Page 11 - EurOil Week 28 2022

EurOil POLICY EurOil

remain on the way to climate neutrality by 2050,” investment officer at Danish pension fund
he commented. AkademikerPension, told the news service.
Ingbert Liebing, managing director of the Greta Thunberg, the young Swedish climate
local utility association VKU in Germany, said activist, described the vote as hypocrisy. “This
it is “an important sign of the role of natural gas will delay a desperately needed real sustainable
as a bridge to achieving climate goals,” according transition and deepen our dependency on Rus-
to Reuters. sian fuels. The hypocrisy is striking, but unfortu-
Because not enough member states objected nately not surprising,” she tweeted.
by July 11, the rule – also known as the taxonomy “Vladimir Putin is rubbing his hands with
delegated act – will become law in 2023. At that glee today,” Inna Sovsun, a Ukrainian deputy,
time, investors can describe nuclear and natural said in an emailed statement to the New York
gas as sustainable and green. Times. “Europe just handed him a huge present
The environmental group Greenpeace says by classifying gas and nuclear as sustainable. A
it is seeking an internal review at the European gift that will channel billions into his pockets and
Commission, which had recommended the further boost his war chest.”
move in February, and will then submit a for- The EU is scrambling for natural gas supplies
mal request for internal review to the European to prepare for winter, and lobby groups fought
Commission, and may after that take legal action hard to get natural gas included as sustainable.
at the European Court of Justice, reported Asso- Jitters have only increased this week as planned
ciated Press (AP). The WWF also said it will sue. maintenance gets under way on the Nord Stream
“It’s dirty politics and it’s an outrageous 1 gas pipeline from Russia to Germany.
outcome to label gas and nuclear as green and With the vote, Europe has apparently sig-
keep more money flowing to (Russia’s President nalled that it wants to continue its reliance on
Vladimir) Putin’s war chest, but now we will fight natural gas, noted the New York Times.
this in the courts,” Ariadna Rodrigo, Green- The divergence between EU climate goals
peace’s EU sustainable finance campaigner, told and shorter-term energy needs is more evident
AP. than ever.
EU members Luxembourg and Austria have Since January 1, European natural gas prices
also said they will sue to oppose the new rule. have skyrocketed by about 700%, Kevin Book,
“It is neither credible, ambitious nor knowl- managing director of ClearView Energy Part-
edge-based, endangers our future and is more ners, told Axios. “What I think we’re seeing is
than irresponsible,” said Austrian Climate Min- a divergence between rhetoric and realpolitik,”
ister Leonore Gewessler, reported Reuters. he said to the news outlet. “Some of the govern-
“This is a poor signal to the rest of the world ments that have espoused very green values are
that may undermine the EU’s leadership posi- also signing 20-year contracts for LNG [liquefied
tion on climate action,” Anders Schelde, chief natural gas].” ™

Week 28 15•July•2022 www. NEWSBASE .com P11