Equinor’s flag in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins/File PhotoEquinor (EQNR.OL) will increase the share of investment it dedicates to renewable energy and so-called low-carbon solutions as it seeks to broaden its business, the Norwegian oil and gas producer said in a strategy update on Tuesday.

The company will increase its dividends and introduced a new share buyback initiative, it said.

The majority state-owned firm, under pressure from private investors as well as some members of Norway’s parliament to show it can adapt to a low-carbon future, also set goals for for how to limit its emissions in the medium term. read more

By 2030, more than 50% of capital expenditure will go to renewable energy and low-carbon solutions, the company said.

Equinor no longer made any mention of its previous long-term oil and gas growth plan, which had called for an annual increase in output of 3% until 2026, and only provided a short-term outlook in the form of a 2% increase 2021 compared to 2020.

“Our strategy is backed up by clear actions to accelerate our transition while growing cash flow and returns,” Chief Excecutive Anders Opedal said in a statement.

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