Letter from London: Equinor’s renewable reality check

Norwegian energy company slashes spending on low-carbon sectors as transition decelerates

Norwegian energy firm Equinor has halved its planned investment in renewables and low-carbon solutions to 2027, as it looks to boost free cash flow. The move comes as the pace of the transition slows in “most markets”, CEO Anders Opedal told investors in London in early February. “Interest rates, supply chain issues and regulatory uncertainty are reducing the pace of the energy transition. Segments like offshore wind and hydrogen are impacted,” he said. “Interest rates, supply chain issues and regulatory uncertainty are reducing the pace of the energy transition” Opedal, Equinor Equinor’s partial pivot away from renewables and low carbon, and emphasis on fossil fuels, mirrors that of