Norway’s Equinor, a majority state-owned energy firm, should persist with its renewable energy expansion plans despite recent challenges, the Prime Minister of Norway urged, Reuters reported on Wednesday.
Equinor’s CEO, Anders Opedal, defended the company’s goal to boost its renewable capacity significantly by 2030, despite industry obstacles and lower profit margins compared to oil and gas investments.
The Norwegian government, as Equinor’s largest shareholder with a 67 per cent stake, has faced criticism from some analysts who argue that Equinor’s plans do not yield enough returns.
Equinor’s green investment strategies have contributed to a nearly 14 per cent drop in its share price since its last strategy update.
Despite this, the government continues to back oil and gas exploration while aiming to develop a greener industry focused on offshore wind, particularly floating turbines, batteries, hydrogen, and carbon capture and storage, according to the same news agency.
