Credible Pathways to Net Zero and the Role of Carbon Reduction and Removal Solutions

To limit global warming to no more than 1.5°C, rapid and deep cuts in global greenhouse gas (GHG) emissions are needed before 2030, reaching net zero GHG emissions by roughly 2050.  Achieving this means transforming the global energy system; enormous investments in infrastructure, emissions reduction and climate adaptation; scaling of natural and technical solutions that remove carbon from the atmosphere, and an end to deforestation.   

Energy companies rightly face enormous scrutiny in how they approach the energy transition and decarbonization.  Equinor, the national oil company of Norway, is seeking credible pathways towards net zero, including a credible role for greenhouse gas emissions reduction and eventual removal from the atmosphere. The objective of the project was to assess what a credible pathway towards net zero could look like for​​ oil and gas companies and what role carbon offsetting and the enabling of carbon management solutions can play. Supported by a theoretical foundation and bolstered by studies of how peer competitors are addressing these challenges, this study closely examined the issue of credibility and identified the kinds of energy -transition investments that will convey real benefits to the Earth’s climate system and enhance Equinor’s credibility.