Equinor
Performance Score
Although the company has announced an ambition of "carbon neutrality" by 2050 for its 3 scopes, it still seems far from its 2030 net carbon intensity (NCI) targets (-2% in 2024 vs. 2019 for a target of -15 to 20%). In addition, the company will continue to develop its oil and gas production until at least 2030, even though renewable energy production currently accounts for only 0.4% of oil and gas production. The company has a relatively detailed action plan, although the exact contribution of each action to reducing emissions is not specified and is based in part on carbon storage, which is often not yet profitable. Finally, Equinor has reversed its climate strategy with the removal of the target of 50% of its growth CAPEX allocated to renewable energies and low-carbon solutions.
Narrative Score
Equinor does not provide a clear outlook for its future low-carbon investments and has reversed its ambition to allocate 50% of its gross capital expenditure to renewable energy and low-carbon projects. Although the company publishes the total amount of its R&D spending, it does not specify the share devoted to low-carbon technologies.
Trend score
Equinor does not have a real transition plan. Some processes are underway, but Equinor still seems to lack commitment to climate issues.
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