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A view of Equinor headquarters. Photo: Cem Ozdel/Anadolu Agency via Getty Images

Equinor on Monday named company veteran Anders Opedal to replace CEO Eldar Sætre this fall and vowed to accelerate its diversification into climate-friendly energy.

Why it matters: The Norway-based company is among the world's largest multinational oil-and-gas companies — though smaller than super-majors like Exxon, Shell and BP.

  • The announcement comes as a bunch European-based giants are vowing to speed up their push into areas like solar power and electric-vehicle charging.
  • However, fossil fuels remain their dominant business lines and still account for the vast majority of their investments.

Where it stands: Sætre, 64, is retiring after 40 years with the company and six as CEO. He signaled months ago that he planned to step down, Equinor said.

  • His tenure included changing the company name from Statoil to Equinor to reflect its diversification efforts and a series of climate pledges.
  • Equinor vowed in February to cut carbon intensity (emissions per unit of output) by at least 50% by 2050 — a plan that includes emissions from use of its fuels in the economy.

What's next: Opedal is slated to take over in November. He's been the company's executive VP for technology, projects and drilling since 2018 and joined Equinor as an engineer in 1997.

What we're watching: Whether Opedal will quickly look to roll out new pledges and/or more details on the company's plans to speed up its renewables push.

  • In a statement, he vowed to work with colleagues to "accelerate the development of Equinor as a broad energy company and our growth within renewables."
  • Equinor's current plan, announced earlier this year, calls for expanding its renewables portfolio to reach up to 6 gigawatts by 2026 — a tenfold rise — and up to 16 gigwatts by 2035.

Go deeper

Sunrun CEO: Transition to renewables will happen "independently" of politics

Sunrun CEO Lynn Jurich said at an Axios virtual event on Wednesday that the transition to renewable energy from fossil fuels is "going to happen independently of any political regime," but that a potential Joe Biden presidency could help the U.S. make the transition faster.

Why it matters: The Trump administration has attempted to undermine the scientific consensus of climate change and promote fossil fuels. But Jurich says that technology and cost drivers have still created momentum toward a renewable transition.

10 hours ago - World

Over 170 Palestinians injured in clashes with Israeli police in Jerusalem

An injured man is carried away as Israeli security forces clash with Palestinian protesters at the al-Aqsa mosque compound in Jerusalem. Photo: Ahmad Gharabli/AFP via Getty Images

At least 178 Palestinians have been injured in clashes with Israeli police in Jerusalem, Reuters reported late Friday.

The big picture: The clashes come amid growing anger over the threatened eviction of Palestinians from their homes on land claimed by Jewish settlers in East Jerusalem. Tensions have also escalated in the occupied West Bank in recent weeks.

Updated 12 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Coronavirus cases hit a seven-month low — Majority back vaccine proof requirements for travel, schools and work — The race to avoid a possible "monster" COVID variant.
  2. Politics: Oklahoma secures $2.6 million refund for hydroxychloroquine purchase — Why Biden's latest vaccine goal is his hardest yet.
  3. Vaccines: Pfizer begins application for full FDA approval of COVID-19 vaccine — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations — Americans' return to the skies could benefit smaller airlines.
  5. World: WHO authorizes China's Sinopharm COVID-19 vaccine for emergency use — Mixed response in Europe to Biden's vaccine patents bombshell.
  6. Variant tracker: Where different strains are spreading.