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Norway's oil giant bends to investor pressure on climate

Equinor ASA is the latest large oil company to bow to a major investor group that is pushing corporations to take more robust action on climate change.

One of Equinor's (then Statoil) offshore oil platforms. | Photo: Øyvind Hagen - Statoil

The Norwegian state oil giant Equinor has agreed to align its business model with the goals of the 2015 Paris climate accord, and will review its corporate lobbying policy and the carbon intensity of its products, the company said in a statement. It will also link executive pay to climate-related targets.

The action was taken after several investors from a coalition called Climate Action 100+ pushed Equinor to take a bigger role in tackling global warming. While the group acknowledged the Norwegian oil company is one of the most progressive in the industry on climate change, investors overall have become much tougher on fossil fuel producers that risk shrinking as the world transitions to lower-carbon fuels.

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