Equinor presents its first Energy transition plan
Equinor has published its first Energy transition plan, which will be submitted for an advisory vote by shareholders at the company’s 2022 Annual General Meeting 11 May. The plan provides an overview of how the company is progressing towards its 2050 net zero ambition through short-term actions and medium-term ambitions, according to the company's release.
Equinor also proposes to amend its object-clause, which currently has a sole focus on petroleum. The new wording will introduce “energy”, which is in line with the current strategy and the company’s ambition to deliver energy that has lower – and eventually net-zero – emissions.
In February the company strengthened its ambition level by including a net group-wide emission reduction of operated scope 1 and 2 emissions by 50% by 2030. Equinor aims to achieve 90% of this ambition through absolute reductions This demonstrates that the company is taking action to reduce emissions under its operational control in line with a trajectory consistent with the goals of the Paris Agreement and a 1.5-degree pathway.
Equinor’s strategy is to continue to create long-term value while supplying reliable energy with progressively lower emissions. The Energy transition plan integrates key elements of Equinor’s decarbonisation strategy with existing actions and ambitions. It includes information on capital allocation, policy engagement, risk and performance frameworks, and other enablers to deliver on the company’s ambitions. The plan builds on Equinor’s many years of experience, its strategy and strong track-record.
Equinor has developed the plan in close collaboration with key stakeholders and it draws on investor group frameworks, including the Climate Action 100+ Net Zero Company Benchmark. The plan is informed by climate science and scenarios from the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC).
The plan was made public 22 March 2022. Progress on the energy transition plan will be reported annually.
