File photo of Minister of State for Energy Affairs and the President and Chief Executive Officer of QatarEnergy, HE Saad bin Sherida Al Kaabi, speaks during the Doha Forum on December 7, 2024. (Photo by Karim Jaafar / AFP)
Doha, Qatar: Minister of State for Energy Affairs and the President and Chief Executive Officer of QatarEnergy, HE Saad bin Sherida Al Kaabi warned, in an interview with Financial Times, published on Sunday, December 22, 2024, that it will halt vital gas supply to EU if it enforces Corporate Sustainability Due Diligence Directive (CS3D).
As per the directive member states are required to levy penalties, 5% of global turnover, on companies that do not meet criteria on carbon emissions, human and labour rights.
The Financial Times quoted the Minister as saying that, “If the case is that I lose 5 per cent of my generated revenue by going to Europe, I will not go to Europe . . . I’m not bluffing,” further adding, “Five per cent of generated revenue of QatarEnergy means 5 per cent of generated revenue of the Qatar state. This is the people’s money . . . so I cannot lose that kind of money — and nobody would accept losing that kind of money.”
The Minister previously had voiced his opinions at the Doha Forum held on December 7, 2024, where he said that though he stands in total support of the concept of EU's CS3D, it would not be possible for companies like QatarEnergy to make such a commitment.
He explained, “This directive affects any company that deals in Europe and makes more than €450m generated in or from Europe. So, companies like QatarEnergy, Shell, or ExxonMobil, and even car companies like Toyota or GM, will have to say they will abide by the Paris Accords. So, the company will have to commit to Net Zero.”
He further added, "For us as QatarEnergy, and with all the expansions we are undertaking, I can assure you we cannot meet Net Zero as a company.”
