In a public exit letter Sarasin & Partners announced that it will sell its investments in Equinor due its stance on the climate.

Sarasin has been a shareholder in Equinor since 2021 but has written to the Equinor’s Board expressing its disappointment that the company has retrenched from its energy transition and shift away from fossil fuels.

Sarasin said in the letter: “Despite statements of supporting a 1.5C pathway, in our view Equinor has not revised its strategy to deliver on these. At Equinor’s May 2024 AGM, the board opposed our shareholder resolution calling for more determined action to align is capital expenditure plans with its climate commitment. Since then Equinor has followed other oil and gas majors in rolling back its efforts.”

Citing its belief that such a position places long-term shareholder capital at risk, both directly and through the harmful impacts of the strategy in terms of economic growth, and that Equinor’s statements imply that it could become aligned only if the world transitions more quickly rather than committing to a pathway, Sarasin accuses the Norwegian firm of potential;;y creating a false impression of its actions.

The letter added: “We now believe the board, with apparent government backing, is prioritising short-term returns over long-term sustainable capital creation.”

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