19.7 C
New York
Tuesday, August 16, 2022

Latest Posts

Dangerous investments in fossil gas. The last chance for a better direction for EU money

- Advertisement -

New power plants or pipelines, if they are built, will either be used for the next decades and then they will contribute to the deepening of the climate crisis, or they will be abandoned after a few or several years, and then it will mean that the money spent on them has been wasted – although they could have served to accelerate development of a zero-emission economy.

- Advertisement -

On Wednesday, the European Parliament will vote on a law that classifies fossil gas and nuclear energy as “green” investments. This is enshrined in the EU Taxonomy Complementary Delegated Act (CDA).

The taxonomy tells – in simplified terms – what projects will be considered “green” and will be able to receive EU funding as part of efforts to stop climate change.

Gas is not a “transition fuel”

Voting is the last chance to show a better direction for investing EU money. That is, one that does not extend Europe’s dependence on the fossil emissions fuel of gas. We cannot afford to hold onto the key misconception about the suitability of fossil gas as a “transition fuel”, especially in light of the latest International Energy Agency communications about the deep underestimation of methane emissions.

- Advertisement -

Moreover, it should not be forgotten that EU and private funds that can be allocated to the transformation of the economy are not unlimited. The dramatic events of recent years and months prove that we were wrong in assuming the possibility of extending the operation in “business as usual” mode.

We must strengthen the emission reduction targets and accelerate the development of a climate neutral economy. We definitely should not weaken the current plans using the current problems as an excuse, because these problems clearly demonstrate the deep fragility and sensitivity of the European economy to fluctuations in the availability and prices of fossil fuels. They also remind us of how huge funds are constantly flowing out of the Union, because we spend them on purchasing these fuels, while we could save a significant part of them – if only by improving the energy efficiency of buildings, thus protecting the EU budget, state budgets and household budgets, and while reducing greenhouse gas emissions.

Finally, it is worth considering the opinion of the public that has just been researched by WWF. Most Poles do not want gas and nuclear power to be supported as green investments. They do not consider such investments to be sustainable. It is hard to disagree with this when we know that money is badly needed for investments in other areas, directly translating into reducing emissions and supporting citizens. It is worth co-financing the thermal modernization of buildings, installing renewable energy sources, improving the efficiency of energy transmission and smart grids, and energy storage. Reaching the goal of climate neutrality will be difficult anyway. Therefore, the more we should not go to it by slalom, but as much as possible by the straightest route.

Author: Urszula Stefanowicz, expert of the Polish Ecological Club of the Mazowieckie District and the Climate Coalition.

Source: Gazeta

- Advertisement -

Latest Posts

Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.