Equinor has announced a significant reduction in its green energy spending plans, halving its investment in low-carbon technologies from $10 billion to $5 billion over the next two years. This decision comes amid rising oil prices and market volatility, prompting the Norwegian oil company to increase its production targets for fossil fuels. The company plans to produce 2.2 million barrels of oil equivalent per day by 2030 and is looking to advance the controversial Rosebank oilfield project, despite legal challenges and debates regarding the UK’s green agenda.
Equinor's decision to cut its green spending reflects a trend among fossil fuel firms retreating from their low-carbon commitments to prioritize oil and gas production.
The company’s revised strategy aims to boost oil production by 10% by 2030, underscoring a clear shift in focus towards fossil fuels amid market volatility.
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