For the moment Europe is ahead of the game in terms
of energy transition and has set a target of achieving
carbon neutrality by 2050 We cannot run the risk
of taking a step backward
JeanPierre Clamadieu Chairman of the Board of Directors
WHAT CONSEQUENCES WILL
THIS CRISIS HAVE ON THE
EUROPEAN ENERGY MIX?
Jean-Pierre Clamadieu: For the moment,
Europe is ahead of the game in terms
of energy transition and has set a target
of achieving carbon neutrality by 2050.
We cannot run the risk of taking a step
backward. On the contrary, we must
accelerate this transition to build
an energy mix that is diversified,
carbon-free, and as affordable as
possible. To do so, we must develop
renewable energies, nuclear power
in the countries that so wish, yet also
the flexible production and storage
facilities required to ensure a balanced
and reliable network. In addition,
the use of molecules, essential for
the decarbonization of heavy industry
and transport, will be a key element.
Initially, natural gas will be used,
but biogas and hydrogen are in line
to rapidly replace it. To ensure the
acceleration of this transition, further
improve the competitiveness of
our industry and provide a level of
consumer protection, the European
electricity market must evolve:
ENGIE has made recommendations
in this regard.
HOW DO YOU SEE
THE CONSEQUENCES
OF THIS CRISIS FOR ENGIE?
Catherine MacGregor: It demonstrates
the relevance of our strategy in meeting
these challenges Our vision for a balanced
energy mix requires stepping up the
development of renewable electricity
and gas while also maximizing
the use of existing networks We have
commissioned 39 GW of renewable
capacity this year in line with our
target of 50 GW by 2025 and 80 GW
by 2030 We have also achieved
major successes in heating and cooling
networks green mobility and on
site energy production And we are
pursuing our objectives in developing
the energies of the future with 4 GW of
green hydrogen by 2030 and 10 TWh
of biomethane production annually
WHAT IS YOUR VIEW OF THE
TRANSFORMATIONS IN THE
GLOBAL ENERGY LANDSCAPE?
Jean-Pierre Clamadieu: The outbreak of
war in Ukraine triggered an unprecedented
situation on the energy markets with
the gradual isolation of Russia which,
as recently as 2021, was the leading
energy exporter. Against this backdrop,
securing supplies and stepping up
the energy transition to boost its
strategic independence have become
top priorities for Europe. This energy
transition is all the more urgent as
climate change is becoming increasingly
visible, through extreme weather and
climate phenomena which underline the
pressing need to reduce our greenhouse
gas emissions. At the same time, with
regard to the commitments made by
States, no major progress was achieved
during COP27.
Notwithstanding its emergency responses,
it is vital for Europe to understand that
a combination of high energy prices
and the implementation in the United
States of a highly attractive framework
for investors, and in particular those
committed to green technologies, could
weaken its industrial heritage in the
long term. I believe that a European
response is essential, by leveraging tools
as simple and powerful as those set out
in the
Inflation Reduction Act.
HOW HAS ENGIE ADDRESSED
THE CRISIS BROUGHT ABOUT
BY THE WAR IN UKRAINE?
Catherine MacGregor: ENGIE has been
at the forefront. We have successfully
diversified and secured our gas supply
source to meet our customers’ needs.
We have fulfilled our mission alongside
other States, by maximizing the use of
our gas networks, in terms of transport,
distribution, and import and storage
terminals. This allowed us to prepare
for the winter with confidence.
We have also acted to support both
our individual and corporate customers,
alongside the public authorities.
Our Group has been fully focused
and I would like to thank the teams
for their unwavering commitment.
At the same time, despite the crisis,
we have continued to implement our
strategic plan. ENGIE is now refocused
on its core businesses and key
markets and is in an excellent position
to generate growth. We are fully
committed to stepping up the energy
transition, thanks to a more integrated,
more digital and more industrial Group.
This includes reinforcing our efforts
in terms of health and safety at work,
which is a top priority for ENGIE – this
year we have launched a plan to rally
the entire Group and its subcontractors
around this crucial issue.
EDITORIAL
04 - OUR AMBITION