Equinor

The role of the administrative, management and supervisory bodies

Our corporate governance framework and processes are formed to promote transparency and accountability in decision-making and day-to-day operations. Good corporate governance is a prerequisite for a sound and sustainable company and to ensure that we run our business in a justifiable and profitable manner for the benefit of employees, shareholders, partners, customers and society.

Governing bodies

The board of directors (BoD) has the overriding responsibility for supervising Equinor's management and operations and establishing control systems. The work of the BoD is based on its rules of procedures and applicable legislation describing its responsibility, duties and administrative procedures. This includes a duty to decide the company's strategy, ensure adequate control of the company's overall risk management and to appoint the chief executive officer (CEO).

The BoD shall consist of nine to eleven board members and as of 31 December 2024 had eleven members of which eight were shareholder representatives (73 percent) and three were employee representatives (27 percent). Of the board members, seven are men, four are women and four are non-Norwegians resident outside of Norway. Hence, the BoD consists of 36 percent women and 64 percent men.

Board sub-committees

The audit committee (BAC) acts as a preparatory body for the BoD in connection with risk management, internal control and financial and sustainability reporting. The BAC assists the BoD in exercising its oversight responsibilities in relation to: • The financial reporting process and the integrity of the financial statements • The sustainability reporting process and the integrity of the sustainability reporting • The company's internal control, internal audit and risk management systems and practices including the enterprise risk management framework • The election of and qualifications, independence and oversight of the work of the external auditors • Business integrity, including handling of complaints and reports

The safety, sustainability, and ethics committee (SSEC) acts as a preparatory body for the BoD in connection with reviewing the practices and performance of the company, primarily regarding safety, security, ethics, sustainability and climate.

The compensation and executive development committee (BCC) acts as a preparatory body for the BoD and assists in matters relating to management compensation and leadership development.

Management structure

The president and chief executive officer (CEO) has overall responsibility for day-to-day operations in Equinor. The CEO appoints the corporate executive committee (CEC) which considers proposals for strategy, risk appetite, goals, financial statements, as well as important investments prior to submission to the BoD.

The CEC consists of twelve executives of which eight are men and four are women and one is non-Norwegian resident in Norway. Hence, the CEC consists of 33 percent women and 67 percent men.

Board activities and oversight

The BoD has adopted an annual plan for its work which includes recurring items: safety, security, corporate strategy, business plans and targets, quarterly and annual results, annual reporting, ethics and compliance, sustainability, management's performance reporting, management leadership assessment and compensation and succession planning, project status review, people and organisation strategy and priorities.

There are dedicated risk sessions with the BoD and CEO at least twice a year to discuss current risk outlook and risk adjusting actions. The BoD discussed the energy transition in all ordinary board meetings either as integral parts of strategy and investment discussions or as separate topics.

The BoD has eight regular meetings per year and extraordinary meetings when needed. In 2024 the BoD had a total of 14 meetings.

Board competence and development

The BoD considers themselves to be a competent governing body with respect to the expertise, capacity and diversity appropriate to attend to the company's strategy, goals, financial and sustainability matters, main challenges, and the common interest of all shareholders.

The BoD continuously develops its knowledge and competence and among others had sessions in the following topics in 2024: • Energy Perspectives and the evolving external context – geopolitics, policy and energy • Sustainability reporting - trends and implications for energy companies • Deep-dive on EU Corporate Sustainability Reporting Directive and implications for Equinor • The energy transition in a geopolitical and a financial context • Strategy and future value creation

Integration of sustainability-related performance in incentive schemes

Executive remuneration policy

The executive remuneration policy which was approved by the 2023 annual general meeting serves as the basis for the 2024 remuneration report. The policy is designed to contribute to attracting and retaining executives and motivating them to drive the success of the company. A key principle for Equinor's remuneration policy is moderation. The reward should be competitive, but not market-leading, and aligned with the markets that the company recruits from, maintaining an overall sustainable cost level.

Equinor places a strong focus on fostering alignment between the interests of its executive management and those of its owners and other stakeholders. Variable remuneration is aimed at driving performance in line with the company's strategy and securing long-term commitment and retention with the company.

The receipt of variable remuneration depends on individual and company performance and is subject to a holding period requirement for some elements. Performance-based variable remuneration was capped in accordance with the relevant Norwegian state guidelines.

Performance measurement framework

In Equinor, how we deliver is as important as what we deliver, and KPIs and behaviour goals applicable for an executive are therefore weighted equally when setting the individual bonus level. One of the common KPIs used to decide the annual variable pay (bonus) component of variable pay for all executives is "Upstream CO₂ intensity: <= 7 kg/boe".

In the behaviour part of the performance assessment there is a common goal to transform own organisation to deliver on our purpose and become a leading company in the energy transition.

Remuneration of the board of directors

The remuneration of the BoD is decided by the corporate assembly annually, following a recommendation from the nomination committee. Remuneration for board members is not linked to performance, and board members do not receive any shares or similar as part of their remuneration. The board members receive an annual fixed fee.

Risk management and internal controls over sustainability reporting

Enterprise risk management framework

Enterprise risk management (ERM) relates to managing uncertainties so that we can deliver Equinor's purpose in line with our core values. Risk, which refers to both threats and opportunities, is considered through strategy selection and managed through execution in order to deliver the strategic pillars and objectives throughout the company. On behalf of the Board, the BAC oversees and reviews the effectiveness of the corporate ERM framework.

Equinor's ERM framework is integrated across all our activities with a focus on creating value whilst avoiding unwanted incidents. We assess risks in short-, medium- and long-term perspectives, including strategic and emerging risks that can impact achievement of our corporate objectives.

Risk management process

Equinor's risk management process is based on ISO 31000: Risk Management and seeks to ensure that risks are identified, analysed, evaluated, and appropriately managed. Our standardised approach enables consistent risk-informed decisions and risk response that supports delivering value in a sustainable frame.

Risks from across the company are integrated into the company's management information system, where they are linked with Equinor's strategic, objectives and KPIs. This information tool is used to capture risks, to follow up risk- adjusting actions and related assurance activities, and supports a risk-based approach in the context of a three line model.

Risk oversight and management

Everyone has a role related to risk management, whether at executive level, line managers, employees or in collaboration with stakeholders and suppliers. As a general principle, risks are managed in the business line as an integral part of employee and manager tasks at all levels.

The CEO and the BAC maintain oversight of the risk management framework, risk processes, top enterprise risks and the development of corporate risk picture throughout the year. Top enterprise risks are the risks and uncertainties currently of most concern to the CEC in delivering company objectives.

Sustainability-related risk management

Climate and other material sustainability-related factors are integral aspects of our strategy and planning decisions, and we seek to be open around our approach through our Energy transition plan and use of recognised reporting methodologies.

As part of continuous improvement through 2024, Equinor has progressed activities to strengthen our ERM practices, including increased focus on follow-up and assurance of risk response effectiveness, and progressing the corporate risk appetite framework. Through 2025, we will also continue to refine our approach to sustainability-related financial risks and use of dual materiality good practices.

Internal control systems

Equinor manages risks related to external reporting through early consideration of future reporting requirements, cross-functional collaboration and implementation of established internal control systems with assigned roles, responsibilities and third-party review.

A comprehensive set of performance indicators and monitoring reports are made available to all employees in Equinor's management information system. Performance indicators are reported on a regular basis from operational levels to governing bodies, ensuring transparency in risk management.

Strategy, business model and value chain

Our purpose and ambition

We are an international broad energy company founded in 1972 and headquartered in Stavanger, Norway. Our portfolio encompasses oil and gas, renewables and low carbon solutions.

Our purpose: Energy for people. Progress for society. Searching for better.

Our ambition: To be a leading company in the energy transition.

Our values: Open. Courageous. Collaborative. Caring.

What we deliver

Oil and gas We produce around two million barrels of oil equivalent daily, where two-thirds of our equity production comes from the Norwegian continental shelf (NCS) and plays a vital role in Europe's energy security. We expect substantial value creation from the NCS in the years to come, and the shelf is also our testing ground for new technologies for energy efficiency, higher recovery rates, and emissions reductions.

Outside Norway, we produce oil and gas in countries including the US, UK, Angola, Algeria and Brazil, while building a next generation portfolio focused on growing cash flow, creating optionality for portfolio longevity and reducing emissions.

Renewable energy We are developing some of the world's largest offshore wind farms, located in Europe and the US, and we already supply more than one million European homes with renewable power. Our share of renewable power generation in 2024 was 2.93 TWh.

We have expanded into onshore renewables, with solar plants and onshore wind in Poland and Brazil, and are building positions in onshore renewable and energy storage in the UK, US, and Denmark.

Refining, processing and marketing We refine and sell crude oil and natural gas for export as petrol, diesel, gas and heating oil to continental Europe, the UK, North America, Asia and Africa, including the Norwegian state's share of production from the NCS.

Danske Commodities is a leading tech-driven energy trading house wholly owned by Equinor, trading power, gas and certificates across 40 markets worldwide, connecting producers and large-scale consumers to wholesale markets.

Carbon capture & storage (CCS) We are a leading CCS developer and will operate the world's first commercial cross-border CCS transport and storage facility, Northern Lights, which opened in Norway in 2024.

We have nearly 30 years' experience with successful CCS in Norway and aim to develop more projects on the NCS as we pursue new business models for commercial CCS.

Our global presence

Equinor has offices in more than 20 countries, and around 25,000 employees. We are operator of assets in Brazil, Norway, UK, USA, and Poland across exploration, development & production, renewables, marketing & trading, refining & processing, and low carbon activities.

Our strategic beliefs

The world's energy systems are in transition to meet the challenge of climate change. Our strategic beliefs stand firm in an increasingly complex and uncertain world:

Creating value through the energy transition Fast, structural changes can create new localised business models and offer new ways for consumers to access energy. Oil and gas will stay in our long-term energy mix, but only the most robust upstream projects can be expected to be developed, and carbon considerations will continue to influence all our portfolio choices.

Net-zero ambition gives rise to new industry opportunities Climate change in combination with energy security and affordability are main concerns for governments, societies and investors. As policy and regulations shape energy markets, the social licence to operate and the ability to run a profitable business will be closely tied to how companies act on their net-zero ambitions.

Technological excellence and innovation will define winners As the magnitude and speed of change intensify, technology, digitisation and innovation will be key enablers. New ways of working will evolve. We will continue to build on our existing competence and experience and develop capabilities in new areas.

Emerging market dynamics put margins under pressure Worldwide energy demand is expected to grow in the short to medium term. However, an abundance of energy from intermittent sources such as wind and solar could lead to increased volatility in energy prices, exposing the industry to new competition and increasing the pressure on margins.

Our strategic pillars

Always safe • Safeguarding our people • Protecting our assets and the environment • Committed to a just transition

High value • Competitive at all times • Value creation through the transition

Low carbon • Reducing our own emissions • Investing in lower carbon solutions for society • Industrialisation of renewables and low carbon

Strategic focus areas

Optimised oil and gas portfolio We expect our oil and gas portfolio to continue to provide strong cash flow for many years. Equinor will pursue activities where we have the competence, experience, scale, and an overall competitive advantage to secure a leadership position.

High-value growth in renewables We are focusing on high-value growth in renewables, both onshore and offshore, and take a long-term view of their potential to meet growing electricity demand.

New market opportunities in low-carbon solutions We are actively contributing to maturing CCS and hydrogen markets, aiming for 30-50 mtpa of CO2 transport and storage.

Interests and views of stakeholders

True to our values of being open and collaborative, we actively engage with internal and external stakeholders to discuss our sustainability strategy, approach, and performance. Regular engagement with our stakeholders enriches and challenges our priorities and positions, and contributes to continuous improvement in our performance and strategic direction. We consult stakeholders, both directly and indirectly, and we seek to reduce potential language, social and geographical barriers. The chair of the BoD, the CEO and senior managers, amongst others, regularly engage in stakeholder dialogues. These engagements extend across the organisation, involving functions such as sustainability, finance, and communications to ensure a thorough and collaborative approach. Stakeholder perspectives are essential features of our due diligence efforts, and informed our materiality assessment.

Incorporating these varied stakeholder perspectives helps us create a robust and dynamic business model capable of adapting to global changes. The table below presents how perspectives of these key stakeholder groups inform our strategy and business model.

Stakeholder engagement by group

Material impacts, risks and opportunities and their interaction with strategy and business model

The energy trilemma

Equinor's strategic beliefs stand firm in an increasingly complex and uncertain world. We are committed to creating value in the energy systems of today, during the energy transition, and in a low-carbon future.

Energy is essential to the fabric of modern society, and our business is directly affected by geopolitical tensions and shifts around the world. We see that countries, regions and industries seeking to address security of supply and cost of energy whilst delivering progress on the energy transition face growing challenges and uncertainties.

The energy trilemma of delivering secure, affordable and lower carbon energy to society will require policymakers and industry to work together to reconcile these objectives in the shorter and longer term.

Key global trends affecting our business

A challenging geopolitical situation We have witnessed greater focus on energy security in the turbulent geopolitical environment following military conflicts and increased tensions between superpowers. These events can have significant and unexpected impacts on global trade and the energy industry, and are affecting renewables as well as oil and gas due to the complex interplay of supply chain disruptions, regulatory shifts, and increased pressure on energy security.

Climate change 2024 was the hottest year on record, surpassing previous highs, with significant temperature anomalies and extreme weather events such as heatwaves, hurricanes and wildfires, highlighting the need for comprehensive action to mitigate climate change.

A need for stable decarbonisation policies and commercial frameworks Although the energy transition generates new business opportunities, the supporting policies and frameworks needed to drive large scale investment are lagging in many countries and regions. Choosing where to invest and how fast to transition therefore poses significant strategic and financial risks which must be balanced with needs for financial stability, resilience, and value creation for shareholders.

Growth in renewables, but significant challenges The transition to renewable energy is accelerating in many countries, driven partially by the need to meet growing power demand without increasing imports. Although this presents business opportunities for energy companies, rising costs fuelled by inflation, financing and supply chain issues have affected the renewables sector in general, and offshore wind in particular.

An acute cost-of-living crisis could have broad fallout High general inflation and a cost of living crisis have made energy affordability a key concern, with the potential for social unrest and policy backtracking on decarbonisation ambitions or political interventions that could increase uncertainties.

Our transition ambitions

Our strategic direction remains firm, with a value driven plan for execution. We demonstrate how we create value, cut emissions and develop energy solutions to strengthen our competitiveness and resilience.

Emissions reductions Our ambition is a 50% net reduction in operated (scope 1+2) emissions by 2030 compared to 2015 levels.

Renewables installed capacity Our ambition for growth within renewables is a capacity of 10-12 GW by 2030, including capacity derived from financial investments and shareholdings.

CO2 transport and storage capacity Our ambition is to store 30–50 million tonnes of CO2 per year by 2035.

Net zero Our ambition is to reduce the net carbon intensity of the energy we provide by 15–20% by 2030, and by 30-40% by 2035 compared to 2019 levels, on our way to net zero by 2050.

Risk management integration with strategy

Flexibility in our strategy combined with effective risk management practices enables us to adapt to the changing context and emerging transition pathways. Our current most material enterprise risks cover strategic, operational and financial perspectives and have executive ownership for follow-up, including implementation and effectiveness of risk response. Areas of particular risk oversight currently relate to progress on net-zero emissions, renewable and low-carbon value creation, political and regulatory frameworks, human rights, major accidents, IT and cyber security, and cost inflation.

Description of the process to identify and assess material impacts, risks and opportunities

Overview

Equinor conducted a double materiality assessment (DMA) in 2023 of impacts on people and environment, as well as sustainability-related financial risks and opportunities, in preparation for implementation of the Corporate Sustainability Reporting Directive (CSRD). The approach was further matured for the 2024 assessment, based on the European Sustainability Reporting Standards (ESRS) and the published implementation guidance.

Step-by-step methodology

Equinor's double materiality process was conducted in the following steps:

Step 1: Understanding the context and identifying relevant sustainability matter

Equinor's business and operating context provided the starting point for scoping relevant sustainability matters. This included consideration of relevant aspects of the company strategy and business model across the broad Equinor group activities, subsidiaries, and value chains. The assessment of impact materiality was informed by due diligence processes, including human rights assessments, climate risk assessments, and supplier audits. Input to the assessment was further enriched by experience from two decades of sustainability reporting, and extensive external stakeholder dialogue and internal expertise on sustainability topics. Based on the scoping, eight relevant ESRS topics and two Equinor's entity-specific topics were identified for the 2024 DMA.

Relevant impacts were pre-identified and pre-scored to serve as a starting point for discussions during workshops with relevant stakeholders. Consultations were undertaken with internal subject matter experts (SMEs) and accountable leaders, alongside a comprehensive review of relevant documentation. Equinor's 2024 human rights saliency assessment provided an additional basis for assessing the social topics.

Step 2: Identification and assessment of material impacts, risks and opportunities

Impact materiality

Identification and assessment of impacts on people or the environment was conducted through a series of interactive workshops with internal SMEs across all relevant sustainability topics, on a level of sub-sub-topic. These SMEs stress-tested and calibrated pre-identified and pre-assessed impacts and, where relevant, amended them.

The impacts' location was identified across the value chain, assigned to specific activities, and evaluated in terms of business relationships and affected stakeholders. To capture the nuances of different business models if applicable, impacts were split in accordance with main activities. For own operations a screening process across site locations and business activities was undertaken to identify impacts' hotspots, related to for example geographical areas, facilities or types of assets.

All impacts were assessed as positive or negative, actual or potential, and in accordance with the three ESRS-proposed time horizons. In addition to these three horizons, short, medium and long, a combination of the time horizons was used to allow for more precise assessment of longer lasting and/or continuous impacts.

To ensure appropriate threshold level for the inclusion of the positive impacts, an impact was considered positive only when it goes beyond mitigation or remediation of negative impacts. Additionally, all the impacts were assessed as gross with the assumption that compliance with obligatory legal requirement is not a mitigation action but the baseline.

The scoring method is based on ESRS 1 requirements of severity (scale, scope and remediability) and likelihood. To enable easier and more informed assessment, both qualitative and quantitative thresholds for severity and likelihood were developed for each sustainability topic. In the impact materiality assessment, severity takes precedence over the likelihood score. This allowed for an unlikely yet significantly severe impact to nonetheless be deemed material. Additionally, the assessment of impacts for the social topics was informed by the results of a comprehensive human rights saliency assessment conducted in early 2024. An overall materiality score was given, enabling a ranking of the topics for further discussion and calibration to ensure consistency across all topics at a group level.

Financial materiality

Financial materiality was assessed together with corporate risk experts, informed by the impact materiality assessment and use of cross company risk assessments. The assessment was broadly aligned with the enterprise risk framework and thresholds. Certain risks or opportunities, particularly those with high levels of uncertainty but potentially high material strategic impact, were assessed qualitatively. Materiality of identified risks and opportunities was assessed considering the potential magnitude of financial effects for Equinor (absolute monetary thresholds) and the likelihood of occurrence over the assigned time horizon (the same as in impact materiality). The assessment considered financial risks and opportunities stemming from identified impacts or dependencies.

Step 3: Validation and anchoring the results

Internal validation and anchoring

The 2023 DMA process provided a foundation for the 2024 assessment. In 2023, the executive senior management, including the corporate executive committee, the board's audit committee and the board's safety, sustainability and ethics committee, were extensively engaged for calibration and further refinement of the materiality assessment. Building on 2023 input, together with input gathered in 2024, the preliminary DMA results were presented to relevant management teams for feedback and were subsequently signed-off. The final DMA results were reviewed by the executive management committees, such as the sustainability, CFO and SSU management committees, the CEC and BoD audit committee.

External stress-testing

The DMA results were further calibrated with selected external stakeholders, aiming especially at stress-testing results of specific topics. These topics, including nature and human rights, included those deemed not material or not relevant, and those that generated more extensive internal discussions. External stakeholders were selected based on their expertise in the field, industry experience and knowledge of Equinor. External stakeholders supported Equinor's proposed DMA assessment with no specific concerns or issues.

Step 4: Implement and incorporate in the annual report and sustainability statement

The results of the 2024 DMA defined the structure and content of the sustainability statement and inform the direction of sustainability activities. The DMA will be revisited on an annual basis and consider any changes in activities, business environment or strategy. In case of material changes, Equinor's senior management will be involved in the update of the DMA.

Inputs to the assessment

Inputs to the 2024 double materiality assessment included:

• Internal experts: Internal subject matter experts (SMEs) and accountable leaders across all relevant sustainability topics
• Due diligence processes: Human rights assessments, climate risk assessments, supplier audits
• Historical experience: Two decades of sustainability reporting experience
• External stakeholder dialogue: Extensive engagement with external stakeholders
• Documentation review: Comprehensive review of relevant documentation
• Human rights saliency assessment: Equinor's 2024 human rights saliency assessment for social topics
• Risk assessments: Cross company risk assessments and enterprise risk framework
• External benchmarking: Calibration with selected external stakeholders

Scoring criteria

Impact materiality scoring:

• Severity: Based on scale, scope and remediability (irremediable character)
• Likelihood: Assessed for potential impacts
• Both qualitative and quantitative thresholds for severity and likelihood were developed for each sustainability topic
• Severity takes precedence over likelihood score (an unlikely yet significantly severe impact can be deemed material)
• For social topics, assessment was informed by comprehensive human rights saliency assessment conducted in early 2024

Financial materiality scoring:

• Size of effect: Potential magnitude of financial effects (absolute monetary thresholds)
• Likelihood: Likelihood of occurrence over the assigned time horizon (same as in impact materiality)
• Certain risks or opportunities with high levels of uncertainty but potentially high material strategic impact were assessed qualitatively

Threshold for materiality

Both qualitative and quantitative thresholds for severity and likelihood were developed for each sustainability topic to enable easier and more informed assessment. In the impact materiality assessment, severity takes precedence over the likelihood score, allowing for an unlikely yet significantly severe impact to nonetheless be deemed material.

For positive impacts, an impact was considered positive only when it goes beyond mitigation or remediation of negative impacts.

All impacts were assessed as gross with the assumption that compliance with obligatory legal requirement is not a mitigation action but the baseline.

Frequency and when last reviewed

The double materiality assessment was first conducted in 2023 and matured further for 2024. The DMA will be revisited on an annual basis and consider any changes in activities, business environment or strategy. In case of material changes, Equinor's senior management will be involved in the update of the DMA.

The most recent assessment was completed in 2024.

Use of value chain mapping

To understand the context and frame the 2024 materiality assessment, Equinor mapped the broad value chain to inform identification of material impacts and risks across the whole value chain. Given the complexity of the value chain, the focus of the 2024 assessment was tier 1 upstream (covering approximately 7,500 suppliers). Nevertheless, some impacts and risks were also assessed further down the value chain where sufficient basis for assessment existed.

Decision-Making and Internal Controls

Critical decisions in the process included identifying relevant stakeholders, scoping of sustainability matters, identification and assessment of impacts, risk and opportunities (IROs), and the final calibration of all assessed sustainability matters. Internal control measures were developed throughout the process to ensure that the methodology was aligned with ESRS requirements and documented, including rationale for the assessment and scoring of each IRO.

Subsidiaries

A "top-down" approach was applied, conducting the DMA at a group level encompassing subsidiary activities and related sustainability matters. As part of this process an assessment of additional potential material topics was undertaken. No additional topics were identified.

Stakeholder engagement

Across the value chain, two groups of relevant stakeholders were identified:

Affected stakeholders:

• Own workforce
• Value chain workforce
• Affected communities
• Nature
• Society
• Suppliers

Primary users of reporting:

• Investors
• Business partners
• Peers
• Trade unions
• NGOs
• Academia
• Governments
• Civil society

For the 2024 DMA process, relevant internal stakeholders were selected based on subject matter expertise, responsibility in company business, and their engagement in ongoing dialogue with external stakeholders.

The interest and views of relevant external stakeholders were incorporated into the assessment using input from internal SMEs, involved in ongoing engagement with external stakeholders. Moreover, feedback from wider and ongoing engagement with different stakeholders provided an additional layer of contextual information for the assessment.

Specific topics considered not material

Some topics that may generally be expected to be material for companies in the industry were deemed non-material for Equinor:

ESRS E1 - Climate change - Climate change adaptation

Whilst acknowledging the importance of adaptation to climate change, the assessment did not identify any relevant impacts. Financial materiality of adaptation is being considered based on potential change in parameters across assets and has not yet identified any specific material adaptation risks. Equinor continues to refine its physical climate risk methodology.

