Everyone loses in this deal – except the oil and gas companies already cashing in big. In countries like Italy and the UK, consumers\u2019 bills will increase, and Europe’s energy dependence will get worse. Far from putting Europe on the path of energy security, TotalEnergies and EPH will be engineering further dependency on fossil gas in general and LNG in particular under the bogus pretence of adding \u2018flexgen\u2019 capacity. This will cement Europe\u2019s energy dependence on the whims of leaders like Putin and Trump in the process, in addition to the dire consequences on the continent\u2019s economy.<\/p>\n
The ongoing conflict in the Middle East has once again laid bare Europe\u2019s fossil fuel addiction. While some European leaders are finally rushing to put together electrification plans, TotalEnergies and EPH have chosen to double down on fossil gas, propped up by private capital and subsidies like capacity markets, and setting up an entity whose emissions will rival those of the whole of countries such as Ireland or Denmark. Climate credibility demands action, and the ball is in the banks\u2019 court: stop financing fossil fuel expansion and instead put money into affordable, homegrown renewables.<\/p>\n<\/div>
Beyond Fossil Fuels campaigner, Brigitte Alarcon<\/b><\/p>\n<\/div><\/div><\/div><\/i>This alliance between EPH, Europe\u2019s leading gas power developer, and TotalEnergies, Europe\u2019s biggest LNG importer, is designed to ensure these companies continue to profit from, and prolong Europe\u2019s dependence on fossil gas – fuelling the climate crisis and destabilizing the economy. As governments increasingly look towards a more secure energy future that does not rely on gas imports, the warning lights should be flashing for the banks. They would be wise to exclude any financial support for TTEP, and for companies developing new gas-fired power plants.<\/p>\n<\/div>
Reclaim Finance campaigner, R\u00e9mi Hermant<\/strong><\/p>\n<\/div><\/div><\/div><\/div><\/div>