Norway-based oil and gas major Equinor ASA hiked its production of renewable energy in 2018 to nearly 1,300 GWh as its carbon intensity was 9 kilograms of carbon dioxide per barrel, it said in its 2018 Sustainability Report released March 15.
The company has a target of 8 kilograms CO2 per barrel in 2030.
Equinor cut its CO2 emissions by 264,000 tonnes in 2018, according to the report.
The industry should be more transparent in reporting climate change strategies and emission reductions, Equinor CEO and President Eldar Sætre said March 11 at CERAWeek by IHS Markit in Houston.
In January, the Norwegian state-controlled Equinor said it had slashed CO2 emissions from its operations on the Norwegian Continental Shelf by 600,000 tonnes since 2011. Based on 2011 levels, Equinor intends to reduce emissions in the regional supply chain to 50% by 2030 from 26% currently.
"The Paris Agreement created much needed momentum to act on climate change, but as a society and collectively, we are not doing enough," Sætre wrote in the foreword to the report, echoing statements he made during CERAWeek.
"Action is what is needed. Not taking action is unsustainable for the planet, for people and for business," he said in Houston. "It would represent an increased business risk for bad regulations, for unstable financial frameworks and for pendulum swings for political initiatives."
Formerly known as Statoil ASA, the company changed its name to Equinor in early 2018 to reflect its growing expansion into the global power and renewable energy sectors.