New report reveals the truth about Equinor’s global fossil fuel projects

[Full title: New report from Greenpeace Nordic reveals the truth about Equinor’s global fossil fuel projects]

Media Release: For Immediate Release 11 October 2023

Norwegian state-owned oil company Equinor faces growing opposition around the world, including in Canada, where it wants to open new oil and gas projects. A new report from Greenpeace Nordic reveals the gap between Equinor’s greenwashing campaigns and the company’s major investment in more oil and gas and projects like Bay du Nord.

The report, titled “The truth about Equinor’s global projects“, covers four of Equinor’s global projects that have faced strong public and political opposition, as well as the company’s role in increased oil and gas extraction on the Norwegian continental shelf. The projects covered are Rosebank in the UK, Bay du Nord in Canada, Bacalhau in Brazil and seismic shooting in the Argentine Sea.

The report shines a spotlight on the gap between Equinor’s investment in new fossil fuel companies and the company’s “green” marketing campaigns. Equinor refers to itself as a “broad energy company”, despite the fact that only 0.13 percent of the energy it produced in 2022 was renewable and only 3 percent of the investments went to renewable energy. The UN and the International Energy Agency have determined that there is no room for any new coal, oil or gas projects if we are to manage to limit global warming to 1.5 degrees.

Nevertheless, Equinor plans to increase oil and gas production until 2026 and maintain the current production level in 2030, including through the opening of controversial foreign projects. Last month, Equinor announced that it was going ahead with the controversial Rosebank oil field, the largest undeveloped oil field in the UK. On 2 October, activists from the Greenpeace ship Witness protested against Equinor’s plans to start seismic shooting and oil exploration off the coast of Argentina.

Stine Wilhelmsen, campaigner at Greenpeace Norway, says: “Equinor spends millions portraying themselves as a company committed to the energy transition, but this couldn’t be further from the truth. The facts clearly show how our state-owned oil company continues to ignore climate science, Norway’s climate and nature commitments, and the Norwegian government’s expectations of state-owned companies. We hope this report can contribute to exposing Equinor’s true nature.”

The report has been written in collaboration with environmental and climate organizations in Norway, the UK, Canada, Argentina, and Brazil.

Karoline Andaur, head of the WWF-Norway said: “Equinor must take the Paris Agreement seriously and have a strategy that is aligned with the 1.5 degree target. This must involve climate measures throughout the value chain, from production to combustion. This means an actual downscaling of fossil fuel production and a major transition to renewable energy. In addition, Equinor has to respect the Global Biodiversity Framework, and stop building new oil and gas fields in our most vulnerable and valuable marine areas.”

Conor Curtis, Head of Communications, Sierra Club Canada, said: “Hundreds have rallied against Equinor’s Bay du Nord in St. John’s, Newfoundland and Labrador. So many more have sent messages highlighting the huge climate impact and biodiversity risks Bay du Nord would create. The project also poses huge economic risks for people here. It’s time for Equinor and the Norwegian government to finally listen and cancel Bay du Nord.”

Bibi Elberse, Stop Rosebank campaigner, said: “People in the UK know that the Rosebank oil field will do nothing to lower our fuel bills or increase UK energy security. It will just deepen the climate crisis while making Equinor richer. This is why hundreds of people protested outside the Norwegian Embassy last month and why over a hundred charities, as well as politicians from all parties, are demanding it be stopped. Equinor’s expansion plans are why Norway is increasingly seen as a climate villain around the world, when it could be using its wealth and expertise to rollout cheap, clean energy. It is beyond time that the Norwegian government forced Equinor to make the shift away from fossil fuels, starting with pulling out of Rosebank.”

Maria Victoria Emanuelli, Lead Campaigner 350.org Latin America, said: “Equinor is leading the exploration of new frontiers in the Argentinean South Atlantic Sea, although the communities in Argentina are against this offshore project and thousands of people keep fighting against it.  This shows how Equinor acts against its own commitments and contributes directly to the sea environment destruction and climate change.”

-30-

• The report is available on Greenpeace in Norway’s website here
• The report has been written in collaboration with environmental and climate organizations in Norway, Canada, Argentina, Great Britain and Brazil.
• Spokespeople from Greenpeace in Norway and the other organizations behind the report are available for further comment.

For more information and interviews please contact: Media@sierraclub.ca