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Europe’s dilemma over whether or not to include nuclear power in its sustainabble finance taxonomy

Greenwashing or viable solution? Europe has a big decision to make on nuclear power, CNBC, NOV 9 2021Silvia Amaro @SILVIA_AMARO

It is a long-standing dilemma that the European Commission, the executive arm of the EU, must resolve in the coming weeks.
Ultimately, its decision will have repercussions on its efforts to be a global leader in the area of climate change.

LONDON — The European Union must decide whether nuclear is a clean source of energy, but the decision is tough with countries divided about the right labelling.

Some EU members, notably France, which have big investments in nuclear and are wary of using gas from Russia see the energy resource as a viable option. Other nations, including Germany, believe it is time to move away from it and are worried about nuclear waste.

It is a long-standing dilemma that the European Commission, the executive arm of the EU, must resolve in the coming weeks. The commission is due to publish its sustainable finance taxonomy — rules that will help clarify to investors what the bloc sees as green investments — as an attempt to boost financing in these areas.

Ultimately, its decision will have repercussions on its efforts to be a global leader in the area of climate change……………….

Opponents to inclusion of nuclear power into the EU green taxonomy, led by Germany, argue that the technology is not suitable to achieve sustainability targets, including establishing a transition to a circular economy,” Henning Gloystein, director for energy, climate and resources at consultancy group Eurasia, told CNBC via email.

“The core problem for critics is that there is no solution for long-term storage of nuclear waste. All current solutions are temporary,” he added.

The inclusion of nuclear in the EU’s green taxonomy has also been criticized by activists.

The World Wide Fund for Nature has said that classifying nuclear as somewhat sustainable “would allow the greenwashing of billions of euros of financing for these activities, despite the high emissions from fossil gas and the radioactive waste produced by nuclear power.”

Green image at risk

More broadly, whatever the commission decides will also send a signal to other nations.

The European Commission praises itself for having the most concrete plan on how to cut greenhouse gas emissions — a plan that is still yet to be approved by lawmakers.

The institution has also lobbied other parts of the world, including China, to put forward concrete steps on how they intend to achieve carbon neutrality……….. https://www.cnbc.com/2021/11/09/cop26-europe-has-a-big-decision-to-make-on-nuclear-power.html

November 11, 2021 - Posted by Christina Macpherson | climate change, EUROPE