Equinor Scales Back Renewable Energy Goals While Increasing Oil Production Targets

Norwegian state-backed oil company reduces green investments and raises fossil fuel output projections, sparking environmental concerns.

Equinor announced plans to cut renewable energy spending by 50%, reducing its budget from $10 billion to $5 billion through 2027.
The company lowered its renewable energy capacity target for 2030 to 10-12 gigawatts, down from its previous goal of 12-16 gigawatts.
Equinor aims to increase oil production to 2.2 million barrels per day by 2030, up from its earlier projection of 2 million barrels per day.
The Rosebank oilfield project in the North Sea faces delays after a court ruled its original government approval unlawful, requiring a new consent process.
Environmental groups and climate activists criticized Equinor's decision, citing rising emissions and the company's continued reliance on fossil fuels.