Norwegian Oil Giant Equinor to Buy U.S.-Based Energy Storage Firm
According to the IEA, the chief driver of this growth is"the increasing need for system flexibility and storage around the world to fully utilise and integrate larger shares of variable renewable energy … into power systems."Formerly known as Statoil, Equinor's chief shareholder is the Norwegian state, which has a 67% holding in the company.
Its plans to acquire East Point Energy represent the company's latest foray into the U.S. It already has substantial oil and gas operations in the country In 2021, the IEA said there should be"no investment in new fossil fuel supply projects, and no further final investment decisions for new unabated coal plants."also weighed in on the subject of fossil fuels.
"Limiting global warming will require major transitions in the energy sector," the IPCC said in a news release accompanying its publication. "This will involve a substantial reduction in fossil fuel use, widespread electrification, improved energy efficiency, and use of alternative fuels ," the IPCC said.
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