- Equinor is cutting its renewable energy investments by 50% over the next two years, shifting focus back to oil and gas for profitability.
- Critics argue that this decision undermines climate goals, increases environmental risks, and follows a trend seen in other major energy companies like BP and Shell.
Equinor, a Norwegian energy company, has reduced its commitment to renewable energy while expanding oil and gas production. In February, the company announced plans to cut its renewable energy investments in half over the next two years.
Equinor’s chief executive, Anders Opedal, told the BBC, “We are scaling down our investments in renewables and low-carbon solutions because we don’t see the necessary profitability in the future.”
The decision to reduce renewable energy investments and focus on fossil fuels has disappointed the public. Many worry about the environmental impact of these changes. While Equinor expects higher profits, critics argue that these gains come at the expense of the planet.
According to Reuters, Equinor is following the lead of major companies like BP and Shell, which have also reduced their renewable energy projects, particularly offshore wind farms. The report states that Equinor has revoked its 2030 target to spend 50% of its capital on renewables and low-carbon solutions.
Equinor’s press release justifies these changes by focusing on profit potential. Critics say the company is using greenwashing tactics to downplay the environmental damage caused by fossil fuels.
By increasing oil and gas production, Equinor contributes to climate change, leading to heat waves, droughts, and food shortages. Fossil fuel emissions also worsen air quality, causing health problems such as asthma and premature deaths.
Meanwhile, some energy companies, like NextEra and Constellation Energy, continue to invest in renewables and nuclear power. Renewable energy sources, such as wind and solar, provide cleaner and more affordable alternatives to fossil fuels. Once built, they reduce costs and eliminate risks linked to transporting fuel, such as spills and explosions.
The public can help hold major companies accountable by staying informed about policy changes like Equinor’s. Supporting renewable energy is a key step toward a cleaner and more sustainable future.