Nuclear power – Photo Grafenrheinfeld Nuclear Power Plant, Germany
(STRASBOURG) – Euro-MPs failed Wednesday to oppose the inclusion of nuclear and gas as environmentally sustainable economic activities, voting instead in favour of labelling them as green activities in the EU Taxonomy.
In their vote on the EU’s ‘green’ investment guidebook, the absolute majority of MEPs needed to reject the Commission’s proposal was not reached.
The Commission belief was that there is a role for private investment in gas and nuclear activities in the green transition, and it had proposed the classification of certain fossil gas and nuclear energy activities as transitional activities contributing to climate change mitigation. The inclusion of certain gas and nuclear activities is time-limited and dependent on specific conditions and transparency requirements.
The Commission proposal was supported by some Member States which wanted to protect their national energy mix. Though ironically only a few EU countries are expected to benefit from it.
In fact, classifying fossil gas and nuclear power as green is seen by environmental groups as a climate disaster which is likely to increase gas and uranium demand and imports.
“The green Taxonomy was supposed to be a fundamental tool for aligning private financial flows with ambitious climate and biodiversity targets, and shift finance away from fossil fuels and nature damaging energy sources such as nuclear,” said Olivier Vardakoulias, Finance and Subsidies Expert of Climate Action Network (CAN) Europe: “Today’s decision is a betrayal to millions of European citizens wanting to invest their savings into sustainable activities and willing to contribute to accelerate the Union’s energy transition.”
With an absolute majority of 353 MEPs needed for Parliament to veto the Commission’s proposal, if neither Parliament, nor Council object to the proposal by 11 July 2022, the Taxonomy Delegated Act will enter into force and apply as of 1 January 2023. Environmental groups are not expected to leave at that, with a growing number of Member States (Germany, Spain, Sweden, Austria, Denmark, Luxembourg, Portugal and Malta) and a large group of MEPs voicing their disagreement today.
Member States and Civil Society Organizations are expected to challenge the decision to prove labelling fossil gas and nuclear as green under the Taxonomy is incompatible with science and EU’s climate laws.
Further information, European Parliament
EU taxonomy: Complementary Climate Delegated Act to accelerate decarbonisation (02.02.2022)
Commission Communication on the Sustainable finance package (21.04.2021)
