This spring, Equinor presented an updated Energy Transition Plan for the company. Several shareholders have previously
stated that the current energy transition plan does not include targets, milestones and ambitions that are sufficient for the
company to be considered to have a strategy that is aligned with the 1.5-degree target in the Paris Agreement. Rather
than increasing its ambitions in line with this feedback, Equinor has now lowered its targets for emissions reductions and
ambitions for investment in, and production of, renewable energy. Simultaneously, Equinor has increased its estimates for
future oil and gas production.
The company communicates in its Annual Report for 2024 that they are now “adjusting their ambitions to reality”. This
statement is not a reference to the reality that climate change seriously begins to have heavy consequences for countries,
people and assets around the world. It is not a reference to the International Energy Agency (IEA)'s analyses showing that
there will be a record surplus of oil in 2030. It is not a reference to the expected reduction in European gas consumption,
and thus gas demand, in the coming decades.
Equinor has received criticism on multiple occasions for its energy transition plan and investment plans not being aligned
with the Paris Agreement. Not just from environmental NGOs, but also from large financial institutions. Most recently in
March, Sarasin & Partners explained its divestment from Equinor with the fact that the company, in their view, has not
adjusted its plans in line with the Paris Agreement's 1.5-degree target.
The greatest weakness of Equinor's current Energy Transition Plan is that it is based on a carbon intensity target, rather
than a target for absolute emission reduction for the entire value chain. A carbon intensity target does not guarantee
lower emissions, as it includes a number of parameters in addition to greenhouse gas emissions. This is well illustrated in
Equinor's Annual Report for 2024. Here, Equinor highlights that the company's carbon intensity clearly decreased from
2023 to 2024. The same development is not observed for absolute emissions from Scope-3, which increased by 0.7
percent in the same time period. This tendency is also present in the company's projections, where it is estimated that
absolute emissions from Scope-3 will remain at the current level until 2030, while carbon intensity will be reduced by 15-20
percent.
In Autumn 2022 the Minister for Trade and Industry Jan Christian Vestre presented the Norwegian government’s
ownership-report to the Parliament (white paper): A Greener and more active state ownership - The State’s direct
ownership of companies. In this white paper, the consideration of sustainability in the State’s goal as an owner has been
clarified and strengthened. For companies that primarily operate in competition with others, which includes Equinor, the
State’s goal has been altered to the “highest possible return over time in a sustainable manner”.
This has been further defined in the following way (ch.12.2): By expressing clear expectations of the companies, the State
wants to contribute to attaining the State’s goal as an owner in a sustainable manner. This requires the companies to
balance financial, social and environmental factors without reducing the ability of future generations to meet their own
needs.

The report (box 11.4) refers to the Science Based Targets Initiative (SBTi) for the definition of science-based emission
paths: A company will first be climate neutral when its total greenhouse gas emissions are reduced in line with the 1.5
degree target, and thereafter that the remaining emissions are neutralized by the permanent removal of equivalent
volumes from the atmosphere.
In a an addendum to a shareholder proposal to Equinor's AGM in 2023 (Item 9 to Equinor ASA's AGM on 10th May 2023),
the Norwegian state, through the Ministry of Trade, Industry and Fisheries, stated that “The state expects the board and
administration to work actively with the state's expectations and consider whether and how they should be taken into
account in the company's energy transition plan and related reporting”.
The undersigned shareholder’s view is that Equinor’s updated energy transition plan has not taken into account the
expectations of the state, and that the company’s investment plans are clearly not aligned with the State’s goal of ensuring
the ability of future generations to meet their own needs. This forms the basis for our resolution in which we ask Equinor to
align its plans with the expectations in the white paper on state ownership and ensure that the company reduces its
absolute emissions associated with both production and the wider supply chain in line with the target to limit global
warming to 1.5 °C.