European leaders are currently meeting to discuss the
future of the region's climate and energy policy. Today,
representatives of the gas industry called for ambitious changes to
ensure the EU hits its ambitious emissions reduction goal without
jeopardising their commercial interests.
"Dealing with climate change is a long term issue,"
Elisabeth Tørstad, CEO of fossil fuel industry advisers DNV told an
audience of experts at the Financial Times' gas summit today.
Tørstad was part of a panel tasked with assessing current threats
to the European gas industry.
So how enthusiastic is the gas industry feeling about
If the gas industry wants to help cut emissions and
boost it's own prospects, the biggest obstacle is Europe's
dysfunctional carbon market, the panel agreed.
EU leaders are due to discuss a
suite of reforms to the emissions trading scheme (EU ETS)
this week. Passing those reforms is an "opportunity that has to be
seized", says Dick Benschop, vice president of Shell's gas market
It might seem odd that an industry that would bear
much of the economic cost of those reforms should be so keen to see
them implemented. But there's an obvious reason for the gas
industry to support a price on carbon: it could help squeeze coal
out of Europe's energy mix.