Energy giants and investors call for close UK-EU ties after Brexit

(EurActiv, 24 Apr 2018) Aviva, E.ON, RWE, EDF and NPower are among a coalition of 21 energy giants and top investors who have called on Britain and the EU to maintain close links on energy and climate policy after the UK leaves the bloc.

The EU and UK should seek a “deep level of cooperation” on climate and energy policy, similar to what is being envisaged on defence and foreign policy after the UK leaves, said the signatories of a joint letter sent to Brexit negotiators David Davis and Michel Barnier.

“We welcome the intention for prioritisation of security and defence in the negotiations and also urge you to expand this commitment to combatting climate change,” the coalition said in the joint letter, dated 20 April.

Signatories include investment giant Aviva, which has a market capitalisation of £21 billion (€23.97bn). It also includes the Institutional Investors Group on Climate Change (IIGCC), a group of 150 activist investors with over €21 trillion in assets, as well as five of Europe’s largest energy companies: NPower, RWE, EDF, SSE and E.ON.

Britain’s decision to leave the EU has posed a daunting list of questions to the energy sector.  These cover trade law and tariffs, as well as nuclear safety and the UK’s continued membership of the EU emissions trading system for greenhouse gases.

A report published last year by the Boston Consulting Group and two other advisory firms mapped out those challenges and stressed the need for a transitional arrangement to smooth the path to Brexit.

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EurActiv, 24 Apr 2018: Energy giants and investors call for close UK-EU ties after Brexit