Independent investors urge Equinor to align strategy with climate goals
By Nerijus Adomaitis
OSLO, May 13 (Reuters) -Two of Equinor's ENQR.OL top ten investors will back a shareholder resolution calling on the oil major to align its strategy with global climate goals, which will be voted on at the company's annual general meeting on Tuesday.
Filed by a group of investors led by UK-based Sarasin & Partners, the resolution calls on the Norwegian oil and gas producer to specify how any plans for new oil and gas reserve development are consistent with the Paris Agreement goals.
Storebrand Asset Management and KLP - Equinor's 7th and 8th largest shareholders, respectively - told Reuters they would vote in favour of the motion.
The resolution underlines Norway's dual position as a major oil and gas exporter which at the same time is actively backing international cuts in global greenhouse gas emissions.
The vote comes as investors seek more climate action by oil and gas producers after several scaled back their ambitions in the face of an energy crisis and high prices
Investors in Australia's biggest gas producer Woodside Energy WDS.AX rejected the company's climate plan at its April AGM, while minority shareholders in Shell SHEL.L have also filed a resolution urging the company to align its medium-term carbon reduction targets with Paris goals ahead of its May 21 AGM.
Oslo-based Storebrand Asset Management, which holds a 0.7% stake in Equinor, said the company's current strategy and capital expenditure plans "did not align to its overarching commitment" to the Paris Agreement goals.
"We ... have asked Equinor to be more transparent on capex plans and absolute emission targets, preferably accompanied by sensitivity analysis on shareholder value impacts," Chief Investment Officer Baard Bringedal told Reuters.
KLP, Norway's largest pension fund which holds a 0.6% stake, said its vote in favour of the resolution should be seen as a clear signal to the company that it should revise its energy transition plan.
"We don't see that Equinor's present production plans are aligned with the goals of the Paris climate agreement, which is what we expect from companies," said Arild Skedsmo, a senior advisor for responsible investments.
A third investor, British pension fund Railpen, said it was "disappointed to note Equinor's plan to maintain stable fossil fuel production to 2035 and to continue new reserve exploration and development plans, especially its unsanctioned international projects".
In response to a request for comment, Equinor referred to its board's April 22 response to the motion in which it said shareholders should reject it, adding that the company's energy transition strategy was aligned with the Paris Agreement.
The company was being "flexible" in executing the strategy and adapting to market conditions, the board said.
Equinor in February said it would aim to sustain domestic oil and gas output between 2020 and 2035, while seeking to increase international output by 15% between 2024 and 2030, thanks to new projects in Britain, Brazil and the U.S. Gulf of Mexico.
Norway's government, which holds 67% of Equinor, declined to disclose its voting intention. It said last year it expected Equinor to reduce greenhouse gas emissions in line with the Paris Agreement, but added that the board, not the annual general meeting, should decide its strategy.
Investors push Equinor to align strategy with global climate goal nL2N3GV0MP
Reporting by Nerijus Adomaitis, editing by Gwladys Fouche, Kirsten Donovan
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