Statoil to cut greenhouse emissions by a fifth by 2030

OSLO (Reuters) - Norwegian oil and gas producer Statoil said on Thursday it aims to cut its annual carbon dioxide emissions by about a fifth from current levels by 2030 as part of global efforts to limit climate change.

The company logo of Norwegian energy firm Statoil is seen at the headquarters outside Oslo, Norway, November 28, 2014. REUTERS/Berit Roald/NTB Scanpix

It set a goal of cutting 3 million tons of carbon dioxide by 2030 from its 2017 emissions and also said it planned to reduce emissions per barrel of oil produced to 8 kg (17.64 lb) by 2030 from 10 kg (22.05 lb) now.

Statoil’s greenhouse gas emissions were the equivalent of 15 million tons of carbon dioxide in 2016, it said, which is roughly three times the emissions from all of Norway’s 2.5 million cars.

“Statoil is committed to developing its business in support of the ambitions of the Paris agreement,” Chief Executive Eldar Saetre said in a statement, referring to the climate accord reached by almost 200 nations in the French capital in 2015.

U.S. President Donald Trump has expressed opposition to the deal and cast doubt on mainstream scientific findings that man-made greenhouse gas emissions are raising global temperatures, causing more extreme weather and melting the polar ice caps.

Statoil defined the 3 million tons it aims to cut as “reductions achieved by implementing a specific measure compared to the expected emissions at an installation”.

“Statoil deserves a bit of applause,” said Nina Jensen, head of the WWF conservation group in Norway. “Three million tons is substantial ... but I think their ambitions should be much higher.”

The company’s goal falls short of Norway’s national target of a reduction in emissions of at least 40 percent from 1990 levels by 2030, she said.

Statoil says its oil production is far cleaner than that of most rivals and that it has already implemented measures to cut emissions, even before its new targets.

The company also reaffirmed a target set last month to raise investment in renewable energy and low-carbon solutions to 15-20 percent of investments by 2030, or four times the share now.

Reporting by Alister Doyle; editing by Terje Solsvik and David Clarke