ESRS E3 - Water and marine resources

Based on absolute water consumption and withdrawal data as well as input from subject matter experts, "Water and marine resources" was not deemed material for Equinor. Instead, the materiality assessment revealed that water is material to Equinor through the pollution and biodiversity standards rather than water consumption and withdrawal.

Topic determined not relevant

ESRS S4 - Consumers and end-users

ESRS definitions of this sustainability matter focus on direct engagement with individual consumers. Since Equinor's business model does not include engagement with consumers at the individual level, this topic was deemed not relevant within the context of the business framework and activities.

Equinor entity-specific topics

Equinor has identified two entity-specific topics:

Health and safety

While recognising that health and safety is included within ESRS-S1, the strategic importance of health and safety to Equinor and the day-to-day emphasis placed on this topic resulted in the decision to include this as a stand-alone topic.

Security

While not covered by the ESRS, security (covering both physical and cyber security) is considered a material topic for Equinor.

Disclosure requirements in ESRS covered by the undertaking's sustainability statement

Our sustainability statement is prepared and presented in accordance with the Norwegian Accounting Act, including implementation of the Corporate Sustainability Reporting Directive (CSRD), and compliance with the European Sustainability Reporting Standards (ESRS) and Article 8 of EU Regulation 2020/852 (the "Taxonomy Regulation").

The sustainability statement (chapter 3) includes: • 3.1 General disclosures • 3.2 Environment (E1 - Climate change, E2 - Pollution, E4 - Biodiversity and ecosystems, E5 - Resource use and circular economy) • 3.3 Social (S1 - Own workforce, S2 - Workers in the value chain, S3 - Affected communities, EQN - Health and safety) • 3.4 Governance (G1 - Business conduct, EQN - Security) • 3.5 ESRS index

This report should be read in conjunction with other 2024 reporting published on www.equinor.com/reports including ESRS index.

Materiality, as used in the context of sustainability, is distinct from, and should not be confused with, such terms as defined for U.S. Securities and Exchange Commission (SEC) reporting purposes. Any issues or topics identified as material for purposes of sustainability in this document, including the materiality assessment undertaken by Equinor based on European Sustainability Reporting Standards, are therefore not necessarily material as defined for SEC reporting purposes.

Transition plan for climate change mitigation

Scope of the plan

Equinor's Energy Transition Plan (ETP) covers:

• Entities: Encompasses the parent company, subsidiaries and operated and partner-operated joint operations. Exploration activities are not included in resilience testing due to uncertainties related to potential discoveries and development solutions.
• Geographies: Global operations including Norwegian continental shelf (which accounts for approximately two-thirds of equity production), Brazil, UK, USA, Poland, Denmark and other international locations.
• Value chain segments:
  • Upstream: Oil and gas production, renewables development
  • Midstream: Carbon capture and storage (CCS), low carbon hydrogen, biofuels
  • Downstream: Marketing, midstream and processing activities

The ETP was first published in 2022 and updated in 2025. It is aligned with the company's strategy and integrated into the annual corporate planning and portfolio management process. It is developed, reviewed, and updated in consultation with, and approved by, the board of directors and the CEO. Equinor reports on the progress of the plan annually.

Target years for net zero / carbon neutral

• Net-zero ambition: Equinor has an ambition to be a net-zero energy company by 2050
• The reduction of Net Carbon Intensity (NCI) – and net emissions – to zero is Equinor's definition of "net zero" at a corporate level

Scope 1, 2, 3 reduction milestones with baseline years

Operated greenhouse gas emissions (Scope 1+2)

• Baseline year: 2015
• 2030 ambition: Net 50% reduction in operated (scope 1+2) greenhouse gas emissions by 2030 relative to 2015
  • At least 90% to be met through absolute reductions
  • Maximum 10% through carbon credits
  • This equals a gross greenhouse gas emission reduction target, where the company aims to achieve 45% absolute emissions reductions by 2030
• 2024 progress: Approximately 34% reduction from 2015 baseline achieved by end of 2024
• Upstream CO2 intensity target: 6 kg CO2 per barrel of oil equivalent (boe) by 2030 (operated scope 1 emissions)
• 2024 performance: Upstream CO2 intensity of 6.2 kg CO2/boe (down from 6.7 kg CO2/boe in 2023)
• Methane intensity: Close to zero and considerably lower than industry average (0.01% of marketed gas in 2024, improved from 0.02% in 2023)

Net Carbon Intensity (including Scope 3)

• Baseline year: 2019 (67.4 g CO2e/MJ)
• Scope: Includes scope 1+2 GHG emissions (equity basis) and scope 3 emissions categories 11 (use of energy products produced) and 15
• 2030 ambition: 15-20% reduction in Net Carbon Intensity by 2030 (compared to 2019)
• 2035 ambition: 30-40% reduction in Net Carbon Intensity by 2035 (compared to 2019)
• 2050 ambition: 100% reduction (net zero)
• 2024 progress: 2% reduction achieved (from 67.4 g CO2e/MJ in 2019 to 65.8 g CO2e/MJ in 2024)
• 2030 absolute scope 3 estimates: Between 255 and 260 million tonnes, similar to 2024 level

Maritime decarbonisation

• Baseline years: 2005 for Norway; 2008 for global
• 2030 ambitions: Aligned with IMO's updated global greenhouse gas strategy consistent with Paris Agreement Article 2
• 2024 performance: 36% reduction in absolute emissions level in Norway (relative to 2005) and 8% reduction globally (relative to 2008) on tank-to-wake basis
• Scope: Covers maritime emissions (Scope 3, on a well-to-wake basis) from tankers transporting Equinor's and Petoro's equity volumes and third-party volumes, and ships supporting offshore oil and gas and renewables activities

Alignment with 1.5°C / SBTi validation status

Paris Agreement alignment

• Equinor supports the goals of the Paris Agreement
• The company states: "We aim to reduce our net operated (scope 1+2) emissions by 50% from 2015 to 2030, a pace and scale consistent with a science based, 1.5°C-aligned trajectory as defined by IPCC pathways"
• The company conducted annual resilience tests on the portfolio using IEA's World Energy Outlook (WEO) scenarios:
  • STEPS (Stated Policies Scenario): 2.4°C temperature rise to 2100
  • APS (Announced Pledges Scenario): 1.7°C temperature rise to 2100
  • NZE (Net Zero Emissions by 2050 Scenario): 1.5°C temperature rise to 2100

SBTi validation status

• Not validated by SBTi
• The company states: "Our ambitions have not been assessed by the Science-Based Targets Initiative (SBTi), which currently does not have a sector specific standard for the oil and gas industry."
• Equinor's position: "To be effective and equitable, we believe such frameworks should recognise the historical performance of companies that have made the efforts necessary to demonstrate sector leadership over many years. They should reward companies that are transforming their business models and investments to contribute to systemic change. They should also recognise solutions that help other companies and sectors decarbonise, such as CCS, for emissions inside and outside company boundaries."

Key levers / decarbonization pillars

Emissions reductions from operations (Scope 1+2)

Primary levers:

1. Electrification of long-lifespan installations: Most effective and cost-efficient measure

   • Full or partial electrification of offshore platforms
   • Replaces gas turbines offshore with electric power from shore or renewable sources
   • Examples: Sleipner, Troll B and C, Gina Krog, Hywind Tampen offshore wind farm powering Snorre and Gullfaks

2. Energy efficiency measures:

   • Implementation of energy management process for all assets
   • Cut around 2 million tonnes CO2 since 2015
   • Nearly one hundred further actions in implementation or planning
   • Costs estimated at <5% of total decarbonisation capex

3. Portfolio management: Including decommissioning of high-emission assets

Methane-specific actions:

• Source level quantification at all operated assets
• Site level measurement roll-out across operations
• Leak detection and repair (LDAR) at all operated assets
• Examples: USD 30 million investment in VOC recovery unit at Peregrino field (Brazil), shut-down of amine unit at Åsgard B (Norway)

Renewables

• 2030 ambition: 10-12 GW of installed renewable capacity (equity basis)
• 2024 performance: 2.4 GW installed capacity, 2.93 TWh total renewable power generation (+51% from 2023)
• Technologies: Offshore wind (UK, US, Poland), onshore wind and solar (Poland, Brazil), energy storage
• Major projects in construction: Dogger Bank (UK), Empire Wind 1 (USA), Baltyk II & III (Poland) – comprising 431 offshore wind turbines, 3,000 km of cables, 6 offshore substations, 6 GW generation capacity
• Strategic investment: 10% share in Ørsted A/S acquired in 2024

Carbon Capture and Storage (CCS)

• 2035 ambition: Transport and storage capacity of 30-50 million tonnes CO2 per year (equity basis)
• 2024 progress: ~20 MTpa accessed storage capacity (unrisked), ~50% increase from 2023
• 2024 performance: 2.3 MTPA installed or under development
• Key projects:
  • Northern Lights: World's first cross-border CO2 transport and storage facility, Phase 1 operational in September 2024 with 0.5 mtpa initial capacity, fully booked by customers
  • Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT Power) in UK: FID taken in 2024, aiming for 2028 start-up with initial capacity of up to 4 million tonnes per year
  • Technology Centre Mongstad: World's largest test facilities for CO₂ capture technologies
• Storage licenses awarded in 2024: 20 million tonnes per annum (mtpa), bringing total accessed storage capacity to over 60 mtpa (equity share)

Low carbon hydrogen and other emerging fuels

• Development of both low carbon hydrogen (with CCS) and electrolytic hydrogen
• Projects in UK and Belgium
• Development of biofuels, low carbon ammonia and other emerging fuels
• Bio-methanol production at Mongstad and Tjeldbergodden facilities in Norway

Maritime decarbonisation

• Dual-fuel technology: LNG, LPG, methanol, ammonia-fueled vessels
• Battery hybrid vessels and shore power capabilities
• Energy efficiency measures across chartered fleet (~200 vessels)
• First supplier of bio-methanol for new build dual-fuel methanol cargo vessel (2023)
• Dual-fuel ammonia supply vessel in development

CapEx / investment commitments

Overall capex allocation

• 2024 capex allocation: 16% of gross capex to renewables and low carbon solutions
  • If the financial investment of 10% ownership share in Ørsted A/S is included, the share would be 27%
• 2023 comparison: 20% of gross capex to renewables and low carbon solutions
• 2024 oil and gas capex: USD 13 billion (E&P Norway, E&P International, E&P USA)
• No investments in coal-related economic activities

Electrification projects capex

Implemented abatement (2024):

• Projects: Electrification of Sleipner and Gina Krog (100%), Troll B and C (50%), Gina Krog alternative oil export
• Full cycle CAPEX: 8,500 MNOK (2024 real terms)
• Full cycle OPEX change: -14,000 MNOK (based on reduced CO2 costs and electricity costs, plus revenue from saved fuel gas sales)

Sanctioned abatement in execution (2025-2030):

• Projects: Electrification of Troll B and C (50%), Oseberg, Njord, Hammerfest LNG, Statfjord C combined cycle
• Full cycle CAPEX: 25,000 MNOK
• Full cycle OPEX change: -16,000 MNOK

Non-sanctioned abatement (2025-2030):

• Projects: Electrification of Grane, Tampen and Halten, Kårstø reduced emissions projects
• Full cycle CAPEX: 58,600 MNOK
• Full cycle OPEX change: -40,000 MNOK

Total 2025-2030: 83,600 MNOK capex; -56,000 MNOK opex change

Note: Approximately 95% of costs associated with decarbonisation actions are related to electrification projects. Energy efficiency measures represent <5% of total capex spent on decarbonisation actions.

Carbon pricing assumptions

• Internal carbon pricing used in all investment decisions
• EU ETS forecast: Based on forward market and long-term supply and demand balances
• UK ETS: Spread with EU ETS assumed in near term
• Norwegian CO₂ tax: Based on Norway's Climate Action Plan 2021-2030, assuming gradually increased CO₂ cost (EU ETS + Norwegian CO₂ tax) to 2,000 NOK/tonne CO2 (real 2020) in 2030
• Internal global carbon price (countries without carbon pricing schemes):
  • From 2026: USD 92 per tonne (real 2024)
  • 2030: USD 118 per tonne, stays flat thereafter
• 2024 actual CO₂ costs: USD 954 million for Equinor-operated assets
• Methane sensitivity analysis: USD 5,700 per tonne CH4 emissions used to evaluate abatement opportunities

R&D investment

• 2024: All-time high of USD 700 million invested in research and development (R&D) and Digital

Locked-in emissions and stranded asset analysis

Locked-in emissions

• Locked-in emissions are defined as estimates of future greenhouse gas emissions (Scope 1 and 2) from operated active and firmly planned assets over their lifetime, and cumulative greenhouse gas emissions from use (scope 3) of produced products
• Direct greenhouse gas emissions from Equinor-operated assets are included in forecasts covered by the greenhouse gas reduction ambition and followed up by an action plan
• Both greenhouse gases from assets on equity basis and estimates of indirect emissions from use of sold products on equity basis are included in the NCI metric and net-zero ambition
• The difference in boundaries between ESRS boundaries and boundaries for greenhouse gas reduction ambitions has no implications related to the inclusion of locked-in emissions
• The NCI metric measures net emissions divided by net energy production, so reporting on progress and forecasting on NCI serves to measure transition risk following increased emissions from all oil and gas activities

Stranded asset / portfolio resilience analysis

• Annual resilience tests conducted on portfolio using IEA's STEPS, APS and NZE scenarios
• Testing horizon spans 2025-2050
• Portfolio tested by applying price assumptions for oil, natural gas and CO₂ tax from each WEO scenario, compared against Equinor's internal commodity price assumptions
• Equinor uses management price assumptions up to 2030, then applies linear interpolation between IEA's prices from 2030 onwards
• IEA oil prices adjusted for transportation cost; all prices adjusted for real inflation in 2024

Carbon cost relative to base assumptions:

• STEPS: 85% of Equinor base case
• APS: 96% of Equinor base case
• NZE: 98% of Equinor base case

Portfolio robustness:

• Oil and gas development portfolio: Projects coming on stream in next 10 years have payback time of around 2.5 years and average break-even price below 40 USD/bbl
• Portfolio expected to remain robust even in sharp price decline scenarios
• Portfolio and capex flexibility can reduce negative impact in low-price scenarios through re-optimising the non-sanctioned portfolio
• Projects coming on stream over next 10 years have lifetime upstream CO2 intensity below 7 kg/boe

Renewable and low carbon upside:

• IEA's NZE scenario projects increasing market size for CCS and global growth in electricity generation from renewables of more than 600% by 2050
• Could reflect potential upside for Equinor's renewable and low carbon solution portfolio
• Note: In scenarios only oil, natural gas and CO₂ prices are varied, not reflecting potential impact on renewable and low carbon solution portfolio in accelerated transition scenario

EU Paris-aligned Benchmarks exclusion

• Equinor is excluded from EU Paris-aligned benchmarks, as the company derives 10% or more of revenues from exploration, extraction, distribution or refining of oil fuels

Use of carbon credits / removals

Carbon credits

• Maximum 10% of the 50% net reduction target for operated (scope 1+2) emissions by 2030 may be achieved through carbon credits
• The company intends to achieve at least 90% of the 2030 ambition through absolute reductions, using high-quality credits to cover residual emissions
• Carbon credits are not further specified in terms of type, vintage, or quality criteria beyond "high-quality"

Natural carbon sinks and removals

• Mentioned as part of achieving net carbon intensity reduction ambition: "increasing transport and storage of CO2 via CCS, investing in high-quality carbon sinks, increasing production of renewable power and increasing production of low-carbon hydrogen and biofuels"
• No quantified targets or specific commitments provided for natural carbon sinks or carbon removals

Additional context

Plan approval and governance

• The transition plan is approved by the board and the CEO
• The board of directors was actively involved in making the first transition plan and in updating it
• The CEO, business areas and corporate functions have all been integrated into the process
• Forecasts for greenhouse gas emissions from operations and net carbon intensity metric and double materiality analysis inform the annual overall strategy and financial planning process

Stakeholder engagement

• Energy Transition Plan 2025 is available at www.equinor.com
• Annual progress updates provided in sustainability reporting
• 2022 Energy Transition Plan endorsed by 97.5% of shareholders at AGM
• Company conducts and publishes annual reviews of industry association and membership organisation alignment with support of Paris Agreement

Challenges and context

• Offshore wind industry challenges: supply chain constraints, cost inflation, delays in regulatory processes
• Markets for CCS and low carbon products developing slower than anticipated
• Geopolitical tensions, rising protectionism, and trade tensions contributing to increasing uncertainty
• Energy trilemma: Balancing energy security, affordability, and decarbonization
• "The path towards being a net-zero company is not linear. It takes time to develop profitable projects within renewables and low carbon solutions."

Policies related to climate change mitigation and adaptation

Equinor has established several policies to manage its material impacts, risks and opportunities related to climate change. These policies apply to assets and locations as outlined in the company's management system and were informed by key stakeholders, including internal and external experts.

Equinor Book

The Equinor Book outlines the company's ambition of transforming to provide energy by optimising oil and gas, continuing high value growth in renewables and developing new market opportunities for low carbon solutions. The Equinor Book states that Equinor is reducing the carbon footprint of its energy production and aims to be a net-zero company in 2050.

Scope: The Equinor Book applies to all material E1 IROs (impacts, risks and opportunities).

Environmental Policy

Equinor's Environmental Policy sets out the company's commitment towards the environment and nature.

Scope: The Environmental Policy applies across Equinor operated assets, Equinor's controlled companies for all activities and phases of the capital value process. Where potential impacts lay beyond Equinor operated assets and Equinor-controlled companies, the policy outlines the company's stance to actively influence, engage, and collaborate with relevant actors.

Key content:

• Commitment to mitigate potential negative impacts from business activities and contribute to concerted actions to positively impact nature in support of relevant international conventions and agreements, including the Paris agreement and the Kunming-Montreal Global Biodiversity Framework
• Application of due diligence within governance, risk and performance frameworks
• Identification of actual and potential impacts, risks and opportunities related to greenhouse gases and other emissions to air within the due diligence approach
• Requirements for all operated assets to comply with applicable laws, regulations and company policies
• Mandates a risk-based due diligence approach to manage relevant environmental aspects
• Prescribes the application of a precautionary approach and of the mitigation hierarchy, in accordance with international practices and principles
• Commitment to avoiding incidents that could negatively impact the environment
• Application of ISO14001 principles to continually improve environmental management
• Commitment to advocate for ambitious environmental policies when appropriate

Governance: The Environmental Policy is owned by the executive vice president of safety, security and sustainability. It is implemented within the management system.

Public availability: The Environmental Policy is available externally on Equinor's website.

Links to international standards: The policy supports international conventions and agreements, including the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework.

Monitoring implementation: The policy applies to all material E1 impacts with specific requirements towards climate change impacts including "greenhouse gas emissions" and "methane emissions".

Code of Conduct

The Code of Conduct includes requirements on environmental aspects.

Key content:

• Requirements that the company systematically manages environmental aspects in accordance with good international practices and principles
• Requirements to comply with applicable environmental laws and regulations
• Commitment to work actively to limit greenhouse gas emissions from activities

Scope: The Code of Conduct applies to all material E1 impacts, risks, and opportunities.

Public availability: The Code of Conduct is available externally on Equinor's website.

Functional Requirement - Sustainability

This requirement addresses climate change mitigation and energy efficiency.

Key content:

• Requirements related to greenhouse gas emissions and methane emissions

Scope: This functional requirement applies to all material E1 impacts with specific requirements towards climate change impacts including "greenhouse gas emissions" and "methane emissions".

Governance: Owned by the executive vice president of safety, security and sustainability.

Monitoring implementation: The requirement is integrated in the company's management system and is available via intranet to all internal stakeholders to ensure its effective implementation.

Work Requirement - Sustainability Data

This requirement covers climate data collection and reporting.

Key content:

• Requirements for climate data including emissions of CO2, methane and N2O, energy consumption, flared hydrocarbons, greenhouse gas reductions, emissions forecasts, hydrocarbons produced and recording of equity share
• Additional requirements related to calculation of energy produced from renewables, installed capacity renewables, and energy produced at gas fired power plants

Scope: This work requirement applies to all material E1 impacts.

Governance: The work requirement is implemented within the management system, is owned by the Executive Vice President of Safety, Security and Sustainability and is valid globally for most Equinor locations.

Monitoring implementation: There are requirements for how data is measured and calculated, and how equity share is recorded.

Additional policy positions

Equinor advocates for regulations and frameworks in support of the Paris Agreement and works with governments to establish policy frameworks that enable and accelerate the energy transition. Main policy priorities include:

• A holistic and technology-neutral approach towards decarbonisation objectives, with a focus on outcomes rather than mandates for specific solutions
• Stable and market-oriented policy frameworks that are coordinated and compatible at regional, national and local government levels
• Effective and transparent carbon pricing to incentivise investments in low-carbon technologies and business models (most efficient approach is through market-based mechanisms such as carbon taxes or cap-and-trade systems)
• Availability of, and access to electricity, to enable emissions reductions for operations on the Norwegian continental shelf
• Clarity and acceleration of acreage leasing, permitting and fiscal regulations for renewable and CCS projects

Equinor conducts and publishes annual reviews of industry association and membership organisation alignment with support of the Paris Agreement to ensure transparency.

Supplier expectations

Equinor has established expectations towards suppliers related to climate, including:

• Setting net-zero ambitions and near-term emissions reduction targets
• Publicly disclosing scope 1 & 2 emissions and estimates for scope 3 emissions

Actions and resources in relation to climate change policies

Operated greenhouse gas emissions ambition - actions and resources

Equinor plans to reach the 2030 ambition for reduction of greenhouse gases from operated assets through a combination of measures, including energy efficiency measures, electrification of long-lifespan installations and portfolio management. The emissions reductions from 2025 to 2030 will build on the significant progress made since 2015.

Electrification of long-lifespan installations

Electrification of long-lifespan installations is the most effective and cost-efficient measure for reduction of operational emissions. For some installations, full electrification will be optimal, while for others, partial electrification will be more appropriate.

Offshore, the energy efficiency of power production is about 25-35%, whereas in onshore Europe, efficiency is about 60% if used in a gas-fired power plant, and close to 100% when used for heating and industry. Replacing gas turbines offshore provides increased energy efficiency and global climate benefits.

Electrification projects are capital intensive, and as about 95% of the costs associated with decarbonisation actions are related to electrification projects, only capex for electrification is included in the costs presented.

Energy efficiency measures

Energy efficiency measures are also important drivers for reducing emissions. Equinor has cut around 2 million tonnes CO2 since 2015 through implementation of an energy management process for all assets, with nearly one hundred further actions in implementation or planning.

The costs for energy efficiency measures are more difficult to quantify, as improved energy management has many positive outcomes in addition to reducing greenhouse gas emissions. As the costs for energy efficiency measures are estimated to <5% of the total capex spent on decarbonisation actions, these costs are not included in the table below.

Decarbonisation - actions and resources: 2024

Since 2015, gross scope 1 and 2 greenhouse gas emissions have been reduced by 34%. From 2023 to 2024 the emissions reduction was 0.6 million tonnes. Upstream CO2 intensity improved from 6.7 kg CO2/boe to 6.2 kg CO2/boe.

Implemented projects in 2024:

• Partial electrification of Sleipner, Troll B and Troll C
• Hywind Tampen started operations in 2023 (50% of costs reported in 2024)
• Full electrification of Gina Krog in 2024
• Replacement of Randgrid FSO with oil export pipeline to Sleipner A
• Decommissioning of Heimdal installation in 2023

Decarbonisation - actions and resources: 2025-2030

Several projects will contribute to decarbonisation towards 2030:

Sanctioned projects (subject to final investment decision):

• Full electrification of Troll C, Hammerfest LNG, Grane, Snorre A og B (Tampen)
• Partial electrification of Oseberg field center and Oseberg South, Njord, Gullfaks C (Tampen), Heidrun (Halten), Kristin (Halten) and Åsgard B (Halten)
• Kårstø reduced emissions project
• Several smaller emission reduction projects, e.g. retrofit of power system to combined cycle at Statfjord C

Resources allocated (2024-2030):

OPEX is based on reduced CO2 costs and electricity costs. In addition, there will be revenue from saved fuel gas sales.

Equinor expects greenhouse gas emission costs to increase from current levels and to have a wider geographical range than today. Norway's Climate Action Plan for the period 2021-2030 assumes a gradually increased CO₂ cost (the total of EU ETS quotas + Norwegian CO₂ tax) in Norway to 2,000 NOK/tonne CO2 (real 2020) in 2030.

Decarbonisation - actions and resources 2030 to 2050

In 2050 Equinor will still have oil and gas installations in operation with low emission intensities. Further decarbonisation of scope 1 and 2 emissions will primarily result from consolidation and energy efficiency measures, but also further electrification and CCS will be evaluated.

