Summit Notebook

Exclusive outtakes from industry leaders

Carbon fails to capture EU cash

October 22, 2008

alan_svoboda.jpgThe EU boasts of its global leadership in fighting climate change but some in the energy industry wonder whether the bloc will put money to work to cut greenhouse gas emissions.

EU governments have been reluctant to back clean technologies — such as carbon capture and storage (CCS) that could sharply reduce pollution from coal — with cash, potentially killing their future, Czech power utility CEZ told the Reuters Central European Investment Summit this week.

“I see a very big gap between the rhetoric of the EU representatives, saying it’s a number one priority of the EU and on the the hand zero commitment to put any funding behind (it),” CEZ sales chief Alan Svoboda said.

“There are billions of euros channelled into agriculture a year and zero goes to fighting CO2 on the R&D and technology side,” he said. “Without public money CCS will not be born.”

Perhaps after years of food piles and wine lakes, the EU doesn’t want to face a carbon mountain or a CO2 reservoir.

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