Today, Petoro is publishing its first sustainability report to highlight the significance of Petoro and the SDFI portfolio in a sustainability perspective. "This is also underscored by the energy trilemma we're currently facing; energy security, adapting to a sustainable future and energy that is accessible for everyone at an acceptable price," says CEO Kristin Kragseth.
In light of the reports from the UN Intergovernmental Panel on Climate Change, and the EU's clear objective of a zero emission society, it is more important than ever to set clear and ambitious targets. Petoro will therefore work to reduce greenhouse gas emissions from the SDFI portfolio by 55% (scope 1) by 2030, compared with 2005. By 2050, the emissions must be near zero.
A number of measures must be implemented to achieve these targets. "Various electrification projects will contribute to most of the emission reductions," Kragseth says. "We'll be making considerable investments in emission-reducing measures moving forward, which given the increased cost associated with CO2 emissions, will be profitable and important investments to reinforce the competitiveness of the SDFI portfolio. Hywind Tampen, which will partially electrify the Snorre and Gullfaks fields, is the first offshore wind project in the SDFI portfolio. We're exploring whether floating offshore wind could be a relevant measure for other parts of the portfolio. Developing offshore wind in Norway is a major industrial opportunity for us as an energy nation," Kragseth concludes.