Equinor continues to profit from climate-wrecking oil and gas
On 24th July, Equinor announced its financial results for May - June (Q2). Equinor earned a staggering USD 7.48 billion before tax, bringing its total earnings for 2024 so far to USD 15 billion. Equinor’s profits clearly show how the company has no intention to stop profiteering from climate-wrecking oil and gas, despite millions of people around the world bearing the cost of the escalating climate crisis.
Equinor’s profits, our loss
As the climate crisis unfolds, extreme weather and heatwaves are becoming more frequent and more severe. June was the warmest June ever recorded, the thirteenth month in a row where such a record has been set, according to EU researchers. 2024 has already seen devastating extreme weather events across the globe, including deadly floods in Kenya, Brazil, India, China, Dubai and Germany. Canada is being ravaged by catastrophic wildfires, and storms and heatwaves have claimed many lives around the world.
It’s against this backdrop that Equinor has again announced eye-watering profits from oil and gas. Equinor continues to pollute our atmosphere despite knowing that their production of oil and gas is fuelling the climate crisis. Instead of addressing the issue, they spend millions on greenwashing and marketing campaigns presenting themselves as a broad energy company committed to the Paris-agreement.
Time for polluters to pay
The cost of the climate crisis will continue to rise. Much of what is lost due to climate change can never be replaced, but funding is needed to pay for things such as aid and infrastructure. Reportedly, the cost to ordinary people of climate and weather events in 2023 was estimated at a staggering US$300 billion. The companies and countries that have contributed the most should pay their fair share. Norway has built its fortune on oil and gas, yet have only committed a meager 270 million NOK (25 million USD) to the global loss and damage fund. Equinor earned $36.2 billion in 2023, and continues to ignore climate science by doubling down on oil and gas.
Equinor’s contribution to the climate crisis
Equinor claims that it is committed to the energy transition, but the truth is that Equinor is continuing to increase its fossil fuel production and its emissions. From 2022 to 2023, both Equinors operated emissions (from production) and emissions from the combustion of the produced oil and gas increased (Scope 3). 80% of the company’s investments in 2023 went to oil and gas, and the company made final investment decisions on huge new fossil fuel projects including Rosebank in the UK and Breidablikk in the North Sea.
Since 1988, 100 fossil fuel companies including Equinor are estimated to be responsible for 71% of global industrial greenhouse gas emissions. An analysis by Climate Analytics found that Equinor would owe $400 billion if the company were to be held partly responsible for the climate loss and damage caused by the company's emissions from 1985 to 2018 alone.
The fight for climate justice
Climate change is impacting those that are least responsible the most. People living in the global south and already marginalized communities will bear the brunt of the consequences of a warming planet. Climate breakdown disproportionately impacts people of color, women, LBGTQI+ people, disabled people, working class and poor people. Existing inequalities are exasperated, both in the global south and the global north.
Climate justice is about recognising that the responsibility for the climate crisis rests with some countries and companies more than others. Today, those most responsible are not being held accountable for the damage they have caused and are continuing to cause. This has to change.
It’s time to get EquinorOut of oil and gas
Equinor is lying about being a “broad energy company” and ignoring climate science. Scientists estimate that extreme weather caused by climate change will become more frequent and more intense in the future. Opening new fossil fuel projects in a climate crisis is madness. Every investment in new oil and gas pushes us further away from the 1.5 degree target and closer to climate breakdown.
Around the world, local people and environmental organisations are standing up against Equinor, calling for Norway to take responsibility for its contribution to the climate and nature crisis, and put people and the planet above short-term profits. We’re getting stronger every day and together we can get Equinor out of oil and gas.
Get involved:
- Share social media posts exposing Equnor’s profiteering on Instagram here and here, and on X/Twitter here and here
- Get involved in the campaign to get #EquinorOut of oil and gas. Find out more here.