For those of you who don't know Statoil,

we are producing oil, gas, and energy,

meeting the needs of nearly 175 million people everyday.

We're born and raised in Norway,

but now you will find us in more than 33 countries.

I'd like to share with you how we work with ...

Take you inside the boardroom of Statoil,

to see how we have put climate as one of the core components

of the business strategy of the company.

But before I do that,

I just wanted to start with a personal story.

So, this is me when I was young.

(audience laughs)

And as you'll see, I'm an identical twin.

And actually yet I haven't learned

who's who in that picture.

(audience laughs)

(Bjørn clears throat)

But I learned a couple of other things

as I grew my gray hair.

one is that if you run 20 miles,

you don't get that far away.

But if you travel 20 miles directly

up in the atmosphere, you exit the atmosphere.

I also learned that since when I was running there,

the content of CO2 in the atmosphere

was around 331 particles per million.

And we know that the carbon budget that you talked about,

says that we should try to limit that concentration to 450.

And last night, when you were watching

the basketball game,

probably none of you bothered to think,

what's the concentration of the CO2.

But actually, it's 407.

So, look at this, in my lifetime,

the journey has been from 320 to 407.

And we have only 450 to reach.

Science is also able to tell us

where's all this CO2 coming from.

And through 2/3 of it, it's coming from our energy system.

And 80% of the energy system is around fossil fuels.

So the big challenge is basically,

we need to change the energy system.

And it's a very simple charm,

we need to go from a very predominantly

fossil-based energy system towards

a non-fossil energy system.

That's going to be tough.

In the number 81, 81% is now fossil.

That's been stable since 1987,

the first World top Summit on climate change.

The real meeting.

But we know digitalization, technology, politics,

climate change itself, is going to make this.

How the change is going to take place,

we don't know, but we need to make this happen.

So, this is my first point to you guys.

We need a lot of talents to spend time on this.

To use insight, to say how can we make this change happen.

So that's the invitation to join the industry.

Okay, so our business strategy is always safe,

high value, low carbon, on par those three.

And we said we're going to reduce our emissions,

we going to grow in new energy solutions

and then make sure that we embed climate

into all our decision making.

So now I'm going to share with you how we work

to reduce our own emissions and then afterwards,

some of the perspectives we have

around new energy solutions.

We are of course, a consumer energy ourselves

when we produce oil and gas,

so what we're trying to do is,

could we lower the emissions of the 80 some turbines

that we're running to provide energy

to these amazing installations.

The picture you is looking at is one of the

biggest new oil and gas developments,

where it's going to be run on hydropower,

from cables from shore.

We're also developing sub-sea solutions,

remotely operated solutions to eliminate the energy needs.

So our target is to get the intensity of the CO2

per barrel produce as near zero as possible.

So to your point about what's the good metric,

well, the metric is CO2 intensity per barrel,

and we're going to be the world leading on that.

We're also using a sophisticated technology

to minimize and reduce methane leakages.

Here's some drones and we're also doing sub-sea drones

to discover leakages because we need to tighten the pipes.

Looking back again at the perhaps, longer future,

the potential for carbon capture and storage,

we're quite excited about that.

We've been doing that for more than 20 years,

capturing 20 million tonnes of CO2,

storing it in geological layers.

We believe in this technology.

It can be done and is also important bridge

for the future of hydrogen,

that's a very important fuel for the future.

So, looking at renewables,

of course, I'm from the coastal city.

I know there's a lot of wind out there,

so we need to capture that.

In the short term, I think the future energy

is going to be a lot about solar, but also,

wind and particularly offshore wind.

So, over the last years, we have invested

significantly into offshore wind,

developing that in the UK, the Netherlands,

Germany and now also in the US.

Just to show you the scale of this,

these are massive installations.

They are nearly the size of the Eiffel Tower.

They are huge installations and what we believe

is that having 40 years of experience as offshore

oil and gas company, we have competence to add

to the industry of large marine structures,

and we're quite excited about it.

One of the most exciting developments we're working with now

is a project called Empire Wind,

offshore, right outside New York City.

And New York City has a dream or an ambition

to bring 50% renewable, and we're proud to say

that our project alone can actually do nearly

half of the part that they hope to see from wind power.

So it's big numbers, it's very significant.

Climate has come to be core of our business strategy.

We use a carbon price on all our investments,

50 dollar and we also pay a CO2 price.

Without the CO2 price, we would have less

of an incentive to invest in energy efficiency.

We would have less an incentive to invest

in carbon capture storage.

So this is very important part of our component.

We take great pride in making sure that,

if the future is going to be quite uncertain right?

So for us it's important to build resilience

towards a low carbon future.

There are three, really big things that we believe is

an important source of competitiveness for the future.

One is make sure you attack your cost space.

Lower the costs, but also lower the carbon,

and then be part of the transition.

Staying ahead of the curve.

The challenge for you guys is, of course,

that for now, we are only rewarded

for the first, to lower the costs.

So we need to develop better mechanisms

to reward companies that take a leadership role

in bringing CO2 emissions down

and also help drive the transition.

It's going to be exciting years ahead,

so that's actually why we decided we have this new strategy.

We feel that our old name doesn't really

reflect what the future is about,

so we just changed our name and we call that Equinor.

And the idea is that we believe the future

is going to be a lot about change.

We're still going to continue to produce oil and gas,

but also we're going to do a lot more

in the coming years ahead of us.

So thank you for your attention.