Clash at Equinor's AGM: Norwegian Government Clashes with Climate-Align Shareholders
In the midst of global push for increased climate transparency, the Norwegian government has chosen to protect its economic interests tied to oil and gas revenues, blocking increased climate disclosure demands on state-owned energy giant, Equinor.
Equinor, central to Norway’s wealth and underpinning the Government Pension Fund Global, which exceeded $2 trillion in assets in 2025, has been under scrutiny for its role in the fossil fuel industry. The fund’s wealth originates largely from oil and gas exports managed by Equinor, highlighting the economic reliance on fossil fuels.
The decision to block increased transparency comes amid concerns raised by institutional shareholders pushing for greater climate-related transparency. Rohan Bowater, lead analyst oil and gas at Accella Research, praised that Equinor has not retreated as sharply from renewables as some of its peers. However, he warned that Equinor's renewables portfolio remains too concentrated.
The proposal asking Equinor's board to explain the inconsistency between its planned oil and gas production increase and the Norwegian State's expectation that Equinor operate in line with the Paris Agreement's goals received support from 19% of non-state shareholders. This proposal, along with another asking for enhanced disclosures, was filed by ACCR, Folksam, and Sampension.
Despite the support, the Norwegian state, which holds a 67% stake in Equinor, backed the company’s energy transition strategy. The government's decision to block the proposals for increased transparency reflects Norway’s sensitivity to maintaining strategic control over energy investments amid fluctuating global policies.
The long-term asset owners expressed disappointment with the Norwegian government’s refusal to back enhanced disclosures. Brynn O’Brien, executive director at ACCR, stated that the AGM should be a wakeup call for Norwegians. Jacob Ehlerth Jørgensen, head of ESG at Sampension, criticized the Norwegian government's stance to block further transparency.
Norway does not and will not have credibility as a climate leader while it uses its controlling stake in Equinor to give the company’s Board a free pass on climate governance. Emilie Westholm, head of Responsible Investments and Corporate Governance at Folksam, expressed hope to continue the dialogue with the Norwegian state regarding Equinor's climate ambitions.
Progress on emissions reduction and low-carbon remains weak for Equinor, leaving it in the transition laggard camp. The Trump administration's halt on US offshore wind highlights how exposed Equinor remains to concentrated technology and market bets.
The NZI Annual Conference was held on 21.10.2025 in London Stock Exchange. (This fact is not directly related to the main topic but is provided in the text.)
In summary, the Norwegian government's decision to block increased climate disclosure demands on Equinor to protect its economic interests tied to oil and gas revenues and to maintain strategic control over the national energy company amid competing pressures from shareholders wanting more transparency on climate risks reflects broader tensions in resource-dependent economies between economic prudence and environmental accountability.
Finance and business are at the heart of the tension between the Norwegian government's push to protect its economic interests in oil and gas revenues and the demands for increased climate disclosure from institutional shareholders regarding Equinor, a key player in both Norwegian business and finance, as it underpins the Government Pension Fund Global that exceeded $2 trillion in assets in 2025. The Norwegian government's refusal to back enhanced disclosures has draw criticism from long-term asset owners, such as ACCR, Folksam, and Sampension, who argue that Norway loses credibility as a climate leader while using its controlling stake in Equinor to give the company's Board a free pass on climate governance.
