Equinor, the Norwegian oil giant behind the controversial Rosebank oil field, has announced record-breaking profits of £24 billion for 2024. The company also revealed plans to reduce its investment in renewable energy, sparking criticism from environmental campaigners who accuse Equinor of prioritizing profits over the climate crisis and exploiting the cost of living crisis. Despite a recent court ruling against the Rosebank development, reports suggest the project may be approved again by the UK government.
The Norwegian oil giant behind Rosebank oil field has announced £24billion in annual profits and a plan to cut green schemes, sparking anger from campaigners.
Demonstrators gathered outside the company’s Aberdeen office yesterday to protest the “obscene” profits as well as Equinor’s plans both for Rosebank and a proposed gas-burning power station in Peterhead in partnership with SSE. The North Sea Knitters, a group of women from across Scotland opposed to fossil fuel expansion, staged a “knit in” outside the building.
“The tide is turning against fossil fuels, with Rosebank’s defeat in court and Equinor and SSE being forced to reassess the full climate impact of the new Peterhead power station.” Equinor, the UK’s largest gas supplier, also announced climate rollbacks with plans to reduce its global spend on renewables in an effort to adjust “ambitions to realities”.
Caroline Simpson of Warm This Winter added: “6.5 million people in the UK are living in official fuel poverty and billpayers are spending £700 more on energy than we did since the start of the energy crisis. Today’s profits just show once again how oil and gas firms and their billionaire cheerleaders are attempting to keep us hooked on fossil fuels.”
Environment EQUINOR PROFITS ROSEBANK RENEWABLES CLIMATE CHANGE
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