Equinor Leverages New Technologies, Capacity Development for Energy Transition

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By Ndubuisi Micheal Obineme

07 July 2022, Abuja – Equinor, a Norwegian multinational energy company, is leveraging new technologies and building new competence and capacity to support its energy transition plan.

The Energy transition plan integrates key elements of Equinor’s decarbonization strategy with existing actions and ambitions. It includes information on capital allocation, policy engagement, risk and performance frameworks, and other enablers to deliver on the company’s ambitions.

In an interview with The Energy Republic, Christel Kvalvik, Managing Director at Equinor Nigeria Energy Company Limited, said that the company has positioned itself to become a global player, creating new opportunities in the energy system.

Speaking on this development, Christel said Equinor will accelerate growth in renewables to strengthen its global operations for growth opportunities and improve the return of investment.

“We are applying our experience in technology, innovation, and project delivery and building new competence and capacity to support the transition.

“We have around two-thirds of our growth ambition through a competitive and high-quality pipeline. As we execute on these world-class projects, we are well-positioned to grow our presence in markets where we look to continue to create value and optionality,” she added.

In its energy transition plan, Equinor has allocated $23 billion to renewable energy projects between 2021 and 2026. Its overall aim is to increase installed capacity by 12 GW to 16 GW by 2030, five years earlier than previously announced.

Furthermore, Equinor Ventures, a corporate entity dedicated to investing in ambitious early phase and growth companies, has set aside about 750 million USD, with more than 50% of the fund’s capital being deployed towards renewables and low carbon activities by 2025. The current portfolio comprises more than 40 investments, split between oil and gas, renewables, and low carbon solutions.

In addition to these investments, Equinor is expanding into other areas of renewable energy with significant equity ownership stakes in Scatec, and Noriker Power, among others. The company is expanding its global wind portfolio and moving into regions, such as Eastern Europe and East Asia, where there is potential for renewable energy projects.

Equinor is an international energy company committed to long-term value creation in a low-carbon future. The company’s main purpose is to turn natural resources into energy for people and progress for society.