Just burning the oil & gas in existing fields will push us past the limits for a liveable climate.
Scientists have said time & time again (the last time was Monday) that we can't have any new oil & gas fields if we want to limit warming to 1.5C.
This means no Rosebank.
Rosebank will be massively subsidised by the UK taxpayer.
Instead of supporting the millions of people in the UK struggling to survive, the UK govt will be effectively handing over billions of pounds to Norwegian oil giant Equinor.
Equinor made £62 billion in profit last year.
Rosebank won’t do a single thing to make our energy affordable or more secure.
It’s oil - 80% of which we export.
It won’t affect the price of oil & gas - those are set globally.
It’ll delay real solutions to lower bills - insulated homes and cheap renewables.
Rosebank will trash our seas as well as the climate.
A pipeline from the field is set to run straight through a marine protected area, endangering dozens of species & potentially permanently damaging fragile ocean ecosystems.
All of this destruction so Equinor can make money.
Every new field delays the funding & focus needed for a just transition.
With the right support, which workers have been calling for, we could see 3 jobs in clean energy for every existing oil & gas job.
This won’t happen while the government ignores workers’ demands.
Approving Rosebank would be a catastrophic decision for the UK and a slap in the face to the millions already on the frontlines of the climate crisis.
Thanks to an incredibly generous tax system for fossil fuel companies and the massive loophole for new oil & gas fields in the windfall tax, the UK government now effectively covers 91.4% of the cost of developing new oil & gas fields.
You read that right. More than 90%.
Here's what that looks like for Rosebank:
Equinor has said that developing Rosebank will cost around £4.1 billion.
This means Equinor will get a £3,750,000,000 tax break for going ahead with Rosebank.
Tomorrow, Norwegian state-owned oil giant @Equinor is set to announce more profits than BP & Shell COMBINED.
We’re with @YCCNetwork for a vigil outside the Norwegian embassy, demanding the Norwegian government stop profiting off of climate-wrecking projects like Rosebank🕯️
The Norwegian govt, as majority owners, bear a huge responsibility over Equinor’s actions.
We’re asking Norway to think again about its support for Rosebank when we’re in the middle of not just a climate crisis but a cost of living crisis driven by burning fossil fuels.
"This is a moral issue, which means faith leaders and campaigners have a crucial role to play in standing up to the companies and politicians who are prepared to sacrifice our collective future while a small number of people profit."