CSR Mercuria 2019 - Flipbook - Page 19
row, all of our climate concerns would be largely
resolved, because the world would immediately
be encouraged to turn to renewable energy. The
problem is that if we did it only in Europe, where
we are most attentive to climate issues, companies would go to produce elsewhere and they
would have to be answered with significant import barriers. This price should in fact be raised
everywhere on the planet at the same time, but
go and convince Beijing or Washington to put
such a brake on their savings ...
“For my part, I left this world of
activism to work to put in place
concrete solutions”
What are we doing for the climate at Mercuria?
How do you respond to Extinction Rebellion?
I was on a trip when they came. These young
activists see themselves as whistleblowers.
Launching alerts is important in the transition
that we are carrying out. I met their founder in
Davos during a dinner organized by an NGO: at
the beginning, there was a great mutual distrust,
but it was reduced according to the conversation. I respect their role but, for my part, I left this
world of activism to work to put in place concrete solutions. I have devoted 30% of my time
to the energy transition for several years. Initially, Mercuria’s flows were solely linked to oil. To-
day, it only represents 25% of our business and
coal 2.5%. We have redeployed our activities in
gas, electricity and renewable energies. In these
latter, investments come often at a loss.
At a loss?
When the weather is nice and there is wind in
Germany or Texas, electricity prices become
negative because of overproduction. It is estimated that, last year, $ 200 billion was lost
worldwide in gas which is seen as a good temporary candidate for the transition - at Mercuria
alone, we lost $ 100 million. So we have to find
(and finance) solutions. Right now, Mercuria is
committing up to $ 100 million in a fund in the
United States that is working on electricity storage systems to smooth energy production and,
thus, stabilize supply. Our capital and our knowhow must make it a profitable investment.
You are often criticized for your investment in
a coal mine in South Africa. Why not give it up?
We went on site to answer this question. But
South Africa depends on coal and faces electricity shortages. Health systems, education, export earnings, the whole economy depends on
access to electricity. Difficult, in this context, to
tell them not to use the coal that is next to their
homes and that provides them with jobs. It is
better for developed countries to aggressively
reduce their consumption of coal.
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