Decoding the coming AGM

Reclaim Finance asserts that Equinor's climate plan is insufficient to meet 1.5°C targets, noting that the company will exceed its carbon budget by 2037. The statement criticizes Equinor for continuing to develop new fossil fuel resources, including unconventional and Arctic projects, and for relying on unproven CCUS scalability. It recommends that shareholders reject the company's transition plan and support resolutions calling for absolute GHG reduction targets and a cessation of exploration.

• Equinor's climate plan is not aligned with a 1.5°C pathway, and the company is projected to exceed its total 1.5°C carbon budget by 2037.
• The company's decarbonization targets have been weakened, moving from a goal of carbon neutrality for scope 1 and 2 by 2030 to a target of a 50% reduction against 2015 levels. Additionally, Equinor lacks absolute targets for scope 3 emissions before 2050, despite these accounting for over 90% of its 2019 emissions.
• Equinor is expanding fossil fuel production, developing 2677 mmboe of new resources. This includes high-risk unconventional sectors, with over 40% from fracking, ultradeep water, and extra heavy oil, and 23.9% from the Arctic region.
• The Bay du Nord project in Canada is highlighted as a major climate risk, estimated to emit 430 million tons of CO2eq and produce up to 1 billion barrels over 30 years.
• Equinor's reliance on Carbon Capture Utilization and Storage (CCUS) is deemed unrealistic; the company may need over 30 CCUS centers by 2050 to meet targets, whereas only 28 existed worldwide at the end of 2020.

APA

admin (2022). Decoding the coming AGM. Reclaim Finance. https://reclaimfinance.org/site/en/2022/05/04/equinors-agm-shareholders-must-challenge-equinors-climate-plan/

Chicago

admin. Decoding the coming AGM. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/05/04/equinors-agm-shareholders-must-challenge-equinors-climate-plan/.

Wikipedia

{{cite press release |last1=admin |title=Decoding the coming AGM |publisher=Reclaim Finance |date=4 May 2022 |url=https://reclaimfinance.org/site/en/2022/05/04/equinors-agm-shareholders-must-challenge-equinors-climate-plan/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2022decoding, author = {admin}, title = {{Decoding the coming AGM}}, publisher = {Reclaim Finance}, year = {2022}, month = may, url = {https://reclaimfinance.org/site/en/2022/05/04/equinors-agm-shareholders-must-challenge-equinors-climate-plan/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }