Norwegian oil and gas giant Equinor said on Wednesday it would scale back its renewable energy ambitions as it reported a steep drop in net profit in 2024.
The group said it now planned a renewable capacity of between 10 and 12 gigawatts in 2030, down from a previous forecast of 12 to 16 GW.
The group said profit after tax fell 26 percent to $8.8 billion in 2024, becoming the latest energy firm to report slumping earnings as oil prices have fallen.
Like other oil and gas enterprises, Equinor has been loathe to move away from its profitable fossil fuel business and replace it with renewable energy infrastructure.
Equinor plans to increase oil and gas production by more than 10 percent between 2024 and 2027.
The company said its ambition to allocate 50 percent of capital investment to renewable and low-carbon projects “is retired”.
