Energy firm lobbying to open a giant new oilfield halves its green spending

The Norwegian oil company fighting to open a giant new oilfield off Shetland has cut billions of pounds from its green spending plans in favour of producing more fossil fuels.

- Jillian Ambrose

Equinor set out plans yesterday to halve its investments in low-carbon energy while producing more oil and gas, becoming the latest in a series of fossil fuel firms to backtrack on its green promises.

Norway's state oil company told investors it would cut spending on renewable energy and other low-carbon technologies from a planned $10bn (£8bn) to $5bn over the next two years.

The green budget cuts will slow the growth of its low-carbon energy business, which includes some of the UK's largest offshore windfarms, to 10-12 gigawatts (GW) from its previous target of 12GW-16GW.

It also plans to produce 2.2m barrels of oil equivalent a day by 2030, which is 10% higher than its previous plans. The company hopes this growth will come from Britain's biggest untapped oilfield at Rosebank in the North Sea - despite a landmark court ruling that the government's decision to approve the project was unlawful.