Poland keeps coal exit target as top utility seeks quicker carbon neutrality
Reuters
Published Aug 30, 2023 14:58
WARSAW (Reuters) - Poland is not planning a quicker end to using coal, the government said on Wednesday, criticising state-controlled utility PGE for bringing forward its carbon neutrality target by a decade to 2040.
Under a pact the government signed with trade unions, Poland plans to keep mining coal until 2049.
PGE, Poland's biggest power utility, said on Tuesday it is seeking a faster exit as it bets on renewable energy.
While coal generates some 70% of Poland's electricity, experts say using the fuel in power generation is not sustainable in the long run amid rising costs and the European Union's green climate policies.
"The Polish government's energy policy implemented by the Ministry of State Assets does not assume acceleration of the coal phase-out," the ministry said in a statement, commenting on PGE's strategy update.PGE will have to shoulder 26 billion zloty ($6.4 billion) of carbon emission costs this year and needs to speed up its transformation to reduce the burden and remain competitive, Chief Executive Wojciech Dabrowski told Polish public radio on Wednesday.
"The Ministry of State Assets expects that the assumptions of the government's energy policy will be implemented in practice by all energy companies with State Treasury shareholding, which will also be reflected in their strategies and investment activities," the ministry said.
($1 = 4.0875 zlotys)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.