Guarantor of the Amazon Fund, the country granted 700 new oil exploration licenses in the last decade, according to a document
Climate activists from different countries, linked to Greenpeace, they were to Stavanger, Norway, on May 10, 2023, to attend the annual meeting of the Norwegian state-owned oil and gas company equinor.
Protesters warned that plans to develop the Rosebank field in the North Sea, as well as other projects in Canada, Brazil and Suriname, would lead to a “climate collapse with devastating consequences for humanity“. The information is from guardian.
The Norwegian government faces pressure to scale back its plans to expand fossil fuel exploration, including the development of a new oil field in the North Sea between Norway, Denmark and the UK.
“VYou have been warned that we cannot have new oil and gas fields if we are to limit the absolute worst of climate breakdown”, an activist told the company’s board during a speech at the meeting.
“[Mas] you continue to expand fossil fuel operations despite desperate warnings from climate scientists and are spending next to nothing on the transition that is our only hope for survival”, he completed.
According to guardian, climate activists accuse the Norwegian government, which owns 67% of Equinor, of hypocrisy. According to them, while presenting itself as a climate leader on the world stage, Norway is moving forward with new oil and gas exploration developments around the world.
Norway is the country that made one of the biggest donations to the resumption of Amazon Fund: US$ 1 billion (about R$ 4.96 billion, at current prices). “The reopening will provide access to much-needed resources to support a remarkable policy shift to combat deforestation and towards sustainable development.”, declared to the Power360 the Norwegian ambassador to Brazil, Odd Magne, on April 13.
Read more about foreign investments in the Amazon Fund:
An analysis of OCI (Oil Change International) February 2022 stated that Norway is the explorer “more aggressive” Europe of new oil and gas fields, granting 700 new exploration licenses in the last decade, as well as Equinor’s specific plans. Here’s the full of the report (1.8 MB, in English).
The organization also found that oil and gas in fields already licensed, but not yet developed, can lead to additional emissions of 3 gigatons of CO2, which represents 60 times the annual domestic emissions of Norway.
In April, was released that Rosebank would blow the UK’s carbon credit over the next decade, as greenhouse gas emissions from its operations alone would exceed benchmarks for the country’s oil and gas sector.
If the creation of the oil field goes ahead, estimates of the uplift show that Rosebank, which is expected to cost £4.1 billion ($25.27 billion at current exchange rates) to develop, could receive an effective taxpayer subsidy of £3.75 billion ($3.75 billion). $23.12 billion at current exchange rate) through tax breaks and the government’s windfall tax loophole that saves oil and gas investment.
This would mean that Equinor would only pay £350m to develop Rosebank, which is 3 times the size of the Cambo oilfield, located in the British Shetland archipelago, offshore. From north.
In 2022, Equinor earned £62 billion (about R$ 382 billion at current prices) and about 80% of Rosebank’s oil will likely be exported. An Equinor spokesperson said the company did not acknowledge Uplift’s estimate and cited another report which found the Rosebank creation project could bring in £26.8 billion. 165 billion at current exchange rates) to the UK through tax payments and investments.
“Rosebank has the potential to strengthen energy security with oil and gas produced with a much lower carbon footprint than current UK production”, said the spokesperson.
The potential decision to develop the Rosebank and energy security proposals comes after climate scientists issued your “final alert”, on May 17, that the world would exceed the threshold of 1.5°C of global warming if urgent action is not taken.
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