How does Equinor view the role of gas going forward?
We believe natural gas will continue to be a source of reliable, competitive and low carbon energy in many years to come. Initially a switch to gas, away from more carbon intense fuels such as coal, will offer significant CO2 emission reductions. Secondly, gas will be an important enabler for the development of renewable energy as it combines well with electricity as well biogas. Finally, natural gas itself can be decarbonised, by transforming it to hydrogen which is a versatile fuel that can be deployed in transport, heating as well as power generation.
What does your role in low carbon solutions entail?
As we see it, we need a transformation towards a carbon neutral economy, and this will require the development of more renewables as well as a transformation within fossil energy. For a broad energy company this includes investing in wind and solar energy, but also producing natural gas and oil with a low C02-emissions, decarbonisation of natural gas, production of hydrogen and further development of innovative technologies such as CC(U)S. We are in addition ready to invest in one of the most important and effective climate actions, namely protection of tropical forests, as soon as a well-functioning market is in place.
Where will CCS fit in the future energy transition?
Most IPCCC scenario’s as well as the latest ‘EU Long Term Strategy’ by the European Commission point at CCS and CCU as one of the key levers to achieve climate neutrality. Not all industrial or agricultural processes can decarbonize, so there is a need to develop carbon abatement technology in addition to the natural sinks. Carbon Capture and Storage is a key enabler for producing emission free hydrogen from natural gas.
However, the future starts now! That is why already today are working on projects like production of hydrogen in the Netherlands, storage of CO2 from industrial processes in Norway and decarbonized residential heating in northern England.
Peder Bjorland and Steinar Eikaas from Equinor will be speaking at the
2019 European Gas Conference