Equinor has announced plans to halve its renewable energy investments, reducing its budget from $10 billion to $5 billion over the next two years. The company is also scrapping its target of allocating 50% of its fixed asset budget to renewables by 2030, citing market conditions and shareholder value.
Additionally, Equinor has lowered its renewable capacity target to 10–12 GW by 2030, down from 12–16 GW. Meanwhile, the company expects over 10% growth in oil and gas production, increasing output from 2 million to 2.2 million barrels of oil equivalent per day (BOED) by 2030.
Source: Energy Ghana