Claudio Descalzi, head of Italian energy giant ENI, warned that CO2 prices are killing European industries. “Transition is a matter for the rich,” Descalzi said in a speech at the Institute for International Affairs in Rome, “because it is the rich who have more emissions. Europe has an emission market, the ETS. We had €20-25 per tonne, we are at almost €60 and we will reach €100 per tonne. This is creating death in the industrial system, especially energy-intensity [industries].
“A refinery is per definition at a loss in Europe. For ENI it would be convenient to close all refineries, to avoid paying ETS, and buy products abroad.”
