Statoil’s new climate roadmap details its targets for CO2 emission reductions and improved carbon intensity, energy efficiency as well as profitable growth in renewables and low carbon solutions.
The CO2 emissions from Statoil’s oil and gas production are already at a low level compared to the industry average. With the roadmap, Statoil introduces a new portfolio target for CO2 emissions per barrel produced, delivering 20% reductions by 2030 – from 10kg to 8kg – well below the industry average. This will further strengthen Statoil’s industry leadership in climate performance.
“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.
Key actions in Statoil’s climate roadmap
Build a high value and lower carbon oil and gas portfolio
- CO2 emissions reductions of 3 million tonnes per year by 2030 compared to 2017
- Portfolio carbon intensity of 8kg CO2 per barrel by 2030
- Methane emissions from the Norwegian gas value chain below 0.3%
- Eliminate routine flaring by 2030
Create a material industry position in new energy solutions
- New energy solutions to potentially represent 15-20% of capex by 2030
- Up to 25% of research funds to new energy solutions and energy efficiency by 2020
- Invest USD 200 million through our New Energy Ventures fund
- Partner in the USD 1 billion OGCI Climate Investment fund
Accountability and collaboration
- Continued support for carbon pricing and other cost-efficient energy and climate policies
- Minimum internal carbon price of USD 50 per tonne CO2
- Climate risk and performance embedded into strategy, incentives, reporting and decision-making
- Amplifying climate actions through collaboration with suppliers, customers, governments and peers
