Climate change is the greatest challenge of our time. Discussions in the context of the Paris Agreement, which focuses on reducing global warming, have shown us the urgency of taking care of the planet we live on to ensure a habitable environment for future generations. This is an urgent debate that directly affects the lives of society, since the decisions made today by governments, companies and institutions will help shape the ways in which natural resources will be applied in our daily lives in a few years.
The world’s energy systems are rapidly transitioning to address climate change. Demand for oil and gas is expected to decline in the long term, especially in OECD countries, as efforts to reduce emissions from the life cycle of products and services are underway. Companies have announced increasing investments in renewables and ambitious emissions reduction targets. Technologies with this focus are gaining even more ground in the current context, such as carbon capture and storage and hydrogen power generation. These are changes in the energy landscape that are moving the world forward. And, therefore, they are reflected in our daily lives to varying degrees.
As an energy company present in around 30 countries, Equinor is committed to leading the energy transition. In June, we announced an important milestone in this process: we expect to direct more than 50% of our gross investments in 2030 to renewables and low-carbon solutions. We have the ambition to reach net zero emissions by 2050 and have concrete interim targets to measure progress towards this goal. These are bold goals, but in line with the profile of a company that has always been at the forefront of the sector, investing robustly in technology and innovation.
Our commitment to innovation is one of the paths that has brought us to this point. First, by seeking to find and develop quality deepwater assets, with carbon considerations influencing all our portfolio choices. We aim to generate substantial cash flow from oil and gas over the next ten years, while reducing emissions from our operations. In parallel, we have used our experience in offshore operations to advance renewable energies, such as offshore wind, a segment in which we pioneered floating wind farm technology in the North Sea.
Here in Brazil, we have Equinor’s first solar park in operation worldwide, the Apodi Complex, in Ceará, and we are evaluating the development of other solar power plants in Rio de Janeiro, Pernambuco and Rio Grande do Norte. We also have an ongoing study to develop an offshore wind farm, taking advantage of the country’s excellent winds and extensive Brazilian coastline. These are important initiatives that demonstrate the relevance of combining innovation, technology, experience and focus on the energy transition.
The challenges are great. The next steps cannot be taken without a close eye on climate change. At Equinor, we want to lead the energy transition and continue to create value for society in new ways. We are ready to continue shaping the future of energy.
By Veronica Coelho
President of Equinor Brazil
