Royal Dutch Shell says it will stop investing in Europe if utilities are forced to pay for emissions permits through auctions, Thomson Financial reports. The permits are currently free.
“I am talking about $250 million of profits at the moment,” said Shell France director Christian Balme. “If we extrapolate the price of CO2 by the tonne, we arrive at the same level, which is unacceptable.”
The European Commission proposed cuts in greenhouse gas emissions by 20 percent by 2020 from 1990 levels in its climate change package in January.