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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
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