OSLO, April 22 (Reuters) – The board of Norway’s Equinor (EQNR.OL), opens new tab must explain how the company’s plan to raise oil and gas production aligns with its stated commitment to the Paris agreement on curbing climate change, a group of minority shareholders said on Tuesday.
In a resolution to be voted on at Equinor’s May 14 annual general meeting, the minority owners said there were “material inconsistencies” between the company’s climate strategy and the policy expectations expressed by its majority shareholder.
Those expectations, laid out by Noway’s government two years ago, included Equinor setting targets and implementing measures to reduce greenhouse gas emissions “in both the short and long term” in line with the 2015 Paris climate accord.
U.S. ambassador to the UK Warren Stephens. Credit: Arkansas Inc / YouTube
Warren Stephens made the donation alongside big tech firms and oil giants.
Donald Trump’s ambassador to the UK donated $4 million to the new U.S. president’s inauguration on the same day he was nominated for the diplomatic position, DeSmog can report.
Billionaire Warren Stephens gave $4 million (just under £3 million today) to the Trump Vance Inaugural Committee on 2 December, according to the official record of donations. The committee is appointed by the president-elect to arrange the inauguration ceremony, when a U.S. president is formally sworn into office.
“It’s not so surprising that a transactional president hands out favours to people who give him money, but that doesn’t make it any less outrageous,” said Agustina Oliveri, head of campaigns and communications at the Good Law Project.
There is no direct evidence that Warren secured the position due to this donation. However, U.S. presidents have a long history of handing out diplomatic roles to major donors, while the Trump administration has bestowed his patrons with a number of senior positions. Of the 37 people who gave $1 million or more to the inauguration committee, six have either been given a role in the administration or have been nominated for a role.
Tom Brake, a former Liberal Democrat MP and the director of the transparency campaign group Unlock Democracy, urged the UK government not to follow Trump’s lead.
“Whatever approach the U.S. administration adopts towards the appointment of its ambassadors, the UK government should make it clear that when it comes to appointing UK ambassadors or high commissioners, donating substantial sums of money directly or indirectly to the party of government will block an appointment not facilitate it,” he said. “There must never be a question mark over whether UK appointments are made on merit, or driven by a donor’s deep pockets.”
As DeSmog revealed on 5 December, Warren Stephens holds significant oil and gas interests. Prior to his appointment as Trump’s UK ambassador, he ran Stephens Inc. – one of the largest privately-owned investment banks in the United States. Stephens has since stood down as CEO, but remains its chairman.
The firm’s portfolio includes a number of companies that make their money from oil and gas exploration and production — including one, Stephens Natural Resources, which “has a rich history of drilling and producing both oil and natural gas”, according to its website.
The UK’s ambassador to the U.S. Peter Mandelson also co-founded a public affairs agency with major fossil fuel clients.
Trump’s inauguration committee – which raised almost $240 million – received donations from fossil fuel giants Chevron ($2 million), ExxonMobil ($1 million), the U.S. branches of BP and Shell ($500,000 each), and Valero ($250,000).
It also accepted donations from major tech platforms including Amazon and Meta, whose founders Jeff Bezos and Mark Zuckerberg received a front row seat to the event.
Mark Zuckerberg, Jeff Bezos, Elon Musk and others at Donald Trump’s 2025 inauguration. Credit: WSJ / YouTube
The inauguration committee received a further $1 million from the Heritage Foundation, a hard-right U.S. research and lobby group which drafted the “autocratic” Project 2025 blueprint for Trump’s second term.
Trump denied knowledge of Project 2025 during the election campaign but has subsequently appointed Russell Vought, one of its advisory board members and co-authors, as director of the Office for Management and Budget (OMB), a key department within the president’s office that helps to oversee and co-ordinate policy.
Project 2025 urged Trump to “dismantle the administrative state”, slash restrictions on fossil fuel extraction, scrap state investment in renewable energy, and gut the Environmental Protection Agency.
Since his inauguration on 20 January, Trump has announced a series of policies that have mirrored these demands.
