Climate protection Switzerland protects gas-fired power plants abroad
Switzerland has decided to insure three gas-fired power plants abroad, which raises questions about its climate commitments.
11.11.2024, 15:50
11.11.2024, 16:02
SDA
Swiss Export Risk Insurance (Serv) recently decided to insure three gas-fired power plants abroad. Two of these plants are located in Vietnam, while the third is being built in Turkmenistan. This information, which was originally published in the Tamedia newspapers, was confirmed by the State Secretariat for Economic Affairs (Seco) to the Keystone-SDA news agency.
The sum insured for these projects amounts to a total of CHF 520 million. However, the fact that the power plants will emit eight million tons of CO2 annually is particularly explosive. The plant in Turkmenistan alone is responsible for five million tons, while the two Vietnamese power plants together emit three million tons. These emissions correspond to around 20 percent of Switzerland's total greenhouse gas emissions.
Climate targets and conflicting goals
This decision contradicts Switzerland's commitment at the Glasgow Climate Conference at the end of 2021 to no longer support companies that realize oil, coal or gas projects abroad. However, Seco emphasizes that Switzerland is also striving to implement the Glasgow Declaration in the area of service. Nevertheless, conflicts of interest may arise in individual cases, which require careful consideration. Projects based on coal, oil or peat will definitely no longer be insured.
Significance for developing countries
Seco also argues that gas-fired power plants remain important for more climate-friendly energy production and economic progress in developing and emerging countries. Especially if they help to reduce CO2 emissions by replacing coal or oil-fired power plants.
Switzerland's economic interests
Serv pursues two overarching legal objectives: the creation and preservation of jobs in Switzerland and the promotion of exports by Swiss companies. According to Tamedia, the general contractor Calik Enerji Swiss AG in Lucerne and the company General Electric Global Parts & Products in the canton of Aargau are benefiting from the current projects.
