Equinor to ask shareholders to vote on transition path
Norway's Equinor has said it will submit its energy transition plan for an advisory shareholder vote at its annual general meeting every three years beginning in 2022.
Equinor noted it was among the first companies in the oil and gas industry to introduce such a measure. The company announced last November its "ambition" to produce net-zero greenhouse gas emissions by 2050, by expanding its renewable energy capacity to 12-16 GW by 2035 and by investing in hydrogen and carbon, capture and storage.
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Equinor will announce short- and medium-term plans to support its net-zero ambition at its capital markets day on June 15, 2021. Progress on implementing the strategy will be reported annually, the company said.
"Accelerated growth in renewables, new low carbon solutions and an optimised oil and gas portfolio with low emissions are key pillars in our energy transition strategy and our commitment to bold climate ambitions," Equinor CEO Anders Opedal said. "But to be successful, the energy transition must go hand-in-hand with practices that protect the environment and enhance biodiversity."