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German Eastern Business Association slams hampering Nord Stream 2 as counterproductive

Natural gas builds a bridge to the world of free of CO2, chairman of the association Oliver Hermes notes

BERLIN, November 3. /TASS/. The German Eastern Business Association (OAOEV) considers it absolutely counterproductive to hamper the launch of Nord Stream 2 out of political motivation, according to the statement made by chairman of the association Oliver Hermes released on Wednesday.

"Speeding up the transition from coal to natural gas in coming years, it is possible to unlock the substantial potential of CO₂ emission reduction. In this respect it would be absolutely counterproductive to hamper the most cutting-edge infrastructure projects, such as Nord Stream 2, out of political motivation," the chairman noted. "Natural gas builds a bridge for us to the world of free of CO₂ or climatically neutral gases, for example, hydrogen," he added.

Moreover, the Carbon Border Adjustment Mechanism (CBAM) planned by the European Union should not "lead to the EU’s isolation from such countries as Russia and Ukraine," Hermes said. "In any case, no new walls should be built now," he emphasized. "The Green Deal of the EU should not be limited to the EU’s eastern borders," the chairman said, urging to develop particular projects, including in the area of using ‘green’ hydrogen and its exports to the EU. "The Eastern Association actively participates in bilateral initiatives on hydrogen with Russia and Ukraine," he noted.

About OAOEV

The German Eastern Business Association (OAOEV) is the regional initiative of the German economy for countries in Central Europe and Eastern Europe and in Central Asia. OAOEV was founded in May 2018 through the merging of the Eastern Committee (founded in 1952) and the Eastern Europe Business Association of Germany (founded in 1989). The Association headquartered in Berlin has around 350 member companies, mainly of the medium business, and large industrial unions.

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