ASSESSMENT OF EQUINOR’S CLIMATE STRATEGY

The report finds that Equinor is prioritizing oil and gas expansion and shareholder returns over renewable energy investments, backtracking on previous low-carbon capital expenditure and production targets. Its projected 2030 production levels and planned LNG and gas power capacities are identified as inconsistent with the IEA's Net Zero Emissions by 2050 Scenario.

• Equinor's 2024 investment patterns heavily favored fossil fuels and shareholders over climate solutions. For every dollar invested in renewables and low carbon solutions, the company invested US$6.6 in oil and gas and distributed US$6.8 to shareholders via dividends and share buybacks.
• The company has reduced its financial commitments to low-carbon activities, abandoning a previous target to dedicate 50% of gross capital expenditure to low carbon by 2030. It now plans to allocate 36% of organic capital expenditure to these activities through 2027.
• Equinor's oil and gas production targets are not aligned with the IEA NZE scenario. The company backtracked on a goal to reduce production to 2 million barrels of oil equivalent per day by 2030, now targeting 2.2 million. Its projected 2030 production is estimated to be 80% higher than NZE alignment.
• Equinor is expanding its fossil fuel infrastructure through the Tanzania LNG project, which plans to add 5.25 Mtpa of net liquefaction capacities, and a new gas power unit in the United Kingdom that would increase its gross operating gas power capacities by 51.1%.
• The company's renewable energy ambitions have decreased. Equinor abandoned its net renewable production target and reduced its 2030 net installed renewable capacity target to 10-12 GW, which is 21.4% lower than its previous target.
• Equinor has weakened its 2030 and 2035 net carbon intensity targets. Additionally, the company lacks a specific absolute target for scope 3 emissions, which accounted for 96.2% of its total emissions (275.6 MtCO2e) in 2024.

APA

Delaporte, L.-M., & Bogaert, A. (2025). ASSESSMENT OF EQUINOR’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_Equinor_Climate-Strategy-Assessment.pdf

Chicago

Delaporte, Louis-Maxence, and Achille Bogaert. ASSESSMENT OF EQUINOR’S CLIMATE STRATEGY. Reclaim Finance, 2025. https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_Equinor_Climate-Strategy-Assessment.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Bogaert |first2=Achille |title=ASSESSMENT OF EQUINOR’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=April 2025 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_Equinor_Climate-Strategy-Assessment.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2025assessment, author = {Delaporte, Louis-Maxence and Bogaert, Achille}, title = {{ASSESSMENT OF EQUINOR’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2025}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_Equinor_Climate-Strategy-Assessment.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }