Sarasin & Partners sold its holdings in Equinor in January citing the firm’s failure to deliver on its climate pledges.

Sarasin said in a statement, “When we initiated our shareholding, we saw Equinor as a potential leader in the energy transition…Despite statements supporting a 1.5C pathway, in our view, Equinor has not revised its strategy to deliver on these”.

The statement went on to say that at Equinor’s May 2024 Annual General Meeting, the Board opposed Sarasin’s shareholder resolution calling for more determined action to align its capital expenditure plans with its climate commitment. Since then Equinor has followed other oil and gas majors in rolling back its efforts.

Sarasin also said that Equinor’s states that its strategy aligns with a 1.5°C pathway. “In reality, it is clear to us that what Equinor means is that it could become aligned if the world transitions more quickly – a fundamentally different position from actually supporting such a pathway today.”

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