Reuters reported on Monday that BP had called on the EU to support natural gas because, despite it being a fossil fuel, it is helping in the transition to a low-carbon world and will help the bloc hit its target of net-zero greenhouse gas emissions by 2050.
The lobbying followed the bloc outlining its plan to exclude natural-gas power plants from its list of sustainable projects.
The bloc has since held back on making a decision about how to categorize the power plants while it seeks more advice.
Reuters said BP had complained natural-gas projects would struggle for funding if they were not deemed sustainable, and that would make it more likely that nations would simply stick with polluting coal-fired power plants.
- natural-gas power plants emit roughly half the carbon dioxide produced by coal-fired plants
Natasha Landell-Mills, from institutional investor and asset management company Sarasin and Partners, told Reuters that BP's lobbying raised serious questions:
- If their (capital expenditure) was oriented toward full decarbonization by 2050, then you'd naturally expect to see lobbying align with this goal
- The fact it seems to be pushing the other way suggests a problem
But other EU nations have insisted that the bloc stands firm and refuses to label natural-gas power plants sustainable; these include Denmark, Spain, and Ireland.
The online news site and industry hub Gasworld on Monday published an interview with Louise Jacobsen Plutt, BP's senior vice-president of hydrogen, carbon capture usage and storage, in which she said becoming a net-zero company by 2050, or sooner, «will no doubt be challenging».
Author: Earle Gale