Equinor has announced that it will allocate more than half of its annual gross capital expenditure to renewables and low carbon solutions by 2030.
The latest move is a part of the company's actions detailed in its first energy transition plan.
This particular plan includes the company's roadmap towards its 2050 net zero ambition through short-term actions and medium-term ambitions.
According to Equinor, it has an ambition to have a total of 12-16GW of installed net renewable capacity by 2030.
“As we execute on these world-class projects, we are well positioned to grow our presence in markets where we look to continue to create value and optionality,” Equinor stated.
Equinor informed that it is considering allocating around $23bn gross capex to renewables between 2021 and 2026. Besides investments in offshore wind, the company will expand into other areas of renewable energy as well.
"It comprises equity ownership stakes in Scatec, a renewable power producer, and Noriker Power, a UK-based battery storage developer focused on utility scale storage," a report stated.
The company has a mandate of $750m which includes over 50% of the fund’s capital being deployed towards renewables and low carbon activities by 2025. The portfolio comprises more than 40 investments.