Covid Crisis Will Be Overshadowed by Climate Threat, Engie Says

(Bloomberg) -- Governments must prioritize the fight against global warming in stimulus packages aimed at alleviating the coronavirus crisis because climate change may cause much greater chaos in the future, Engie SA interim Chief Executive Officer Claire Waysand said.

Concern that progress in fighting climate change may slow due to the virus is mounting as governments grapple with soaring costs of reviving industries most hit by the pandemic, such as transport and tourism. Companies from various sectors are competing for limited public funds.

“We’re absolutely convinced that the Covid crisis is a small crisis compared to what the climate change crisis could be tomorrow,” Waysand said on a call with journalists Tuesday, following the release of the utility’s first-quarter results. “The energy transition should be part of priorities of stimulus packages.”

The company is in talks with the French government and European authorities to push for more spending on renovation of public and private buildings to reduce their energy consumption, Waysand said. Engie is also pushing to further develop clean power, bio-methane and hydrogen.

“We have in mind that the financial margins of states will be limited coming out of the crisis, so we need to find actions that make the most sense, and don’t excessively mobilize public finances if possible,” Waysand said. “For renewables, that could be done by removing regulatory obstacles.”

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