Equinor cuts renewable energy investment in half while boosting oil and gas production

Equinor, the Norwegian oil company, will cut its renewable energy investment in half, reducing it to $5 billion over the next two years. This change comes as the company increases oil and gas production by 10%. The decision follows slower-than-expected progress in the transition to lower carbon energy and rising costs. Equinor has also dropped its target to allocate half of its fixed assets budget to renewables by 2030. The company remains committed to the controversial Rosebank oil field project in the North Sea, despite a recent court ruling questioning its environmental impact. Preparatory work can continue while new consents are sought.