OTC 2018: Low Carbon Future Faces Long Road
But they also acknowledged efforts toward keeping global temperatures below 2 C (3.6 F), as set during the 2015 Paris Agreement, which are falling short despite efforts by some companies taking part in climate change initiatives, investing in renewables and taking on carbon capture, utilization and sequestration (CCUS) projects. The world’s energy transformation was discussed during an OTC session on Monday, April 30.
“The move to a low carbon future will reshape the energy space as we know it,” Statoil CEO Eldar Sætre said. He added that the oil and gas industry could see the shift as a threat, but it should translate the so-called threat into a business opportunity. It is something that Statoil is essentially doing as a carbon-efficient producer of oil and gas, wind energy and carbon capture and storage (CCS).
Statoil aims to invest between 15% and 20% of its capex in new energy solutions by 2030. Reflecting its transition from an oil and gas company to a broad energy company, Statoil officially becomes Equinor on May 15.