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European Commission drafts plan to label gas and nuclear investments as ”green”

EU drafts plan to label gas and nuclear investments as green, Reuters, By Kate Abnett and Simon JessopSummary

EU drafts plan to label gas and nuclear investments as green Reuters, By Kate Abnett and Simon JessopSummary

EU drafts plan to label gas and nuclear investments as green Reuters, By Kate Abnett and Simon JessopSummary 2 Jan 22

• European Commission drawing up green investment rules
• Draft proposal labels nuclear, some gas plants as green
• Countries disagree on the fuels’ green credentials
• EU advisors said gas not compatible with climate goals

Jan 1 (Reuters) – The European Union has drawn up plans to label some natural gas and nuclear energy projects as “green” investments after a year-long battle between governments over which investments are truly climate-friendly.

The European Commission is expected to propose rules in January deciding whether gas and nuclear projects will be included in the EU “sustainable finance taxonomy’.

EU countries and a panel of experts will scrutinise the draft proposal, which could change before it is due to be published later in January. Once published, it could be vetoed by a majority of EU countries or the European Parliament.

Brussels has also made moves to apply the system to some EU funding, meaning the rules could decide which projects are eligible for certain public finance.

A draft of the Commission’s proposal, seen by Reuters, would label nuclear power plant investments as green if the project has a plan, funds and a site to safely dispose of radioactive waste. To be deemed green, new nuclear plants must receive construction permits before 2045.

…………………. Gas and nuclear power generation would be labelled green on the grounds that they are “transitional” activities – defined as those that are not fully sustainable, but which have emissions below industry average and do not lock in polluting assets.

…………….. The policy has been mired in lobbying from governments for more than a year and EU countries disagree on which fuels are truly sustainable.

……………. Some environmental campaigners and Green EU lawmakers criticised the leaked proposal on gas and nuclear.

“By including them… the Commission risks jeopardising the credibility of the EU’s role as a leading marketplace for sustainable finance,” Greens president Philippe Lamberts said……….  https://www.reuters.com/markets/commodities/eu-drafts-plan-label-gas-nuclear-investments-green-2022-01-01/

January 3, 2022 - Posted by Christina Macpherson | climate change, EUROPE