Asset Manager Sells Equinor Stock Over Climate Strategy

Sarasin & Partners, representing over 600 investors, has sold its Equinor stock, citing the oil major's failure to align its climate strategy with the Paris Agreement. The asset manager criticized Equinor for lagging in the energy transition and not meeting emission targets, despite its public commitments.

Sarasin & Partners, a prominent asset manager representing over 600 investors, has divested its stock in Equinor, criticizing the oil giant for not aligning with the global climate agenda. The decision follows Equinor's perceived failure to conform to the Paris Agreement's climate objectives.

Initially, Sarasin viewed Equinor as a potential leader in the energy transition sector. However, recent correspondence reveals disappointment over Equinor's lack of strategy revision to meet the landmark climate agreement goals. Sarasin pointedly noted Equinor's backtrack on transitioning efforts, including lobbying for increased oil and gas production.

Equinor, while defending its strategy as consistent with the Paris accord, admitted the slow pace of energy transition necessitates adjustments. Sarasin's frustration peaked in 2024 when its attempts to align Equinor with a 1.5-degree climate pathway were thwarted, leading to the eventual sale of its shares in early 2024.