Equinor not on track with energy transition plan

On March 21st, Equinor released its annual report and sustainability reporting for 2023. A closer look into the documents reveals how Equinor increased oil and gas production and is continuing to ignore climate science by opening new oil and gas projects.

May 23, 2024
Equinor not on track with energy transition plan
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Despite branding itself as a “broad energy company”, Equinor’s own annual report reveals the company’s continued doubling down on oil and gas. In 2023, less than 1% of the energy Equinor produced was renewable while more than 99% were from fossil fuels. 

Equinor is lying when they presents itself as a broad energy company. In reality they are fuelling the climate crisis by opening new oil and gas fields in Norway and around the world.

Equinor invested 80% in oil and gas

In 2023, Equinor allocated over 80% of its total investments to fossil fuel projects, despite its stated aim of broadening its energy portfolio. The company also increased its production of oil and gas by 3%. The UN and the International energy agency (IEA) have warned there is no room for any new oil and gas fields to meet the temperature targets in the Paris Agreement. 

During the year, Equinor made investment decisions on several highly controversial projects, including Rosebank, UK’s largest undeveloped oil field. Additionally, the company started production on Breidablikk, an oil field deemed illegal by the Oslo district court in a recent ruling. Equinor also drilled several exploration wells worldwide. 

Equinor’s emissions

Due to increased oil and gas production, Equinor’s emissions from operations and combustion of its final product increased. 

Scope 1 and scope 2 emissions refers to emissions from operation and production. In 2023, Equinor’s emissions from scope 1 and 2 increased by  0.2 million tonnes of CO2 equivalents. The increase was from 11.4 million tonnes Co2e to 11.6 million tonnes Co2e.  

Scope 3 emissions refers to emissions from the use (combustion) of Equinor’s products. Due to an increase in the overall oil and gas production from 2,039 thousand barrels of oil equivalent per day (mboe/d) in 2022 to 2,082 (mboe/d) in 2023, Equinor’s scope 3 emissions increased by 3%. The increase was from 243 million tonnes of CO2 equivalent to 250 million tonnes of CO2 equivalent.

Equinor’s profit, our loss 

In 2023, Equinor reported earnings of $36 billion, boosted by the energy crisis in Europe and Russia's invasion of Ukraine. Equinor’s CEO Anders Opedal’s compensation in the same period was $1.9 million (20.7 million NOK).

Equinor’s oil and gas expansion comes with major consequences. It leads to loss of life, homes, language and culture as the results of extreme weather and increasing temperature, as well as loss of biodiversity. 

Read more about Equinors energy transition plan