Equinor is cutting its green investment in half as the company seeks to increase oil and gas production.

Equinor expects an oil and gas production growth of above 10 per cent from 2024 to 2027 as the market shifts and the move to renewables has slowed costs have risen.

In its annual report the company stated: “To underline that value creation is at the core of decision making, the ambition to allocate 50 per cent of gross capital expenditures to renewables and low carbon solutions by 2030 is retired.”

In figures this means that the company will cut investments in renewables from $10bn to $5bn over the next two years.

Chief executive Anders Opedal said, however, that: “We continue to reduce emissions from our production and build profitable business in renewables and low carbon solutions towards our net-zero ambition in 2050.”

Equinor follows other companies including BP and Shell in slowing their transitions in the current environment.

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