Our view

Equinor’s ESG day provided some good detail on the build-out of its renewables business, however the company still lacks the necessary disclosure to verify the progress of low carbon capex targets (50% by FY30). Additionally, Equinor highlighted how crucial CCS is to meet its FY35 NCI target (-40% from FY19), with 30-50 Mtpa of transport and storage capacity potentially accounting for half of NCI reductions.

Key takeaways