Thread by @StopCambo

🚨BREAKING: New analysis has found that Equinor is set to receive a £3.75 billion tax break if Rosebank is approved.

Instead of supporting the millions of people in the UK struggling to survive, the UK is massively subsidising a new climate wrecking oil field.

#StopRosebank

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.

Equinor made £62 billion in profit in 2022.

Approving Rosebank would be an unbelievably bad deal for the UK and the world.

Instead of supporting the NHS or insulating millions of leaky homes, UK taxpayers would effectively cover almost all the costs of an oil field that we know will push us further past a liveable climate

And for what? The oil from Rosebank would likely be exported abroad, doing nothing for our bills & energy security, but doing everything to further drive the climate crisis.

Norway, Equinor's majority shareholder, would take the profit, and we'd pay the price.

Given the crisis facing this country, driven by soaring energy prices, this government should be 100% focused on ways to lower UK energy bills.

That means upgrading homes and massively accelerating cheap renewable energy, not boosting oil company profits.

We have to stop this field from moving forward and we will.

Here are three ways to get involved right now:

1⃣Email your MP demanding they do everything they can to #StopRosebank

actionnetwork.org/letters/email-…

2⃣With a new leader in Holyrood announced this afternoon, we need as many MSPs as possible to take a stand against Rosebank and all new fields.

If you're in Scotland, email your MSPs today and ask them to help stop this field.

act.foe.scot/stop-rosebank-…

3⃣Take action against Equinor, the Norwegian oil giant pushing Rosebank forward.

Equinor calls itself a 'broad energy' company but 99.87% of the energy they produced in 2022 was oil & gas.

Call out their greenwash and their plans to wreck our future 👇
stopcambo.org.uk/equinor