Statoil moves toward climate resiliency
Investors pleased with Statoil’s plans to examine its business practices
As global energy consumption continues to rise, Praxis Mutual Funds and other investors advocate for oil companies to consider the effects of climate change on their operations.
Statoil, a major international oil company headquartered in Norway, is making several significant sustainability commitments.
In the spring of 2015, Statoil management backed a shareholder proposal that calls for deeper planning and action on climate resilience, becoming one of the first oil companies to support this type of resolution. As part of its commitment, Statoil will provide investors with information on topics such as its ongoing operational emissions management, plans for how it will adapt its asset portfolio to post-2035 scenarios, and low-carbon energy research.
Statoil also has established a business unit for renewable energy solutions to advance its work on large-scale wind energy and fund development of low-carbon technologies. The company is already involved in five wind-power projects in the North Sea.
Praxis Mutual Funds has been engaged in productive dialogue with Statoil since 2013, focusing primarily on carbon asset risk and greenhouse gas emissions.