Reported 1 day ago
Norwegian energy company Equinor has announced a significant reduction in its renewable energy growth targets, cutting by 20-33% the installed capacity goals by 2030 due to ongoing challenges in the offshore wind and renewable sector. This move aligns with similar decisions made by other major energy firms such as BP and Shell, as they pivot back to conventional oil and gas production amidst rising costs and regulatory hurdles. Equinor plans to increase oil and gas output by 10% from 2024 to 2027 while scrapping plans to allocate half of capital expenditures to renewables.
Source: YAHOO