At Equinor's annual general meeting in May 2023, a statement from the Ministry of Trade, Industry and Fisheries was read out, this clarifies the state’s requirements for Equinor: "The state expects, cf. White Paper 6 (2022-2023): A greener and more active state ownership (the white paper on state ownership) that: i) The company identifies and manages risks and opportunities related to climate and integrates this into its strategies. ii) The company sets goals and implements measures to reduce greenhouse gas emissions in the short and long term in line with the Paris Agreement, and reports on goal achievements. The goals are science-based where possible. iii) The company reports on direct and indirect greenhouse gas emissions and climate risks, and uses recognised standards for reporting on greenhouse gas emissions and climate risks.” Equinor has not reported as instructed by the Ministry of Trade, Industry and Fisheries. On the contrary, Equinor's current plans show that the company – and thus Norway – will not be able to deliver on what has been promised in the Paris Agreement, i.e. a 55% reduction by 2030 and net-zero emissions by 2050. Australasian Centre for Corporate Responsibility, or ACCR, has conducted a thorough analysis of Equinor's published international plans for explorations and productions, i.e. the exploration and production of oil and gas resources outside the Norwegian sector. The report "Equinor's challenge: which way to Paris?" dated April 9, 2024, was sent to Equinor before the annual general meeting in May 2024. Equinor claims that it does not recognise the figures but has not documented that the report is incorrect. This ACCR analysis was also used by four institutional investors and shareholders: Sarasin & Partners LLP, Sampension (Danish Pension Fund), West Yorkshire Pension Fund, and Achema Investment Management (Dutch fund manager) for a proposal at the May 2024 annual general meeting: "Equinor updates its strategy and investment plan in line with what is promised in the Paris Agreement". This proposal was voted down by the representatives of the Ministry of Trade and Industry, apparently against their own instructions. As a result of the Board’s recommendation to the Ministry to vote against Sarasin’s proposal and Equinor’s further scaleback of its energy transition to renewable energy, Sarasin is exiting its position of 9.5 million shares owned by their 600 clients (see letter of March 14, 2025 to Jon Erik Reinhardsen, Chairman of the Board of Equinor). A new ACCR analysis "The road not taken: Equinor's alternative to international oil and gas growth" shows that Equinor internationally has invested USD 103 billion in oil and gas development and production between 2001 and 2023 with a profit of only USD 2 billion in this period. Furthermore, Equinor plans to invest approximately USD 3 billion per year from 2024 to 2030 internationally, probably at a loss according to the ACCR report. This demonstrates poor capital discipline. Equinor's international oil and gas projects generate annual emissions that are five times Norway's emissions. The conclusion from the ACCR report is that Equinor must stop all development and production of oil and gas abroad, if Equinor is to have a chance of achieving the Paris goals and net-zero emissions by 2025 Equinor's analyses for international development and production projects are based on strong optimism regarding assumed oil and gas prices, and the financial risks associated with the projects are therefore high. Europe needs oil and gas from Norway for some years to come. Equinor must therefore prioritise production in the Norwegian sector, which also yields very high profits (the EU gas price is 5.5 times higher than the price in the US) and to phase out the international activities, which have caused large financial losses, as soon as possible. The ACCR analysis shows that if Equinor had not invested these USD 103 billion abroad from 2001 to 2023, the Government Petroleum Fund could have increased by about NOK 400 billion in the period. In addition, the share price would also increase due to higher dividends to shareholders. Equinor has lost over USD 33 billion (about NOK 375 billion, the largest loss ever reported by a Norwegian limited liability company) by its activities in North America. This is a result of poor risk analyses and investment discipline. No one on the board of directors or in the corporate executive committee took responsibility for these huge losses. As shown above, Equinor's other projects abroad have resulted in very low earnings or losses. Equinor has faced strong protests from the local population, including in Scotland (the Rosebank project), England, Canada, Brazil, Argentina and Australia. These protests are mainly due to local climate and environmental risks in vulnerable areas. This increases Equinor's project risk and damages Norway's reputation as a pioneer on international climate issues. We therefore ask why Equinor's board of directors has allowed and allows the executive management to freely initiate costly international projects with high financial and corruption risks, triggering strong local climate protests. This destroys Equinor's share price and climate reputation and makes it impossible for Norway and Equinor to meet the emission reduction goals under the Paris Agreement. The proposers are members of the Grandparents’ Climate Action.