Equinor's ethical challenges must be taken seriously Many shareholders applauded when Statoil made an expensive name change to Equinor seven years ago. The name change signalled the company's ambition to achieve a better balance (equilibrium) between fossil and renewable energy in the company's energy production, in accordance with the Paris Agreement. However, the transition has been slow, and investments and production of renewables currently account for only a minimal fraction of company’s total energy production. It was therefore very disappointing when the board of directors and the corporate executive committee, instead of increasing the renewables share, decided to reduce it further: • Retire the goal that at least fifty percent of CAPEX should go to renewable energy and low-carbon solutions by 2030. • Reduce the renewable energy production target and scale down the net carbon intensity reduction targets. Thus, the sceptics were proven partly right in their assumptions about the name change's greenwashing character, and the company quickly backs to square one: Statoil oil and gas. But how can the company and society benefit from fossil energy winning the energy race, but harming the planet and future generations, irreversibly? Our descendants are unlikely to thank us for that. The state, as the main shareholder, cannot accept that Equinor in practice sabotages Norway's commitments under the Paris Agreement. The legacy of Statoil's structure and culture is clearly too strong for renewable energy to be given the necessary focus and priority at Equinor. The renewables part of the business should therefore be separated from Equinor and established as a separate public limited company and financed for large-scale production of energy based on sustainable renewable energy.
In recent years, Equinor has had enormous revenues from the sale of gas to Europe. While Ukraine's energy production and infrastructure are systematically destroyed by Russia, Equinor has had a war-stimulated income of NOK 1270 billion in 2023/23 alone (NRK broadcasting association), without giving Ukraine anything in return. Even if Equinor is not a war profiteer, the case also has an ethical side. In 2024, Ukraine experienced thousands of targeted attacks by Russian forces, including bomb and missile attacks as well as drone attacks on the country's cities and energy infrastructure. Only a small fraction of Norway's support for Ukraine under the Nansen Programme goes to support investments to repair and secure the country's energy production and infrastructure. The need is enormous. Equinor should therefore share some of its large profits with Ukraine by investing a small, but important, part in the necessary repair and renewal of theEquinor's ethical challenges must be taken seriously
Many shareholders applauded when Statoil made an expensive name change to Equinor seven years ago. The name
change signalled the company's ambition to achieve a better balance (equilibrium) between fossil and renewable energy
in the company's energy production, in accordance with the Paris Agreement. However, the transition has been slow, and
investments and production of renewables currently account for only a minimal fraction of company’s total energy
production.
It was therefore very disappointing when the board of directors and the corporate executive committee, instead of
increasing the renewables share, decided to reduce it further:
• Retire the goal that at least fifty percent of CAPEX should go to renewable energy and low-carbon solutions by 2030.
• Reduce the renewable energy production target and scale down the net carbon intensity reduction targets.
Thus, the sceptics were proven partly right in their assumptions about the name change's greenwashing character, and
the company quickly backs to square one: Statoil oil and gas. But how can the company and society benefit from fossil
energy winning the energy race, but harming the planet and future generations, irreversibly? Our descendants are
unlikely to thank us for that.
The state, as the main shareholder, cannot accept that Equinor in practice sabotages Norway's commitments under the
Paris Agreement. The legacy of Statoil's structure and culture is clearly too strong for renewable energy to be given the
necessary focus and priority at Equinor. The renewables part of the business should therefore be separated from Equinor
and established as a separate public limited company and financed for large-scale production of energy based on
sustainable renewable energy.
In recent years, Equinor has had enormous revenues from the sale of gas to Europe. While Ukraine's energy production
and infrastructure are systematically destroyed by Russia, Equinor has had a war-stimulated income of NOK 1270 billion in
2023/23 alone (NRK broadcasting association), without giving Ukraine anything in return. Even if Equinor is not a war
profiteer, the case also has an ethical side. In 2024, Ukraine experienced thousands of targeted attacks by Russian forces,
including bomb and missile attacks as well as drone attacks on the country's cities and energy infrastructure. Only a small
fraction of Norway's support for Ukraine under the Nansen Programme goes to support investments to repair and secure
the country's energy production and infrastructure. The need is enormous.
Equinor should therefore share some of its large profits with Ukraine by investing a small, but important, part in the
necessary repair and renewal of the energy infrastructure in the country in cooperation with the Ukrainian authorities and
energy companies.
The proposers are members of the Grandparents’ Climate Action. energy infrastructure in the country in cooperation with the Ukrainian authorities and energy companies.