​Equinor’s new CEO pledges to speed shift to renewables from oil

Equinor ASA’s new boss plans to boost renewable-energy spending targets with the aim of making the Norwegian state-controlled oil giant the industry leader in the transition to a cleaner future.

“We have said that we will increase renewables tenfold by 2026, and we will triple that by 2035,” Anders Opedal, who will take over at the Stavanger-based company in November, said at a press conference in Oslo on Monday. “I think we can do more. I am willing to reallocate capital to make it happen.”

Opedal’s appointment to replace Eldar Saetre comes with a mandate to accelerate Equinor’s transformation into a broader energy company as pressure grows on the industry to act on climate change. The company was already planning to increase spending on new-energy solutions, and Opedal, whose incentive pay will be linked to climate targets, signaled that could increase even more rapidly than previously envisaged.

© 2020 Bloomberg L.P.