Norwegian energy company Equinor has committed to support the goals of the 2016 Paris Agreement and demonstrate “further industry leadership” on climate change.
Equinor announced its climate change targets in a joint statement prepared with other investors participating in the Climate Action 100+ initiative, which includes the world’s largest corporate greenhouse gas emitters.
The company plans to assess its portfolio including new material capital expenditure investments through 2019 to ensure its policies support keeping global temperature rises from below 2°C. Equinor intends to report on climate-related risks and opportunities and use these assessments to define new climate change targets in 2020, with additional climate-related ambitions planned beyond 2030.
In the statement, Equinor said: “Equinor is committed to playing an active and positive role in society’s decarbonisation through engagement, technology, operations, innovation and investments. Our activities do not include direct engagement with end users of products.
“However, we pursue projects in the areas of hydrogen and CCS [carbon capture and storage], we strongly support carbon pricing and have launched plans to invest in natural carbon sinks in the form of protection of tropical rainforest.
“Equinor is dedicated to openness and collaboration. We value the long-term relationship with our investors and acknowledge the positive role that can be played by ongoing engagement and open dialogue with investors, other industry players, governments and society, including exploring approaches to monitor and reduce indirect emissions.”
Equinor president and CEO Eldar Sætre said: “Equinor is developing as a broad energy company, with oil and gas, renewable energy and low carbon solutions as integrated parts of our business.
“We see our low carbon strategy as a competitive advantage which creates long term value for our shareholders. The actions we announce today make us even more competitive in the energy transition, and support the goals of the Paris Agreement.
“We welcome the constructive engagement and appreciate the collaboration with investors as part of Climate Action 100+.”
International non-profit organisation Global Witness published a report on Tuesday, stating that the $4.9 trillion invested in oil and gas exploration globally is incompatible with the global climate goals set out in the Paris Agreement.