Repsol president considers a “real mistake” to ban the sale of combustion engine cars
Repsol President Antonio Brufau has questioned the European Commission’s determination to ban the sale of combustion engine vehicles by 2035, asking that “it is the citizen, not the politician” who decides whether he wants an electric car to buy. “The electric vehicle will be a great opportunity, but it doesn’t have to be the only one,” Brufau argued before pointing out that banning combustion-engined cars means disinvesting in technology, that “nobody changes cars” — and because of that, consumes more – and that some companies (like Repsol) are losing “incentives” to explore synthetic fuels or biofuels.
During his speech to the Ordinary General Meeting of Shareholders, Brufau defended that “citizens are intelligent” and warned that “forcing everything to go to the electric vehicle is a real mistake”.
Among the problems arising from Europe’s commitment to the electric car, he denounced that it “gets nobody to invest in technology and nobody to change the car, so it is consumed more”, in addition to contributing to greater segmentation of the car. population based on rent.
Likewise, he lamented that it reduces the incentive for companies like Repsol when it comes to exploring non-emission fuels or in the circular economy.
For this reason, he asked governments not to approve “forbidden standards” and to bet on “standards that motivate”, as “decisions should not be made by politicians, because it is the citizens who should decide”.
In this sense, he strongly criticized the fact that, according to his point of view, Brussels does not respect technological neutrality, which he described as “a dogma”. “They are limiting themselves to one direction by relying on electrification as the only way to solve the problem of decarbonization and that is a serious mistake,” he repeated.
In this regard, he argued that a “multiple” of other activities and technologies could be developed that would also serve to protect European industry.
He also wondered whether it makes sense to use gas imported from the United States, thanks to fracking in abundance, when this technique is banned on the European continent. “We need to consider whether it is realistic to rely solely on electrification for recovery from the crisis, without considering the role natural gas and oil will play for many years to come,” he continued.
On the other hand, he condemned “the appalling and unjust” Russian aggression against Ukraine, emphasizing the urgency to ensure European energy autonomy.
For his part, the CEO, Josu Jon Imaz, appreciated last year’s results, the first of the 2021-2025 strategy. “A plan that will drive us to accelerate our journey in the energy transition, ensure profitability for shareholders and enable us to be a stronger, more profitable and more competitive company,” he said.
As an example, he emphasized that total shareholder compensation in 2022 will “be clearly above the euro per share, restoring pre-pandemic levels”.
At the same time, Imaz reflected on the “relevant” negative impact on economic activity caused by the war caused by the Russian invasion of Ukraine, due to the rise in energy and commodity prices, the disruption of international trade and a loss of confidence. .
Source: La Verdad
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