Methane emissions - actions and resources

Equinor carries out source level quantification at all operated assets, and in 2024 began the roll-out of site level measurement across operations. In addition, leak detection and repair (LDAR) is conducted at all operated assets and requested from partner-operated assets.

Large-scale methane abatement from 2024:

• Investment of near USD 30 million in a VOC recovery unit at Peregrino field in Brazil
• Shut-down of amine unit at Åsgard B offshore installation

For all projects an economic analysis of abatement of methane is performed. In Norway, Equinor pays an uncombusted natural gas fee of approximately USD 2,300 per tonne CH4 emitted. In project economic assumptions, a sensitivity of USD 5,700 per tonne CH4 emissions is used to evaluate abatement opportunities.

Equinor reports methane emissions for all assets annually, both on operational and equity basis, in accordance with OGMP 2.0 requirements. Reporting is consistent with OGMP 2.0 level four and advancing towards level five.

Net-zero ambition - actions and resources

Achieving the net carbon intensity reduction ambition will require a variety of actions related to different parts of the value chain, including reducing emissions from oil and gas operations, increasing transport and storage of CO2 via CCS, investing in high-quality carbon sinks, increasing production of renewable power and increasing production of low-carbon hydrogen and biofuels.

Renewables

Equinor already provides more than one million European homes with renewable power from offshore wind farms in the UK. A multi-tech onshore power and storage portfolio has been built through acquiring local developers in select power markets in northern Europe, Brazil and the USA.

Ambition: Install 10-12 GW of renewable power capacity (equity basis) by 2030.

Major projects in construction:

• Dogger Bank (UK)
• Empire Wind 1 (USA)
• Baltyk II & III (Poland)

These projects will construct 431 offshore wind turbines, 3,000 km of cables, 6 offshore substations, and 3 operation and maintenance centres onshore, leading to a generation capacity of 6 GW in execution.

Positions are also being built within onshore renewable and energy storage in Brazil, Denmark, Poland, the UK and the USA, through platform companies Wento, BeGreen and Rio Energy.

Carbon Capture and Storage (CCS) and Low Carbon Solutions

Equinor pioneered offshore CCS technology nearly three decades ago at Sleipner field. Since then, nearly 20 million tonnes of CO₂ have been safely stored at Sleipner, with an additional 8 million tonnes under the Barents Sea at Snøhvit field.

Ambition: Build up a CO2 transport and storage capacity of 30-50 million tonnes (equity basis) by 2035.

Major CCS projects:

• Northern Lights phase I (Norway): Completed in 2024. World's first cross-border CO2 transport and storage facility ready to receive and store CO2. Storage capacity of 1.5 million tonnes CO2/year. Injection will start 2025-2030 from Heidelberg Materials (cement plant), Ørsted Kalundborg hub (biogenic CO2), Yara (fertiliser plant) and Klemetsrud waste treatment plant.

• Northern Endurance Partnership (UK; bp operated): UK Government confirmed commercial agreements and funding in 2024. CO2 transportation and storage provider for the East Coast Cluster. Initial transport and storage capacity of up to 4 million tonnes of captured CO2 emissions per year from three Teesside projects. Aiming for start-up in 2028. Could rise to 23 million tonnes per year by 2035.

CO2 injection 2025-2030:

• Northern Endurance Partnership (UK; bp operated): 1.8 million tonnes CO2/year
• Northern Lights phase I: 0.5 million tonnes CO2/year

Several major CCS projects will be further matured in Norway and abroad. Further projects are being developed in the UK, Denmark and the US.

Hydrogen projects are being pursued in the UK and Belgium to demonstrate how hydrogen can provide scalable and profitable growth in the future.

Net-zero ambition - actions and resources: 2024

In 2024, production from renewables increased from 1.9 TWh to 2.9 TWh, including production start at the 531 MW Mendubim Complex of solar plants in Brazil (Equinor has 30% stake).

In Q4 2024, Equinor acquired a 10% stake in Danish renewable energy company Ørsted A/S, which contributed 1.3 TWh of additional energy production from renewable investments.

Share of gross capex to renewables and low carbon solutions: 16% in 2024, amounting to USD 2.6 billion. Including the financial investment of 10% ownership share in Ørsted A/S, the share would have been 27%, corresponding to USD 5.1 billion.

EU Taxonomy eligible capex: 11.2%, of which 10.2% was taxonomy aligned, corresponding to 1.6 billion USD. The Dogger Bank offshore wind projects in the UK and the Baltyk projects are the main contributors to the taxonomy aligned capex KPI from equity accounted investments in 2024.

CCS: Northern Lights phase I completed in 2024, ready to receive and store CO2.

Net-zero ambition - actions and resources: 2025-2030

Renewables: Strategic mega projects Dogger Bank (UK), Empire Wind 1 (USA) and Baltyk II & III (Poland) will start operating, leading to an overall generation capacity of almost 6 GW.

CCS: CO2 injection into Northern Lights and Northern Endurance Partnership will start in the time period, with an injection capacity of 2.3 million tonnes CO2/year.

In 2035, Equinor aims to offer 30-50 mtpa CO2 transport and storage capacity.

The category "Other" in NCI pathway includes an increasing share of oil and gas to non-energy uses; carbon credits; and new potential organic and inorganic opportunities.

Net-zero ambition - actions and resources 2030-2050

In the longer term, a decline in oil and gas production will drive reductions in net carbon intensity towards net zero in 2050. Equinor will continue to produce and supply oil and gas in the coming decades, but anticipates that over time it will form a significantly smaller proportion of the portfolio.

Equinor will continue maturing the low carbon portfolio within hydrogen, biofuels, low carbon ammonia and other emerging fuels. Having a variety of options provides flexibility in timing to enable value creation over time.

Maritime decarbonisation ambition - actions and resources

Equinor established corporate maritime decarbonisation ambitions in 2020. With around 200 chartered vessels operating at any time, Equinor leverages its position as both a buyer and provider of marine fuels.

Achievements to date (tank-to-wake basis):

• 36% reduction in absolute emissions level in Norway (relative to 2005)
• 8% reduction globally (relative to 2008)

Achieved through uptake of alternative fuels (LNG and LPG) in the tanker fleet, LNG, battery hybrid and shore power for offshore vessels, and energy efficiency measures.

Fuel provider activities:

• Producing bio-blend fuels at Mongstad
• Biomass balanced bio-methanol at Tjeldbergodden
• In 2023, first supplier of bio-methanol for a new build dual-fuel methanol cargo vessel

2025 maritime buyer-side global greenhouse gas reduction ambitions: Cover maritime emissions (Scope 3, on a well-to-wake basis) from tankers transporting Equinor's and Petoro's equity volumes and third-party volumes as well as emissions from ships supporting offshore oil and gas and renewables activities.

Updated ambitions in 2025 set new time-bound ambitions for 2025-2050, aligned with IMO's updated global greenhouse gas strategy consistent with Paris Agreement and regional/national policies in EU and Norway.

Maritime decarbonisation - actions and resources: 2024

Global maritime CO₂ emissions were approximately 4.2 million tonnes in 2024, a slight increase from 2023 (on a tank-to-wake basis).

Maritime decarbonisation - actions and resources: 2025-2030

Equinor has set out a technology neutral 2025-2050 pathway for providing low carbon marine fuels and procurement of low carbon maritime services.

Actions:

• Continue to employ and support development of energy efficiency measures in chartered fleet
• Retain and invest in new dual-fuel LNG and LPG vessels and battery hybrid vessels and shore power capabilities
• Alternative fuels (bio-fuel, methanol and ammonia) will be a key lever
• For tanker fleet: contracting dual-fuel methanol tankers for product transport
• For offshore ship fleet: investing in a dual-fuel ammonia supply vessel

Overall costs for 2030 maritime decarbonisation ambition:

• Fuel costs
• Regulatory compliance related costs
• Investment in dual-fuel ship technology and energy efficiency measures (integrated in vessel chartering contracts)
• Joint funding of technology

It is assumed that EU and IMO fiscal mechanisms will continue to incentivise cost-efficient uptake of decarbonisation technologies, including emerging fuels.

Maritime decarbonisation - actions and resources: 2030-2050

Actions:

• Continue to employ and support development of energy efficiency measures in vessel fleet
• Retain and invest in new battery hybrid vessels and onshore power technologies for ship sectors where these solutions will be the preferred option (offshore vessels servicing oil and gas and offshore wind sectors)
• Uptake of emerging fuels will be a key lever for realising the 2050 net-zero ambition
• Leverage position as both provider and buyer of marine fuels to support building of emerging fuels production and market offering capacity
• Invest in required ship technology to enable uptake in chartered fleet

The most significant cost for maritime decarbonisation will continue to be related to fuel choice and fuel consumption.

Targets related to climate change mitigation and adaptation

Operated Greenhouse Gas Emissions Ambition

Target: 50% net reduction in operated (scope 1 and 2) greenhouse gas emissions by 2030 relative to 2015

• Type: Net reduction (90% absolute, 10% carbon credits)
• Baseline year: 2015
• Target year: 2030
• Scope: Own operations - Equinor operated assets (100% operational control basis)
• Absolute component: 45% absolute greenhouse gas emission reduction by 2030
• Science-based: Compatible with 1.5°C pathway as defined by IPCC AR6 C1 scenarios
• Progress (2024): 34% reduction achieved from 2015 baseline

Upstream CO₂ Intensity Target: 6 kg CO₂/boe in 2030

• Progress (2024): 6.2 kg CO₂/boe (compared to industry average of 16 kg CO₂/boe)

Methane Emissions Ambition

Target: Maintain methane emissions near zero, <0.02% of marketed gas

• Type: Intensity-based
• Scope: Own operations - Equinor operated assets
• Progress (2024): 0.01% of marketed gas (compared to OGCI average of 0.14%)

Net Carbon Intensity (NCI) Ambition

Target: 15-20% reduction in net carbon intensity by 2030, and 30-40% reduction by 2035, on pathway to 100% reduction (net zero) by 2050

• Baseline year: 2019 (67.4 g CO2e/MJ)
• Target years: 2030, 2035, 2050
• Scope: Value chain (scope 1, 2 and 3 emissions, including use of sold products)
• Type: Intensity-based
• Progress (2024): 2% below 2019 baseline (65.8 g CO2e/MJ)

Renewables Installed Capacity

Target: 10-12 GW of installed net renewable capacity by 2030

• Type: Capacity ambition (includes financial investments and shareholdings)
• Target year: 2030
• Progress (2024): 2.4 GW installed (including Ørsted and Scatec shareholdings: 6.2 GW equivalent)

CO₂ Transport and Storage Capacity

Target: 30-50 million tonnes of CO₂ per year transport and storage capacity by 2035

• Type: Absolute capacity
• Target year: 2035
• Scope: Equity basis
• Progress (2024): 2.3 million tonnes per annum installed or under development

Maritime Decarbonisation Ambition (2025 Update)

Target: Aligned with IMO's global greenhouse gas strategy consistent with Paris Agreement

• Scope: Maritime emissions (scope 3, well-to-wake basis) from tankers and offshore support vessels
• Target years: 2025-2050
• Progress (2024): 36% reduction in absolute emissions in Norway (relative to 2005); 8% reduction globally (relative to 2008)

Environmental Incidents Target

Target: 0.5 incidents per month for oil spills and gas leakages classified as red or yellow

• Type: Ongoing objective (no baseline year)
• Scope: All operated assets
• Progress (2024): 0.58 incidents per month annual average

Energy consumption and mix

Scope and methodology: Reporting covers Equinor's own operations (equity share). Energy consumption includes fuel combustion and purchased electricity, heat, steam, and cooling. Energy production metrics cover oil and gas production from own operations, gas-to-power from joint ventures, and renewable energy from own operations, joint ventures, and financial investments. Due to changes in reporting boundaries in 2024, year-on-year comparison of total energy consumption is not feasible.

Energy consumption by source (2024)

Energy production (2024)

Energy intensity

Energy intensity per net revenue: 370 MWh/USD million (2024)

Energy intensity is calculated as total energy consumption from activities in high climate impact sectors (Extraction of crude petroleum and natural gas (Division 06), Manufacture of coke and refined petroleum products (Division 19), Manufacture of chemicals and chemical products (Division 20), and Electricity, gas, steam and air conditioning supply (Division 35)) per net revenue from activities in high climate impact sectors. Net revenue consists of reported revenue for contracts with customers.

Gross Scopes 1, 2, 3 and Total GHG emissions

Scope 1 (direct GHG emissions)

Gross scope 1 GHG emissions (tCO₂e) – operated 100% basis:

Percentage reduction from baseline:

• 34% reduction in net scope 1+2 operated emissions by end of 2024 (baseline: 2015)

Upstream CO₂ intensity:

IOGP average: 16 kg CO₂/boe (reference for comparison)

Methane intensity:

OGCI member companies average: 0.14% (reference for comparison)

Upstream flaring intensity:

IOGP industry average: 9 (reference for comparison)

Scope 1 sub-breakdown: Not disclosed in detail by source category (stationary combustion, mobile combustion, process emissions, fugitive emissions).

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Scope 2 (indirect GHG emissions from purchased energy)

Not disclosed separately. The report references net scope 1+2 reductions but does not provide a standalone Scope 2 figure, nor location-based and market-based split for 2024.

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Scope 3 (indirect GHG emissions from value chain)

Not disclosed by GHG Protocol category. The report does not provide a detailed Scope 3 breakdown by categories 1–15.

Net Carbon Intensity (includes Scope 1+2 equity-basis and Scope 3 categories 11 and 15):

Percentage reduction from baseline:

• 2% reduction in net carbon intensity by end of 2024 (baseline: 2019)

Ambitions (reported as ranges in 2025 update):

• 15-20% reduction by 2030
• 30-40% reduction by 2035
• Net zero by 2050

Methodology notes:

• Net carbon intensity includes scope 1+2 emissions on an equity basis and scope 3 emissions from categories 11 (use of sold products) and 15 (investments), baseline year 2019.
• The 2024 metric was positively affected by a methodology revision to include scope 1+2 emissions on an equity basis (including non-operated assets).
• Production from renewables, reduced operational emissions, and acquisition of 10% share in Ørsted A/S contributed to the improvement.

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Total GHG emissions

Not disclosed. The report does not provide a consolidated total of Scope 1 + 2 + 3 GHG emissions for the reporting year.

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GHG intensity

See upstream CO₂ intensity and net carbon intensity metrics above.

No revenue-based GHG intensity metric (e.g. tCO₂eq per million EUR revenue) is disclosed in the excerpts.

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Biogenic CO₂ emissions

Not disclosed separately.

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Regulated emissions (e.g. EU ETS)

Not disclosed separately in the excerpts provided. The report mentions EU ETS price developments but does not quantify Equinor's regulated emissions under the scheme.

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Reporting boundaries and scope notes

• Operational control basis (100%): Used for upstream CO₂ intensity, methane intensity, flaring intensity, and gross scope 1+2 emissions reduction tracking.
• Equity basis: Used for net carbon intensity metric, including scope 1+2 emissions from equity share in assets and scope 3 categories 11 and 15.
• Partner-operated joint operations: Included in environmental reporting based on EFRAG implementation guidance. Judgment applied; some data from partners or estimates.
• Energy production conversion: Renewable electricity calculated as fossil fuel equivalent using a 36.8% efficient thermal plant assumption (multiply energy delivered to grid in TJ by 2.7).
• Baseline years: 2015 for scope 1+2 absolute and intensity reductions; 2019 for net carbon intensity.
• Target years: 2030, 2035, 2050.

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Data quality and estimation

• Partner-operated asset data received from partners or prepared as estimates; actual methodologies may differ.
• Estimates rely on historical experience, external sources, and management judgment; actuals may differ.
• Methodology updates in 2024 included equity-basis scope 1+2 emissions for net carbon intensity.

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Note on disclosure scope: This is Equinor's first year reporting under CSRD/ESRS. Scope 2 and detailed Scope 3 category-level data are not disclosed. The report focuses on upstream intensity metrics and progress toward 2030/2050 net-zero ambitions.

Anticipated financial effects from material physical and transition risks and potential climate-related opportunities

Phase-in exemption statement

With the exception of disclosures covered as part of the climate-related resilience assessment and physical climate risk assessment, Equinor exercises the right as per the ESRS Phase-in option, to begin reporting on all disclosures in the subsequent year.

Internal carbon pricing

In our portfolio and decision analysis, our base assumptions include a carbon cost for all investment decisions. For internal carbon pricing purposes, we forecast the EU ETS price, the UK ETS price, and the Norwegian carbon tax. Forecasts are based on assessing current market movements and analysing long-term development, including policies and regulations. For the EU ETS, the forward market and long-term supply and demand balances are analysed. For the UK ETS, a spread with the EU ETS in the near term is assumed. The CO₂-tax assumptions for Norwegian upstream assets are based on Norway's Climate Action Plan for the period 2021-2030 (Meld. St 13 (2020-2021)), assuming a gradually increased CO₂ tax (the total of EU ETS + Norwegian CO₂ tax) in Norway to 2,000 NOK/tonne (real 2020) in 2030.

An internal global carbon price is used in countries not covered by carbon pricing schemes. Starting from 2026, we use a default minimum at USD 92 per tonne (real 2024), that increases to USD 118 per tonne by 2030 and stays flat thereafter. This price is based on [text cut off in excerpt].

This carbon cost is included in investment decisions and is part of break-even calculations when testing for profitability robustness. The actual CO₂ costs for Equinor-operated assets were USD 954 million in 2024.

Portfolio resilience and capital allocation

Our capital allocation is designed to provide flexibility to optimise and re-optimise our portfolio, ensuring that we continue to generate high value through economic cycles. We thoroughly assess climate-related risks and the robustness of all investment proposals, incorporating a CO₂ cost and evaluating CO₂ intensity.

Within our oil and gas development portfolio, projects coming on stream in the next 10 years have a payback time of around 2.5 years and an average break-even price of below 40 USD/bbl. Accordingly, our oil and gas portfolio is expected to remain robust even to a sharp decline in prices. IEA's NZE scenario projects an increasing market size of carbon capture, utilisation and storage and a global growth in electricity generation from renewables of more than 600 percent by 2050, which could reflect a potential upside for Equinor's renewable and low carbon solution portfolio.

Physical climate risk

Changes in physical climate parameters, such as extreme weather events or chronic physical impacts, as e.g. rising sea level and increased temperatures could impact our assets, resulting in disruption to operations, increased costs, or incidents. By assessing our portfolio against the physical climate risk exposure and implementing mitigation measures as significantly higher than those under our operational control.

For more details on our physical climate risk assessment please see section 5.3 Additional sustainability information.

Policies related to pollution

Equinor has established several policies to manage material impacts on pollution, applying to assets and locations as outlined in their management system. These policies were informed by key stakeholders, including internal and external experts where applicable.

Equinor Book

Scope: All material E2 impacts across Equinor.

Key content/principles: The Equinor Book outlines who Equinor is and how they work, including their core values. Relevant provisions to pollution management include guidance on managing material impacts within pollution, by mitigating negative impacts and going beyond the "do-no-harm" principle and contributing to positive impacts on the natural environment. It outlines Equinor's commitment to fostering a proactive safety culture to prevent major accidents.

Public availability: The full overview is found in General disclosures section.

Code of Conduct

Scope: All material E2 impacts.

Key content/principles: Environmental management is conducted in accordance with good international practices and principles and applicable environmental laws and regulations. The policy describes Equinor's precautionary approach and outlines their commitment to improving environmental performance to protect nature and support conservation and restoration initiatives.

Public availability: The full overview is found in section G1-1.

Environmental Policy

Scope: All Equinor-operated assets and Equinor-controlled companies for all activities and phases of the capital value process. In partner-controlled activities, Equinor works actively to influence governance in line with best practices in joint-operated entities. Suppliers are expected to manage their environmental duties in compliance with applicable laws and contractual frameworks.

Approval and oversight: Owned by the executive vice president of safety, security and sustainability.

Key content/principles:

• Requirement for all operated assets to comply with applicable laws, regulations and company policies
• Risk-based due diligence approach to manage relevant environmental aspects and identify actual and potential impacts, risks and opportunities
• Application of precautionary approach and mitigation hierarchy, in accordance with international practices and principles
• Commitment to avoiding incidents that could negatively impact the environment
• Emergency response measures and immediate action to avoid and mitigate negative environmental consequences if incidents occur
• Commitment to restore any direct negative environmental consequences in affected areas
• Application of ISO14001 principles to managing significant environmental aspects, aiming at continued improvement of the management system and environmental performance
• Commitment to advocate for ambitious environmental policies when appropriate

Public availability: Published in 2024. The policy is available externally on Equinor's website and is integrated in the company's management system, easily available to all employees.

Links to international standards: The policy supports relevant international conventions and agreements, including the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework. It applies ISO14001 principles to manage significant environmental aspects.

Implementation monitoring: By applying ISO14001 principles, the policy aims at continued improvement of the environmental management system and performance. In 2024, a process was started for ISO14001 certification for onshore assets in Norway.

Functional Requirement – Sustainability

Scope: Applicable across Equinor for most locations.

Approval and oversight: Owned by the Executive Vice President of Safety, Security and Sustainability.

Key content/principles: Relevant provisions to pollution include:

• Requirement to avoid incidents and control negative impacts by integrating sustainability management according to ISO14001 standard principles into decision-making processes
• Call for identification of potential risks and development of appropriate prevention and control measures
• Execution of sustainability due diligence that considers risk, accommodates changes in context, adheres to precautionary approach, and incorporates insights from affected stakeholders
• Managing impacts and risks in line with recognised mitigation hierarchies
• Mandate that impacts on nature must be managed to reduce pressures on biodiversity and ecosystems and that irreversible harm to freshwater resources must be avoided

Public availability: Integrated in the management system, made available to all employees.

Work Requirement – Framework for Major Accident Prevention

Scope: All parts of Equinor's business where there may be a risk of major accidents.

Key content/principles: Defines a structure based on recognised industry practice for high-risk industries. Applies to the E2 material impact "Pollution to air and water from major accidents".

Public availability: The full overview is found in EQN-H&S-1.

Work Requirement – Corporate Sustainability Data

Scope: All business areas and functions.

Key content/principles: Requirement for all business areas and functions to have relevant environmental data related to pollution, such as emissions to air, discharges, waste, water use, drilling fluids and cuttings to sea. Sets out requirements for how this data is measured and calculated, and how equity share is recorded. Applies to the E2 material impact "Pollution to air and water (excluding accidents)".

Public availability: The full overview is found in General disclosures.

Biodiversity Position

Scope: Equinor's activities.

Approval and oversight: Owned by the executive vice president of safety, security and sustainability, reporting directly to the CEO.

Key content/principles: Relevant provisions include efforts to reduce nature loss or impact due to pollution linked to Equinor's activities, involving aiming to reduce emissions and discharges. The provisions support the global ambition to reverse nature loss by 2030, by establishing voluntary exclusion zones for activities and actively participating in research programmes and industry partnerships to build knowledge and develop innovative solutions to protect biodiversity and reduce pollution.

Public availability: Available externally on Equinor's website.

Actions and resources related to pollution

The actions below support all our policies related to pollution described in E2-1.

