Energy group Total criticises EIB's decision not to finance gas

FILE PHOTO: The logo of French oil giant Total is pictured at a petrol station in Bordeaux, France, November 13, 2019. REUTERS/Regis Duvignau - Copyright REGIS DUVIGNAU(Reuters)

By Reuters

Published on 21/11/2019 - 12:34•Updated 26/04/2024 - 19:04

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PARIS (Reuters) - Total's <TOTF.PA> head of gas, power and renewables said on Thursday that the European Investment Bank (EIB) had made a "poor decision" to stop financing all fossil fuel projects because it ignored the benefits of using gas over coal.

"I think it is a poor decision by the European Investment Bank not to finance any new gas project. This decision has been taken on an unfair ground, driven by opinions that are clearly ignoring the benefit of gas compared to coal," Philippe Sauquet told a gas and power conference in Paris on Thursday.

"Gas has never been so much criticised in Europe," he said.

(Reporting by Bate Felix; Editing by Edmund Blair)

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