The new president, who received more than $75 million from oil and gas interests for his re-election campaign, has pledged to once again withdraw the U.S. from the flagship 2015 Paris Agreement, which set an international target for limiting global warming. He has also declared a “national energy emergency” to allow the U.S. to “drill, baby, drill” for new fossil fuels.
“When we look at the dumpster fire of U.S. government policy – from trashing the planet to attacking basic human rights – there’s no point in asking ‘What are they up to?’. The question we need to focus on is ‘Who paid for that?,’” said Oliveri.
The U.S. embassy in London referred DeSmog’s enquiry to the U.S. State Department. The Heritage Foundation was approached for comment.
Neo-Fascist Climate Science Denier Donald Trump says Burn, Baby, Burn.Elon Musk urges you to be a Fascist like him, says that you can ignore facts and reality then.Orcas discuss how Trump was re-elected and him being an insane, xenophobic Fascist.
Unite members take part in a day of action for Energy4All in Bradford, April 1, 2025Photo: Neil Terry Photography
Energy giants rake in half a trillion pounds out of people’s misery, campaigners warn
GREEDY energy giants have raked in half a trillion pounds in profits since 2020, according to new data released today.
The End Fuel Poverty Coalition examined the accounts of 20 firms that produce, supply and distribute energy, and discovered that they pocketed more than £514 billion over the last five years.
Among the top earners were oil titans Equinor and Shell, which saw their profits swell to £140bn and £91.6bn while millions of people struggled with soaring costs.
Warm This Winter spokesperson Caroline Simpson said: “It’s incomprehensible in so many ways and plain wrong that a mere 20 companies have made so much money out of people’s misery.
“The industry can spare a few of their many billions to bring down bills, pay for energy efficient homes and switch from oil and gas to save the planet.”
Households are set to be hit by even higher bills as the Ofgem price cap rises by 6.4 per cent this week.
The average bill is expected to rise by £111 to an average of £1,849 a year.
[I previously published this article on 31 December 2023. It’s a little dated but still a good one.]
In the ‘coming soon’ notice announcing this article I said that “[t]here aren’t any real climate deniers anymore”. I was mistaken and there are a very few people like Jeremy Corbyn’s brother Piers Corbyn. I’ve only met and spoken with him once but I’m satisfied that he’s genuine in his beliefs despite them being misguided. He and others like him have the right to believe whatever they like and he’s harmless enough – while he may persuade a few people the vast majority will understand that he’s mistaken and wrong.
Image of UK Prime Minister Rishi Sunak reads 1% RICHEST 100% CLIMATE DENIER
So apart from Piers Corbyn and a few similar people, there is no such thing as a climate denier nowadays. The Capitalists profiting from climate destruction have known for 60 years of more that they were profiting from destroying the planet and were forcing future generations to endure intolerable climate conditions, annihilating many thousands of species of plants and animals and generally totally fekking everything.
Governments are controlled, directed, owned by a very few extremely rich and powerful people, the very people that are profiting and maintaining their wealth, power and influence from destroying the planet. According to this perspective we do not exist in a democracy and it is instead a pretence hiding the influence of the rich and powerful. We exist in a plutocracy – we have a wealthy ruling class that politicians serve.
It cannot be accepted that politicians like UK’s Prime Minister Rishi Sunak or our expected next Prime Minister Keir Starmer and the like are mistaken true believers like Piers Corbyn believes. Rather they are climate deniers in the sense of the fossil fuel industries – Exxon, Shell and BP – who know fully well that they are destroying the planet but deceive and mislead to continue making a filthy profit. It’s obvious to see that these politician cnuts serve this rich elite’s interests – Tory and Labour UK governments have answered to media tycoon Rupert Murdoch, sucking up to him, grateful to accept his orders.
Image of InBedWithBigOil by Not Here To Be Liked + Hex Prints from Just Stop Oil’s You May Find Yourself… art auction. Featuring Rishi Sunak, Fossil Fuels and Rupert Murdoch.
Sunak, despite being fully aware of the climate crisis is continuing to destroy the planet. Announcing the go-ahead for the Rosebank oil field he said that he intends to get every last drop of North Sea oil.
