Equinor Cuts 20% of Renewable Energy Workforce

Norway's Equinor is set to reduce its renewable energy workforce by 20%, equating to approximately 250 job cuts, as part of a strategic decision to streamline operations in response to challenges in the offshore wind sector. The company cited rising costs, high interest rates, and supply chain issues as significant barriers to achieving their renewable targets. This restructuring follows similar downsizing trends observed at European competitors Shell and BP, who are also refocusing on more profitable ventures. Despite the cuts, Equinor remains committed to its renewable energy goals, aiming for 12-16 gigawatts of capacity by 2030 while prioritizing high-impact projects like Britain's Dogger Bank and the US's Empire Wind. The company has previously exited markets in Vietnam, Spain, Portugal, and France, and will now participate in fewer tenders and auctions. This move reflects a broader industry trend of reevaluating strategies amid economic pressures, potentially influencing investor sentiment and future market dynamics.