Nordic Asset managers including Storebrand, KLP, and Danske Bank have sent a letter to Norwegian prime minister Jonas Gahr Støre, wishing to discuss the climate reduction target for the Norwegian energy giant Equinor, Norwegian business media E24 reports. 

A total of 18 financial institutions invested in Equinor have signed the letter, saying they expect the company to follow the same climate reduction targets as the Norwegian government. This means the company should cut 55% of emissions in 2030 and further contribute to the Paris Agreements’ target of limiting global warming to 1.5%.

The Norwegian government owns 67% of the shares in Equinor. Norwegian Asset Managers Storebrand, KLP and DNB AM each owns around 0.5% of the shares. Its other shareholders count global asset managers such as Blackrock, Vanguard and Schroder. 

“In KLP Asset Management we are first and foremost worried that Equinor’s energy transition plan lacks a clear target in terms of how the company will reduce what is called scope 3-emissions,” Arild Skedsmo, senior analyst for responsible investments at KLP Asset Management tells E24. 

Scope 3-emissions refer to emissions that the company is indirectly responsible for through its value chain. 

Skedsmo also tells E24 that investors are worried that Equinor is looking for new oil and gas in vulnerable areas such as the Arctic region. 

In 2022, 86% of the company’s investments were in fossil energy, while 14% were invested in sustainable or low-carbon solutions.