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Equinor to reduce emissions by 40% in 2030, to near zero by 2050

Norwegian oil and gas company Equinor ASA on Jan. 6 said it aims to decrease the greenhouse gas emissions from its offshore fields and onshore facilities by 40% by 2030, 70% by 2040 and to "near zero" by 2050.

Equinor, which supports the Paris agreement on climate change, said it plans to make investments of roughly 50 billion Norwegian kroner along with its partners by 2030 to reduce its emissions, according to the news release. The company's 40% reduction target by 2030 represents annual decreases of more than 5 million tonnes of carbon dioxide emissions, or about 10% of Norway's annual emissions.

The Norwegian company will execute the 2030 emissions reduction through industrial measures, which includes energy efficiency, digitalization and the launch of electrification projects at specific fields and facilities, according to the release. Equinor said it will also support the development of hydrogen and carbon capture storage.

In addition, Equinor CEO Eldar Sætre said the company anticipates its offshore fields and onshore plants to be able to produce an income of more than 3 billion Norwegian kroner for the state towards 2030.

In 2018, the total emissions from Equinor's fields and plants were approximately 13 million tonnes, which was almost the same as its 2005 emissions level.

As of Jan. 3, US$1 was equivalent to 8.82 Norwegian kroner.