EU Energy Swindle

Big Oil Steals Renewable Energy Investment

Written by Brian Hicks
Posted May 31, 2012

When I first read the EU had labeled energy from gas power stations as “green,” I felt certain I was reading an article from The Onion. But I wasn’t.

As reported in the Guardian UK, the EU’s $99 billion dollar energy innovation program has designated gas power as a green, low-carbon source of power.

According to documents obtained by the Guardian, a considerable portion of the billions in the Horizon 2020 program are meant to be allocated to R&D for renewable resources such as solar and wave power, but are now instead going to subsidize the already profitable and mature oil and gas industry.

While this news comes on the heels of the International Energy Agency (IEA) claiming a “golden age for gas” due to global production from fracking, this reliance on gas is threatening to stop further development of renewable energy sources dead in its tracks. “Renewable energy may be the victim of cheap gas prices if governments do not stick to their renewable support schemes,” IEA chief economist Fatih Birol stated.

The relabeling of gas comes after months of intense lobbying on the part of the gas industry trying to sell itself as a “green” alternative to coal and nuclear energy while being cheaper than wind and solar.