For the power sector, the target is 100 % renewable electricity production by 2040.
Swedish Lundin Energy announced will reach carbon neutrality in terms of Scope 1, 2 and 3 emissions by as early as 2023.
70 % of which has already been spent on electrification of the Johan Sverdrup and Edvard Grieg platforms and 3 renewable energy projects.
As a result of the electrification of the main producing assets by the end of 2022, the company’s carbon intensity will be at an industry leading low level of approximately 1 kg CO2 per boe, over 15 times better than the industry average.
Nick Walker, CEO of Lundin Energy, commented:
- Acceleration of carbon neutrality by 2 years to 2023 is a key differentiator for our business and one which is based on an absolute operational emissions drop of over 50 % compared to 2020 levels, in a time when our production is projected to have grown by 40 %
- The defining factor has been the full electrification of our main producing assets by the end of 2022, which when coupled with our focus on reducing operational emissions across other areas of the business
- It will further distinguish Lundin Energy as an industry leader and provide tangible examples of how oil and gas production can meet the needs of the energy transition, whilst also decarbonising more rapidly than the Paris agreement requires
The reason for Sweden’s low emission rate is that about 75 % of electricity production in Sweden comes from hydroelectric and nuclear power.
Sweden currently has 3 nuclear plants with 6 nuclear reactors in commercial operation.
More than 17 % of the electricity comes from wind power.
Also, combined heat and power plants account for around 8 % of the electricity output in Sweden, and these are mainly powered by biofuels.