Statoil Sets Greenhouse Gas Emissions Goals
Norway's Statoil (STO) set a goal on Thursday to cut its annual carbon dioxide emissions by three million tonnes by 2030 from 2017 levels and become more efficient as part of efforts to combat climate change.
The company said would also seek to reduce its emissions per barrel of oil produced to 8 kg by 2030 from 10 kg and step up investments in renewable energy research.
Statoil emitted the equivalent of more than 15 million tonnes of carbon dioxide in 2016, roughly a quarter of Norway's total emissions.
"Statoil is committed to developing its business in support of the ambitions of the Paris agreement," chief executive Eldar Saetre said in a statement, referring to a 2015 accord by almost 200 nations to shift the world economy from fossil fuels.
Statoil said the new goals and measures already taken could yield reductions totalling about 5 million tonnes by 2030, roughly equivalent to emissions from all the 2.5 million cars in Norway.
"The company is already on track to deliver 1.2 million tonnes in CO2 emissions savings from the Norwegian continental shelf by 2018 – two years ahead of schedule," it said.
The company also reaffirmed a target set last month to raise investments in renewable energy and low-carbon solutions to 15-20 percent of investments by 2030, or four times today's share.
Reporting By Alister Doyle
