EQUINOR ASA is the latest large oil company to bow to a major investor group that is pushing corporations to take more robust action on climate change.

The Norwegian state oil giant has agreed to align its business model with the goals of the 2015 Paris climate accord, and will review its corporate lobbying policy and the carbon intensity of its products, the company said in a statement yesterday. It will also link executive pay to climate-related targets.

The action was taken after several investors from a coalition called Climate Action 100+ pushed Equinor to take a bigger role in tackling global warming. Climate Action 100+ members oversee more than US$33 trillion and have motivated fossil fuel companies, including Royal Dutch Shell Plc and BP Plc, to make concessions around climate.

“We see our low carbon strategy as a competitive advantage which creates long-term value for our shareholders,” CEO Eldar Saetre said. “The actions we announce today make us even more competitive in the energy transition, and support the goals of the Paris Agreement.” (SD-Agencies)