ACCR Company Engagement Equinor ASA
Majority-owned (67%) by the Norwegian state, Equinor is a multinational oil, gas and energy company headquartered in Norway. In 2018 it changed its name from Statoil, to reflect a shift towards renewables and low-carbon solutions. However, the vast majority of Equinor’s energy production still comes from fossil fuels and over the past five years it's spent more than US$8 billion on oil and gas exploration.
Equinor’s ambition is to become net zero by 2050, and it has a target of 50% of its investments going to renewables and low carbon markets by 2030. Yet, its Energy Transition Plan still falls short of the Paris Agreement goals. In 2024, ACCR research found that none of the major oil and gas projects Equinor is seeking to develop outside of Norway are Paris aligned, nor are they relatively low-cost compared to all other unapproved oil and gas projects globally.
In December 2023, Equinor’s majority owner, the Norwegian government, signed onto the Clean Energy Transition Partnership at COP28, also known as the Glasgow Agreement, which commits signatories to “end international public finance for fossil fuels”. It also said it expects that Equinor “sets targets and implements measures to reduce greenhouse gas emissions in both the short and long term in line with the Paris Agreement”.
ACCR has been engaging with Equinor since 2018.
