windfarm in the U.K. With two phases underway and the third phase having reached financial approval late last year, it will be the world's largest offshore windfarm, producing 3.6 GW of electricity--enough to power 5 million homes. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the Dogger Bank project reports.
The company also is a key partner in the Hywind floating offshore windfarm project in the North Sea and is a 50% shareholder in the large-scale Empire I, Empire II, Beacon I and Beacon II offshore wind projects on the east coast of the U.S..
On the emissions front, Equinor aims to halve its operated greenhouse gas emissions by 2030 relative to 2015 levels "with 90% of the cuts coming from absolute reductions." It will reduce its net carbon intensity, including emissions from the use of sold products, by 20% by 2030 and 40% by 2035. It expects to be a net-zero emitter of greenhouse gasses by 2050. The ambitious plan will be submitted for an advisory vote by shareholders at the company's 2022 Annual General Meeting next month. Industrial Info first reported on Equinor's plans in 2020. For additional information, see Nov 18, 2020, article - Equinor Targets Net Zero Emissions by 2050.
"To decarbonise society, we need to be effective agents of change in the energy transition," said Jon Erik Reinhardsen, the chair of the board of directors in Equinor. "We have set a clear direction to apply our experience, competence and the financial muscle from oil and gas to new value creating sectors of the energy system. We are pleased to present the plan to our shareholders and look forward to continued dialogue on the necessary decarbonization journey."
A key part of Equinor's low-carbon push will be to become a major player in the emerging clean hydrogen sector. It is aiming to supply hydrogen to three to five major industrial clusters by 2035, with the goal of controlling a 10% share of the market. It said: "Hydrogen offers a low and zero-carbon solution to sectors that are technically difficult to decarbonise, such as heavy industries including steel and cement; and transport sectors such as heavy duty trucking, shipping and aviation. Pursuing a technology-neutral approach to hydrogen development will enable the fastest and most cost-efficient decarbonisation across sectors and regions. We plan to realize these ambitions through a portfolio of hydrogen projects, centered in industrial clusters in Norway, Northwest continental Europe, the U.K. and the U.S."
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
