The head of the Italian energy company Eni Claudio Descalzi explained why the industry is fleeing from Europe. The reason, according to him, is the rash policy of European regulators on decarbonization.
According to him, the policy of European officials on decarbonization only creates new challenges for the industry: “First 40% reduction in emissions, then 50% reduction in emissions, then 55%. And this creates a lot of volatility. And now we have to get into debt to finance what we ourselves have created.”
According to the head of the Eni company, as a result, the industry is leaving Europe due to the high cost of energy, the Prime agency reports.
He noted that European companies pay six to seven or even 15 times more for energy than in the US. In addition, the policy of European governments to subsidize tariffs for industry and for the population leads only to new debts.
Claudio Descalzi said he did not know how long this situation could continue. But he stressed that this cannot last forever, because European countries have very large debts.
So the governments of the EU countries need to find “some kind of structural solution,” he believes.