Norway’s Equinor must lift its climate ambitions, minority investors say By Reuters –
SectorFinancial Markets

© Reuters. FILE PHOTO: Equinor’s flag in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins/File Photo

By Nerijus Adomaitis

OSLO (Reuters) – Norwegian energy major Equinor must set tougher near-term targets for reducing the company’s climate impact when it presents a new strategy next week, minority shareholders said.

Chief Executive Anders Opedal, who took the helm late last year with a promise to speed up the state-controlled firm’s renewable investments, also faces demands for climate action from opposition politicians favoured to win power this year.

The June 15 strategy update is Opedal’s best chance to make his mark on a company that more than anything has come to symbolise the half century of oil and gas production that made Norway one of the world’s wealthiest nations.

The CEO has said he wants to achieve net zero emissions from Equinor’s operations and the final use of its energy by 2050, but current strategy still involves raising oil and gas output at least until 2026.

“With the more...