Equinor 4Q24 & Strategy Update | Climate Transition Analysis

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Downgrades to transition across the board

Equinor (EQNR:OSE)

Our view

EQNR’s new, watered down low-carbon targets puts the company further behind peers and risks the integrity of its transition plan. A wholesale cut to low-carbon capex targets, coupled with higher oil and gas production growth, means the FY30 Net Carbon Intensity (NCI) target of 15% will be harder to reach despite also being revised lower; NCI is only down 2% to date, lagging peers. With EQNR’s renewable target trimmed back its transition plan levers will rely heavily on carbon capture and storage (CCS).