Werner Hoyer on REPower EU, climate adaptation, clean-tech innovation, and more

Werner Hoyer says EU investments in LNG and pipeline gas are only a stopgap, envisions a mutually beneficial Africa-Europe partnership, and more. The PS Say More Newsletter | [View this message in a web browser]( [PS Say More]( This week in Say More, PS talks with Werner Hoyer, President of the European Investment Bank. To read the full interview – in which Hoyer emphasizes that European investments in LNG and pipeline gas are only a stopgap, views green hydrogen as central to a mutually beneficial partnership between Africa and Europe, touts the importance of modern financial instruments to mobilizing private capital in the fight against climate change, and more – [click here](. Werner Hoyer Says More... Syndicate: In April, you and [Josep Borrell]( argued that the Ukraine war should [accelerate progress]( on decarbonization, which is now a “strategic imperative.” But the war is also complicating decarbonization efforts. The European Commission’s action plan for ending dependency on Russian energy, REPowerEU, includes billions of euros in investment to import liquefied natural gas (LNG) and pipeline gas. And critics warn that an incipient wave of fossil-fuel infrastructure projects could have a lock-in effect. What can be done to prevent a short-term embrace of alternative fossil-fuel sources from turning into long-term dependency? Werner Hoyer: I think we risk conflating two different issues here. Yes, this horrible war and the sudden reduction of Russian gas supplies mean that emergency measures are needed, in order to ensure that our lights don’t go out, that our houses stay warm during winter, and that we avert an economic crisis. New infrastructure projects to diversify Europe’s gas supplies are unavoidable. But while such projects will be necessary, they will be only a stopgap. We should not lose sight of the big picture: our dependency on fossil fuels... [Continue reading]( [Did you miss our Forsaken Futures virtual sustainability event? Watch it now at the link.]( By the Way... PS: What lessons does the European Investment Bank’s experience mobilizing investment in climate and environmental-sustainability projects hold for efforts to persuade rich countries finally to meet their financing commitments for climate action, especially adaptation projects? WH: I believe that we have seen some very encouraging developments over the last years. Clean technologies have become cost-competitive, and support among public and private actors has been increasing. While progress has often not come fast enough, I am optimistic that the current energy crisis will serve as a wake-up call and generate the right momentum. The key lesson I would draw from the EIB’s experience is that... [Continue reading]( [Watch Werner Hoyer's address at Forsaken Futures]( [Werner Hoyer at Forsaken Futures]( At our recent virtual event, Forsaken Futures, Hoyer delivered a keynote address, in which he noted that our reliance on fossil fuels has made us vulnerable to autocrats' whims, highlighted the human suffering that climate change is already causing, and identified three priorities for the world as the climate crisis escalates. “For our futures not to be forsaken, we have to come to grips with reality. While we are too late to fully avoid climate change, we have to stop it from spiraling out of control, and we have to adapt to its unavoidable consequences.” [Watch his address]( [Subscribe now to PS Premium]( [Facebook]( [Twitter]( [LinkedIn]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. Receipt of this newsletter does not guarantee rights to re-publish any of its content. This newsletter is a service of [Project Syndicate](. [Change your newsletter preferences](. Follow us on [Facebook]( [Twitter]( and [YouTube](. © Project Syndicate, all rights reserved. [Unsubscribe from all newsletters](.