Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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.

36 mins ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.