Norwegian energy giant Equinor said it will submit its energy transition plan for advisory vote to shareholders starting in 2022.
The move follows Shell’s announcement earlier this month to let shareholders vote on the company’s energy transition scheme in May this year.
“Sustainability has been integrated into Equinor’s strategy and business model for decades, but with the energy transition plan we will invite shareholders to get an even more holistic overview on progress and performance,” said Jon Erik Reinhardsen, chair of the board of directors in Equinor.
“Accelerated growth in renewables, new low carbon solutions and an optimised oil and gas portfolio with low emissions are key pillars in our energy transition strategy and our commitment to bold climate ambitions. But to be successful, the energy transition must go hand-in-hand with practices that protect the environment and enhance biodiversity,” said Anders Opedal, CEO and president in Equinor.
Last year the company announced a comprehensive set of climate ambitions which was further strengthened with the aim of reaching net zero by 2050. Equinor will announce short and medium-term plans in support of the net-zero ambition in June this year.
The company will update its energy transition scheme every three years for an advisory vote, with progress on the plan reported annually.