President Trump is a climate science denier because he was supported financially by the fossil fuel industry during his re-election campaign. He explicitly called for financial support from the “liquid gold” fossil fuel industry.
Power-mad orange gasbag Donald Trump says Burn, Baby, Burn.Orcas comment on killer apes destroying the planet by continuing to burn fossil fuels.
Original article by Rob Soutar republished from TBIJ under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
Oil companies’ move to double down on fossil fuels should come as no surprise to anyone – not least its financers
Last week, BP’s CEO Murray Auchincloss said his company had gone “too far, too fast” in its plan to transition away from fossil fuels. BP still says it aims to be a net zero company by 2050 but it will now take a different path to the one it set out in 2021 … doubling down on fossil fuels in the meantime.
Perhaps the move shouldn’t have come as a surprise. After all, BP is a commercial enterprise with a responsibility to deliver returns for its shareholders. And since Russia’s invasion of Ukraine, which led many countries to prioritise energy security over long-term sustainability, oil and gas have remained reliably lucrative.
What’s more, the company made a similar announcement two years ago, saying it would be ramping up its investments in oil and gas.
But if BP had indicated such a significant change in direction so long ago, how did it continue to raise billions from banks that said they’d only do business with “net zero” companies?
Milestone moment?
At the 2021 climate talks in Glasgow, a number of the world’s leading banks made landmark pledges: to slash the footprint of their own operations and, crucially, the emissions of their lending and investment portfolios.
It was hailed as a watershed moment. In theory, the vast stockpiles of money that had supported fossil fuel expansion would now be cut off for companies without net zero ambitions. The same year, the International Energy Agency warned that there must be no new oil and gas projects if the world is to reach net zero by 2050.
The deals illustrate a core problem with the banks’ net zero commitments. A key condition for companies they agreed to do business with was the existence of a “credible” transition plan. But it wasn’t always clear how the banks were assessing that credibility.
Even before Auchincloss’ announcement last week, the world-leading Grantham Research Institute assessed the credibility of oil and gas companies’ transition plans – and found that BP’s fell well short.
That lack of clarity on what was “credible” left the banks with enough wriggle room to maintain relationships with huge fossil fuel companies.
And those relationships have proved profitable. Since May 2021, global banks that have committed to net zero have poured almost $1 trillion into companies pursuing expansion of oil and gas projects that would push the world beyond its survivable limits.
Looking long-term
The policy environment has changed since Glasgow, when both fossil fuel companies and banks launched net zero targets. BP is not the only company of its kind to have “reset” its core business to oil and gas. But critics say that recent moves to boost fossil fuels and ensure quick returns are alarmingly short-sighted.
In the UK, the costs of getting to net zero are cheaper than was anticipated just five years ago, according to a recent report by the Climate Change Committee. And in a low-carbon economy, fossil fuels could nosedive – leaving the oil and gas fields currently in development as “stranded assets” with little value.
But crucially, the banks face considerable risks too. Their previous promises to work only with clients committed to the transition were made for a reason: they were feeling the pressure from climate-conscious investors.
If the banks are found to have broken these promises, they could well be held to account by regulators – not to mention see their credibility shattered in the eyes of their investors.
Reporter: Rob Soutar Deputy editor: Chrissie Giles Editor: Franz Wild Fact checker: Ero Parksakoulaki Production editor: Alex Hess
TBIJ has a number of funders, a full list of which can be found here. None of our funders have any influence over editorial decisions or output.
Original article by Rob Soutar republished from TBIJ under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. Corrected a reference to “oil company’s” in the subheading in this version.
Experienced climbers scale a rock face near the historic Dumbarton castle in Glasgow, releasing a banner that reads “Climate on a Cliff Edge.” One activist, dressed as a globe, symbolically looms near the edge, while another plays the bagpipes on the shores below. | Photo courtesy of Extinction Rebellion and Mark RichardsGreenpeace activists display a billboard during a protest outside Shell headquarters on July 27, 2023 in London. (Photo: Handout/Chris J. Ratcliffe for Greenpeace via Getty Images)Neo-Fascist Climate Science Denier Donald Trump says Burn, Baby, Burn.
