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Equinor: a case study on the trouble with greening oil and gas companies

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: Equinor, Norway's national oil company, aims to increase its oil and gas production while committing to net zero emissions by 2050 
• This ambition has drawn scrutiny from investors and highlighted broader issues regarding the alignment of oil companies with the Paris agreement

🔭 The context: Despite transitioning from Statoil and pledging to diversify energy sources, Equinor remains heavily invested in fossil fuels, with recent plans for new offshore oil projects 
• Investors, particularly Sarasin & Partners, challenge Equinor’s strategy and its compatibility with the Paris climate goals

🌍 Why it matters for the planet: Equinor's significant capital allocation to oil and gas reflects the complex balance between maintaining economic growth and achieving climate targets 
• This scenario underscores the broader tension within the energy sector regarding sustainable transformation

⏭️ What's next: The upcoming shareholder meeting on May 14 will be crucial for Equinor, as a resolution will be voted on to align its strategy more closely with the Paris agreement 
• This comes amid evolving standards for climate targets and the need for accelerated industry and government actions

💬 One quote: "This is a bit of a litmus test," (Natasha Landell-Mills, head of stewardship at Sarasin)

📈 One stat: Equinor plans to increase its fossil fuel production by over 5% by 2026, despite its net zero ambitions

Click for more news covering the latest on oil and gas


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