Total’s head of power, gas and renewables said in an interview on Thursday that the EIB had made an extremely poor decision with regards to the choice they have made to stop financing all fossil fuel projects because it ignored the benefits of using gas over coal. At a conference in Paris on ThursdayPhilippe Sauquet“I think it is a poor decision by the European Investment Bank not to finance any new gas project. This decision has been taken on an unfair ground, driven by opinions that are clearly ignoring the benefit of gas compared to coal, Gas has never been so much criticized in Europe,” he said.

The EIB made a statement last week, which said that it would stop the funding of fossil fuel projects at the end of 2021, a decision that would potentially deal massive blows to billions of dollars’ worth of gas projects that are in the pipeline. Mr. Sauquet said that the decision to cease funding, ignored the importance of gas compared with pure electricity in heating homes, adding that during the cold days, gas helps heat homes using the equivalent of 10 nuclear reactors in a single day.
Furthering his comments Mr. Sauquet added "It is bad news because in the end this kind of decision will bring more CO2 emissions in Europe," Sauquet said, adding that some companies that were considering the move from coal to gas would now question why they should close their coal power plants and would rather keep those for now.This decision would give a bad example to countries that really need to increase their energy production and today do not have the incentives to make the right choice and move from coal.”

This move by the EIB comes, as activists around the world are campaigning to reduce our carbon emissions, and increase the use of renewable energy sources. As it stands, countries around the world are still too heavily reliant on fossil fuels, and for the EIB to remove their funding for projects like these, is a step in the right direction for the planet.

Masako Hekima – Bernet International
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