Eldar Saetre, CEO of Norwegian energy group Equinor ASA, says he is preparing for a time when oil and gas companies face tougher penalties for hydrocarbon extraction.

The irony of Saetre’s strategy will not be lost on many: his state-controlled company, until last year known as Statoil, has been a key driving force behind the creation of Norway’s $1.1 trillion oil fund, ranked as the world’s largest sovereign wealth fund.

Even as the world’s reliance on fossil fuels persists, he says, capital allocation by investors, policy and public sentiment will all shift in favor of cleaner fuels.

So how does a traditional energy major prepare for a move towards a low-carbon future and what impact will this have on its asset portfolio?

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