Strategic actions embedded in chemical management process

Action: Continuous improvement in operation with optimisation of use of chemicals and substitution of hazardous chemicals

• Scope: Own operations
• Time horizon: Long term (ongoing over several years)
• Description: Embedded in our chemical management process. This includes:
  • Substitution of chemicals with contractors
  • Testing and qualification of use of new chemicals
  • Improvement of equipment and processes to decrease chemical use and discharges
• Link to policy: Environmental Policy

Accident prevention and oil spill preparedness

Action: Enhancing accident prevention and oil spill preparedness

• Scope: Own operations
• Time horizon: Long term (continual improvement)
• Description: Continually improving our barriers, leak detection, emergency plans and risk analyses as our most important activity for mitigating the risk of pollution from a major accident
• Resources (non-financial):
  • Membership of local and international oil spill response organisations
  • Oil spill response capabilities in line with good international practice
  • Access to expertise and resources of wider industry
• Link to policy: Environmental Policy, commitment to avoiding incidents that could negatively impact the environment

Technology development for subsea leakage detection

Action: Web application for real-time barrier integrity data for subsea leakage detection

• Scope: Own operations (Norwegian continental shelf)
• Time horizon: Implemented 2024, with long-term enhancement projected
• Description: Developed a web application that visualises real-time barrier integrity data for subsea leakage detection and operational barriers. Implemented at all offshore assets on the Norwegian continental shelf with subsea infrastructure. Has passed technology readiness level 4 (TRL4)
• Expected outcomes: Enhanced sustainability efforts over the long term

Research and development projects

Action: Research and development projects relating to environmental risk

• Scope: Own operations
• Time horizon: Long term
• Description: Engagement in several R&D projects relating to environmental risk

Environmental Policy establishment

Action: Establishing our Environmental Policy

• Scope: All Equinor-operated assets and Equinor-controlled companies; influence in partner-controlled activities; supplier expectations
• Time horizon: Established 2024
• Description: Commitment to mitigating potentially negative impacts from business activities and contributing to positive nature impacts. In partner-controlled activities, working actively to influence governance in line with best practices. Suppliers expected to manage environmental duties in compliance with applicable laws and contractual frameworks

Operational support structure

Action: Preventing pollution from our daily operations

• Scope: All assets
• Time horizon: Long term (decades, projected to continue)
• Resources (non-financial): All assets have designated sustainability professionals who provide ongoing support to both operational teams and management
• Activities include:
  • Guidance on environmental regulations
  • Risk management
  • Best practice implementation
  • Environmental monitoring
  • Operational efficiency and continuous improvement
• Description: This strategic support approach has been integral to operations for decades

Asset-level environmental management

Action: Analysis of environmental aspects and implementation of actions

• Scope: Own operations (asset level and projects)
• Time horizon: Ongoing (yearly analysis)
• Description: An analysis of the environmental aspects is conducted yearly at asset level and for projects according to our guidelines. The management committee is responsible for identification and implementation of relevant actions to mitigate and handle the identified environmental aspects, impacts and risks
• Link to policy: Environmental Policy, functional requirements

Targets related to pollution

Oil spills and gas leakages target

Target metric: Frequency of oil spills and gas leakages that can lead to significant pollution

Target value: 0.5 incidents per month (incidents classified as red or yellow)

Target year: Ongoing objective (no specific end date)

Baseline year and value: No baseline year or value established

Scope: All operated assets

Type: Absolute frequency target

Validation: Target set with involvement of internal stakeholders and in reference to industry standards. Scientifically well-documented that acute spills can be harmful to the environment.

Progress to date (2024):

• 2024 performance: 0.58 incidents per month (annual average)
• 2023 performance: 0.83 incidents per month (annual average)
• Performance improved from 2023 but did not meet the 0.5 target

Monitoring: Target is evaluated monthly in the management information system (MIS) at various management levels to ensure necessary actions are implemented.

Additional tracking: Effectiveness of policies and actions related to emissions to air and discharge to sea is tracked through close follow-up of performance related to permit limits.

Pollution of air, water and soil

Scope and methodology

Equinor's discharges and emissions are carefully monitored, quantified and reported to national authorities. The sampling and measurement of emissions and discharges are done by online measurements, spot samples, time and flow proportional sampling, depending on available technology, sampling complexity, standardised methods, and cost.

The consolidated amounts of pollutants reported include all assets in Equinor's financial reporting that are operated by Equinor. Pollutant contributions of partner-operated assets with less than 1.5% of Equinor's production volume are excluded.

The estimated amounts of emissions to air and discharge to sea are partially based on historical data and were adjusted to be representative for 2024. For assets outside Norway, amounts of CO, PM, and F-gases, as well as pollutants to water are estimated based on extrapolation of calculated averages from comparable operations and crude qualities on the NCS.

For offshore assets in Norway, reported amounts of pollutants to air (except carbon monoxide and particulate matter) and pollutants to water are based on measurements. CO and PM are calculated using corresponding CO₂ numbers and known industry-specific emission factors.

For onshore assets in Norway, reported amounts of pollutants to air and water were calculated partially based on measurements combined with estimations from 2023 data. CO emissions are estimated based on emission factors in relation to CO₂ and CO concentrations measured at the source of emission, multiplied by the emitted amount of CO₂.

Calculation of emissions and discharges of substances related to E-PRTR are extrapolated estimates where a limited number of samples taken throughout the year are multiplied by the measured or calculated total volume at that emission or discharge point.

Annually reported environmental data, including emissions and discharges, for Norwegian assets are publicly available at norskeutslipp.no. Results from environmental monitoring of Norwegian assets are publicly available in national databases where applicable, such as Vann-nett, the MOD database and links at the Norwegian Environmental Agency homepages.

Pollutants exceeding E-PRTR thresholds (2024)

Pollutants emitted to air

Pollutants discharged to water

"–" Not above threshold

¹ Onshore oil and gas processing facilities only

Emissions and discharges scope

The emissions to air and discharge to sea from operated assets in Norway, US, UK, Brazil and Angola that exceed the thresholds in Annex II of the E-PRTR (European Pollutant Release and Transfer Register) are included in the tables above.

The amount of carbon dioxide (CO₂), methane (CH₄) and nitrous oxide (N₂O) is excluded from the pollutants to air table as these are disclosed in E1 Climate change.

Anticipated financial effects from pollution-related impacts, risks and opportunities

Phase-in exemption

Equinor exercises the right to begin reporting on this disclosure in the subsequent year, in accordance with the ESRS phase-in option.

Methodologies and Measurements

The estimated amounts of emissions to air and discharge to sea in table "Pollutants emitted to air" and "Pollutants discharged to sea" are partially based on historical data and were adjusted to be representative for our emissions to air and discharge to sea for 2024.

The regulatory measurement and reporting requirements vary globally. Estimations were performed for countries where measurement of pollutants to air and water are not mandatory. This applies for assets outside Norway where the amount of CO, PM, and F-gases, as well as the amount of pollutant to water are estimated based on extrapolation of calculated averages from comparable operations and crude qualities on the NCS, other pollutants to air are based on measurements.

The consolidated amount of pollutants reported in tables on emissions and discharge are the estimated total amount of each of the specific pollutants exceeding the given threshold limits based on estimates for each specific assets. The scope of the consolidation is including all assets in Equinor's financial reporting and that are operated by Equinor. Pollutant contributions of partner-operated assets with less than 1.5% of Equinor's production volume are excluded.

The amount of carbon dioxide (CO2), methane (CH4) and nitrous oxide (N20) is excluded from table "Pollutants to air" as these numbers are disclosed in E1 Climate change.

For offshore assets in Norway the reported amounts of pollutants to air, except carbon monoxide (CO) and particulate matter (PM), and pollutants to water are based on measurements. CO and PM are calculated by the use of corresponding CO2 numbers and known industry-specific emission factors.

For onshore assets in Norway the reported amounts of pollutants to air and water were calculated partially based on measurements combined with estimations from 2023 data. CO emissions are estimated based on emission factors in relation to CO2 and CO concentrations measured at the source of emission, multiplied by the emitted amount of CO2.

Disclosure of sampling, measurements, calculation, estimation and accounting methodologies of pollutants to air and water is provided in E2-4.

Transition plan and consideration of biodiversity and ecosystems in strategy and business model

Corporate strategy and business model integration

We support the global goal of halting and reversing biodiversity and nature loss by 2030. For decades, the "do-no-harm" principle has guided our work, with the purpose of avoiding and minimising adverse impacts to populations and ecosystems where we operate. As a response to the request for transformative change from the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) (2019), we have updated our ambition to go beyond "do-no-harm". This policy commitment is informing performance in business and project development, operations, research and decommissioning across all our value chains.

In line with this direction, we consider and manage environmental aspects through risk and impact assessments. These processes include baseline studies, surveys and monitoring programmes and involves affected stakeholders. Moreover, a key element to broaden biodiversity and nature-related knowledge and build our resilience, is to run and partake in collaborative research projects with research institutes and other companies.

The current ambition is in line with relevant international frameworks such as the Kunming-Montreal Global Biodiversity Framework and the EU Biodiversity Strategy for 2030. Our comprehensive nature agenda also provides opportunities in the form of competitive advantages, enhanced recruitment and retention of new talent.

Biodiversity targets

We are developing new projects in jurisdictions which have regulatory requirements related to No Net Loss or Net Positive Impact (NPI) (in some jurisdictions referred to as Biodiversity Net Gain – BNG). The three actions below illustrate how Equinor is guiding its efforts towards its nature-positive ambitions.

In 2022, we developed a methodology for site specific inventories (SSI) to provide an overview of key biodiversity features at operational sites and the potential negative impacts of the company's activities on these features. Preparation of the site-specific inventories started in 2023 and we have spent time in 2024 to gain a comprehensive understanding of the current condition of nature at our sites. This work also includes the identification of potential positive measures to support positive contribution to biodiversity. Specific initiatives in 2024 focused on artificial nesting sites and seaweed restoration. This action contributes to the achievement of environmental policy, to support our positive impacts on nature, and the biodiversity position's objective to develop a net-positive approach. The SSI mapping will span over the short- and medium-term, helping manage and mitigate our land and sea use change impacts. No biodiversity offsets were used in this action in 2024.

In 2022, we developed a methodology for preparing net-positive impact (NPI) plans for new projects overlapping with protected areas or other sensitive areas. This methodology builds on the principles of the mitigation hierarchy. The methodology was piloted in 2022 and 2023 on relevant projects, and this was continued in 2024 through support to new development projects and their development of NPI plans. The objective is to gradually implement NPI plans as an integral part of a project-specific impact assessment, hence the action will span over the short- and medium-term across our operations. This action contributes to the achievement of environmental policy and biodiversity position's objectives. No biodiversity offsets were used in developing the NPI methodology.

Geographic and value chain scope

Our 2024 double materiality assessment identified material impacts on biodiversity and ecosystems across the value chain. To identify biodiversity and ecosystem-related impacts we used input from comprehensive site screening processes across site locations, impact assessment processes and business activities within our operations, assessing the interface with nature.

Our global operations require goods and services to be transported over significant distances, often by shipping. Transport of goods can serve as a vector for the spread of species resulting in the introduction of new species with an invasive potential to an area. We seek to manage and mitigate these impacts through its risk assessment processes. Measures to manage such risks include adherence to international and national regulations; research activities to understand alien species risk potential as well as potential mitigation measures; and collaboration between peers.

Use of frameworks

No specific mention of TNFD framework usage was disclosed in the excerpts provided.

Investment commitments

No specific investment commitments were disclosed in the excerpts provided.

Linkage to nature-related risk assessment

We have ongoing work to enhance our understanding of the resilience of the business model and strategy in relation to biodiversity and ecosystems.

Our materiality assessment focused on contribution to direct impact drivers on biodiversity loss and impacts on species and ecosystems. Since biodiversity and ecosystems are closely connected to other environmental matters, and to avoid overlaps and double counting, the impacts on biodiversity and ecosystem change stemming from climate change (E1) and pollution (E2) are covered under those respective topical sections. This includes any pollution effects from a potential major accident. Impacts related to transition from extraction of non-renewable resources and the implementation of practices that prevent waste generation are covered in resources use and circular economy section (E5).

We seek to manage and mitigate the current and anticipated adverse impacts through its impact and risk management processes, monitoring activities, and application of the principles of the mitigation hierarchy and BAT. This work runs throughout project development, construction and operations. Managing these impacts has been strengthened through changes to our approaches.

Policies related to biodiversity and ecosystems

Equinor has the following policies in place to manage material impacts on biodiversity and ecosystems. These policies apply to assets and locations as outlined in the company's management system and guide sustainable land and sea use. The policies were informed by key stakeholders, including internal and external experts as applicable. The current policies do not specifically support traceability of products, components and raw materials along the value chain. The listed policies apply to all E4 impacts.

Equinor Book

Scope: The full overview of the Equinor Book can be found in General disclosures.

Key content:

• Provides guidance on how the company manages material impacts within biodiversity and ecosystems
• Refers to mitigating negative impacts
• Aims to go beyond the do-no-harm principle
• Explores contributions towards positive impacts on the natural environment
• Supports relevant international conventions and agreements

Code of Conduct

Scope: The full overview of the Code of Conduct can be found in G1-1.

Key content:

• References Equinor's environmental management in context of relevant international practices and principles
• References applicable environmental laws and regulations
• Pertains to a precautionary approach
• Includes the principle of continual improvement of environmental performance to protect nature and support nature conservation and restoration initiatives

Environmental Policy

Scope: All Equinor-operated assets and Equinor-controlled companies. In partner-controlled activities, Equinor works actively to influence governance in line with best practices in joint-operated entities. Suppliers are expected to manage their environmental duties in compliance with applicable laws and contractual frameworks.

Key content:

• Mandates application of a risk-based due diligence approach to manage relevant environmental aspects
• Includes commitment to mitigate potential negative impacts
• Commits to avoiding incidents with a negative impact on the environment and to avoid and mitigate negative environmental consequences if such incident occurs
• Applies the ISO14001 principles to manage significant environmental aspects
• Aims to continually improve environmental management
• Sets out commitment to advocate for ambitious environmental policies when appropriate
• Mandates application of the precautionary approach and the mitigation hierarchy, in accordance with international practices and principles
• Reiterates commitment to avoiding incidents that could negatively impact the environment
• If incidents occur, emergency response measures and immediate action will be taken to avoid and mitigate negative environmental consequences

Biodiversity Position

Governance: The position is owned by the executive vice president of safety, security and sustainability, reporting directly to the CEO.

Key content:

• Supports the global ambition of reversing nature loss by 2030, by going beyond the "do-no-harm" principle, aiming for a net positive impact on biodiversity for new projects in areas of high biodiversity value
• Commits to establishing voluntary exclusion zones for activities
• Commits to active participation in research programmes and industry partnerships
• Commits to investments in nature-based solutions to further build knowledge and develop innovative solutions to protect biodiversity
• Describes how an integrated ecosystem-based management approach will inform business decisions
• Supports and advocates for an integrated science-based management approach that considers the cumulative effects of different human activities on a given area and sets clear direction towards beneficial co-existence between nature and the potential different users
• Prohibits all industrial activities in the most sensitive areas, including UNESCO World Heritage sites and areas classified as Ia and Ib by the International Union for Conservation of Nature (IUCN)
• For existing Equinor operated assets, the policy mandates site-specific inventories of important biodiversity features and conservation measures to be considered
• For new assets, measures to promote positive impact on biodiversity shall be assessed and implemented

Work Requirement – Corporate Sustainability Data

Scope: The full overview of this Work Requirement on Sustainability Data can be found in General disclosures.

Key content:

• Includes provisions for business areas and corporate functions to provide relevant biodiversity and ecosystem data needed for the company's group level sustainability reporting

Work Process – Performing Impact Assessment

Scope: Applicable across project development to ensure that new business opportunities are delivered with the lowest predicted impact on nature and biodiversity possible.

Key content:

• Sets requirements and expectations towards project development to ensure that new business opportunities are delivered with the lowest predicted impact on nature and biodiversity possible
• Provides expectations and guidance on how to manage biodiversity related impacts and risks
• Includes expectations on how stakeholders are involved

Actions and resources related to biodiversity

Equinor reports the following actions to support its biodiversity and ecosystems policies described in E4-2:

1. Delivering positive measures to enhance biodiversity

Description: Equinor applies the mitigation hierarchy in project development to focus on avoiding and minimising impacts before exploring restoration and compensatory measures to achieve net positive impact on biodiversity.

Scope: Own operations

Time horizon: Short- and medium-term

Resources: Will require biodiversity offsets

Context: Equinor is developing new projects in jurisdictions with regulatory requirements related to positive contributions to nature. Measures take the form of plans for biodiversity compensation or biodiversity net gain. These plans have been approved by relevant authorities and dedicated projects to deliver these positive measures have been established.

Link to policy: Contributes to achievement of the Environmental Policy and Biodiversity Position's objectives to mitigate negative impacts and develop net-positive approach.

Status (2024): No biodiversity offsets were used in this action in 2024.

2. Net Positive Impact (NPI) Methodology

Description: Development of a methodology for preparing net-positive impact (NPI) plans for new projects overlapping with protected areas or other sensitive areas. This methodology builds on the principles of the mitigation hierarchy.

Scope: Own operations (new development projects)

Time horizon: Short- and medium-term

Timeline: Methodology developed in 2022; piloted in 2022 and 2023 on relevant projects; continued in 2024 through support to new development projects

Objective: Gradually implement NPI plans as an integral part of a project-specific impact assessment

Link to policy: Contributes to achievement of Environmental Policy and Biodiversity Position's objectives

Status (2024): No biodiversity offsets were used in developing the NPI methodology.

3. Research and innovation

Description: Launch of several research initiatives in 2024 aimed at identification and maturing nature-positive contributions in areas where Equinor operates. Using site-specific inventory methodology to identify areas important for biodiversity close to assets and actively searching for opportunities to enhance nature.

Scope: Own operations

Time horizon: Short- and medium-term

Link to policy: Supports innovation, development and implementation of technology to protect the environment. Allows sharing of relevant and available environmental data.

4. Collaboration

Description: Continued collaboration with important industry associations and conservation organisations.

Partners:

• World Business Council for Sustainable Development (WBCSD)
• International Petroleum Industry Environmental Conservation Association (IPIECA)
• International Union for Conservation of Nature (IUCN)
• Intergovernmental Oceanographic Commission of UNESCO (IOC-UNESCO)
• United Nations Environment Programme's World Conservation Monitoring Centre (UNEP-WCMC)

Scope: Own operations

Time horizon: Short- and medium-term

Link to policy: Contributes to achievements of Environmental Policy and Biodiversity Position objectives

Targets related to biodiversity and ecosystems

Equinor does not disclose quantified, time-bound corporate targets related to biodiversity and ecosystems in the reporting period.

Statement on Target Development

The company states:

"We track the effectiveness of the actions to address material impacts and measure the progress of our policies' objectives as part of our risk-based management approach. We are in the process of exploring measurable, time-bound corporate targets or ambitions on biodiversity and ecosystems that will support our policies. Our ambition is to set the corporate targets that aim to support net positive impact for key features to be quantitative where possible, and to build on the mitigation hierarchy, prioritising avoidance."

Qualitative Ambitions

While no quantified targets are disclosed, the company has established the following ambitions through its policies:

• Environmental Policy (2024): Commitment to mitigating potentially negative impacts from business activities and contributing to positive nature impacts
• Biodiversity Position: Support for the global ambition of reversing nature loss by 2030, by going beyond the "do-no-harm" principle, aiming for a net positive impact on biodiversity for new projects in areas of high biodiversity value
• Net Positive Impact (NPI) approach: Gradual implementation of NPI plans as an integral part of project-specific impact assessments for new projects overlapping with protected areas or other sensitive areas

Scope: The Environmental Policy covers all Equinor-operated assets and Equinor-controlled companies. In partner-controlled activities, Equinor works actively to influence governance in line with best practices.

Impact metrics related to biodiversity and ecosystems change

Sites located in or near biodiversity-sensitive areas

The table below shows the number of Equinor sites, owned, leased or managed, that are located in or near biodiversity-sensitive areas with potential negative impacts on said areas. The level of impact will vary from significant to negligible depending upon the type of asset, type of activities and time since asset was installed/became operational.

Assets and activities in or near biodiversity sensitive areas (operational control)

¹ 100% reporting basis ² Key Biodiversity Area (KBA) and Particularly Valuable and Vulnerable Areas in Norway (SVO)

Assets and activities in or near biodiversity sensitive areas (partner operated)

¹ 100% reporting basis ² Key Biodiversity Area (KBA) and Particularly Valuable and Vulnerable Areas in Norway (SVO) ³ Average ownership of this asset was 27% in 2024

Methodology

Sites located in or near biodiversity-sensitive areas: Equinor uses a GIS-based approach to determine the proximity of assets and licenses to biodiversity-sensitive areas. Assets in biodiversity-sensitive areas are identified by overlaying asset location data with globally available datasets for protected areas from the World Database on Protected Areas (WDPA) and Key Biodiversity Areas (KBA). An additional publicly available dataset available for Norway, Particularly Valuable and Vulnerable Areas (SVO), is used for assets on the Norwegian continental shelf. Assets near biodiversity-sensitive areas are identified by applying a buffer of 1km around each asset.

Linear assets, such as pipelines, cables etc., are stored as linear features without an area in Equinor asset location data. A 5 meter buffer, either side of the asset, has been added to these assets. This constitutes a 10 meter wide corridor which has then been used to perform the area calculations.

The following assets have been presented:

• Production and processing facilities in and near biodiversity sensitive areas
• Linear infrastructure facilities installed before 2024 in biodiversity sensitive areas
• All linear infrastructure facilities installed in 2024 in and near biodiversity sensitive areas

Site specific inventories: Developing site specific inventories for operational sites has included mapping of sensitive species and habitats in the influence areas of the facilities, identifying the asset specific pressures affecting these species and habitats and then reviewing the asset specific responses with regards to relevance, appropriateness and efficiency. The final step includes the identification of potential positive measures to enhance nature and biodiversity.

Biodiversity offsets: Biodiversity offsets relate to the last phase of the mitigation hierarchy and the mitigation actions taken in this phase to manage adverse impacts. Within this context, Equinor treats both offset and compensatory measures interchangeably, as strategies aiming to counterbalance any remaining environmental negative impact by enhancing biological diversity in other areas.

Anticipated financial effects from biodiversity and ecosystem-related impacts, risks and opportunities

Phase-in exemption

Equinor exercises the right, as per the ESRS Phase-in option, to begin reporting on this disclosure in the subsequent year.

Policies related to resource use and circular economy

Equinor has the following policies in place to manage material impacts on circular economy. These policies apply to assets and locations as outlined in the management system and were informed by key stakeholders, including internal and external experts where applicable.

Equinor notes that currently, the policies do not directly address the transitioning away from use of virgin resources, nor the use of renewable resources. However, the company has policies, actions and ambitions in place to support this. As most policies within this area were implemented recently, the company has yet to quantify their impact on the increased use of secondary materials, which will be an area of emphasis moving forward.

Equinor Book

Scope: Full scope of operations, including upstream and downstream activities

Key content:

• Guidance on how the company manages material impacts within resource use and circular economy
• Aims to go beyond the do-no-harm principle by making a positive impact on the natural environment
• Supports relevant international conventions and agreements

Application: Applies to all material E5 impacts

Public availability: Referenced in General disclosures

Environmental Policy

Scope: Full scope of operations, including upstream and downstream activities

Key content:

• Refers to the transition towards a circular resource economy
• States that Equinor shall pursue opportunities to promote circularity
• Focuses on resource optimisation and avoidance of scarce natural resource depletion

Application: Applies to all material E5 impacts

Public availability: Full overview found in E1-2

Code of Conduct

Key content:

• Describes overarching efforts to facilitate the transition towards more responsible resource use and a circular economy
• Actively contributes to efficient use of resources and mitigation of negative impacts on the natural environment
• Emphasises commitment to outstanding natural resource efficiency and the reduction of greenhouse gas emissions, which aligns with circular economy principles
• Focuses on environmentally friendly technologies and continuous improvement to minimise environmental harm and enhance resource management
• Ensures that results are evaluated and followed up

Application: Applies to all material E5 impacts

Public availability: Full overview found in G1-1

Functional Requirement - Sustainability

Governance: Owned by Equinor's executive vice president of safety, security and sustainability

Key content:

• Regulates nature, climate, social and transparency aspects related to Equinor and the value chain
• Governs the approach to sustainability management including integration of sustainability matters within the wider management system
• Requires pursuing opportunities to promote circularity in the group's activities and the supply chain
• Promotes responsible resource use and utilising purchasing power to reduce emissions throughout the supply chain
• Ensures resource optimisation and avoidance of scarce natural resource depletion
• Requires risk-based sustainability due diligence, mitigation of negative impacts, and pursuit of positive impacts

Application: Applies to all material E5 impacts

Public availability: Full overview found in General disclosures

Work Requirement - Corporate Sustainability Data

Key content:

• Requires recording the total volume of non-hazardous and hazardous waste from company-operated activities
• Requires recording the volume of wastewater recycled and re-used
• Focuses on reducing water withdrawals and discharges through re-using or recycling wastewater from the facility or activity

Application: Applies to the identified material impact related to "Waste water and drill waste from oil and gas operations"

Public availability: Full overview found in General disclosures

Work Requirement – Safety, Security and Sustainability Qualification of Suppliers

Governance: Mandated in Functional Requirement on Supply Chain Management, which is owned by Equinor's executive vice president of Projects, Drilling and Procurement

Key content:

• Ensures qualification of suppliers based on stringent safety, security, social and environmental criteria
• Relates to sustainable sourcing practices by supplier HSE qualification based on screening and evaluating suppliers' materials use
• Through regular assessments of vendors and products, contributes to the circular economy through purchasing equipment with longer life spans and repairing and recycling equipment when possible

Scope: All employees and contractors (available via intranet to all internal stakeholders)

Application: Applies to the material impact "Use of virgin materials in the fabrication and construction of our facilities"

Monitoring: Part of management system, available via intranet to ensure effective implementation

Waste procedure in our management system

Governance: Mandated within the Functional Requirement on Sustainability, which is owned by Equinor's executive vice president of safety, security and sustainability

Scope: Applies to all employees as well as contractors working on Equinor-operated sites and facilities

Key content:

• Centred around proper storage, handling, labelling and declaration of waste
• Follows the waste hierarchy and promotes the reduction of waste through avoidance and minimisation strategies
• Explores opportunities for reuse, recycling and ultimately value creation
• Uses a risk-based approach where risks should be identified, and mitigation measures and plan made accordingly
• All installations shall have a waste handling plan, which should be aligned with national legislation
• The disposal of waste after use is primarily overseen by suppliers

Application: Applies to both material E5 impacts related to waste

Monitoring: Waste procedures are made available when establishing contracts; close collaboration with suppliers to ensure proper end of life treatment in line with circular economy principles

Actions and resources related to circular economy

Framework to foster a circular economy

Description: Established a framework of guiding principles to foster the adoption of circular economy practices throughout the business, building upon R-strategies (refuse, rethink, reduce, reuse, repurpose, remanufacture, repair, refurbish, recycle). Focus on sustainable sourcing, extension of product lifespan, effective end-of-life resource management and industrial symbiosis.

