Equinor (formerly Statoil) has issued a joint statement with the Climate Action 100+ initiative of major global investors engaging with important greenhouse gas emitters, in which the Norway’s part-state-owned oil company says it announces new steps to demonstrate industry leadership in support of the Paris climate goals.

The renewables sector should think twice before cheering Equinor’s behaviour.

“Only if their oil and gas business is completely ended by 2030, it can be rated as a contribution to climate protection based on the Paris agreement,” Hans-Josef Fell, a former German MP and head of the Energy Watch Group, tells Recharge.