Catherine MacGregor, CEO of the French energy company Engie, has cautioned that governments must maintain consistent energy policies and decarbonization targets to foster investor confidence. Speaking at a competitiveness summit in Paris, MacGregor emphasized that "without trust, we cannot invest," and that "a contract is a contract." She was responding to a proposal by French Prime Minister Sébastien Lecornu to backtrack on renewable energy contracts, particularly for solar panels, due to their financial burden on the state.
MacGregor argued that such a move could jeopardize future investments in France, stressing the importance of trust for long-term energy project spending. The French government, facing deteriorating public finances and a projected budget deficit of 5.4% of GDP, is seeking cost-cutting measures ahead of next year's presidential election.
While acknowledging political pushback against some EU green policies, such as the 2035 combustion engine ban, MacGregor noted that Europe's deliberate approach to decarbonization offers a level of stability attractive to investors. She also defended the competitiveness of renewable energy projects, particularly in light of high gas prices, stating they can be competitive when executed effectively at scale.
