What specific renewable energy capacity target did Equinor scrap in its latest strategy update?

Equinor scrapped its 2030 installed renewable energy capacity target of 10–12 gigawatts (GW), which had already been scaled back from an earlier 2020 goal of 12–16 GW focused on offshore wind. The company removed this target entirely from its list of goals presented in its New York strategy update on Tuesday.

How has Equinor revised its capital expenditure allocation for renewables and power, and what does it now plan to invest?

Equinor no longer aims to dedicate half its capital expenditure to renewables in the 2030s; instead, it announced it will allocate only 10% of its capex to its Power business — a unit established in 2025 that combines renewables, gas-fired generation, energy storage, and trading activities.

Equinor Scraps Renewable Energy Capacity Target

Jun 16, 2026

Equinor scrapped its 2030 renewable energy capacity target and reduced investment, prioritizing oil and gas output forecasts instead. This strategic shift aligns with peers like BP and Shell amid broader industry trends favoring fossil fuels.

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Equinor Scraps Renewable Energy Capacity Target

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