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When Statoil turned Equinor in 2018, the title change was mentioned to mirror a altering worth and enterprise. 5 years later, based mostly on a examine we performed on the Norwegian Local weather Basis, it may be mentioned that the title change appears to be primarily a communicative transfer on the proper time.
Equinor is excellent at speaking in regards to the inexperienced transition. The impression given by means of social media, promoting and conferences is that Equinor is now an organization that has actually stepped up its efforts in renewable power, carbon seize and storage (CCS) and hydrogen.
The reality, nevertheless, is that there’s nonetheless a big hole between what is claimed and what’s accomplished: on the finish of 2022, oil and fuel accounted for 99.6 % of the corporate’s complete power manufacturing.
Lars-Henrik Paarup Michelsen (Photograph: x)In 2022, Equinor had a fossil power manufacturing of greater than two million barrels of oil equal per day. Because of the power disaster in Europe, there was barely extra fuel than oil currently, however complete manufacturing has been roughly on the similar degree since 2018.
Whereas oil and fuel manufacturing has been steadily excessive, Equinor has didn’t develop in renewable power. Originally of 2023, the sum of all investments, acquisitions and gross sales within the area of renewable power amounted to an put in renewable capability of 0.6 gigawatt (GW) – precisely the identical as in 2018. This was sufficient to generate just below 1.7 terawatt hours produce (TWh) with electrical energy
For an organization with actions in 13 international locations, and which calls itself a broad power firm, that’s small. It is usually smaller than lots of Norway’s small, native power producers.
It’s value noting that Equinor’s renewable capability has been at a standstill at a time when the corporate itself has grow to be a serious shopper of renewable power. The electrification of Equinor’s offshore and onshore installations required six TWh of imports in 2022, the vast majority of which got here from the Norwegian electrical energy grid. And the necessity is rising.
What in regards to the different inexperienced initiatives?
On the intent degree, Equinor has sufficient tasks for each CCS and hydrogen to fill one or two PowerPoint displays. The hydrogen collaboration with German companions is an instance of this. However if you happen to ignore the Northern Lights, there is not a lot concrete taking place on this space right now.
Just one % of Equinor’s complete investments in 2022 went to the pocket merchandise ‘low-carbon options’, which additionally consists of CCS and hydrogen.
It needs to be talked about that Equinor’s technique in the direction of 2030 heralds important progress in renewable power. The goal is an put in capability of 12 to 16 GW – sufficient to provide 35 to 60 TWh. Will probably be a big enhance from present ranges, however in comparison with different power corporations in Europe, Equinor’s ambitions are so common. For instance, Denmark’s Ørsted, Spain’s Iberdrola and France’s Complete Energies have targets of fifty, 80 and 100 GW of put in renewable capability respectively by 2030.
The article continues under the commercialMaybe Equinor’s cautious funding in renewable power is because of the truth that they should stability the inexperienced by nonetheless investing in fossil fuels? On the similar time, as Equinor goals to extend its investments in sustainable power till 2030, the corporate additionally goals to keep up oil and fuel manufacturing at present ranges. A aim that may require important investments in fossil manufacturing. Over a few years, it’ll additionally require nice human assets and experience.
The article continues under the commercialOne of many suggestions to the 2050 Local weather Committee is to attract up a method for the ultimate section of Norway’s petroleum actions, which will even embrace assessing the state’s function as proprietor of Equinor. It’s a sensible suggestion.
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One of many questions we should ask ourselves is whether or not we as a society, with the goal of lowering greenhouse fuel emissions by 90-95 % by 2050, can afford for a state-controlled firm like Equinor to not have all our coronary heart helps a quicker financial system. power transition. With its huge monetary and human assets, Equinor could possibly be the important thing driver in creating renewable power and establishing new inexperienced worth chains. However the firm isn’t.
It is nonetheless not sure that the reply lies in a inexperienced Equinor. Maybe we must always settle for that Equinor is and at all times can be an oil firm. Their job will then be to pump up oil and fuel till the market shrinks. Then the duty of constructing extra renewable power quicker and selling inexperienced power transformation can be left to different gamers with higher situations for fulfillment.(Situations)Copyright Dagens Næringsliv AS and/or our suppliers. We wish you to share our instances through hyperlinks that lead on to our pages. Copying or different use of all or a part of the contents could solely be made with written permission or as permitted by legislation. For additional situations see right here.
Equinor isn’t a driver of inexperienced change
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