Shell CEO Calls for Europe Carbon Reduction Target Extension
Stock Chart for Royal Dutch Shell PLC (RDSA)
“To actually change things you need time and we are a little bit concerned if you have a short-term target,” Voser told reporters today in London. “We favor one target, which sets action with greenhouse gas.”
The European Union has a binding target to cut greenhouse gases by 20 percent compared with 1990 levels, increase the share of renewable energy to an average of 20 percent and a goal of boosting energy efficiency by one-fifth in 2020. The European Commission said in March a framework for the decade after 2020 is needed to give investors legal certainty, spur innovation and prepare for a global climate deal.
“We are favoring one target versus three targets,” Voser said. Europe needs “to take a longer term view and have one goal.”
Voser expects energy suppliers and consumers to develop “the right energy mix” where carbon sequestration, renewables and gas will all play a “major role.”
The EU’s regulatory arm in March began a debate to establish a framework for renewables, energy efficiency and greenhouse-gas curtailment targets for 2030.
Shell, Europe’s largest oil company, is working on carbon capture and storage and biofuel projects in Europe.
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