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Equinor sees Renewables Generating 10% of its Energy by 2030

OSLO, March 18 (Reuters) - Norway's Equinor said on Friday it expects renewable sources to account for about 10% of its energy output in 2030 despite a sharp increase in investment, while oil and gas will make up the remaining 90%.

The majority state-owned company plans to increase gross investments in renewables and low carbon solutions, such as carbon capture and storage (CCS) and hydrogen, to 30% of its annual total by 2025 and to more than 50% by 2030.

"By 2030 we expect approximately 10% of our total energy production to be generated from renewable energy sources," Equinor said in its sustainability report, disclosing this figure for the first time.

The company aims to have 12-16 gigawatt (GW) of renewable energy capacity by 2030, up from 0.5 GW in 2020, mainly due to investments in offshore wind.

Equinor produced 1.6 terawatt-hours (TWh) in renewable energy in 2021, while its oil and gas production stood at 2.1 million barrels per day (bpd).

Equinor plans to invest about $10 billion per year in its overall business in 2022-2023, and around $12 billion for 2024-2025.

"Our investments in renewables and low carbon solutions increased from 4% to 11% of gross capex (in 2021), demonstrating our commitment to drive the energy transition," Anders Opedal said.

Equinor said the investments will have a delayed impact on output due to the long-term nature of investments in energy projects.

Reporting by Nerijus Adomaitis; Editing by Robert Birsel

Source: Reuters

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