Norway: Climate Roadmap Statoil Aims to Reduce CO2 Emissions by 3 Million Tonnes
Statoil is aiming to achieve annual CO2 emission reductions of 3 million tonnes by 2030 compared to 2017. The company published their Climate Roadmap with more details, including CO2 emission reductions and improved carbon intensity, energy efficiency as well as profitable growth in renewables and low carbon solutions.
Stavanger/Norway — Although Statoil claims that their CO2 emissions from oil and gas production are already at a low level compared to the industry average, the Norwegian oil and gas producer is aiming for more: With the roadmap, Statoil introduces a new portfolio target for CO2emissions per barrel produced, delivering 20 % reductions by 2030 — from 10 kg to 8 kg.
“The world needs affordable and reliable oil and gas for decades to come. At the same time, it needs to significantly reduce greenhouse gas emissions. Statoil is committed to developing its business in support of the ambitions of the Paris agreement. We believe that being able to produce oil and gas with lower emissions while also growing in profitable renewables will give competitive advantages and provide attractive business opportunities in the transition to a low carbon economy,” says Eldar Sætre, Statoil’s president and CEO.
Statoil also announces a new target to reduce emissions from its operations by 3 million tonnes of CO2 per year by 2030, compared to 2017. The company is already on track to deliver 1.2 million tonnes in CO2 emissions savings from the Norwegian continental shelf by 2018 — two years ahead of schedule and 50 % above the targets established by the Norwegian petroleum industry in 2008, the company said. In combination with other reductions, the already delivered savings amount to around 5 million tonnes of CO2 reductions.
At its Capital Markets update, Statoil announced plans to build a material industrial position in profitable renewables and low-carbon solutions, with the potential to constitute 15-20 % of investments by 2030, four times today’s share. By 2020, the company plans to direct 25 % of its research funds to new energy solutions and energy efficiency to support this ambition, including offshore wind, carbon capture and storage and hydrogen.