Shell CEO Calls for Europe Carbon Reduction Target Extension

Royal Dutch Shell Plc Chief Executive Officer Peter Voser said Europe needs to extend its targets for curbing greenhouse gases and promoting renewable energy by a decade through 2030.

“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.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.