Scope: Own operations

Time horizon: Short to long term

Link to policy: Supports objectives of Environmental Policy (implemented 2024)

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Reducing reliance on virgin materials

3D printing technology

Description: Use of 3D printing in combination with digital inventories to enable resource optimisation, reduce stockpiling of physical spare parts, and reduce transport and waste in supply chain. Partnership with F3nice to transform metal scraps from operations into powder for 3D printing (100% recycled metal powder).

Scope: Own operations and upstream supply chain

Time horizon: Short to long term (technology in use since 2020, growing rapidly)

Resources: In 2024, one completed project produced 4,000 3D-printed metal parts using 100% recycled metal powder from F3nice. Current effect is relatively modest on corporate scale, with plans to upscale use.

Expected outcomes: Reduce stockpiling, transport emissions, and waste; enable resource optimisation

Link to policy: Supports Environmental Policy and functional sustainability requirements

Net zero ambition for renewable activities

Description: Net zero by 2040 ambition for renewable activities. Key short-term action to increase use of recycled content wherever possible, especially for steel (most widely used virgin material in wind farm fabrication).

Scope: Upstream (fabrication of infrastructure)

Time horizon: Short-term action towards 2040 ambition

Link to target: Net zero by 2040 for renewable activities

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Launching initiatives to systematically minimise waste

Wastewater reduction at offshore sites

Description: Upgrading drilling slop facilities at offshore sites on Norwegian continental shelf to reduce wastewater volumes at source.

Scope: Own operations

Time horizon: Short to long term

Expected outcomes: Reduced wastewater volumes sent to shore by 68%; reduced risk of eutrophication in enclosed waters; reduced GHG emissions from transportation to onshore facilities

Link to policy: Supports waste management policies and waste hierarchy objectives

Drilling waste reduction and reuse

Description: Reuse of drilling mud and base oil. Currently reusing 60% of oil-based mud and 30% of water-based mud. Facilitating reuse of base oil by adjusting specifications. Contractual systems that compensate for use of fluids, providing economic incentive for suppliers to reuse rather than produce new volumes.

Scope: Own operations and upstream (suppliers)

Time horizon: Long term (efforts planned to continue)

Expected outcomes: Minimise drilling waste generation

Link to policy: Adheres to waste hierarchy principles

Integrated Waste Management Project

Description: Initiated in 2024 to ensure comprehensive approach to waste management across activities. Aims to identify risks and propose actions for reducing waste volumes close to source and increase capacity for waste storage and treatment.

Scope: Own operations

Time horizon: Project completion in short term; implementation of recommended actions planned with long-term outlook

Link to policy: Mandated within Functional Requirement on Sustainability

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Recovering value upon decommissioning

Oil and gas installations recycling

Description: Practices to ensure value recovery through recycling and reuse of decommissioned platforms. Active work to ensure reuse of surplus material.

Scope: Own operations and downstream (decommissioning)

Time horizon: Long term

Resources: In 2024, completed dismantling and recycling of 22,767 tonne Veslefrikk B platform, with 96% of platform weight either recycled, reused or incinerated with heat recovery. Parts including workshop equipment, furniture and electrical equipment went to reuse; some equipment donated.

Expected outcomes: Increase knowledge base, minimise waste fractions sent to landfill, recover value at end of life

Link to policy: Supports waste procedures and functional requirement within sustainability objectives

Upcycling of Maritime Metal project

Description: Joined joint industry project in 2024 exploring option of upcycling steel plates from oil platforms to construction industry.

Scope: Downstream (decommissioning)

Time horizon: Long term

Link to policy: Supports value recovery objectives

Renewable energy - wind turbine blade recycling

Description: New ambition established in 2024 to ban landfill of blades immediately and perform 100% recirculation of decommissioned blades by 2030. Participation in Circular Economy for the Wind Sector (CEWS) initiative together with ORE Catapult, Total Energies, and RWE to devise practical solutions for recycling materials used in wind turbines.

Scope: Downstream (decommissioning) and value chain

Time horizon: Immediate ban on landfill; 100% recirculation by 2030

Resources (non-financial): Partnership with ORE Catapult, Total Energies, and RWE through CEWS initiative

Expected outcomes: Reduce waste from wind farms; 100% recirculation of decommissioned blades by 2030

Link to target: 100% recirculation of decommissioned blades by 2030

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Strengthened engagement with decommissioning suppliers

Description: Initiated research activities in 2024 and strengthened engagement and collaboration with decommissioning suppliers to explore opportunities to minimise waste sent to landfill.

Scope: Downstream (decommissioning suppliers)

Time horizon: Long term (impact will grow as number of assets to be decommissioned increases)

Expected outcomes: Minimise waste sent to landfill from decommissioning

Link to material impact: Addresses material impact of waste sent to landfill from decommissioning

Targets related to circular economy

Equinor has not yet set formal corporate targets in relation to resource inflows and outflows, including waste, products and materials.

Future Target Development

In 2024, Equinor focused on calculating resource inflow and outflow metrics in order to provide a foundation on which appropriate time bound and measurable targets can be set in the medium term.

Equinor aims to set corporate targets that address material impacts related to resource use and circular economy, aimed at:

• Reducing the use of virgin materials
• Increasing reuse and recycling efforts
• Minimising waste generation

Equinor recognises the importance of setting time bound, measurable targets that align with the overall strategy to foster resource efficiency. Progress will be tracked and disclosed in subsequent sustainability reporting.

E5-4 Resource inflows

Overview

Our operations depend on a diverse range of resource inputs, essential for our day-to-day functions. We are conscious of the environmental impacts tied to resource extraction and processing, including energy use, habitat disruption, and pollution. Committed to sustainability, we strive to innovate and adopt practices that reduce our environmental footprint, enhance resource efficiency, and support ecosystem preservation.

In 2024, we concentrated our reporting on steel products which was identified as material in our double materiality assessment. Our inflow of steel products is significant in volume and essential for the functionality and expansion of our oil and gas infrastructure, as well as our growing portfolio in renewables.

Material use

Methodology and data quality notes

Given the high recyclability of steel, it is probable that a notable portion of our reported steel inflows contain recycled content. However, due to a lack of detailed data, we have conservatively reported zero recycled content this year. This precaution also extends to reused content; despite the fact that reused steel represents a share of our steel inflows. We are committed to improving data collection in the future to better understand the amount of recycled and reused content in our resource inflows. The materiality of resource inflows will be refined in future disclosures to align with circular economy principles and provide greater transparency on resource usage and their environmental impact.

The data on amount of steel products is reported based on an operational control and calculated using a combination of direct measurements and estimations. The figures include low- and high-alloyed steel from projects and operations. The applied methodology draws on procurement records for accurate data, and supplements with estimates that are considered reliable as they also serve as the foundation for CAPEX calculations. Double counting is avoided through dialogue between data providers to ensure coordination across.

Key judgements and estimation uncertainty

Additional information about key sources of estimation uncertainty is provided in section E5 circular economy, including that parts of data related to resource inflows are based on estimates.

Resource outflows

Equinor has set ambitions within its renewable portfolio that encourage reduced use of virgin materials and avoid sending blades to landfill. In 2024, the dismantling and recycling of the 22,767 tonne Veslefrikk B was completed. 96% of the platform's weight was either recycled, reused or recovered.

The company's resource outflows primarily relate to decommissioning activities. Wastewater and drill waste from oil and gas operations constitute negative actual impacts from resource outflows.

For the reporting of impacts, risks and opportunities (IRO), the scope is extended to consider the direct and indirect business relationships in the upstream and downstream value chain. However, specific quantitative targets or percentages for recyclability across products and services are not comprehensively disclosed in this section.

Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities

Equinor exercises the right, as per the ESRS Phase-in option, to begin reporting on this disclosure in the subsequent year.

Waste

Equinor initiated an integrated waste management project in 2024 to ensure a comprehensive waste management approach across its activities. The company has established a framework of guiding principles on circular economy practices.

Waste from operations

Parts of data related to resource inflows are based on estimates. The company monitors waste generated in operations as part of Scope 3 Category 5 calculations.

Decommissioning waste

A key achievement in 2024 was the completion of dismantling and recycling of the Veslefrikk B platform (22,767 tonnes). 96% of the platform's weight was either recycled, reused or recovered.

Material impacts

Waste sent to landfill from decommissioning of Equinor's infrastructure is identified as a negative actual impact under resource outflows.

Wastewater and drill waste from oil and gas operations are also identified as negative actual impacts.

Scope 3 Category 5

Emissions from waste generated in operations are calculated based on actual waste data from Equinor operated activities, applying relevant emission factors determined by waste categories and treatment methods.

The company's approach to waste management follows the mitigation hierarchy and applies best available techniques (BAT) throughout project development, construction and operations.

Policies related to own workforce

Equinor has established multiple policies and internal requirements to manage material impacts on its own workforce. These policies are implemented within the company's management system and were informed by key stakeholders, including internal and external experts where applicable.

Equinor Book

Scope: Valid globally for all Equinor locations and applies to all members of the workforce.

Governance: Implemented within the management system and owned by the Executive Vice President of Safety, Security and Sustainability.

Key content/principles:

• Outlines Equinor's overall vision, including "who we are" and "how we work"
• Core elements include:
  • Purpose
  • Safety, to keep people safe
  • Values, which guide behaviour
  • Ethics and compliance, which guide doing the right thing
  • Values-based performance culture and leadership principles
• Describes how the company drives performance and enables safe, profitable, and sustainable results
• Reflects collaborative culture and ensures that risks are managed and tasks executed safely and with precision
• Describes the most important requirements for the whole company and defines a common framework for the way of working

Public availability: Implemented within the management system; available to all Equinor locations.

Application: Applies to all material S1 impacts and covers all members of the workforce.

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Code of Conduct

Scope: Applies to all material S1 impacts and covers all of the workforce.

Key content/principles:

• Sets out commitment and requirements for how business is conducted at Equinor
• Includes expectations for ethical behaviour and legal compliance
• Addresses diversity and inclusion, bullying and harassment, substance abuse, and privacy and data protection
• Maintains a firm zero tolerance policy for harassment
• Does not tolerate any discrimination or harassment of colleagues or others affected by operations
• Requires everyone to treat others with fairness, respect, and dignity
• Discrimination includes exclusion, preference or illegal distinction based on ethnicity, age, gender, gender identity, disability, sexual orientation, religion or belief, political views, or any other characteristic that compromises the principle of equality
• Employees are trained on how to apply the Code of Conduct in daily work
• Annual confirmation required that all employees understand and will comply with requirements
• Suppliers are required to act in a way consistent with the Code of Conduct

Public availability: Available online.

Links to international standards:

• References conducting business consistently with the UN Guiding Principles on Business and Human Rights (UNGPs)
• Environmental management conducted in accordance with good international practices and principles
• Applicable environmental laws and regulations
• Precautionary approach
• Principle of continual improvement

Monitoring: Employees receive training; annual confirmation of understanding and compliance required; suppliers are engaged to understand ethical requirements.

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Human Rights Policy

Scope: Applies to all negative material S1 impacts; publicly available online in multiple languages.

Governance: Implemented within the management system; owned by the Executive Vice President of Safety, Security and Sustainability.

Key content/principles:

• Confirms goal to conduct business consistently with the UN Guiding Principles on Business and Human Rights (UNGPs)
• Expresses respect for internationally recognised human rights, including those set out in:
  • International Bill of Human Rights
  • International Labour Organisation (ILO) Declaration on Fundamental Principles and Rights at Work
• Contains explicit provisions regarding human trafficking, forced labour and child labour
• Includes commitments towards own workforce:
  • Working to ensure safe, healthy and secure working conditions
  • Fair treatment
  • Non-discrimination
  • Respect for the right of freedom of association and collective bargaining
• Includes expectations towards suppliers and partners
• Includes commitments towards communities in which the company operates
• Regularly engages with affected stakeholders
• Outlines commitment towards those raising grievances and seeking remedy for actual impacts
• Does not tolerate any forms of recrimination or retaliation against those who raise a concern
• Recognises and respects the right of human rights defenders to advocate for and defend human rights in a peaceful manner

Salient human rights issues (updated in 2024):

• Unsafe working conditions
• Unethical recruitment of migrant workers in the supply chain
• Wage theft and excessive working hours in the supply chain
• Adverse impacts on local communities and indigenous peoples resulting from the use of land

Public availability: Publicly available online in multiple languages.

Links to international standards:

• UN Guiding Principles on Business and Human Rights (UNGPs)
• International Bill of Human Rights
• International Labour Organisation (ILO) Declaration on Fundamental Principles and Rights at Work

Monitoring: Awareness across the workforce is sought through training. Operationalisation takes place through various internal working requirements, including the Work Requirement for Human Rights Due Diligence. The policy was last updated in 2024, with the update informed by internal and external human rights experts.

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Environmental Policy

Scope: Applies across Equinor operated assets, Equinor's controlled companies for all activities and phases of the capital value process. Applies to all material E1 impacts.

Governance: Implemented within the management system; owned by the Executive Vice President of Safety, Security and Sustainability.

Key content/principles:

• Sets out commitment towards the environment and nature
• Outlines commitments to mitigate potential negative impacts from business activities and contribute to concerted actions to positively impact nature
• Supports relevant international conventions and agreements, including:
  • Paris Agreement
  • Kunming-Montreal Global Biodiversity Framework
• Delineates actions to integrate due diligence within governance, risk and performance frameworks
• Where potential impacts lay beyond Equinor operated assets and Equinor-controlled companies, the policy outlines stance to actively influence, engage, and collaborate with relevant actors
• Specific provisions related to climate change include identification of actual and potential impacts, risks and opportunities related to greenhouse gases and other emissions to air within the due diligence approach

Public availability: Available externally on the website.

Links to international standards:

• Paris Agreement
• Kunming-Montreal Global Biodiversity Framework

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Functional Requirement - People and Organisation

Scope: Applies to all employees across Equinor; applies to all material S1 impacts.

Governance: Implemented within the management system; owned by the Executive Vice President of People and Organisation.

Key content/principles:

• Outlines the purpose of the functional area "People and Organisation" (PO) within Equinor
• Purpose is to regulate and standardise:
  • People processes
  • Leadership development
  • Organisational setup and change processes
• Throughout the whole company

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Functional Requirement - Sustainability

Scope: Applicable across Equinor; applies to all negative material S1 impacts.

Governance: Implemented within the management system; owned by the Executive Vice President of Safety, Security and Sustainability.

Key content/principles:

• Purpose is to regulate nature, climate, social and transparency aspects related to Equinor and the value chain
• Governs how sustainability management is approached, including:
  • Integration of sustainability matters within the wider management system
  • Requirement for risk-based sustainability due diligence
  • Mitigation of negative impacts
  • Pursuit of positive impacts
  • Requirements related to reporting
• Relevant provisions related to own workforce include management of social specific sustainability aspects
• Requires identification, mitigation, and remediation of impacts on people related to Equinor group's activities

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Functional Requirement - Safety and Security

Scope: Overview provided in section EQN-H&S-1.

Note: Further details are referenced in the EQN-Health and Safety section.

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Work Requirement - Human Rights Due Diligence

Scope: Applicable to all business areas; applies to all negative material S1 impacts.

Governance: Implemented within the management system; owned by the Executive Vice President of Safety, Security and Sustainability.

Key content/principles:

• Sets out requirements for performing human rights due diligence across activities
• Objective is to ensure appropriate human rights due diligence is performed for activities according to the Human Rights Policy and relevant legal requirements
• Outlines specific expectations related to:
  • Identifying human rights risks and impacts
  • Assessing human rights risks and impacts
  • Addressing human rights risks and impacts
  • Tracking human rights risks and impacts
  • Communicating human rights risks and impacts
• Modelled after the established steps of human rights due diligence outlined in the UNGPs
• Targeted towards risk owners and safety and sustainability personnel that support the primary risk owners

Links to international standards:

• UN Guiding Principles on Business and Human Rights (UNGPs)

Monitoring: Requirements are aligned with how safety risks are managed. Risks above a defined severity level shall be mitigated as soon as possible and shall be reported through the line, including where appropriate to CEO and the board of directors as part of regular risk updates.

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Work Requirement - Corporate Sustainability Data

Scope: Applicable across Equinor and most Equinor locations; applies to the material impact related to waste water and drill waste from oil and gas operations.

Governance: Implemented within the management system; owned by the Executive Vice President of Safety, Security and Sustainability.

Key content/principles:

• Purpose is to describe in detail the types of sustainability data that the Corporate Sustainability function expects as input from applicable business areas
• Seeks to ensure consistent reporting, risk monitoring and performance management

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Additional work-life balance-related policies

Key content/principles:

• Global paid parental leave policy: entitles all employees to a minimum of 16 weeks fully paid leave after birth
• Country-specific arrangements for work-life balance, such as leave of absence with pay in specific circumstances
• Flexible work principles for remote work to support diverse needs of people

Scope: Measures are implemented globally and at country level, where applicable. Application scope ranges from all members of the workforce to specific groups, depending on the policy.

Governance: Policies are owned by Corporate People and Organisation.

Application: Apply to the material S1 impact "Work-life balance and working hours."

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Agreements on equality, equity and diversity in Equinor ASA

Scope: Apply to own workforce in Equinor ASA.

Governance: Jointly owned by the Head of Employee Relations and respective unions.

Key content/principles:

• Made with the following unions: Industri Energi, Lederne, NITO, Tekna, and YS
• Purpose is to ensure that all employees in Equinor ASA are treated equally regarding:
  • Recruitment
  • Pay and working conditions
  • Training
  • Career paths and professional development
• Currently being re-negotiated for 2025

Taking action on material impacts on own workforce

Overview

Across the business, including across various locations, Equinor actively seeks to implement both overarching and targeted actions to address material own workforce-related impacts. Actions can vary related to specific impacts or specific incidents, ensuring that individuals are respected and heard, conflicts of interest are avoided and proper documentation is secured, and that the company operates in accordance with applicable requirements and laws. The guidelines also require that appropriate remedial measures are taken. The actions support the policies described in S1-1.

1. Line Manager Dashboard

Purpose: To ensure a healthy work-life balance for employees so that people are not subject to excessive working hours and associated negative impacts.

Description: A reporting tool developed to enable leaders to prevent excessive working hours for employees. The tool covers all Equinor employees who are required to track their hours and ensures working hours remain within the applicable legal frameworks.

Scope: Own operations - all Equinor employees who are required to track their hours

Time horizon: Implemented (in use)

Related impact: Work-life balance and working hours

2. Time Management in Workday

Purpose: To further strengthen line managers' ability to monitor and follow up employees' workload.

Description: In 2024, Equinor began the process of transferring time management to Workday, a new human resources management software being implemented globally for all employees.

Time horizon: Time management functionality in Workday is expected to be implemented early 2026

Scope: Global - all employees

Expected outcomes: Depending on the nature of the case, role and the local requirements, line managers will work with employees to reassess workload.

Related impact: Work-life balance and working hours

3. Operationalisation of the D&I Strategy

Purpose: To address negative impacts relating to diversity and inclusion and ensure vulnerable people in the workforce are protected.

Description: A systemic approach to embedding D&I throughout the organisation, based on three key enablers: global ambition with a local approach, transparency in data and processes, and leadership coupled with culture. The D&I strategy empowers the organisation to drive impactful initiatives aligned with local context and legislative requirements.

Scope: Own operations - global workforce

Expected outcomes: Initiatives to build skills and prepare people for the future should be equally available to all Equinor employees, regardless of diversity characteristics like age, gender, ethnicity, disabilities, sexual orientation and more.

Measurement: D&I metrics can be found in S1-9. Earnings ratio between males and females is reported for both total compensation and base pay. Full breakdown of earning ratios in all major Equinor locations by job structure reported every other year (annually for transparency on gender pay gap).

Related impact: Diversity and inclusion

4. International Awareness Days (IADs)

Purpose: Part of D&I strategy realisation.

Description: Five International Awareness Days marked as part of strategy realisation. The days are based on UN or global days, and focus on the diversity dimensions of gender, ethnicity, LGBTQ, mental health, and disability. The IADs are marked globally, across the company.

Scope: Global workforce

Time horizon: Annual

Engagement: Engagement through Employee Resource Groups is measured in relation to local events, internal social media engagement and communication.

Related impact: Diversity and inclusion

5. Recruitment Process Improvements

Purpose: To build a diverse and robust pipeline of talent and improve accessibility.

Description: Multiple initiatives including:

• Gender-neutral and inclusive role descriptions
• All job postings made available on the Internet
• Recruitment training for hiring managers to ensure fair and unbiased assessment of all applicants
• Goals: one-third of new hires in Equinor Energy AS to be women and of a nationality other than Norwegian when hiring for the corporate graduate programme
• Ambition for one-third of participants in apprenticeship programme in Norway to be female

Time horizon: In 2025, implementation of a new process for handling reasonable accommodation requests in the recruitment process, across all of Equinor

Scope: Global recruitment

Expected outcomes: Enhanced functionality in new HR system Workday should create a quicker and more efficient process.

Related impact: Diversity and inclusion

6. Employee Resource Groups (ERGs) - Strategy and Governance Update

Purpose: To strengthen understanding of D&I topics.

Description: Equinor supports employees to form voluntary employee resource groups (ERGs). ERGs are present in Norway, Brazil, UK, USA and Canada, and are open to employees and contractors in all divisions. Groups focus on topics: gender, ethnicity, LGBTQ, mental health, and disabilities. Each ERG is encouraged to take part in one of five annual awareness days.

Time horizon: In 2024, the ERG strategy and corporate guidelines were redefined, and the governance structure was updated

Scope: Available to employees and contractors in Norway, Brazil, UK, USA and Canada across all divisions

Expected outcomes: The review identified an opportunity for further collaboration across ERGs globally, to unify how Equinor works with inclusion across the organisation. Increased alignment and collaboration opportunities.

Measurement: Engagement through ERGs is measured in relation to local events, internal social media engagement and communication.

Related impact: Diversity and inclusion

7. Development of Female Safety Clothing Offshore

Purpose: To improve safety and inclusion for female employees working offshore.

Description: Development initiative for female-specific safety clothing for offshore operations.

Scope: Offshore operations

Related impact: Diversity and inclusion

8. Disability Inclusion Enhancement

Purpose: To remove barriers for employees with disabilities.

Description: Data collection opportunities will be identified to ensure targeted actions that support and remove barriers for employees with disabilities.

Time horizon: Future implementation

Expected outcomes: Establishment of concrete action plans based on data collection.

Related impact: Diversity and inclusion

9. Leadership Pipeline Development

Purpose: To build a sustainable, robust, and diverse leadership pipeline.

Description: Systematic work to build diverse leadership teams. Focus on monitoring gender balance and nationality, while continually working to set up teams that represent diversity beyond measurable dimensions. Systematic focus on developing female leaders.

Scope: Global leadership

Expected outcomes: Continued increase in female leadership over the years, as seen in S1-9 diversity metrics. Transparent reporting on gender balance across leadership levels and in different locations. Continued focus on representation of nationalities other than Norwegian in leadership.

Measurement: Gender balance across leadership levels and locations reported in S1-9.

Related impact: Diversity and inclusion

10. Addressing Sexual Harassment

Purpose: To increase awareness, deepen understanding and prevent cases of sexual harassment.

