A renowned Norwegian group Equinor has announced that it is considering renewable sources to account for around 10% of its power output in 2030.
For this, the company plans to increase gross investments in renewable energy.
Besides, it will focus on investment in low-carbon solutions that include carbon capture and storage and hydrogen, to 30% of its annual total by 2025 and to more than 50% by 2030, a local report mentioned.
“By 2030, we expect approximately 10% of our total energy production to be generated from renewable energy sources,” Equinor said in a sustainability report.
The company shared that it aims to have 12-16 GW of renewable energy capacity by 2030. In 2020, it only had 0.5 GW however investments in offshore wind power rose rapidly.
“Our investments in renewable energy and low-carbon solutions increased from 4% to 11% of gross capital expenditure (in 2021), demonstrating our commitment to driving the energy transition,” Anders Opedal, commented.
According to Equinor, it produced 1.6 terawatt-hours of renewable energy in 2021.