International oil & gas major Equinor is targeting a steep increase its investments in clean energy and low carbon activities this decade to cut its greenhouse gas emissions, while at the same time optimising its oil & gas portfolio to generate cash flow, it revealed in a strategy update

The company, which is majority-owned by the Norwegian state, plans to boost gross annual investments (before project financing) into renewables and low carbon from a mere 4% last year to more than 50% by 2030.