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- Sarasin & Partners exits Equinor, citing misalignment with global climate goals.
- Equinor accused of backtracking on renewable targets and pushing fossil fuel expansion.
- Asset manager withdraws from influential Climate Action 100+ role.
Sarasin & Partners, a leading investor co-leading climate negotiations with Equinor, has fully divested its holdings, criticizing the oil major’s failure to align its strategy with the Paris Agreement’s climate goals.
Initially viewing Equinor as a “potential leader in the energy transition” capable of setting industry standards, Sarasin’s stance shifted sharply due to what it called Equinor’s strategic backsliding.
“Instead of leading the transition, Equinor has followed other oil and gas majors in rolling back its efforts,” Sarasin wrote, referencing Equinor’s lobbying to expand oil and gas production and its February decision to reduce renewable energy targets.
Despite Equinor’s public commitment to climate initiatives, including the Northern Lights carbon capture facility co-developed with Shell and TotalEnergies, Sarasin described Equinor’s claims of alignment as “not credible.”
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“It is clear from public statements that Equinor assumes it could become aligned if the world transitions more quickly, but this is a fundamentally different position from actually supporting such a pathway today,“ Sarasin stated in its letter to Equinor Chairman Jon Erik Reinhardsen.
Equinor defended its approach, emphasizing market realities:
“Our ambition is to be a leading company in the energy transition but as the energy transition is moving slower than expected, we must adapt,” an Equinor spokesperson said.
Sarasin’s divestment marks a notable withdrawal from Climate Action 100+, impacting investor-led pressure on Europe’s largest natural gas supplier. Previously among Equinor’s top 20 shareholders, Sarasin fully exited its position this January.
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