Norwegian energy major Equinor ASA (EQNR.OS) said Thursday that it would reach carbon neutrality from its operations by 2030, boost renewable energy tenfold by 2026 and cut its carbon intensity by at least half by 2050.
Follow This, the environmental investor group that filed the resolution, welcomed the company’s change of course.
“It seems Equinor got the message loud and clear,” said Mark van Baal, founder of Follow This.
Still, Mr. van Baal cautioned that Equinor’s new target would only result in an around 30% reduction of absolute emissions when accounting for growing energy demand.
“Nevertheless, today we applaud Elder Saetre’s jump over his own shadow and will encourage Equinor to set the second and third step tomorrow,” he said.