Page 5 - EurOil Week 28 2022

EurOil COMMENTARY EurOil

The COP26 climate
summit in Glasgow last
November.

Timmermans said he wanted to assure the EU However, some in the gas industry have com-
public that a crisis in heating supply this winter plained that the conditions are so stringent that
could be averted. As part of this effort, Brussels the Commission’s inclusion of gas is only a sym-
has instructed national governments to fill their bolic victory.
underground gas storage facilities to at least 80% A short-term return to fossil fuels is com-
of capacity. patible with efforts to limit global warming to
“I honestly believe that if we can’t give that 1.5 degrees Celsius above pre-industrial lev-
guarantee then society is on edge, as it is every- els – a pledge that was affirmed at the COP26
where because of high energy prices, inflation, climate summit in Glasgow last November,
food prices rising rapidly – because of this Timmermans said. He also said he supported
uncertainty caused by the war,” he said. “Putin is an expansion of fossil fuel exploration in parts
using all the means he has to create strife in our of Africa.
societies, so we have to brace ourselves for a very “In this global situation right now, with the
difficult period.” huge shortage of fossil fuel, how can you say to
A number of EU member states including anyone who has fossil fuels: ‘You should not be
Germany have announced plans to revive some exploiting that.’” he asked. “How can we not face
coal-fired power generation, to alleviate the the immediate challenge of having to find alter-
stress on the energy system that a shortage of gas natives for Russian gas, and saying to others: ‘You
is causing. While the European Commission has should not be exploiting gas.’ That would be hyp-
criticised these moves, Timmermans appeared ocritical. I can’t say that.”
to depart from this official stance. Timmersmans also expressed scepticism
“If we were just to say no more coal right now, that countries would increase their national
we wouldn’t be very convincing in some of our determined contributions (NDCs) at the
member states and we would contribute to ten- upcoming COP27 climate summit taking place
sions within our society getting even higher,” the this November in Egypt, as their focus is on the
official said. energy and food crises and the war in Ukraine.
German Chancellor Olaf Scholz has mean- “I don’t see that many new NDCs on the hori-
while called for the G7 to reverse its stance on zon, frankly,” he said, noting that Australia, with
banning overseas investment in gas projects, a new government, was a rare exception.
to spur the exploitation of new fields in devel- “I don’t have the highest expectations for this
oping countries that can provide extra supply to by Sharm el-Sheikh because the conference in
Europe. The European Parliament, meanwhile, Bonn that was just finished clearly showed that
has backed the Commission’s move to classify there’s not much appetite in increasing NDCs,
some gas and nuclear power projects in its tax- and there is a lot of frustration in the developing
onomy, designed to give investors guidance on world about the money that was promised and is
what activities can be considered sustainable. not yet fully on the table.” ™

Week 28 15•July•2022 www. NEWSBASE .com P5