Equinor, the Norwegian state-owned oil and gas company, has significantly scaled back its renewable energy ambitions, scrapping its 2030 target of 10-12 gigawatts for wind and solar deployment and raising its investment bar for new renewables projects. This strategic shift includes exiting the Japanese offshore wind market and closing its Tokyo office, a move attributed to a reassessment of its strategic direction with a strengthened focus on integrated power markets. Despite ending its local presence, Equinor stated that Japan will remain an important country for continued investments in technology development, commodities, capital markets, and supply chain relationships.

The company has also withdrawn from several other offshore wind markets in recent years, including Vietnam, Spain, and Portugal. During its capital markets day, Equinor dropped its renewable target for 2030, with CEO Anders Opedal emphasizing that projects will not be built if they do not provide sufficient return on capital. He outlined the company's strategy as focusing on maximizing value creation on the Norwegian continental shelf, ensuring focused growth in international oil and gas, building a competitive integrated power business, and creating additional value through energy trading and market optimization.

Opedal acknowledged that Equinor has not actively pursued its renewables targets for several years due to a lack of projects meeting its requirements. A recent analysis by Recharge highlighted that Equinor has quietly made these requirements even stricter, reducing the likelihood of future investments in new wind projects. The company now predicts that only 10% of its investments will be in the power sector in the coming years. Despite this pullback, Equinor remains a 10% shareholder in Danish offshore wind giant Orsted, having spent money to preserve this stake after Orsted carried out a rights issue last year.