Mondi Europe CEO criticises Austrian, European renewable energy policy - report

(SeeNews) - Apr 10, 2013 - Peter Oswald, head of the European division of African paper and packaging group Mondi (LON:MNDI, JNB:MND), said that the renewable energy policy of the European Union, Austria included, is counter-productive to the environmental efforts of the industry as well as to its location policy.

As Oswald said at the Salon Z discussion series on Monday evening, it is a double problem when the EU supports renewable energy, while companies decide to move their production outside of Europe.

He noted that production in China can lead to six times higher CO2 emissions due to the coal-firing power plants used there and transport needed for the goods to reach their markets.

Asked whether Mondi considers leaving Europe, Oswald said that the decision to invest in Austrian Frantschach grounds on further factors such as realism.

The Austrian-born manager criticised the high subventions for biomass, adding that it is fiction that biomass is renewable. He said biomass emits as much CO2 as coal-firing. Clearing his view, he added that the paper industry does not fire entire trees but takes only the rests. However, the latter is not subsidised, he complained.

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