Equinor to Spend More on Renewables, Sets Medium-Term Climate Goals

Equinor will increase the share of investment it dedicates to renewable energy and so-called low-carbon solutions as it seeks to broaden its business, the Norwegian oil and gas producer said in a strategy update on Tuesday.

The company will increase its dividends and introduced a new share buyback initiative, it said.

Equinor will increase the share of investment it dedicates to renewable energy and so-called low-carbon solutions as it seeks to broaden its business, the Norwegian oil and gas producer said in a strategy update on Tuesday.

The company will increase its dividends and introduced a new share buyback initiative, it said. The majority state-owned firm, under pressure from private investors as well as some members of Norway’s parliament to show it can adapt to a low-carbon future, also set goals for how to limit its emissions in the medium term.

By 2030, more than 50% of capital expenditure will go to renewable energy and low-carbon solutions, the company said.

Equinor no longer made any mention of its previous long-term oil and gas growth plan, which had called for an annual increase in output of 3% until 2026, and only provided a short-term outlook in the form of a 2% increase in 2021 compared to 2020.

“Our strategy is backed up by clear actions to accelerate our transition while growing cash flow and returns,” Chief Executive Anders Opedal said in a statement.

Source: devdiscourse