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Today, Equinor launched its updated energy transition plan. The plan confirms what Equinor announced at its Capital Markets Day in February: renewable energy targets for both investments and production are being scrapped, while increasing their oil and gas production.
Equinor is removing its target of allocating at least 50% of investments to renewable energy and low-carbon technology by 2030. At the same time, the company is lowering its renewable energy production target from 12–16 GW to 10–12 GW by 2030. Climate targets are also being weakened: the goal of reducing the company’s net carbon intensity is being cut from a 20% reduction by 2030 to just 15–20%.
Read Equinor's transition plan here.
Million-Dollar Salaries for Executives – While the Climate Is Sacrificed
As Equinor weakens its green ambitions, it was also revealed today that CEO Anders Opedal earned 2 million USD – a significant increase from the previous year.
Equinor’s leadership clearly disregards the climate, nature, and human rights. Instead of leading the green transition, they cling to fossil energy, putting both people and nature at risk, leaving the energy transition for future generations to handle.
The Norwegian Minister of Trade Must Step In
While Equinor takes significant steps away from the Paris Agreement goals, its largest shareholder – the Norwegian state – sits idly by. The Norwegian government’s ownership policy states that Equinor must operate in line with the Paris Agreement and within sustainable frameworks. There is nothing sustainable about Equinor’s announcement today.
The government should not allow Equinor to drastically scale down its renewable investments. As a state-owned company, Equinor must be aligned with the Paris Agreement and generate returns within sustainable boundaries. Equinor is announcing the exact opposite.
Facts from Equinor’s Annual Report
- Equinor earned $29.8 billion in 2024. After taxes, the company retained $9.1 billion. Most of the taxes paid were in Norway.
- 73% of Equinor’s investments in 2023 went towards further developing oil and gas. 16% of investments were allocated to renewable energy and low-carbon solutions. Including the acquisition of Ørsted, the figure rises to 27%.
- The share of Equinor’s energy production coming from renewable sources increased from 0.4% to 0.6% from 2023 to 2024.