Norwegian energy giant Equinor has come under fire for its staggering annual profits of £24 billion and its decision to scale back clean energy initiatives, sparking outrage among environmental groups. The company, responsible for the Rosebank oil field, reported earning a jaw-dropping £45,662 per second in 2024, equating to around £66 million per day. Critics have accused Equinor of profiting off the ongoing energy crisis, with the firm making a total of £140 billion since the cost of living crunch began.
Recently, Equinor faced a setback when a Scottish judge deemed the approval of its Rosebank development off Shetland as unlawful, leading to the suspension of drilling plans. However, there are reports suggesting that Chancellor Rachel Reeves might green-light the project for a second time, in line with her economic growth agenda.
Protests erupted outside Equinor’s office in Aberdeen, where activists, including the ‘North Sea Knitters’ group, voiced their opposition to the company’s profits and its plans for both Rosebank and a proposed gas-burning power station in Peterhead. The demonstrators staged a ‘knit in’ outside the office, highlighting their concerns over the prioritization of shareholders’ interests over environmental conservation.
Equinor, the largest gas supplier in the UK, also disclosed plans to reduce its global spending on renewable energy projects, citing the need to adjust its ambitions to economic realities. Environmental groups and campaigners have denounced the firm’s decisions, arguing that the push for new oil and gas projects disregards the urgency of transitioning to sustainable energy sources.
Despite facing criticisms, Equinor’s CEO and president, Anders Opedal, defended the company’s actions, stating their commitment to reducing emissions and investing in renewable and low-carbon solutions towards a net-zero future by 2050.
In conclusion, Equinor’s immense profits and controversial decisions shine a light on the ongoing debate between economic interests and environmental concerns. The pushback from activists and environmental groups underscores the growing demand for sustainable practices and clean energy solutions in the face of the global climate crisis.