Equinor will submit its energy transition plan for an advisory vote to shareholders at its Annual General Meeting starting in 2022.
The Norwegian company said it will update the plan every three years for an advisory vote.
Progress on the plan will be reported annually, it added.
Equinor will announce short- and medium-term plans in support of its 2050 net-zero ambition at its Capital Markets Day on 15 June.
Equinor chief executive and president Anders Opedal (pictured) said: “Equinor aims to be a leading company in the energy transition.
“We believe the plan will allow for more active engagement and collaboration when preparing for future opportunities.
“Accelerated growth in renewables, new low carbon solutions and an optimised oil and gas portfolio with low emissions are key pillars in our energy transition strategy and our commitment to bold climate ambitions.
“But to be successful, the energy transition must go hand-in-hand with practices that protect the environment and enhance biodiversity.”
Equinor chair of the Board of Directors Jon Erik Reinhardsen said: “Sustainability has been integrated into Equinor’s strategy and business model for decades, but with the energy transition plan we will invite shareholders to get an even more holistic overview on progress and performance.”
Equinor has also unveiled a new set of commitments to biodiversity.
The new biodiversity position will see Equinor establish voluntary exclusion zones for its activities.
Furthermore, the company will be developing a net-positive approach towards biodiversity in new Equinor-operated development projects located in protected areas or sites of high biodiversity value.
It also includes a commitment to share more of the company’s comprehensive biodiversity data to encourage further scientific research.