Majority-owned (67%) by the Norwegian state, Equinor is a multinational oil, gas and energy company headquartered in Norway. In 2018 it changed its name from Statoil, to reflect a shift towards renewables and low-carbon solutions. However, the vast majority of Equinor’s energy production still comes from fossil fuels and over the past five years it's spent more than US$8 billion on oil and gas exploration.

Equinor’s ambition is to become net zero by 2050, and it has a target of 50% of its investments going to renewables and low carbon markets by 2030. Yet, its Energy Transition Plan still falls short of the Paris Agreement goals. In 2024, ACCR research found that none of the major oil and gas projects Equinor is seeking to develop outside of Norway are Paris aligned, nor are they relatively low-cost compared to all other unapproved oil and gas projects globally.

ACCR has been engaging with Equinor since 2018. In 2025, we co-filed a resolution, alongside Sampension and Folksam, asking Equinor to explain how its planned increase in oil and gas production is in line with the goals of the Paris Agreement. The resolution was supported by 19% of non-state shareholders.

Catalysing change
for a secure future.

© Australasian Centre for Corporate Responsibility