background image

Norway’s Equinor and German state energy group sign €50bn long-term gas deal

author image

By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: Norway's Equinor has signed a significant long-term gas contract with Germany's SEFE, valued at approximately €50 billion
• This deal, the largest for Equinor in nearly 40 years, will supply Germany with 129 billion cubic meters of gas until 2039

🔭 The context: The EU is actively seeking to secure stable energy sources in the wake of decreased Russian gas supply
• This effort includes memorandums of understanding with gas-producing nations like Qatar and the US

🌍 Why it matters for the planet: While the EU has ambitious decarbonization targets, aiming for net-zero emissions by 2050, the reliance on gas highlights the challenges of transitioning to renewable energy sources
• Gas is considered less polluting than coal or oil, but the deal also underscores the current limitations of renewable energy in meeting immediate energy needs

⏭️ What's next: The agreement includes a non-binding intent for SEFE to purchase hydrogen produced by Equinor using carbon capture technologies starting in 2029, aligning with a growing focus on developing clean hydrogen supplies and carbon capture technology

💬 One quote: “It takes time to develop a new energy system and we will need gas.” (Anders Opedal, CEO of Equinor)

Click for more news covering the latest on energy

Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices

Related Posts

You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)