Equinor is an international energy company aiming to be a leader in the energy transition. Equinor believes a holistic approach is needed to succeed in this transition, considering environmental and social aspects. Therefore, the company is taking action, having recently announced its global ambition of reversing nature loss by 2030 by taking an ambitious biodiversity position to develop a net positive impact (NPI) approach. NPI is a concept that assesses the impact a project has on an area with well-defined boundaries and ensures that the net result over time benefits the area in specific, measurable ways. NPI can be fully achieved only by abiding by the mitigation hierarchy.
Aiming to apply the NPI concept to biodiversity as they enter the US market for Offshore Wind, Equinor asked the Capstone team to assess the current environment and provide recommendations for how to operationalize their findings for their projects and at a broader corporate level. Specifically, this project had three main objectives. The team assessed current international and US frameworks related to NPI on biodiversity, anticipated future international and US NPI frameworks on biodiversity, and performed competitor analysis on three companies that are currently working on NPI. At the end, the team provided strategic recommendations on operationalizing the NPI concept that could give Equinor a competitive advantage in future projects and across its business operations.