CVE:CC - Equinor shareholders reject calls for tougher emission cuts

Equinor (NYSE:EQNR) shareholders approved the company's energy transition plan on Wednesday and rejected proposals for tougher emission cuts, including absolute reduction of Scope 3 emissions. In the short term, absolute emission targets could only be reached by selling or shutting down profitable oil and gas production, Chairman Jon Erik Reinhardsen told the company's annual general meeting, according to Reuters. "Right now the world is dealing with a situation where energy security is high on the agenda, particularly in Europe," the chairman said. "In this situation, it is important to be a reliable supplier of energy, both of oil and gas and renewables." Separately, environmental groups said they are suing the Canadian government in an effort to overturn its approval of Equinor's (EQNR) $12B Bay du Nord offshore oil project. At the shareholders meeting, Equinor (EQNR) said Bay du Nord would be the lowest carbon intensity oil project in Canada; Cenovus

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Equinor shareholders reject calls for tougher emission cuts