Qatar warns Europe - It will stop gas exports if the EU implements the new regulation
Qatar has warned it will cut off gas exports to the European Union if the bloc's countries impose penalties under recently passed legislation, Qatar's Energy Minister Saad Sherida al-Kaabi said.
The EU's Corporate Sustainability Directive, which came into effect in July, allows fines of up to 5 percent of a company's annual global revenue if management fails to address negative human rights or environmental impacts.
"If I lose 5 percent of my income supplying Europe, I don't have Europe to supply," al-Kaabi said.
Qatar has become a critical supplier of liquefied natural gas to Europe as countries reduce their dependence on energy. QatarEnergy, the state energy giant, has reached long-term deals to supply gas to Germany, France, Italy and the Netherlands.
Al-Kaabi, who is also QatarEnergy's chief executive, said EU legislation would be powerless for companies like QatarEnergy.
The directive has drawn criticism both inside and outside the EU. Countries must integrate the new rules into national law by 2026, and a year later, in 2027, they will begin to apply to companies. The initiative is part of the bloc's broader strategy to harmonize corporate practices with the goal of achieving net zero emissions by 2050.
The European Commission emphasized that the directive is in accordance with international law and negative impacts are determined by globally recognized standards.
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