Stockholm (NordSIP) – The contradictions between long-term corporate climate targets and companies’ day-to-day activities have been brought to light with Norway’s state-owned energy firm Equinor facing a shareholder rebellion at its 14 May 2025 annual general meeting (AGM). A resolution jointly filed by Denmark’s Sampension, Sweden’s Folksam and the Australasian Centre for Corporate Responsibility (ACCR) calls on Equinor to clarify its strategy for meeting the goals of the Paris climate agreement.
The State of Norway owns 71% of Equinor’s shares. As majority shareholder the Norwegian Ministry of Trade, Industry and Fisheries stated in 2023 that it expects Equinor to set targets and implement measures consistent with the goals of the Paris agreement. However, the company has been ramping up its oil and gas operations and does not foresee a reduction in fossil fuel production by 2035.
The resolution filed by Sampension, Folksam, and the ACCR requests that Equinor disclose its internal assessment of the consistency between the planned increase in oil and gas production disclosed in the firm’s 2025 Energy Transition Plan and the majority shareholder’s expectations regarding emissions reductions. The resolution also asks the company to identify similar inconsistencies with respect to its growth strategy in the international segment of its upstream oil and gas business and to provide the relevant carbon budget assumptions. The minority shareholders have set Equinor a deadline for compliance of no later than the publication of Equinor’s 2025 annual report.
Commenting on the publication of the resolution, Emilie Westholm, Head of Responsible Investments and Corporate Governance at €59 billion Swedish insurance and pension provider Folksam’s said: “This resolution draws attention to the fundamental inconsistencies between Norway’s expectations and Equinor’s oil and gas expansion plans. As a net zero investor, we hope this resolution will bring more clarity on Equinor transition work, including how it aims to achieve its long-term net zero target.”
Jacob Ehlerth Jørgensen, Head of ESG at Denmark’s €40 billion Sampension acknowledges that decarbonisation pathways are problematic for fossil fuel producers but cautions the Norwegian firm against following other oil giants in abandoning its efforts: “With its updated strategy, Equinor is turning down its green ambitions and turning up its fossil fuel ambitions. That is simply the wrong path to take at a time when climate change is accelerating. We understand that investing in renewables is difficult in the current environment, but if Equinor can’t make its renewables business profitable, it should return excess capital to its investors – not double down on fossil fuel projects that clearly run counter to society’s climate goals.”
The two large Nordic institutional asset owners have joined forces with Canberra-based non-profit research and shareholder advocacy organisation the Australasian Centre for Corporate Responsibility (ACCR) for the purposes of this shareholder resolution. Equinor’s 2025 AGM is scheduled to take place in Stavanger, Norway on Wednesday 14 May.
