Föreningen Greenpeace Norden is deeply concerned about Equinor's updated energy transition plan which was presented in the spring of 2025. The plan entails a drastic reduction in the company's renewable targets and climate ambitions. Subsequently, the ambitions have again been further reduced. Climate risk is increasingly a financial risk for companies and their owners. A strategy that is not compatible with the Paris Agreement includes increased risk of malinvestments, stranded assets and weakened long-term returns for shareholders. The changes in the company's strategy entail a significant weakening of the company's climate ambitions and a clear strategic shift away from the transition. Among other things, the company has chosen to: • Remove the target that at least 50 percent of investments shall go to renewable energy and low-carbon technology by 2030. • Cut the production target for renewable energy from 12–16 GW to 10–12 GW by 2030. • Reduce the company's target for net carbon intensity from a 20 percent reduction by 2030 to 5–15 percent. • Maintain a strategy with large investments in exploration for more fossil energy. The best available science shows that remaining carbon budgets do not provide any room for new oil and gas projects, if we are to limit global warming to 1.5 °C. Despite this, Equinor plans to maintain stable production of fossil energy towards 2035 and develop new reserves that lock in production beyond 2050. Equinor's investments in oil and gas in 2024 were five times larger than investments in renewables, which blocks innovation and the creation of green jobs. Equinor is facing huge resistance around the world against new fossil projects, including against the Rosebank oil field in the UK, Bay du Nord in Canada and Wisting in the Barents Sea. This increases both regulatory and operational risk. Investors are not served by capital being allocated to increasingly marginal projects with uncertain profitability and high risk. Such investments weaken long-term value creation and delay the necessary transition of the company's portfolio. Our shareholder proposal proposes that Equinor sets concrete goals and implements measures for absolute cuts in greenhouse gas emissions. The carbon intensity target, which the company operates with today, enables Equinor to achieve the goal by increasing the production of renewable energy, or buying offsets and natural carbon sinks, while they continue to develop new oil and gas projects. The UN High-Level Expert Group on Net-Zero Commitments recommends non-state actors not to focus on carbon intensity, but rather absolute emissions across the entire value chain. The shareholder proposal is in line with the Norwegian state's expectations as formulated in the Meld. St. 6 (2022 – 2023) Report to the Storting (white paper) Greener and more active state ownership. For companies that primarily operate in competition with others, such as Equinor, the State’s goal is to achieve "the highest possible return over time in a sustainable manner". This presupposes that the companies integrate climate risk into strategy and investment decisions, and balance economic, social and environmental factors without reducing the ability of future generations to meet their own needs. According to the UN Intergovernmental Panel on Climate Change (IPCC), climate change will lead to more extreme weather, increasing nature loss and serious consequences for society and the economy. The main cause is human activity, especially extraction and combustion of fossil fuels. At the same time, the world has experienced yet another crisis triggered by the world's dangerous dependence on fossil energy. The solution to this is not more fossil energy, but a faster transition towards renewable energy. Equinor's production of oil and gas led to total scope 3 emissions of 257 million tonnes of CO2 in 2025, according to the company's own annual report. In 2030, the company plans production that will lead to emissions of 255 million tonnes in absolute CO2 emissions. It is apparent that Equinor's energy transition plan and strategy are not in line with the goals of the Paris Agreement. In recent years, the company has constantly adjusted downwards its ambitions for transition, while prioritizing investments in new oil and gas. On this basis, the shareholders request that Equinor set targets to reduce its emissions in line with the 1.5°C goal in the Paris Agreement.