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Shell CEO Calls for Europe Carbon Reduction Target Extension

June 5 (Bloomberg) -- 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

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