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On their Capital Markets Day in February 2025, Equinor released its fourth-quarter results and overall performance for 2024. The report revealed that over 99% of the energy the company produced last year came from oil and gas, while only 0.4% was from renewable sources.
Scaling Back Renewable Ambitions
Despite global climate concerns, Equinor announced that it is scaling back its renewable energy targets for 2030 and reducing investments in clean energy. Instead, the company plans to increase oil and gas production by 10% by 2027. This shift away from climate friendly renewable energy signals a clear prioritisation of profit over the energy transition, raising concerns about its commitment to climate goals.
Continued Investment in Controversial Foreign Projects
Equinor remains heavily invested in high-risk, controversial oil and gas projects abroad. During its Capital Markets Day earlier in February, the company reaffirmed its commitment to these projects, despite their financial and environmental risks.
A recent study by the organisation Australasian Centre for Corporate Responsibility (ACCR) suggests that if Equinor prioritised dividend payments over investments abroad, it could have avoided 6.3 gigatons of CO2 emissions while generating greater financial returns for Norway.
Equinor’s leadership has repeatedly failed in its overseas ventures, wasting taxpayer money on unprofitable projects and facing strong local opposition in the countries they operate.
Read more about Equinor’s international projects here.
Equinor’s continued expansion in fossil fuels and risky foreign investments raises serious doubts about its ability to align with the Paris Agreement and take part a sustainable energy transition.