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Equinor vows to do more to tackle climate change

Equinor has announced new steps to demonstrate its credentials on climate change and support for the Paris Agreement.

Equinor will assess its portfolio, including new material capital expenditure investments, towards a well-below 2°C scenario.

The Norwegian firm will further strengthen the link between its climate-related targets and remuneration for senior executives and employees once new targets have been defined in 2020.

From next year, Equinor will also report on the overall estimated carbon intensity of energy products and services it provides.

And Equinor will carry out a comprehensive review of its memberships in industry associations that hold an active position on climate and energy policy.

Last year, the company changed its name to Equinor from Statoil to reflect its transition to a broader energy company, rather than one focused solely on oil and gas.

Equinor has pioneered floating wind technology and is behind the Hywind project off Peterhead.

Eldar Saetre, president and chief executive of Equinor, said: “We are developing as a broad energy company, with oil and gas, renewable energy and low carbon solutions as integrated parts of our business.

“We see our low carbon strategy as a competitive advantage which creates long term value for our shareholders.

“The actions we announce today make us even more competitive in the energy transition, and support the goals of the Paris Agreement.

“We welcome the constructive engagement and appreciate the collaboration with investors as part of Climate Action 100+.”

Climate Action 100+ is a global investor initiative, involving more than 320 investors with US$33 trillion of assets under management, to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.

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