A press conference in Brussels had 10 CEOs from the nuclear and hydrocarbon sector requesting that governments stop subsidizing renewable energy. The executives claim that the subsidies add too much power to a market already struggling with overcapacity.
The informal lobbying collaboration, dubbed the Magritte Group, includes top companies like France’s GDF Suez, German’s E.ON, Spain’s Iberdrola, and Italy’s Enel Zero Emissions Solutions. These companies all have dealings in the renewable energy sector.
GDF Suez is onboard with the construction of the Tarfaya wind power plant in Morocco as well as offshore wind projects in France. E.ON is involved in the Desertec Industrial Initiative which aims to provide solar power from panels placed throughout the Sahara. The company is also partnered with Abu Dhabi’s Masdar for clean development mechanism projects. Iberdrola helped supply Egypt’s first ISCC plant as well as working alongside wind turbine provider Gamesa. Lastly, Enel completed five solar projects in Italy as well as traveling to Africa hoping to venture into Morocco and South Africa.
It’s understandable for these companies to lobby against renewable energy subsidies in countries like EU-member states, the UK, and the US; however, the developing world is still a long way off from having an overcapacity of energy flows.
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