Description: Throughout 2023 and 2024, implementation of actions including:

• Safety moments and sessions to encourage open discussion about what constitutes sexual harassment in the workplace, available across the organisation globally
• Embedded the topic in Leadership Development programmes
• Clear guidelines within management system for handling harassment and bullying
• Updated Code of Conduct in 2023 with strengthened emphasis on expectation for leaders and employees to contribute to a working environment free from harassment and discrimination
• Continued work in 2024

Scope: Global workforce

Expected outcomes: The organisation has attained increased awareness and deeper understanding of the seriousness of the topic across the organisation. Effectiveness of efforts to address cases and work systematically to prevent sexual harassment is monitored.

Time horizon: 2023-2024 implementation; topic will continue to be kept high on the agenda for 2025

Link to policy: Zero tolerance policy for harassment in Code of Conduct; guidelines in management system for handling harassment and bullying

Related impact: Workplace harassment

11. Training and Skills Development Programmes

Purpose: To enable a culture of continued learning, career growth, and upskilling; key strategic enabler for Equinor.

Description: Strategic framework for training and skills development built upon the "70-20-10" model, building a learning culture around: i) on-the-job-learning, ii) social/networks and iii) formal training. Formal and structured training delivered via the Equinor Corporate University.

Scope: All employees globally

Resources: Overall investment in formal training and skills development has increased annually. Employee uptake of formal training has also increased.

Expected outcomes: ~27 learning hours per employee annually, totalling over 800,000 learning hours annually across the organization.

2024 Initiatives:

• Renewal and launch of the sustainability programme portfolio in 2024 to all employees
• Development of training programmes covering offshore wind, hydrogen and carbon capture, utilisation and storage
• Update of existing value chain programmes to address new renewables and low carbon value chains
• Training to address "dual transition" - maintaining the current while developing new business

Measurement: Training and skills development metrics can be found in S1-13. Majority of formal training is linked to license to operate, focusing on critical skills relating to safety, security, compliance and operational performance.

Link to policy: Equinor Book commitment to provide a framework for continued learning and development; Functional Requirement - People and Organisation

Related impact: Training and skills development

12. Leadership Development Portfolio

Purpose: To equip leaders to navigate an increasingly complex and rapidly evolving environment.

Description: Leadership development programmes with diversity and inclusion embedded.

Scope: Leaders globally

Expected outcomes: Enhanced leadership capability to address complex challenges.

Related impact: Training and skills development; Diversity and inclusion

13. Global People Survey (GPS) Follow-up

Purpose: To monitor and address employee workload experience.

Description: Employee workload experience is monitored annually through the GPS system. Monitoring is followed up by leaders and, when necessary, supported by People and Organisation (PO) and Health and Working Environment (HWE). Units requiring follow-up and support are identified through a risk-based approach. HWE specifically follows up on psychosocial risks (PRI). Workload is regularly discussed between leaders and employees on a day-to-day basis.

Scope: Global workforce

Time horizon: Annual monitoring

Measurement: Results of the 2024 GPS are detailed in S1-9.

Link to policy: Remote Work Policy and related principles for remote work to support diverse needs of people; Equinor Book

Related impact: Work-life balance and working hours

Targets related to own workforce

Equinor states that it aims to continuously track the effectiveness of its policies and emphasizes continued learning and awareness. The company tracks numerous metrics on its own workforce which may be utilized for future decision making.

Gender diversity targets

The disclosure references that "Certain targets pertaining to our diversity and inclusion metrics can be found in S1-9."

For the apprentice program in Norway:

• Target metric: Female apprentices percentage
• Target value: 33% female
• Achievement in 2024: 40% female apprentices (exceeding the target)
• Scope: Norway apprentice program

The disclosure states: "This year we saw an increase in female apprentices with 40% of the apprentices being female, exceeding our gender target of 33% female."

The company also reports ongoing progress:

• "Equinor has 36% female leaders" in 2024
• "Our systematic focus on developing female leaders is reflected in the continued increase in female leadership over the years"

However, no specific quantified targets with baseline years and target years for overall female leadership are disclosed in the S1-5 section.

Characteristics of the undertaking's employees

Total headcount

Total Employees by Country (2024)

¹ Includes Algeria, Angola, Argentina, Australia, Belgium, Canada, China, Denmark, Germany, India, Japan, Libya, Netherlands, Nigeria, Poland, Russian Federation, Singapore, South Korea, Tanzania

Headcount by employment type

From S1-7 disclosure:

• Number of non-employees in own workforce - self-employed people: Disclosed
• Number of non-employees in own workforce - people provided by undertakings primarily engaged in employment activities: Disclosed

Collective bargaining coverage

From S1-8 disclosures:

• Percentage of own employees covered by collective bargaining agreements (outside EEA) by region: Disclosed
• Own workforce in region (non-EEA) covered by collective bargaining and social dialogue agreements by coverage rate and by region: Disclosed

Social protection coverage

All employees in own workforce are covered by social protection, through public programmes or through benefits offered, against:

• Loss of income due to sickness (S1-11 74 a)
• Loss of income due to unemployment starting from when own worker is working for undertaking (S1-11 74 b)
• Loss of income due to employment injury and acquired disability (S1-11 74 c)
• Loss of income due to parental leave (S1-11 74 d)
• Loss of income due to retirement (S1-11 74 e)

Training and development

• Percentage of employees that participated in regular performance and career development reviews (S1-13 83 a): Disclosed
• Average number of training hours per person for employees (S1-13 83 b): Disclosed

Health and safety

• Number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health related to employees (S1-14 88 e): Disclosed

Note: The excerpts confirm various datapoint requirements are disclosed per ESRS disclosure requirements, but full quantitative breakdowns by gender, contract type (permanent/temporary), and employment type (full-time/part-time) are not provided in the extracted sections. The geographic breakdown by country is provided for 2024 only. No comparative prior year data (2023, 2022) for total headcount is included in the excerpts. Turnover rates and new hire data are not disclosed in the provided excerpts.

Characteristics of non-employees in the undertaking's own workforce

Number of non-employees in own workforce

Equinor's workforce includes non-employees primarily comprising individuals employed by third parties/self-employed individuals who perform work in various capacities for Equinor or our subsidiaries.

Methodology

Non-employees in Equinor's workforce primarily comprise of individuals employed by third parties/self-employed people who perform work in various capacities for Equinor or our subsidiaries.

The reporting boundaries vary based on operational control:

Equinor and Equinor-operated Joint Ventures:

• The scope includes both own and contracted activities
• Recording and reporting requirements defined based on activity types

Jointly operated joint ventures:

• Partners share control
• Scope for recording and reporting safety and security performance data is determined by the accountable asset entity and country manager, considering contractual rights and obligations

Non-controlled companies and partner-operated joint ventures:

• Generally, the scope includes only Equinor employees
• Inclusion of other data decided on case-by-case basis

Equinor as Technical Service Provider (TSP):

• Scope defined based on extent of contractual obligations, treating it as if Equinor were the operator

Reporting primarily takes place in the corporate Management Information System and the corporate incident recording system (Synergi). There are ongoing efforts to further align reporting boundaries in accordance with ESRS requirements for coming years.

Breakdown by type and counting methodology

No breakdown by type of non-employee (contractor, agency worker, self-employed) is provided. The methodology for counting (headcount vs FTE) and timing (end of reporting period vs average) is not explicitly stated beyond the headcount figure presented.

Collective bargaining coverage and social dialogue

Overview

In Norway 70% of our employees have unionised collective bargaining coverage. We do not collect unionisation data for other countries. We encourage all of our employees to engage in social dialogue with Equinor via GPS and ERGs.

Collective bargaining and social dialogue coverage

Engagement with employee representatives

We respect our employees' rights to organise and to voice their opinions, and we have the same clear expectations for our suppliers and partners. We engage with employee representatives on labour matters through a variety of channels, including meetings with labour unions on all levels of the organisation, works councils, and health and working environment committees. Union representatives are invited to collaborate in connection with change initiatives and as part of committees that are established to further develop the company in line with corporate strategy.

Collective agreements in 2024

In 2024, several collective agreements were negotiated with relevant unions. Some of these were main settlements that covered both the annual wage increase and other compensation elements. These were put into effect at different locations and for various types of personnel across the organisation.

Examples include:

• Main settlement for the Brazil organisation leading to a collective agreement for offshore and onshore employees signed in November
• Project Labour Agreement (PLA) signed in March 2024 for the construction of the South Brooklyn Marine Terminal in the U.S., ensuring union jobs with fair wages, industry leading safety standards, and robust and equitable training programmes

Through 2024, we have had continuous dialogue and collaboration with union representatives and safety delegates on a number of topics, including discussions on changes to the legislative framework, change processes, working time, rotations and shift work and career development.

Agreements on equality, equity and diversity

We have made agreements on equality, equity and diversity in Equinor ASA with the following unions: Industri Energi, Lederne, NITO, Tekna, and YS. The purpose of the agreements is to ensure that all employees in Equinor ASA are treated equally regarding recruitment, pay and working conditions, training, career paths and professional development. These agreements apply to our own workforce in Equinor ASA and are currently being re-negotiated for 2025.

European Works Council

No specific disclosure regarding existence of European Works Council (EWC), Societas Europaea (SE) Works Council, or Societas Cooperativa Europaea (SCE) Works Council is provided in the excerpts.

Diversity metrics

Permanent employees by age group

Gender distribution in leadership positions (2024)

Diversity and Inclusion Key Performance Indicator (D&I KPI)

The CEO is measured on the Corporate D&I KPI, which is made up of two indexes, both weighted equally.

Diversity Index: Measures diversity and representation of gender and nationality in top 2 levels of leadership (CEC and L2 leadership team).

• Gender balance in CEC: 36% female
• Gender balance in L2 leadership team: 49% female
• Nationality balance in CEC: 91% Norwegian
• Nationality balance in L2 leadership team: 84% Norwegian

Inclusion Index: Made up of 9 questions in the Global People Survey (GPS). Introduced in 2019.

• 2024 score: 78
• Short-term target: 80
• Long-term target: 85

Diversity in early talent programmes (2024)

• Graduates: 192 total, representing 40 nationalities and 38% female
• Apprentices (Norway): 161 total, 40% female (exceeding gender target of 33% female)
• Summer interns: 198 students, representing 16 nationalities and 43% female

Commentary

Equinor defines top management as leaders who report into the corporate executive committee. The systematic focus on developing female leaders is reflected in the continued increase in female leadership over the years. In 2024, Equinor has 36% female leaders overall.

Adequate wages

Equinor discloses that it is committed to providing reasonable and competitive compensation and benefits to employees in all locations. The company has partnered with The Fair Wage Network, a recognised specialist in this field, to undertake an extensive review of employees' compensation against living wage benchmarks.

The annual analysis is carried out using the Anker Methodology. The 2024 analysis shows that Equinor has no employees globally below any applicable minimum wage or within 10% of the living wages threshold.

The analysis was carried out on base salaries alone and did not include compensation items such as variable pay, allowances, or other benefits. According to the 2024 analysis, Equinor remains confident that all employees are paid a wage which meets the accepted definitions of living wage.

Coverage

The analysis covers all Equinor employees globally.

Benchmark

• Benchmark provider: The Fair Wage Network
• Methodology: Anker Methodology
• Threshold: Living wage benchmarks (no employees within 10% of living wage threshold)

Scope of assessment

• Base salaries only (excludes variable pay, allowances, and other benefits)
• Global coverage of own workforce

Result

• 0 employees below applicable minimum wage
• 0 employees within 10% of living wage threshold

No forward-looking targets or commitments related to adequate wages are disclosed. No explicit coverage of value chain workers for living wage assessments is mentioned.

Social protection

Coverage statements

All employees in Equinor's own workforce are covered by social protection, through public programmes or through benefits offered, against loss of income due to:

• Sickness
• Unemployment (starting from when own worker is working for undertaking)
• Employment injury and acquired disability
• Parental leave
• Retirement

Family-related leave metrics

Family-related leave includes maternity leave, paternity leave, parental leave, and carers' leave from work.

¹ Per law or company policy

² Covers employees in Norway, which constitutes 85% of total employees

Disclosure approach

Equinor has applied phase-in provisions under ESRS 1 for 2024. The following S1-11 disclosures have been phased in:

• S1-11 75, 76: Social protection employees by country (table) by types of events and type of employees (including non-employees)
• S1-11 75: Disclosure of types of employees who are not covered by social protection for various event types (sickness, unemployment, employment injury and acquired disability, maternity leave, retirement)

Pension arrangements

The main pension plans for Equinor ASA and its most significant subsidiaries are defined contribution plans which includes certain unfunded elements (notional contribution plans). In addition, several employees and former employees of the Equinor group are members of certain defined benefit plans. The benefit plan in Equinor ASA was closed in 2015 for new employees and for employees with more than 15 years to regular retirement age.

Equinor's defined benefit plans are generally based on a minimum of 30 years of service and 66% of the final salary level, including an assumed benefit from the Norwegian National Insurance Scheme. The Norwegian companies in the group are subject to, and comply with, the requirements of the Norwegian Mandatory Company Pensions Act.

Equinor is also a member of a Norwegian national agreement-based early retirement plan (AFP), and the premium is calculated based on the employees' income but limited to 7.1 times the basic amount in the National Insurance scheme (7.1 G). The premium is payable for all employees until age 62. Pension from the AFP scheme will be paid from the AFP plan administrator to employees for their full lifetime.

Persons with disabilities

Equinor does not currently collect any data on persons with disabilities. Data collection on employee's experience related to disability is planned for 2025, with a longer-term plan to collect further data points with a new human resources system implementation in 2026 in line with relevant legal restrictions on data collection.

Planned actions

In 2024, Equinor focused on identifying opportunities to strengthen the inclusion of people with disabilities across its global operations. People and Organisation conducted an extensive mapping exercise of existing initiatives to identify internal and external best practice. Engagement with employees who self-identified as having disabilities provided insight into improvement opportunities. The work concluded that cross-company collaboration and ownership would be required in order to ensure a cohesive approach to strengthen inclusion, with a focus on the employee experience. A working group was established to develop a longer-term roadmap.

The focus in 2025 will be to:

• Determine accountability in the organisation and establish concrete action plans
• Identify data collection opportunities to ensure targeted actions that support and remove barriers for employees with disabilities
• Implement a new process for handling reasonable accommodation requests in the recruitment process, across all of Equinor, underpinned by enhanced functionality in the new HR system Workday

Equinor recognises that its recruitment processes may not be fully accessible for people with disabilities and sees further opportunities to review the accessibility of the recruitment process in 2025.

Training and skills development metrics

Employee participation in training and skills development

¹ See Methodology and Measurements

Overall training investment and context

Equinor believes in a blended approach to learning, combining on-the-job learning, informal peer/social learning and formal/structured training. Equinor measures formal training delivered via Equinor's internal Corporate University. In 2024, on average Equinor employees completed approximately 27 hours formal learning. In total, over 800,000 learning hours annual of formal training was completed by Equinor employees and non-employees via Equinor's formal course catalogue.

Methodology notes

S1-13 Data is gathered from Equinor Learning Management system, SAP HR and Workday Learning.

Health and safety metrics

Workforce coverage

100% of employees are covered by Equinor's health and safety management system.

Fatalities

Recordable work-related accidents and injuries

¹ Equivalent to Equinor's TRIF indicator when presenting results exclusively for own employees

Additional corporate health and safety metrics

¹ Monitoring indicator with no set target

Days lost

Days lost to work-related injuries and fatalities are not disclosed in the S1-14 section. Equinor states that this metric will be included for own employees only in 2024, exercising the ESRS phase-in option to begin reporting on non-employees in subsequent years.

Scope and methodology notes

The S1-14 data covers own employees only for 2024. Equinor exercises the right, as per ESRS phase-in option, to begin to report on non-employees in the subsequent year. The company's broader health and safety reporting (SIF, TRIF) includes both own and contracted activities for Equinor-operated operations. Work-related illness (WRI) reporting may also include WRIs of non-employees and/or contractors in the Equinor-specific metric.

Work-life balance metrics

Family-related leave

Family-related leave includes maternity leave, paternity leave, parental leave, and carers' leave from work.

¹ Per law or company policy

² Covers employees in Norway, which constitutes 85% of total employees

Methodology

Family related leave metrics are available in the SAP HR system based on specific leave codes.

Compensation metrics

Pay gap

Gender pay gap per country is provided for Norway, USA, Brazil, and United Kingdom. Gender pay gap is calculated by taking the average male total remuneration minus the average female total remuneration divided by the average male total remuneration times 100. Gender pay gap is expressed as a percentage of the average pay level of male employees. Base and variable salary components were included when calculating the remuneration ratio.

Pay gap based on total compensation for women versus men.

¹ Gender pay gap for 4% of the organisation is based on an estimate.

Remuneration ratio

Total annual remuneration ratio for Norway is 1627%. The annual total remuneration ratio is calculated by taking the highest paid individual divided by the median employee annual total remuneration (excluding the highest-paid individual).

Methodology

S1-16 Remuneration metrics: Remuneration metrics are available in the SAP Analytics Cloud for Norway and in country specific payroll systems for US, UK, and Brazil.

Equinor reports on gender pay gap for all major locations. In response to global regulations on pay transparency, Equinor is closely monitoring developments to ensure practices align with these standards, aiding in the goal to narrow the gender pay gap. Norwegian authorities require reporting on full breakdown of earning ratios in all major Equinor locations by Equinor's job structure every other year. Equinor reports this data annually to strengthen transparency on the gender pay gap.

Incidents, complaints and severe human rights impacts

Discrimination and harassment

Equinor does not tolerate any discrimination or harassment of colleagues or others affected by operations, and requires everyone to be treated with fairness, respect, and dignity. The Code of Conduct was updated in 2023 with strengthened emphasis on the expectation for leaders and employees to contribute to a working environment free from harassment and discrimination through improved guidelines to prevent these cases. This work was continued in 2024.

Addressing cases of sexual harassment: Throughout 2023 and 2024, Equinor implemented actions to increase awareness, deepen understanding and prevent cases of sexual harassment. Safety moments and sessions were held to encourage open discussion about what constitutes sexual harassment in the workplace, available across the organisation globally. The topic has been embedded in Leadership Development programmes. The organisation has attained increased awareness and deeper understanding of the seriousness of the topic across the organisation.

In 2024, the number of sexual harassment cases remained stable compared to 2023.

During 2024, Equinor addressed the topic with the most vulnerable groups, identified as graduates and apprentices, to ensure they understand how complaints are handled and that complaints will not impact their future in the company. GPS data from questions regarding employees feeling safe to speak up without fear of retaliation from leaders or peers is used to track effectiveness of efforts to address cases and work systematically to prevent sexual harassment or any similar inappropriate actions and behaviours.

Metrics

Discrimination and harassment metrics

Own workforce severe human rights metrics

Data collection methodology

Discrimination and harassment data is gathered in a confidential SharePoint within Corporate Audit and Investigation Misconduct. This confidential site can only be accessed by relevant members within Corporate Audit and investigation MIS team. Listing of cases is presented quarterly to the Board Audit Committee.

Remediation processes

Equinor has clear guidelines within its management system for handling harassment and bullying. This outlines processes and expectations for the correct management of harassment-related cases, ensuring that individuals are respected and heard, conflicts of interest are avoided and proper documentation is secured, and that Equinor operates in accordance with applicable requirements and laws. The guidelines also require that appropriate remedial measures are taken and implemented.

Equinor does not tolerate any forms of retaliation to those who raise a concern in good faith. Leaders are expected to be available for conversations with the team through regular one-on-one conversations. If employees are uncomfortable speaking to their direct leader, they may use other channels for raising concerns.

Policies related to value chain workers

Equinor has the following policies in place to manage material impacts on workers in the value chain. These policies apply to assets and locations as outlined in the company's management system and were informed by key stakeholders, including internal and external experts where applicable. The policies apply to both material S2 impacts.

Equinor Book

The full overview of the Equinor Book is found in General disclosures.

Relevant provisions to impacts on workers in the value chain:

• All business activities should respect internationally recognised human rights
• Business will be conducted consistently with the UN Guiding Principles on Business and Human Rights (UNGPs)

Code of Conduct

Scope: Equinor requires suppliers and business partners to comply with applicable laws, respect internationally recognised human rights and adhere to ethical standards which are consistent with Equinor's ethical requirements when working for or together with the company.

Public availability: The Code of Conduct is available online.

Human Rights Policy

The full overview of the Human Rights Policy is in S1-1.

Key content / principles:

• Confirms Equinor's goal to conduct business consistently with the UN Guiding Principles on Business and Human Rights (UNGPs)
• Expresses respect for internationally recognised human rights, including those set out in the International Bill of Human Rights and the International Labour Organisation (ILO) Declaration on Fundamental Principles and Rights at Work
• Contains explicit provisions regarding rights of workers in the value chain
• Includes specific provisions related to impacts on workers in the value chain
• Includes a corresponding commitment to provide or cooperate in providing appropriate remediation

Links to international standards:

• UN Guiding Principles on Business and Human Rights (UNGPs)
• International Bill of Human Rights
• ILO Declaration on Fundamental Principles and Rights at Work

Public availability: The Human Rights Policy is publicly available online in multiple languages.

Implementation and monitoring:

• Implemented within the management system
• Owned by the executive vice president of safety, security and sustainability
• Applies to all negative material S1 impacts
• How engagement with value chain workers and ensuring access to remedy is included in S2-2 and S2-3
• Actual cases of impacts on value chain workers are included in S2-4 and S2-5

Human Rights Expectations of Suppliers

Key content / principles: The Human Rights Expectations of Suppliers extends Equinor's expectations towards suppliers to respect human rights. Expectations include:

• Freedom of association and the right to collective bargaining
• Preventing forced labour and modern slavery
• Preventing child labour and protecting young workers
• Respecting affected community members
• Providing access to remedy

Scope: Equinor's supplier universe employs an extensive number of workers, all part of the company's human rights scope. Equinor seeks all suppliers to develop and implement an approach consistent with the goals of the UNGPs and perform risk-based human rights due diligence also encompassing activities in the supply chain.

Governance: The Human Rights Supplier Expectations are approved by the corporate executive committee.

Public availability: Available online.

Functional Requirement - Sustainability

The full overview of the Functional Requirement on Sustainability is found in General disclosures.

Relevant provisions related to workers in the value chain: Includes the management of social specific sustainability aspects, including requiring the identification, mitigation, and remediation of impacts on people.

Functional Requirement - Supply Chain Management

Purpose: To regulate procurement and supply chain management.

Key content / principles:

• Suppliers must comply with standards consistent with directives in the Equinor Book, including in relation to health and safety
• Key suppliers shall be managed using risk-based models

Scope: This functional requirement applies to the S-Health and Safety impact "Health and safety in the value chain."

Work Requirement - Sustainability Data

The full overview of the Work Requirement on Sustainability Data is found in General disclosures.

Relevant provisions: Includes data requirements related to:

• Human rights impacts resulting from activities done on Equinor's behalf by supply chain actors or business partners
• Grievances related to activities in the supply chain reported via Equinor's own grievance mechanisms

Taking action on material impacts on value chain workers

Equinor conducts risk-based human rights due diligence across its supply chain on an ongoing basis. Actions are informed by stakeholder engagement and advice from internal and external human rights experts.

Embedding human rights due diligence within procurement practices

Scope: Value chain (suppliers)

Description: Equinor expects suppliers to maintain high standards of safety, security and sustainability throughout their value chain. Principles related to safety, occupational health, security, environment, and human rights are embedded in procurement practices. This includes:

• Qualifications of suppliers' management systems
• Risk-based audits
• Required adherence to relevant ISO standards
• Confirmation that suppliers will comply with minimum standards for health, safety, security and sustainability
• New supplier social impact screenings (developed in collaboration with external third parties)

2024 Metrics:

• New suppliers screened for social impacts: 291
• New suppliers with significant gaps: 94
• Qualified new suppliers following closing of gaps: 83%
• New suppliers yet to complete improvement plans: 17%
• New suppliers terminated due to failure to improve: 0

Risk-based on-site assessments supported by external human rights experts

Scope: Value chain (higher-risk suppliers)

Description: Where suppliers are identified as higher risk, Equinor engages external human rights experts to conduct on-site supplier assessments. These assessments consist of:

• Management interviews
• Worker interviews
• Review of systems and processes
• Focus on identifying forced labour indicators (11 ILO Forced Labour Indicators)

2024 Metrics:

• Total number of human rights assessments of suppliers conducted: 9
• Total number of workers interviewed: 212
• Countries in which assessments took place: 5

Adverse findings by category (2024):

• Management system: 47 findings
• Ensuring fair treatment and non-discrimination: 5 findings
• Providing safe, healthy and secure workplace/accommodation: 23 findings
• Providing fair wages and reasonable working hours: 63 findings
• Respecting freedom of assembly, association and the right to collective bargaining: 7 findings
• Preventing modern slavery: 20 findings
• Preventing child labour: 0 findings
• Respecting affected community members: 0 findings
• Providing access to remedy: 21 findings
• Subcontracting: 11 findings

Factoring compliance with human rights expectations into contracts

Scope: Value chain

Description: The supply chain management process includes requirements to incorporate human rights risk considerations in contract evaluation. This includes:

• Confirmation that bids account for costs associated with meeting human rights expectations
• Commercial consequences related to human rights included in commercial evaluation
• Cost of closing identified gaps included in contracts

Supplier training

Scope: Value chain (key suppliers)

Description: Equinor conducts trainings and awareness sessions with key suppliers on relevant human rights topics to build competence across the value chain and better equip suppliers to independently manage their own human rights impacts.

