Norway’s Equinor has become the latest energy company to stem its green growth plans as the backlash against renewables continues.
The company said on Wednesday it is reducing its ambition for installed capacity by 20 percent at the low end and 33 percent at the high end, from 12-16 gigawatts by 2030 to 10-12 GW. The higher target range was set in 2021.Â
Equinor noted its new target includes its 10 percent stake in the world’s largest offshore wind developer, Denmark’s Orsted, and its 16.2 percent ownership in solar company Scatec.Â
The addition of onshore power plants in Brazil and Poland during 2023, along with the start-up of the Mendubim solar projects in 2024, contributed to a 19 percent increase in renewables power generation in the fourth quarter and a 51 percent increase for the full year compared to the same periods in 2023.
The firm also said it is scrapping a previous 2030 target to allocate 50 percent…
