WWF and Greenpeace's proposal that Statoil withdraw from the tar sands was once again voted down at today's Annual General Meeting in State owned oil giant Statoil.
The proposal, however, received nearly twice as much support as a similar proposal at last year's AGM.
The votes given in support of the environmental resolution corresponds to EUR 1 billion in shareholder values.
- WWF and Greenpeace are pleased that support for our cause increases among private and institutional shareholders, but we are deeply disappointed that the Norwegian Government still maintains its view that the tar sands issue is not for the AGM to consider, says Arild Skedsmo from WWF and Truls Gulowsenfrom Greenpeace.
Statoil's annual general meeting voted Tuesday night over a proposal by WWF and Greenpeace that the company should withdraw from tar sands.
2.14% of the shares voted for the proposal - which is equivalent to a shareholder value at EUR 1 billion. The state controls 67% of the shares in Statoil.
- It is particularly disappointing that the government still does not listen to the clear advice to pull out that it has received from broad walks of life including the Sami Parliament and the Norwegian Church, says Gulowsen and Skedsmo, who presented the resolution to the AGM.
Among the shareholders who supported the proposal was the Nordic insurance companies Storebrand and Folksam, as well as the Norwegian Church. The Church has decided to sell its shares in Statoil if the company maintains its business in the tar sands, and will now start selling.
- We encourage other investors to do the same, says Harald Magne Glomdalen, director of the Educational Fund that manages the Church assets.
Tar sands exctraction is extremely energy intensive, and is impacting nature and indigenous communities in Canada. To get a product that is comparable with crude from the North Sea, it is released 13 times more CO2 extraction of oil from tar sands. In addition, the extraction of oil from tar sands extend the time we remain dependent on oil and make it very difficult to prevent global warming increases more than two degrees.
Truls Gulowsen , Greenpeace +47 90107904
, WWF +47 99463531
Harald Magne Glomdalen, Educational Fund +47 45005321