Welcome back to The Strawman, your daily climate newsletter. We’ve been surprisingly consistent, unlike Equinor’s green targets. Today, we’re looking at how the Norwegian energy giant is ditching its big green ambitions—and what that means for the future of oil and renewables.

Equinor’s Big Switch

Equinor, formerly known as Statoil, halved its renewables investment targets and plans to increase its daily oil production by 10% to 2.2 million barrels by 2030. The company’s new approach focuses on “shareholder value for decades to come”, which, in plain terms, means more fossil fuels and fewer wind farms.

Investment in renewables and low-carbon technology between 2025 and 2027 is being cut from $10bn to $5bn, signaling a shift back to its oil-and-gas roots. Equinor isn’t alone—Shell and BP have also scaled back their green ambitions under pressure from shareholders.

Why the Shift?

Fossil fuels still generate higher returns than renewables, and energy giants are under increasing pressure to deliver profits in the short term. Meanwhile, global oil demand isn’t expected to fall until at least 2040, according to Vitol. With U.S. President Donald Trump vowing to “drill, baby, drill”, the market incentives are clear.

Equinor’s move to buy a 10% stake in offshore wind developer Ørsted suggests it’s hedging its bets. By investing in existing projects rather than developing new ones, Equinor can meet its reduced renewables targets at a lower cost.

The Industry Trend

Equinor’s announcement comes as TotalEnergies hits pause on its U.S. offshore wind projects due to Trump’s opposition, although it plans to continue investing in state-backed renewables. The message is clear: in a volatile market, companies are picking their battles—and for now, fossil fuels seem like the safer bet.

Analysts predict BP will follow suit and scale back its renewables target at its upcoming investor day. With renewable investments taking longer to deliver returns, oil giants are returning to what they know best—pumping oil and boosting profits.

The Strawman’s Takeaway

Equinor’s pivot reflects a broader trend in the energy sector: profitability over promises. While renewables are still part of the picture, they’re playing second fiddle to fossil fuels for now. For investors, it’s a win. For the planet? Well, that depends on how long this detour lasts.