Equinor Cuts Renewable-Energy Ambitions to Focus on Shareholder Value

Norwegian oil major Equinor has announced a major cutback to its renewable-energy ambitions, and says that it plans to focus on maximizing shareholder value going forward. 

“Equinor has high-graded the project portfolios in renewables and low-carbon solutions, and reduced cost and early-phase spend,” the company said in its quarterly report. “The portfolio is expected to deliver more than 10 percent life-cycle equity returns.”

The company said that circumstances have changed since it last set its renewables targets – especially in the United States, w…