Equinor’s board of directors asked owners to vote against multiple climate proposals at the shareholders meeting. -Mark van Baal (Mark van Baal) stated in “Focus on this matter” that he hopes investors will see that large oil companies will not make enough changes quickly.
Over the years, the “Follow This Matter” organization has put forward similar climate proposals at every shareholder meeting of Equinor.
They hope that in addition to achieving the goal of climate neutrality by 2050, Equinor will also set emission reduction targets for the short and medium term.
As usual, Equinor’s board of directors recommended that owners also veto the proposal at this year’s general meeting of shareholders. Held on May 11.
The board believes Equinor’s existing goals Sufficient: Achieve climate neutrality by 2050, reduce emissions from Norwegian facilities by 40% by 2030, and develop more renewable energy.
The Equinor Committee said in a statement: “These are short-term, medium-term and long-term goals that support the goals of the Paris Agreement.” Notice of convening a general meeting of shareholders.
“The board of directors believes that the company’s climate strategy supports a sustainable and balanced transition to a low-carbon society. Therefore, the board of directors recommends that the general meeting of shareholders vote against this proposal.
In “Follow This Trip”, Mark van Baal believes that Equinor’s climate goals are inconsistent with the Paris Agreement and require investors to set stricter requirements.
He believes that they must set goals for themselves to reduce all emissions, including emissions from abroad and emissions from customers burning products, and start now.
Van Barr said: “Emissions must drop immediately, not just in 2050, to have a chance to achieve the Paris Agreement.”
-Equinor is not alone, so are BP, Shell and Total. He said that they promised to do something in the distant future of 2050, and then they asked us to have time to implement their strategy.
Van Barr said that several oil companies refused to state whether their actual emissions would fall before 2030. He pointed out that they have set alternative targets to reduce carbon intensity.
The goal of reducing carbon intensity does not necessarily mean that the company’s actual emissions will fall.
On the contrary, the company can plant trees or invest in renewable energy, even if oil and natural gas emissions are still high, this will help reduce emissions per unit of energy produced.