Arctic: Equinor - Post CMD - a better version of itself

Research evidence excerpt

Arctic: Equinor - Post CMD - a better version of itself

ESG profile – Equinor Sustainalytics’ Taxonomy eligible Disclosed ESG ESG risk rating* 27.4 activities x targets 

*0-100 where 0 is best

ESG snapshot and disclosures Key ESG risks

Link to integrated annual report Key risks Comments to key risks Potential risk mitigators

Equinor is an energy company with low upstream Demandresulting forin significantlyoil and gas lowercan decreaseoil and gassignificantlyprices. Infasteranticipationthan anticipated,of faster energy ● A strict financial framework for investment decisions; project sanctioning

●Market risk

emissions (~6.3 kgCO2/boe) vs. the IOGP average (~15 transition, key producers can shift their strategy to market share maximization, typically requires a breakeven below USD 40/bbl driving down prices

kgCO2/boe). Its core activity, production of oil and gas, is

not taxonomy-aligned. The company has an ESG rating of Thethan EUAwhat priceis anticipated.and/or NorwegianAccess toCO2newtaxacreagecan increasecan alsofasterbe reduced,and rise inhigherwhich ●of ClimateUSD 58/tonconsiderationsthis year increasingare a parttoofUSDthe investment100/ton in 2030decisionsis applied(a carbonas theprice

●Regulatory risk

27.4 by Sustainalytics. case Equinor's and the wider industry’s longer-term growth prospects would be economic planning assumption)

reduced ● Clear emissions reduction targets, including electrification

Equinor publishes an integrated annual report combining

Investor’s perception of oil and gas investments can deteriorate, impacting

related disclosures to be positioned for increasingly demaning regulatory financial and sustainability reporting. The format aligns ●Reputational risk ● Clear decarbonization targets and adoption of best practices in climate-