Natural gas is also being given the green stamp, despite warnings from major investors that it would jeopardize the credibility of the whole environmental classification.
Environmental organizationsdespite criticism from member states and investors, the European Commission suggests that nuclear power and natural gas could be included in the EU ‘s list of green investments, but subject to certain conditions.
On Wednesday, the Commission published its long-awaited proposal on the treatment of nuclear and gas power in the EU’s new environmental classification of investment sites, the taxonomy. Both forms of energy have sworn opponents and defenders.
The contradictory nature of the proposal is also indicated by the fact that, exceptionally, the Commission did not approve it unanimously, but had to vote on it.
Commission in the proposal, both nuclear power and natural gas are transitional solutions that are considered climate-friendly according to certain criteria.
“We need all the tools at our disposal to achieve carbon neutrality, as we have less than 30 years,” says EU Financial Markets Commissioner. Mairead McGuinness says.
At the press conference, McGuinness had to defend the presentation, which he said is necessary even if it is incomplete. He recalled that 15% of the EU’s electricity is still generated by coal and must be disposed of.
Nuclear power In this respect, the Commission proposes that new nuclear power plants with a construction permit by 2045 could be awarded the ‘green stamp’. Service life extensions are considered climate-friendly until 2040. Certain new generation nuclear power technologies would be considered climate-friendly without a deadline.
In addition, a nuclear power project can only be taxonomically compliant if it has a viable nuclear waste disposal site by 2050.
Some environmental organizations and EU member states are strongly opposed to the inclusion of nuclear power in the taxonomy, partly because of the dangers of nuclear waste. At the press conference, McGuiness used Finland as an example in justifying the inclusion of nuclear power.
“Finland is a good example, they invest significantly in renewables, but they also have a lot of nuclear power. When I met the Prime Minister, he said very clearly that he sees nuclear power as a transitional solution and that the goal is renewable. ”
However, the government in the opinion it was hoped that the deadline for nuclear power would be removed or postponed beyond the 2040s.
Natural gas In this respect, the Commission sets a number of different emission limits that an installation must meet in order to be awarded the EU Green Stamp. As a rule of thumb, a plant is allowed to produce less than 100 grams of carbon dioxide for every kilowatt hour of electricity it produces. The new gas-fired power plant must also replace a more polluting plant.
The inclusion of fossil natural gas in the list of green investment targets has received a lot of criticism, not just from environmental organizations. The IIGCC, which represents large institutional investors, has insisted that natural gas should not be considered a green investment. In the view of investors, this would undermine the credibility of the overall rating.
The Member States and the European Parliament now have a maximum of six months to take a position on the Commission’s proposal. The proposal 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.
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