Addressing systemic issues in the supply chain

Scope: Value chain (industry-wide)

Description: Equinor pursues opportunities for wider collaborations globally and at distinct locations, building on industry initiatives and joint commitments. Examples include:

• Involvement with Ipieca (global oil and gas association)
• Informal engagements with other companies
• Building understanding of systemic human rights issues in renewables (wind, solar and batteries supply chains)

Human rights due diligence within enterprise risk management

Scope: Value chain

Description: Human rights due diligence elements are embedded within the Enterprise Risk Management framework. This includes:

• Assessment, documentation, reporting and follow-up of risks of adverse impacts on human rights
• Risks above defined severity level must be mitigated as soon as possible
• Reporting through the line, including to CEO and board of directors as appropriate

Human rights due diligence within business development

Scope: Value chain

Description: A toolbox for implementing human rights due diligence exists within the business development process, including:

• Targeted questionnaires
• Templates for contract clauses
• Guidelines for consideration of potential red flags
• Recommendations for actions and deliverables per relevant decision gate
• Examples of good practice
• Requirements for conducting human rights due diligence also apply to country or asset exits

Implementing the new Work Requirement on Human Rights Due Diligence

Scope: Company-wide

Description: The Work Requirement on Human Rights Due Diligence was adopted across Equinor in 2024 to operationalise due diligence requirements across business activities. Complementary implementation activities included:

• Targeted training
• Provision of a human rights due diligence toolbox
• FAQ document

2024 Specified Actions (Remediation and Mitigation)

Example 1: Construction yard - Multiple adverse findings

Scope: Upstream value chain (construction yard and sub-suppliers)

Findings identified: Recruitment fees, passport retention, wage deductions, excessive working hours

Actions taken:

• Leveraged influence with immediate supplier to engage with sub-suppliers
• Facilitated corrective actions and remediation of impacts on affected individuals
• Technical guidance and strategic oversight by local Equinor personnel

Example 2: Construction yard - Responsible recruitment system

Scope: Upstream value chain (construction yard and sub-suppliers)

Findings identified: Recruitment fees, passport retention, wage deductions, excessive working hours

Actions taken:

• Assisted supplier in implementing responsible recruitment system
• Improved system for monitoring subcontractor due diligence
• Ensured identification documents returned to affected workers
• Working to ensure recruitment fees for direct hires are repaid
• Safety improvements at workers' dormitories and workplace

Example 3: Construction yards - Recruitment fees for foreign workers

Scope: Upstream value chain (two construction yards)

Findings identified: Prevalence of recruitment fees paid by foreign workers

Actions taken (Yard 1):

• Improvement of workplace facilities, accommodations and transportation
• Ensuring worker access to personal identification documents
• Engagements in native languages
• Establishment of externally-managed grievance mechanisms
• Participation in task force on progressive wages

Actions planned (Yard 2):

• On-site assessment completed end of 2024
• Follow-up actions being assessed for 2025

Industry Collaboration - Construction yards

Scope: Value chain (marine construction sector)

Description: Continued work with BP, Ørsted, Shell, TenneT and Petrobras in the Worker Welfare Group. The group has:

• Developed principles and guidelines for Singapore marine construction sector
• Focused on responsible recruitment, improved accommodation, better transport, and improved access to grievance mechanisms
• Engaged with key stakeholders to advocate for systemic improvements
• Worked with local organisations to facilitate access to remedy for workers

Addressing shipyard findings

Scope: Upstream value chain (shipyard)

Findings identified (late 2024): Prevalence of recruitment fees, insufficient grievance mechanisms

Actions taken/planned:

• Worked closely with main supplier throughout assessment
• Plan to follow up findings in 2025

Addressing seafarer wage withholding

Scope: Value chain (shipping)

Findings identified: Potential risks regarding withholding of seafarer wages within shipping value chain

Actions taken:

• Engaged with key supplier to establish bi-annual human rights verifications
• Follow up on milestones outlined in previous human rights improvement plan
• Began involving relevant subcontractors to develop understanding of human rights expectations

Addressing worker payments for personal protective equipment (PPE)

Scope: Value chain (manufacturing supplier)

Findings identified: Workers charged for PPE

Actions taken:

• Requested supplier to present action plan for monitoring identified impact
• Required removal of contractual clauses requiring employee payment of PPE
• Required evidence of actions
• Improved employee communication

Addressing reports of intimidation and unjust dismissal

Scope: Value chain (subcontractor at shared site)

Findings identified: Workers reported concerns about retaliation and fear of unjust dismissals

Actions taken:

• Assigned responsible individual to ensure worker well-being on site
• Engaged to implement non-retaliation policy applicable to all subcontractors
• Communicated policy
• Required evidence for training of all subcontracted workers regarding grievance mechanism and rights

Addressing passport retention on supplier vessels

Scope: Value chain (installation vessels)

Findings identified: Passport retention on two installation vessels

Actions taken:

• Engaged directly with supplier, including onboard inspection and worker dialogue
• Emphasised to supplier the need for workers to be consistently informed of rights to access personal documents at will

Addressing instances of harassment and discrimination

Scope: Value chain

Findings identified: Various instances and degrees of harassment and discrimination through on-site assessments

Actions taken:

• Engaged with suppliers to establish corrective action plans
• Enhanced and promoted existing preventative programmes
• Reinforced expectations on diversity and harassment training
• Reminded workers of relevant reporting channels

Addressing instances of wage withholding at a supplier subsidiary

Scope: Value chain (supplier subsidiary)

Findings identified (2023): Late payment of salaries and other benefits

Actions taken:

• Engaged with supplier, resulting in implementation of new policy measures
• Conducted on-site assessment late 2024 to verify conditions
• Confirmed workers had been repaid and were receiving full payments
• Maintain open communication with supplier

Addressing instances of excessive driver overtime and delayed reimbursement

Scope: Value chain (transport suppliers)

Findings identified: Drivers faced excessive overtime hours posing health and safety risks

Actions taken:

• Conducted targeted audits of three cargo transport suppliers in 2024
• Actively addressing audit findings
• Ensured each supplier established intervention controls including "stop work authority"
• Engaged with suppliers to identify root causes
• Worked collaboratively to implement changes to reduce working hours
• Continue to follow up and monitor compliance

Addressing risks associated with establishing new local supply chains

Scope: Value chain (new well project)

Actions taken:

• All new contracts include relevant health, safety and human rights clauses
• Kick off meetings with suppliers included discussions on human rights, health, safety and access to grievance mechanisms
• Regular follow-up meetings
• For key suppliers, Equinor representative present at crew changes to talk with drilling workers

Addressing risks related to sub-supplier use of foreign labour

Scope: Value chain (international offshore portfolio)

Findings identified: Foreign workers paying staffing fees, visa fees, unnecessary salary deductions

Actions taken:

• Established regular communications and training on labour law and visa requirements
• Placed signage on workers' rights throughout onshore living quarters in multiple languages

Addressing systemic risks in solar supply chains

Scope: Value chain (solar industry)

Description: Known concerns of risk of forced labour in solar PV modules supply chains

Actions taken: Two-pronged approach:

1. Implementation of systematic methodology for traceability in supply chains for procurement, including third party audits and verifications
2. Active participation in industry association to frame industry standards and shared approach to address forced labour risks in solar PV modules supply chains

Internal human rights monitoring indicators - pilot project

Scope: Company-wide

Description: Equinor continued to pilot internal human rights monitoring indicators in 2024. Two indicators focus on:

• Tracking remediation of identified priority forced labour indicators, including time to remediate
• Tracking performance of human rights due diligence within procurement processes

2024 marked the first full year establishing systems for data collection and analysis. Equinor will continue to pilot the two monitoring indicators in 2025 to assess their effectiveness.

Management engagement on human rights (2024 Metrics):

• Human Rights Steering Committee meetings: 5
• Human rights cases at BoD/BoD SSEC: 5

Targets related to value chain workers

Equinor has not established time-bound targets related to value chain workers in the S2-5 disclosure. The company states:

"We have not yet specified time-bound targets related to the metrics outlined in this section (see below)."

Pilot Monitoring Indicators (2024)

Equinor continued to pilot internal human rights monitoring indicators in 2024, focusing on:

• Tracking remediation of identified priority forced labour indicators, including time to remediate
• Tracking the performance of human rights due diligence within procurement processes

The company notes: "2024 marked the first full year establishing systems for data collection and analysis for these two indicators. We will continue to pilot the two monitoring indicators in 2025, in order to assess their effectiveness."

Commitment to Future Target-Setting

Equinor states: "Establishing relevant, quantitative human rights related targets is often challenging. Nevertheless, we remain committed to working towards establishing action-based indicators related to our most salient human rights issues."

Performance Metrics Disclosed (2024)

New suppliers screened for social impacts:

• New suppliers screened: 291
• New suppliers with significant gaps: 94
• Qualified new suppliers following closing of gaps: 83%
• New suppliers yet to complete improvement plans: 17%
• New suppliers terminated due to failure to improve: 0

On-site supplier assessments:

• Total assessments conducted: 9
• Total workers interviewed: 212
• Countries assessed: 5
• Total adverse findings: 197 (categorized across management system, fair treatment, workplace safety, wages/hours, freedom of association, modern slavery, child labour, community impacts, remedy, and subcontracting)

Policies related to affected communities

Equinor has implemented the following policies and internal requirements to manage material impacts on affected communities. These policies apply to assets and locations as outlined in the management system and were informed by key stakeholders, including internal and external experts where applicable. The policies apply to both material S3 impacts: local community impacts and rights of indigenous and tribal peoples.

Equinor Book

Scope: Company-wide

Key content:

• All business activities should respect internationally recognised human rights
• Commitment to conduct all business consistently with the UN Guiding Principles on Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises

Public availability: Available online

Links to international standards:

• UN Guiding Principles on Business and Human Rights (UNGPs)
• OECD Guidelines for Multinational Enterprises

Code of Conduct

Key content:

• Commitment to conduct business consistently with the UNGPs
• Commitment to timely and meaningful engagement with potentially affected stakeholders

Public availability: Available online

Human Rights Policy

Scope: All negative material S1 impacts

Governance:

• Owned by the executive vice president of safety, security and sustainability
• Implemented within the management system

Key content:

• Provisions related to managing human rights impacts in the communities where Equinor operates
• Respect of indigenous and tribal people's rights
• Commitment to engaging with affected communities and enabling remedy
• Contains Equinor's salient human rights issues (updated in 2024), including:
  • Unsafe working conditions
  • Unethical recruitment of migrant workers in the supply chain
  • Wage theft and excessive working hours in the supply chain
  • Adverse impacts on local communities and indigenous peoples resulting from the use of land
• Confirms goal to conduct business consistently with the UNGPs
• Expresses respect for internationally recognised human rights, including those set out in the International Bill of Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work

Public availability: Publicly available online in multiple languages

Links to international standards:

• UN Guiding Principles on Business and Human Rights (UNGPs)
• International Bill of Human Rights
• ILO Declaration on Fundamental Principles and Rights at Work

Monitoring implementation:

• Awareness sought through training across the workforce
• Last updated in 2024 with general restructuring to align with new reporting requirements and reflect current salient human rights issues
• Update informed by internal and external human rights experts

Work Requirement - Human Rights Due Diligence

Scope: All negative material S1 impacts, including managing impacts on affected communities

Key content:

• Overarching responsibility to respect human rights
• Requirement to perform risk-based human rights due diligence
• Follows the established steps of human rights due diligence outlined in the UNGPs

Governance:

• Implemented within the management system
• Owned by the executive vice president of safety, security and sustainability
• Targeted towards risk owners and safety and sustainability personnel that support the primary risk owners

Work Requirement - The Rights of Indigenous and Tribal People

Scope: Applicable where indigenous peoples are affected by operations

Governance:

• Implemented within the management system
• Owned by the executive vice president of safety, security and sustainability

Key content:

• Requirements and guiding principles aimed at ensuring respect for the rights of indigenous peoples affected by operations
• Outlines basic principles towards these rights-holders, including:
  • Self-identification
  • Recognition of the particular rights of indigenous and tribal peoples
  • Safeguarding of indigenous lands
  • Commitment to engagement
• Outlines risk management practices expected in relation to indigenous and tribal groups, including consultation and participation of indigenous groups
• Covers matters pertaining to indigenous collaboration, capacity-building and internal training expectations

Monitoring implementation:

• Effectiveness monitored through stakeholder engagement processes
• Review of any indigenous-related grievances raised through relevant mechanisms

Work Requirement - Community Grievance Mechanisms (CGMs)

Key content:

• Sets out requirements for establishing and running effective operational level community grievance mechanisms when applicable
• Outlines basic principles, scope, processes, and features necessary for establishing effective CGMs
• Specifies criteria to assess effectiveness of CGMs, including ensuring that channels are:
  • Prompt, consistent, and respectful
  • Simple, local and culturally appropriate
  • Free, well publicised and without retribution
  • Designed and operated to the highest applicable standards and laws
  • Not impeding access to judicial or administrative remedies

Governance:

• Implemented within the management system
• Owned by the executive vice president of safety, security and sustainability

Work Requirement - Sustainability Data

Specific data collection requirements related to affected communities include:

• Recording of grievances received and handled within community based grievance mechanisms
• Recording of any remedial actions
• Identifying trends and learnings from the handling of cases

Taking action on material impacts on affected communities

Overall approach

Equinor is committed to conducting risk-based human rights due diligence with a focus on affected communities. Actions are based on ongoing stakeholder engagement and advice from internal and external human rights experts. The company continues to review the effectiveness of actions taken and improve as necessary.

Overarching due diligence processes

Human rights due diligence within business development

A toolbox for implementing human rights due diligence exists as part of the overall business development process, including targeted questionnaires, templates for contract clauses, guidelines for the consideration of potential red flags, and recommendations for actions. Requirements for conducting human rights due diligence also apply to country or asset exits.

Human rights due diligence in the Enterprise Risk Management framework

Overarching elements of human rights due diligence are embedded within Equinor's Enterprise Risk Management framework, a mandatory tool for risk management across all business activities. The tool is used to assess, document, report on and follow-up the risk of adverse impacts on human rights of people touched by the business, including the activities of suppliers and partners. Risks above a defined severity level shall be mitigated as soon as possible and reported through the line, including where appropriate to CEO and the board of directors.

Implementing the new Work Requirement on Human Rights Due Diligence

The Work Requirement on Human Rights Due Diligence was adopted and rolled out across Equinor in 2024 to operationalise due diligence requirements across the various levels of business activities. Complementary implementation activities included:

• Targeted training
• Provision of a human rights due diligence toolbox
• A FAQ's-document

2024 saliency review

In 2024, Equinor undertook a company-wide review of salient human rights issues. Phase one resulted in the identification of four updated salient human rights issues, including adverse impacts on local communities and indigenous peoples resulting from the use of land. Phase two focuses on creating focused implementation plans to best guide work addressing these issues, aiming to identify and replicate best practices throughout the company and streamline wider due diligence on these cross-cutting topics.

Internal project - New stakeholder engagement tool

Select locations began piloting a made-for-purpose stakeholder management software in 2024 to track stakeholder engagement, grievances, and social investments. Next steps include reviewing the effectiveness of this tool and considering additional actions such as scale up.

2024 Specified Actions

Indigenous engagement - Electrification - Northern Norway

Equinor acknowledges that electrification projects aimed to reduce emissions from oil and gas production might imply strengthening of the power grid in some regions, which can impact local communities and indigenous peoples. This issue, and alleged impacts on reindeer husbandry related to the electrification of Snøhvit Unit's Melkøya liquified natural gas plant, was raised by Sámi communities.

Actions taken:

• Close and continued consultation with the local Sámi community throughout the project and for several years thereafter
• After considering different concepts, the Snøhvit Unit chose a more costly solution of laying its electrification cable in a tunnel to minimise impacts on the local Sámi reindeer herding district
• Ongoing commitment to consultation with all relevant stakeholders

Note: The Sámi Parliament has filed a claim against the Norwegian state challenging the legal grounds for the Norwegian State's approval of the Snøhvit Future project. Equinor is not a party in this legal process.

Separately, the Haltenbanken electrification project may also impact local Sámi reindeer herding districts. Equinor, alongside other actors, is currently seeking dialogue with the relevant districts as part of its impact assessment that will follow a concession application.

Equinor is a partner of the Arctic Economic Council (AEC), including contributing towards the development of the AEC good practice recommendations for environmental impact assessment and meaningful engagement in the Arctic.

Community and indigenous engagement - Offshore wind developments - United States

Offshore wind projects in the United States have identified concerns regarding potential impacts of activities on local communities.

Actions taken:

• Extensive dialogue and engagements with commercial and recreational fishermen led by a dedicated fisheries liaison officer
• Various other forms of stakeholder engagement
• Specific and tangible concerns raised were addressed, including:
  • Boulder removal
  • Noise impacts on marine life
  • Safety/navigation issues
• Setting up a direct compensation fund for fisheries
• Regular meetings with tribal nations to address impacts on activities significant to their traditions and cultures, working to avoid, minimise, and mitigate such impacts

Ongoing instability - Libya

Equinor has a long history of onshore exploration and oil production in Libya, where there remain wider risks pertaining to ongoing political instability.

Actions taken in 2024:

• Continued efforts to strengthen engagement with local partners
• Delivering anti-corruption and human rights training to suppliers
• Discussions with external security-governance experts

Challenges: Ongoing political tensions present challenges to implement human rights actions related to security.

Outcome: No actual findings related to Equinor's activities were reported, nor are there any indications of such instances through informal channels.

Resettlement update - Tanzania

A memorandum of understanding between Equinor and Shell was signed in 2021 to jointly work together on a liquified natural gas (LNG) facility to be constructed in Tanzania. In 2020, a government-led resettlement process took place, impacting families living on the land designated for the project.

Actions taken:

• Shell and Equinor independently contracted a third-party service provider to facilitate a post-compensation livelihood programme (PCLP) available to all those who were compensated (planned to end in 2025)
• Agricultural livelihood programme has commenced
• Land access and titling programme is being assessed
• Follow-up with monitoring and evaluation supported by a community grievance mechanism
• The implementation of other sub-programmes depends on the signing of the potential LNG project

Third-party assurance: In 2024, Equinor conducted a separate third-party assurance assessment to provide confidence that it has handled the identified human rights risk. The information from this assessment informed an updated human risk assessment.

Addressing community impacts identified in the supply chain - Brazil

In 2024, Equinor conducted follow-up engagement with a supplier in Brazil, for which a previous on-site supplier assessment had revealed the lack of grievance mechanisms for the local community.

Actions taken:

• Improvement steps over previous years to establish a grievance mechanism, which helped the supplier to be aware of impacts of its activities on the nearby community
• Follow-up engagement in 2024 to verify if previous findings had been adequately addressed
• Additional areas for improvement in respect of affected community members and their access to remedy were recommended to the supplier

Legal developments - Bay du Nord - Canada

Equinor Canada Ltd., along with the Minister of Environment and Climate Change Canada, is a respondent in the Federal Court of Appeal of Canada in an ongoing case related to the approval of the Bay du Nord project brought by Ecojustice, on behalf of Sierra Club Canada Foundation and Mi'gmawe'l Tplu'taqnn Incorporated (the "NGOs"). At the Appeal, the NGOs argued that the approvals process failed because proper consultation had not been carried out with certain indigenous groups. A decision of the Court of Appeal is expected in 2025.

Responsible Exit Assessments 2024

In 2024, Equinor completed planned country exits related to international oil and gas business in Nigeria and Azerbaijan, and renewables business in Vietnam.

Actions taken:

• Conducted responsible exit assessments to evaluate possible human rights-related impacts of exits on stakeholders (own workforce, value chain workforce and affected communities)
• Assessments concluded that there were no negative rights-related impacts to stakeholders
• In instances where other impacts were identified, appropriate mitigating steps were enacted, for example post-severance healthcare access for a defined period

Targets related to affected communities

S3-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

We aim to continuously track the effectiveness of our policies and actions as part of our overarching risk-based human rights due diligence efforts as outlined throughout this section. We have not yet specified time-bound targets related to the impacts outlined in this section.

In 2024, we continued to explore what types of social metrics and targets are best suited for managing our material S3 impacts. This is aided by following internal improvement projects:

• Salient issues implementation plans
• Grievance mechanisms review project
• Pilot project - New stakeholder engagement tool

Metrics

Additional metrics related to management engagement on human rights topics are found in S2-5, and are considered applicable to this section.

Business conduct policies and corporate culture

Equinor has established a comprehensive set of policies governing business conduct and corporate culture, integrated into the company's management system. These policies are owned by various executive officers and apply across different scopes as outlined below.

Equinor Book

Policy name: Equinor Book

Scope: Valid globally for all Equinor locations. Applies to all material G1 impacts.

Approval and oversight: Owned by the executive vice president of safety, security and sustainability.

Key content/principles:

• The Equinor Book is the strategic framework for the way Equinor works
• Sets out the company's commitment and requirements for how business is conducted at Equinor
• Includes expectations for ethical behaviour and legal compliance
• Outlines the company's ambition to transform by optimising oil and gas, continuing high value growth in renewables, and developing new market opportunities for low carbon solutions
• States that Equinor is reducing the carbon footprint of energy production and aims to be a net-zero company in 2050
• Covers requirements for ethical standards in creating trust-based relationships with people, owners, business partners and communities
• Includes commitment to provide a safe and secure environment and respect for everyone working at Equinor's facilities and job sites
• States that all business activities should respect internationally recognised human rights and that business will be conducted consistently with the UN Guiding Principles on Business and Human Rights and OECD Guidelines for Multinational Enterprises
• Expects business partners and suppliers to adhere to ethical standards consistent with Equinor's ethical requirements

Public availability: Available online.

Links to international standards:

• UN Guiding Principles on Business and Human Rights
• OECD Guidelines for Multinational Enterprises

Code of Conduct

Policy name: Code of Conduct

Scope: Applies across all of Equinor's locations to board members, employees and hired personnel. Applies to all material G1 impacts.

Approval and oversight:

• Owned by the Chief Ethics and Compliance Officer
• Substantial changes are presented to the corporate executive committee, the Board of Directors' Safety, Sustainability and Ethics Committee and Audit Committee
• Must be approved by the board of directors
• Key union representatives are presented with updates and given an opportunity to comment

Key content/principles:

• The Code of Conduct is Equinor's primary document for managing all material impacts related to business conduct
• Summarises standards, requirements and procedures implemented to comply with applicable laws and regulations
• Is the guide to ethical business practice, reflecting Equinor's values
• Includes requirements on: reporting concerns, equality, diversity and inclusion, safety and security, privacy and data protection, inside information
• Covers business integrity (anti-corruption, anti-money laundering, trade controls and competition)
• Covers public affairs and suppliers and business partners
• Confirms commitment to conducting business consistently with the United Nations Guiding Principles on Business and Human Rights and the ten Principles of the Global Compact
• Outlines that Equinor expects suppliers and business partners to comply with applicable laws, respect internationally recognised human rights and adhere to ethical standards consistent with Equinor's ethical requirements
• Includes requirements on environmental aspects: that environmental management is conducted in accordance with good international practices and principles and applicable environmental laws and regulations
• Requires systematic management of environmental aspects in accordance with good international practices and principles
• Requires compliance with applicable environmental laws and regulations
• Outlines that Equinor works actively to limit greenhouse gas emissions from activities
• Includes expectations that suppliers act in a way consistent with the Code of Conduct
• States that Equinor does not tolerate any discrimination or harassment of colleagues or others affected by operations
• Requires everyone to treat others with fairness, respect and dignity
• Includes a 'Speak up' principle: employees are encouraged and required to report any suspected or potential violations of law, the Code of Conduct or other unethical conduct
• Includes a non-retaliation policy: does not tolerate any form of retaliation against any person who has raised an ethical or legal concern in good faith
• Includes provisions on public affairs: Equinor will make its position known on important industry matters but will not make direct or in-kind contributions to political parties or candidates
• When hiring lobbyists this is required to be done in accordance with applicable laws and subject to full disclosure to any external party they wish to influence that the lobbyist represents Equinor

Public availability: Available in multiple languages on Equinor's intranet, website and as an app. Also easily accessible to business partners through the supplier webpage.

