London (CNN Business) Equinor just became the latest European energy company to cave to investor pressure over climate change.

The Norwegian state producer joins major oil companies Total, Royal Dutch Shell and BP, as well as coal mining and commodities giant Glencore, in taking steps to make their businesses more green.

While none of the companies have immediate plans to slash their production of fossil fuels, they have taken steps to increase transparency over emissions and invest in clean energy.

The flurry of activity suggests that pressure applied by investors is having an effect in Europe. But activist shareholders face a much tougher task in the United States, where oil companies show little appetite for change.

The risk for American energy companies is that they could end up being more exposed to an eventual crackdown on carbon emissions.