OSLO, April 22 (Reuters) – The board of Norway’s Equinor (EQNR.OL), opens new tab must explain how the company’s plan to raise oil and gas production aligns with its stated commitment to the Paris agreement on curbing climate change, a group of minority shareholders said on Tuesday.
Equinor, which is 67% government owned, this year joined the likes of Shell (SHEL.L), opens new tab and BP (BP.L), opens new tab in promising higher petroleum output while scaling back investment in renewables.
In a resolution to be voted on at Equinor’s May 14 annual general meeting, the minority owners said there were “material inconsistencies” between the company’s climate strategy and the policy expectations expressed by its majority shareholder.
Those expectations, laid out by Noway’s government two years ago, included Equinor setting targets and implementing measures to reduce greenhouse gas emissions “in both the short and long term” in line with the 2015 Paris climate accord.
…