Links to international standards:

• United Nations Guiding Principles on Business and Human Rights
• The ten Principles of the UN Global Compact
• Aligned with EU Directive 2019/1937 (the Whistleblower Protection Directive)

Implementation and monitoring:

• All required personnel must complete annual sign-off confirming they understand and will comply with the Code of Conduct
• Annual sign-off involves an e-learning course and multiple-choice test
• The ethics and compliance function supervises Equinor's ethics and compliance activities and provides guidance on the Code of Conduct
• Regular ethics committee meetings are conducted in the corporate executive committee as well as in business areas and corporate functions
• At the corporate executive committee level, ethics committees cover topics such as interpretation and refinement of the Code of Conduct, training/decisions on ethical dilemmas, monitoring activities, information about developments in relevant anti-corruption legislation, and significant issues reported
• Business integrity risks are assessed twice each year as part of the enterprise risk management process
• Annual Global People Survey includes topics that enable evaluation of business conduct and corporate culture
• Intermediaries (agents, consultants, lobbyists) are expected to comply with the Code of Conduct
• Suppliers are expected to act in a way consistent with the Code of Conduct; Equinor engages with, monitors and follows up business partners to ensure compliance
• In 2024, 96% of required personnel completed Code of Conduct training (target: 95%)

Human Rights Policy

Policy name: Human Rights Policy

Scope: Applies to all negative material S1 impacts (own workforce), all material S2 impacts (workers in the value chain), all material S3 impacts (affected communities), and all material health and safety impacts.

Approval and oversight: Owned by the executive vice president of safety, security and sustainability.

Key content/principles:

• Guides Equinor's management of human rights risks and impacts
• Confirms Equinor's goal to conduct business consistently with the UN Guiding Principles on Business and Human Rights
• Expresses respect for internationally recognised human rights, including those set out in the International Bill of Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work
• Contains explicit provisions regarding human trafficking, forced labour and child labour
• Includes commitments towards own workforce: working to ensure safe, healthy and secure working conditions, fair treatment, non-discrimination, and respect for the right of freedom of association and collective bargaining
• Includes expectations towards suppliers and partners
• Includes commitments towards communities in which Equinor operates
• Outlines commitment towards those raising grievances and seeking remedy for actual impacts
• Includes provisions related to health and safety: commitment to work to ensure safe, healthy and securing working conditions across business activities
• Hosts Equinor's salient human rights issues, updated in 2024:
  • Unsafe working conditions
  • Unethical recruitment of migrant workers in the supply chain
  • Wage theft and excessive working hours in the supply chain
  • Adverse impacts on local communities and indigenous peoples resulting from the use of land
• Includes specific provisions related to impacts on workers in the value chain and corresponding commitment to provide or cooperate in providing appropriate remediation
• Includes provisions related to managing human rights impacts in the communities Equinor operates in and respect of indigenous and tribal people's rights
• Does not tolerate any forms of recrimination or retaliation to those who raise a concern
• Recognises and respects the right of human rights defenders to advocate for and defend human rights in a peaceful manner on behalf of those whose rights may be at risk

Public availability: Publicly available online in multiple languages.

Links to international standards:

• UN Guiding Principles on Business and Human Rights
• International Bill of Human Rights
• ILO Declaration on Fundamental Principles and Rights at Work

Implementation and monitoring:

• The policy was last updated in 2024, including a general restructuring to establish clearer alignment with new reporting requirements and to reflect current salient human rights issues
• The update was informed by internal and external human rights experts
• Awareness of the policy across the workforce is sought through training
• Operationalisation takes place through various internal working requirements, including the Work Requirement for Human Rights Due Diligence

Environmental Policy

Policy name: Environmental Policy

Scope: Applies across Equinor operated assets, Equinor's controlled companies for all activities and phases of the capital value process. Applies to all material E1 impacts, all material E2 impacts, and all material E5 impacts.

Approval and oversight: Owned by the executive vice president of safety, security and sustainability.

Key content/principles:

• Sets out commitment towards the environment and nature
• Outlines commitment to mitigate potential negative impacts from business activities and contribute to concerted actions to positively impact nature
• Supports relevant international conventions and agreements, including the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework
• Delineates actions to integrate due diligence within governance, risk and performance frameworks
• Where potential impacts lay beyond Equinor operated assets and Equinor-controlled companies, outlines stance to actively influence, engage, and collaborate with relevant actors
• Specific provisions related to climate change include identification of actual and potential impacts, risks and opportunities related to greenhouse gases and other emissions to air within the due diligence approach
• Requires all operated assets to comply with applicable laws, regulations and company policies
• Mandates a risk-based due diligence approach to manage relevant environmental aspects
• Mandates identification of actual and potential impacts, risks and opportunities
• Prescribes application of a precautionary approach and of the mitigation hierarchy, in accordance with international practices and principles
• Reiterates commitment to avoiding incidents that could negatively impact the environment
• If incidents occur, emergency response measures and immediate action will be taken to avoid and mitigate negative environmental consequences and ensure action is taken to remediate environmental damage where possible
• By applying the ISO14001 principles to manage significant environmental aspects, aims to continually improve environmental management
• Sets out commitment to advocate for ambitious environmental policies when appropriate
• Refers to the transition towards a circular resource economy
• States that Equinor shall pursue opportunities to promote circularity in activities and the supply chain
• Commits to mitigating potentially negative impacts from business activities and to support actions aiming towards positive effects

Public availability: Available online.

Links to international standards:

• Paris Agreement
• Kunming-Montreal Global Biodiversity Framework
• ISO14001 principles

Implementation and monitoring:

• Analysis of environmental aspects is conducted yearly at asset level and for projects according to guidelines
• Management committee is responsible for identification and implementation of relevant actions to mitigate and handle identified environmental aspects, impacts and risks

Biodiversity Position

Policy name: Biodiversity Position

Scope: Applies to all material E4 impacts.

Approval and oversight: Owned by the executive vice president of safety, security and sustainability, reporting directly to the CEO.

Key content/principles:

• Includes support to the global ambition of reversing nature loss by 2030
• Goes beyond the "do-no-harm" principle, aiming for a net positive impact on biodiversity for new projects in areas of high biodiversity value
• Commits to establishing voluntary exclusion zones for activities
• Commits to active participation in research programmes and industry partnerships
• Commits to investments in nature-based solutions to further build knowledge and develop innovative solutions to protect biodiversity
• Describes how an integrated ecosystem-based management approach will inform business decisions
• Supports and advocates for an integrated science-based management approach that considers the cumulative effects of different human activities on a given area and sets clear direction towards beneficial co-existence between nature and potential different users
• Includes efforts to reduce nature loss or impact due to pollution linked to activities
• Aims to reduce emissions and discharge
• Supports the global ambition to reverse nature loss by 2030, by establishing voluntary exclusion zones for activities

Public availability: Available externally on Equinor's website.

Links to international standards:

• Global ambition to reverse nature loss by 2030

Human Rights Expectations of Suppliers

Policy name: Human Rights Expectations of Suppliers

Scope: Applies to Equinor's supplier universe.

Approval and oversight: Approved by the corporate executive committee.

Key content/principles:

• Extends Equinor's expectations towards suppliers to respect human rights
• Seeks all suppliers to develop and implement an approach consistent with the goals of the UN Guiding Principles on Business and Human Rights
• Seeks suppliers to share the spirit and intent of Equinor's human rights commitment
• Expects suppliers to be transparent about incidents, challenges and efforts
• Expects suppliers to engage their own supply chain
• Expects suppliers to be determined to continuously improve
• In return, Equinor commits to support suppliers in their efforts
• Human rights standards expected of all suppliers include:
  • Ensuring fair treatment and non-discrimination
  • Providing a safe, healthy and secure workplace and accommodation
  • Providing fair wages and reasonable working hours
  • Respecting freedom of assembly, association and the right to collective bargaining
  • Preventing forced labour and modern slavery
  • Preventing child labour and protecting young workers
  • Respecting affected community members
  • Providing access to remedy
• The expectations inform wider procurement processes
• Expectations include that suppliers provide appropriate mechanisms for raising complaints, and where necessary, provide remedy

Public availability: Available online.

Links to international standards:

• UN Guiding Principles on Business and Human Rights

Functional Requirement - Sustainability

Policy name: Functional Requirement - Sustainability

Scope: Applies to all material E1 impacts, all material E2 impacts, all material E4 impacts, all material E5 impacts, all material S3 impacts.

Approval and oversight: Owned by the executive vice president of safety, security and sustainability.

Key content/principles:

Climate change mitigation and energy efficiency:

• Includes requirements related to greenhouse gas emissions and methane emissions

Pollution:

• Requires avoiding incidents and controlling negative impacts by integrating sustainability management according to the principles in the ISO14001 standard into decision-making processes
• Calls for identification of potential risks and development of appropriate prevention and control measures
• Requires execution of sustainability due diligence that considers risk, accommodates changes in context, adheres to a precautionary approach, and incorporates insights from affected stakeholders
• Aims to manage impacts and risks of Equinor group's activities in line with recognised mitigation hierarchies
• Mandates that impacts on nature must be managed to reduce pressures on biodiversity and ecosystems
• Mandates that irreversible harm to freshwater resources must be avoided

Biodiversity and ecosystems:

• Requires minimising deteriorative effects on natural habitats
• Requires informing planning, operations, design, and site selection and promoting regulatory compliance
• Prohibits all industrial activities in the most sensitive areas, including UNESCO World Heritage sites and areas classified as Ia and Ib by the International Union for Conservation of Nature (IUCN)
• For existing Equinor operated assets, mandates site-specific inventories of important biodiversity features and conservation measures to be considered
• For new assets, measures to promote positive impact on biodiversity shall be assessed and implemented

Resource use and circular economy:

• Requires pursuing opportunities to promote circularity in Equinor's group's activities and the supply chain
• Promotes responsible resource use and utilising purchasing power to reduce emissions throughout the supply chain
• Ensures "reduced use of virgin materials in the fabrication and construction of our facilities"

Affected communities:

• Requires management of social-specific sustainability aspects, including requiring the identification, mitigation, and appropriate remediation of impacts on people
• Includes additional requirements for ensuring accessible community grievance mechanisms

Public availability: Integrated in the company's management system, easily available to all employees.

Links to international standards:

• ISO14001 standard
• IUCN classification for protected areas

Work Requirement - Human Rights Due Diligence

Policy name: Work Requirement - Human Rights Due Diligence

Scope: Applies to all negative material S1 impacts, all material S2 impacts, all material S3 impacts.

Approval and oversight: Owned by the executive vice president of safety, security and sustainability.

Key content/principles:

• Outlines the established steps of human rights due diligence outlined in the UNGPs
• Targeted towards risk owners and safety and sustainability personnel that support the primary risk owners
• Includes Equinor's overarching responsibility to respect human rights
• Requires performing risk-based human rights due diligence
• Includes responsibility to respect human rights and perform risk-based human rights due diligence also encompassing activities in the supply chain
• Includes overarching responsibility to respect human rights and perform risk-based human rights due diligence inclusive of managing impacts on affected communities

Public availability: Implemented within the management system.

Links to international standards:

• UN Guiding Principles on Business and Human Rights (UNGPs)

Work Requirement - The Rights of Indigenous and Tribal People

Policy name: Work Requirement - The Rights of Indigenous and Tribal People

Scope: Applies where applicable to projects interfacing with potentially affected indigenous and tribal groups.

Approval and oversight: Owned by the executive vice president of safety, security and sustainability.

Key content/principles:

• Sets out requirements and guiding principles aimed at ensuring respect for the rights of indigenous peoples affected by operations where applicable
• Outlines basic principles that Equinor holds towards these rights-holders, including:
  • Principles of self-identification
  • Recognition of the particular rights of indigenous and tribal peoples
  • Safeguarding of indigenous lands
  • A commitment to engagement
• Outlines risk management practices expected in relation to indigenous and tribal groups, including consultation and participation of indigenous groups
• Outlines matters pertaining to indigenous collaboration, capacity-building and internal training expectations within Equinor's own workforce
• Specifies additional engagement expectations where projects interface with potentially affected indigenous and tribal groups

Public availability: Implemented within the management system.

Implementation and monitoring:

• Effectiveness is monitored through stakeholder engagement processes and review of any indigenous-related grievances raised through relevant mechanisms

Work Requirement - Community Grievance Mechanisms

Policy name: Work Requirement - Community Grievance Mechanisms (CGMs)

Scope: Applies when applicable for projects.

Approval and oversight: Owned by the executive vice president of safety, security and sustainability.

Key content/principles:

• Sets out requirements for establishing and running effective operational level CGMs when applicable
• Outlines the basic principles, scope, processes, and features necessary for establishing effective CGMs
• Equinor entities should apply these principles when establishing their own local guidelines and operational procedures for project-level CGMs
• Underscores the importance of effective and fit-for-purpose CGMs as part of proper stakeholder engagement
• Outlines the necessary features of an effective CGM
• Outlines the overarching process and procedures for handling complaints lodged in such mechanism
• Includes criteria for determining effectiveness of such mechanisms
• Includes the set of criteria Equinor uses to assess effectiveness of CGMs, including ensuring that channels are accessible and predicable to the potentially affected stakeholders
• States Equinor's approach towards the establishment of CGMs within various types of partner operations
• Aims that community-level grievance mechanisms are:
  • Prompt, consistent, and respectful
  • Simple, local and culturally appropriate
  • Free, well publicised and without retribution
  • Designed and operated to the highest applicable standards

Public availability: Implemented within the management system.

Functional Requirement - Safety and Security

Policy name: Functional Requirement - Safety and Security

Scope: Applicable at all Equinor locations. Applies to the material impacts "Major accidents", "Work-related illnesses" and "Work-related injuries" and the material financial risk "Health and safety effect on value creation."

Approval and oversight: Owned by the executive vice president for safety, security and sustainability.

Key content/principles:

• Establishes the purpose of the safety and security function, which is to regulate safety, security and health and working environment and major accident prevention
• Requirements cover provisions related to safety management including:
  • There shall be capability in place to manage risk related to safety, security and health and working environment and operations
  • Medical facilities and competence shall be available at site reflecting risk exposure

Public availability: Integrated in the management system.

Work Requirement - Framework for Major Accident Prevention

Policy name: Work Requirement - Framework for Major Accident Prevention

Scope: Applies to all parts of Equinor's business where there may be a risk of major accidents. Applicable at most Equinor owned or operated facilities. Applies to the material impact "Pollution to air and water from major accidents."

Approval and oversight: Owned by Senior Vice President of Safety. Owned by the executive vice president for safety, security and sustainability.

Key content/principles:

• Defines a structure based on recognised industry practice for high-risk industries
• Applies to all parts of the business where there may be a risk of major accidents

Public availability: Integrated in the management system.

Functional Requirement - Supply Chain Management

Policy name: Functional Requirement - Supply Chain Management

Scope: Applicable across Equinor. Applies to all material S2 impacts.

Approval and oversight: Owned by the executive vice president of Projects, Drilling and Procurement.

Key content/principles:

• The purpose is to regulate procurement and supply chain management
• Includes that procurement activities shall ensure that suppliers comply with standards consistent with directives in the Equinor Book, including standards related to health, safety, ethics, and social responsibility
• States that key suppliers shall be managed using risk-based models
• Relevant provisions related to health and safety include that procurement activities shall ensure that suppliers comply with standards consistent with directives in the Equinor Book

Public availability: Implemented within the management system.

Anti-Corruption Compliance Programme

Policy name: Anti-Corruption Compliance Programme (referred to as Compliance Programme)

Scope: Covers all parts of the organisation.

Approval and oversight: Anchored in the Code of Conduct.

Key content/principles:

• Includes standards, requirements and procedures to comply with applicable laws and regulations and maintain high ethical standards
• Lays down the foundation for ensuring that bribery and corruption risks are identified, concerns are reported, and measures are taken to mitigate risks in all parts of the organisation
• Central elements include:
  • Business integrity risk assessments
  • Reporting of concerns and training
  • Internal audit and investigations
• Includes a global network of compliance officers who support the business in identifying and handling business integrity risks
• Ensures that ethical and anti-corruption considerations are integrated into activities no matter where they take place
• Compliance officers support the organisation by:
  • Holding regular ethics committees
  • Supporting risk assessments and the mapping of relevant mandatory training
  • Being a central point of contact to discuss questions related to the Code of Conduct
• Expectations are communicated through training and through integrity due diligence processes with third parties
• Standard compliance requirements are included in relevant contracts with third parties

Implementation and monitoring:

• In 2024 particular focus was given to mandatory training
• Exploration & Production International, Renewables and Projects, Drilling & Procurement were identified as the business areas most at risk of bribery, corruption and money laundering
• Business integrity risk assessments are conducted in the first and third quarter each year
• Risk assessments assess the risk of bribery and corruption as well as money laundering, competition, trade controls and employee fraud at different levels of the organisation
• The risk based assessment process takes into account the location of assets and units

Incidents of corruption or bribery

Confirmed incidents and convictions

In 2024, Equinor received no fines or convictions for violation of anti-corruption and anti-bribery laws and was not involved in any public legal proceedings related to corruption or bribery.

Ethics Helpline cases

Equinor operates an Ethics Helpline for reporting concerns. In 2024, the company received 323 cases through the Ethics Helpline (250 in 2023), of which:

• 256 were reports of concerns (195 in 2023)
• 47 were questions about the Code of Conduct (40 in 2023)
• 20 were test cases (15 in 2023)

Of the 256 received reports in 2024, 181 were concluded, of which 14% were substantiated.

The 256 reports of concern included:

• 138 cases relating to harassment, discrimination and other conduct affecting the working environment (83 in 2023)
• 38 related to partner and supply chain (58 in 2023)
• 42 related to asset and business integrity (27 in 2023)
• 31 related to safety and security (16 in 2023)
• 7 related to environment and communities (11 in 2023)

Investigation procedures and speak-up mechanisms

Equinor is committed to investigating business conduct incidents promptly, independently and objectively. Potential misconduct may be investigated by corporate audit & investigation or other relevant internal or external resources. The company pursues remedial measures or other follow-up if breaches are substantiated, which may include termination of employment contract and reporting to relevant authorities.

The Ethics Helpline is open for employees, business partners and the general public, ensuring confidentiality and protecting the rights of both the reporter and the potential subject of a report. It enables two-way communication and reporters have the option to remain anonymous.

Equinor has a non-retaliation policy contained in its Code of Conduct and does not tolerate any form of retaliation against any person who has raised an ethical or legal concern in good faith. The policy is aligned with EU Directive 2019/1937 (the Whistleblower Protection Directive).

Anti-corruption compliance programme

Equinor operates a Compliance Programme with the aim to ensure that anti-bribery and corruption risks are identified, reported, and mitigated, with a network of compliance officers who support the business areas globally. The programme includes business integrity risk assessments, reporting of concerns, training, and internal audit and investigations.

In 2024, particular focus was given to mandatory training. Drilling & Procurement, Exploration & Production International, Renewables and Projects were identified as the business areas most at risk of bribery, corruption and money laundering.

Political influence and lobbying activities

Oversight and Governance

Political engagement and lobbying activities at Equinor are overseen by the executive vice president for communication, through the public and political affairs function. This governance structure ensures that political activities are aligned with Equinor's broader strategy and sustainability agenda and that they uphold the strict standards of transparency and integrity.

Code of Conduct provisions on political engagement

Relevant provisions to political engagement specify Equinor's approach to public affairs. While Equinor will make its position known on important industry matters, we will not make direct or in-kind contributions to political parties or candidates (although Equinor may still be a member of interest organisations that support political parties or certain political issues). When hiring lobbyists this is required to be done in accordance with applicable laws and subject to full disclosure to any external party they wish to influence that the lobbyist represents Equinor.

Political contributions

In 2024, adhering to the company's policy prohibiting direct financial donations to political entities, Equinor made no such contributions to political parties, their elected representatives, or individuals seeking political office.

There are instances where Equinor extends support to political processes indirectly by contributing to intermediary entities, such as industry associations and trade groups, which may engage in political activities. We also engage actively with policymakers, non-governmental organisations (NGOs), and industry associations by offering our industry expertise and participating in various forums, including industry panels, conferences, and policy workshops. These contributions aim at enriching dialogues concerning climate and energy transition, industrial competitiveness, and energy security.

Main Topics and Positions in Political Engagement

Equinor's political engagement activities in 2024 focused on several priority areas, central to its sustainability strategy, and reflecting our material impacts, risks, and opportunities identified in the materiality assessment. Equinor engages to shape policies in line with our strategy for oil and gas, renewables and low carbon solutions and for our Energy transition plan.

1. Energy Transition Policies

Main Position: Equinor engages in dialogue with policymakers on the energy transition. These engagements include advocating for stable regulatory environments that support emissions reduction efforts, low-carbon technologies and development of offshore wind, ensuring that policy developments remain practical and economically viable for industry.

Alignment with our material IROs: Equinor's lobbying efforts support Equinor's ambitions related to reducing greenhouse gas emissions and promoting cleaner energy, as outlined in E1 Climate Change. Through advocacy for electrification of the NCS, renewable energy development, carbon capture and storage (CCS) and low-carbon hydrogen, Equinor contributes to shaping a regulatory environment that encourages a balanced transition. These engagements are aligned with our material impacts, risks and opportunities identified in section E1 Climate change.

2. Energy Security and Critical Infrastructure Protection

Main Position: Recognising the critical importance of security in the energy sector, Equinor collaborates with governments and industry partners to strengthen resilience in protecting essential infrastructure and security of supply.

Alignment with our material IROs: Equinor's involvement in security policy discussions, around digital and cyber security, physical protection, and incident prevention, is aligned with our material impacts and risks related to security. For details on security IROs, please see EQN-Security. This engagement allows Equinor to contribute to shared industry insights on resilience-building, focusing on safeguarding critical infrastructure and advancing security strategies that protect societal interests. Through targeted initiatives and collaboration, Equinor seeks to enhance readiness and response protocols, reducing vulnerability to security incidents that could impact operational continuity, environmental health, and broader community safety.

3. Projects implementation

Main Position: Access to energy and solutions for the energy transition is dependent on public authorities supporting the development of key projects. Equinor actively engages with authorities in processes and dialogue for the realisation of such projects on their territories.

Alignment with our material IROs: Equinor plays a key role in producing energy across different value chains as well as in providing solutions for the energy transition. Underpinned by our strategy, Equinor actively engages in promoting the availability of new acreage and projects to provide for energy security, energy affordability and solutions for the energy transition. These efforts are closely aligned with our material IROs related to climate. For details on climate IROs, please see E1 Climate Change.

Our lobbying activities reflect Equinor's commitment to ongoing dialogue and strategic engagement with key stakeholders across multiple regulatory domains. Equinor's approach is calibrated to ensure that its voice contributes constructively to sector-wide discussions, aligning with evolving standards while supporting its operational objectives within the broader energy landscape.

Geographical focus

We engage primarily, but not exclusively, with decision makers in countries where we have significant operations, such as Norway, Brazil, the UK, Angola, and the US, as well as with the EU. These interactions are mainly related to developing competitive, stable and predictable industry framework conditions. We work actively to ensure that the policy positions and advocacy of our membership organisations are supportive of and aligned with the objectives of the Paris Agreement.

EU Transparency Register

Equinor is registered in the EU Transparency Register under registration number 4447605981-76. This registration has been in place since 19 January 2009. The register allows for openness around resource use related to political advocacy.

Members with Public Administration Background

In 2024, Equinor has not appointed in its administrative, management and supervisory bodies the, corporate executive committee and board of directors, any members who held a comparable position in public administration (including regulators) in the 2 years preceding such appointment.

Payment practices

Payment terms and processes

Payment processes are designed to ensure that suppliers, regardless of their size, are paid accurately and on time, adhering to the company's standard 30-day payment terms.

Payment procedure

The purpose of this procedure is to ensure that payments from Equinor to all suppliers are made on due date, based on our stringent compliance and finance requirements. Through regular monitoring of our payment performance, we secure that our financial guidelines are followed in the supply chain and in the business line. The process implements the principles of relevant internal and external standards. It is implemented within Equinor's management system, under the "Procure to Pay" process and owned by the Chief Consultant in Supply Chain. The procedure is available via intranet to all internal stakeholders and external service providers to ensure its effective and compliant implementation.