EQNR - Investors push Norway's government over Equinor emissions planning

2023-03-28 10:55:59 ET

Investors are raising pressure on Equinor ( NYSE: EQNR ) to cut its carbon emissions more quickly by holding the first direct talks with Norway's government, Reuters reported Tuesday.

The group of investors, which manage or advise on more than $2T in assets, reportedly sought a meeting to discuss concerns the state-backed company was not aligned with the Paris climate accord goal of capping global warming at 1.5 degrees Celsius above pre-industrial levels by 2050.

According to the report, investors signing a letter requesting the meeting included Dutch pension firm PGGM, Norwegian pension investor KLP, Norwegian asset management Storebrand, Danske Bank, Swiss-based UBS Asset Management and the governance advisory arm of asset manager Federated Hermes.

The move for direct talks followed a report from Norway's government late last year that said it wanted to set clearer expectations on climate policy from state-backed companies.

Equinor ( EQNR ) enjoyed an outstanding year in 2022 but is now facing tough headwinds, with commodity prices retreating significantly from their highs, Fun Trading writes in an analysis newly published on Seeking Alpha .

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