Energy chief says fossil fuels are dying out in Europe

• 8 years ago (2015-05-21)

Europe 1061

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Mestrallet, one of France’s most powerful industrialists, was speaking at a business and climate change conference in Paris.

He said: “The choice we have made is very clear. We have stopped investing – and so did others by the way – in thermal power generation in Europe and we are investing in renewables. This has come as a result of big European power companies struggling with overcapacity and the growth of subsidised renewables.

“Engie is adapting to the market,” he said. “We continue to build big power plants in emerging countries: Brazil, Chile, Peru, the Middle East and Asia.”

These comments come as the head of another large European power company, Daniel Benes of the Czech Group CEZ, said: “Our strategy is expected to be a zero emissions company by 2050.”

However, Eldar Saetre, the chief executive of Norway’s oil and gas group Statoil, said that fossil fuels would be produced “for a long time” yet.