The world’s biggest energy companies and banks will hold a meeting this weekend in Copenhagen to plan the next steps for their $2 trillion infrastructure investment plans, the CEOs of energy giants EDF and Statoil said on Friday.
The two major energy companies will announce a “strategic framework” for their joint investments in 2019, EDF said.
The EDF CEO, Lars Lundström, told reporters on Friday that EDF will invest up to $400 billion, including the planned $450 billion in new infrastructure projects, in the energy sector in 2019.
EDF, the world’s fourth-largest energy company, will also invest up $1 trillion in the transportation sector.
The Danish capital has become a key hub for the energy industry in the past few years as major global players such as Germany’s Daimler, France’s Total, and India’s Reliance Energy, have joined the global push to get global CO2 emissions under control.
In January, E&P Bank, a unit of JPMorgan Chase, joined a consortium of investment banks to support Copenhagen’s bid for the 2020 Paris climate agreement.
Statoil will invest $150 billion in the oil and gas sector in the next two years, according to Statoil’s CEO, Bjorn Lomborg.
In February, Norwegian oil giant Statoil announced that it would spend $2.2 billion to establish an energy hub in Denmark, a move that comes after the company’s previous investment in the country.
Statolives investment in Denmark will include $350 million in financing for a new oil refinery in the state of Nordmark, according a Statoil statement.
In addition, Norway’s Statoil and E&P Bank will invest a combined $250 million in infrastructure in Denmark and Denmark will also get a new port in Norway, according the Copenhagen Post.
Norway’s government will spend up to 5 percent of GDP on infrastructure and up to 25 percent of total investment will be for new infrastructure, according Statoil CEO Bjorn Logeveld.
“Norway is one of the few countries that are not just focusing on energy but on infrastructure, as well,” Lomborg said.
“And the reason why is because it’s an attractive place to invest.”
“We want to make sure that we put together a strategy for the future, which will be really hard,” Lombors statement continued.
“It’s not just for Denmark, but for all the countries that have a major investment in infrastructure and energy.
And we have to think that if we don’t do that, we’ll get the whole planet and the world to look very different.”
Lomborg and Lomborg have previously said that their investment plans for Denmark will be driven by the “environment” of the region and not by the need to meet climate targets.
“The energy sector has to be looked at as an important contributor to economic growth in a way that does not rely on climate goals,” Lomborks statement said.
“And so we will have to make choices, but we also have to be able to make investments in our economies, and that means not only to create jobs, but to make money and create wealth,” Lombrorg said in February.
“In terms of what we’re planning to do in Copenhagen, we’re going to set a clear path.
We’re not going to make any promises,” Lombord added.