EU Finland’s and the EU’s twist continues: Finland believes that nuclear power should be treated as an environmentally friendly investment destination

EU no limit should be set on how long nuclear power can be considered a climate-friendly investment, the Finnish government insists. At the very least, the deadline should be further away than in the 2040s, as the Commission has proposed.

The demands are contained in a letter sent by the government to the EU Commission. In the letter, the government comments on the Commission’s proposal, which sets out the conditions under which nuclear power and natural gas could be included in the EU’s taxonomy, ie the list of green investment sites. There has been a severe political twist in the EU over whether these two forms of energy can be included in the list. Finland has lobbied for nuclear power.

In early January, after lengthy preparations, the Commission published a draft proposal to consider both nuclear and natural gas as transitional green investments, subject to certain conditions. With regard to nuclear power, the Commission proposed that new nuclear power projects that have a construction permit before 2045 and for which waste has been disposed of could be considered green. Power plants in operation would be included in the green classification until 2040.

However, the Finnish government would like the criteria to be relaxed. The government believes that pre-set deadlines could make it more difficult for nuclear power companies to obtain financing, which is why the deadline should be dropped altogether or at least postponed.

The twist on the treatment of nuclear power is severe until the end, as Spain, Denmark, Austria and Luxembourg, at the same time, demand in their letters that nuclear power should not be included in the classification at all. They criticize the requirements for the disposal of nuclear waste as too lax, while Finland proposes to relax them.

Natural gas The Finnish government does not take any position on the treatment, although its inclusion in the green classification is controversial.

For example, the IIGCC consortium, which represents large institutional investors, is demanded, natural gas should not be considered a green investment. In the view of investors, this would undermine the credibility of the overall rating.

The group of experts used by the Commission, for its part, insists that the emission limits for investments in natural gas classified as green should be substantially tightened from what the Commission is proposing, says Financial Times.

Member States had until Friday to comment on the Commission’s draft. On the basis of the opinions, the Commission will formulate a final proposal. It takes the form of a so-called delegated regulation, which means that the Member States and the European Parliament can no longer negotiate the content of the text, but only reject or approve it.