Repsol Chief Executive Officer Josu Jon Imaz delivers a speech during the company’s annual shareholders meeting in Madrid, Spain, May 19, 2017. REUTERS/Paul Hanna

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MADRID, Sept 7 (Reuters) – Europe has to rethink its energy transition as it is now preventing investments in certain energy sources for ideological and not technological reasons, Chief Executive Officer of Repsol (REP.MC) Josu Jon Imaz said on Wednesday.

Imaz said the Russian invasion of Ukraine was not the only reason for the hike in gas prices.

“In Europe we have opted for an ideological energy transition in which we are selecting or rejecting, preventing investments in certain energy sources for ideological and not technological reasons,” he said in an energy event.

“The consequence is that consumers pay more for energy and companies cannot pay for energy and CO2 (emissions) increase. We have to rethink all this. We need all sources of energy.”

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Reporting by Inti Landauro and Christina Thykjaer, Writing by Emma Pinedo

Our Standards: The Thomson Reuters Trust Principles.

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