Equinor invests in rainforests

CEO Eldar Sætre in EquinorCEO Eldar Sætre in Equinor.Photo: Gorm Kallestad / NTB scanpix

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The energy company, Equinor,is targeting climate and will spend up to NOK 84 million annually on conservation of rainforests.

 

The investment could start already by next year.

“The most important climate measures for Equinor will continue to reduce emissions from our oil and gas production,and include significant growth in renewable energy. But to limit the man-made climate change,we all need to do more’’ said CEO, Eldar Sætre of Equinor, adding that the investment is likely to start in 2019.

Equinor will cut as many emissions from reduced deforestation as it currently loses in areas where they neither have to pay CO2 taxes, nor be subject to a quota system according to E24 news. Equinor’s total CO2 emissions from proprietary operations last year amounted to 14.9 million tonnes.

One million tonnes will be cut, which will correspond to between NOK 42 and 84 million annually.

The announcement of the initiative took place in connection with Equinor’s autumn conference in Oslo on Tuesday morning.

Also present were Prime Minister Erna Solberg of Høyre (H) and Secretary Patricia Espinosa for the United Nations Framework Convention on Climate Change.

“I would like to thank Equinor for the good news this morning.I commend you for this initiative and so I hope other companies follow this example.We must all step up our climate measures to be able to achieve the goals of the Paris agreement” said the prime minister in a speech at the conference.

Norway has supported the fight against deforestation since 2008, with around NOK 23 billion, and will continue this work up to 2030.

 

© NTB scanpix / #Norway Today

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