Spain refuses to include nuclear energy and gas in the European green taxonomy

Spain has reiterated this Sunday its rejection of the proposal of the European Commission (EC) to include the nuclear energy and the generation by natural gas in the classification table of green options in the community framework, something that would mean “a step backwards” and “a wrong signal” for the financial markets, according to the Spanish Executive.

In response to the draft of the EC’s green taxonomy proposal, the Spanish Vice President and Minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera, stressed that “regardless of whether investments may continue to be made in one or the other, we consider that they are not green or sustainable energy ”.

Spain “is a firm defender of green taxonomy as a key instrument to have common references that can be used by investors to achieve the decarbonization of the economy and achieve climate neutrality in 2050”, but admit nuclear and natural gas as their part “It would be a step backwards.”

The minister has warned that “it does not make sense and sends the wrong signals for the energy transition of the whole of the EU.”

Spain admits that both nuclear energy and natural gas have a role in the transition, but “limited in time”, so they should be treated separately and not as green, where there are other key energies for decarbonization and without risk or damage environmental, the ministry explained in a statement.

According to the regulatory framework provided in the European green pact, the green taxonomy regulation aims to guide national and international companies and investors in their decarbonization plans, identifying activities and economic sectors that are environmentally sustainable and that contribute to the reduction of CO2. , methane and other gases that cause climate change.

It also aims to help channel these investments towards those sectors essential to achieve the goal of climate neutrality in 2050.

Spain considers that to meet these objectives the taxonomy must be “credible, useful and based on scientific evidence”.

The key to considering an economic activity, sector or technology ‘green’ is its ‘substantial contribution’ to the main environmental goals of the EU, he adds, such as mitigating climate change, among others, also respecting the principle of not causing significant environmental damage .

Methane emissions from natural gas generation and the issue of nuclear power waste call into question the inclusion of both technologies within the EU green taxonomy, according to the source.

Including both “is a wrong signal for financial markets and does not provide the necessary clarity to focus capital flows towards the decarbonized, resilient and sustainable economy envisaged in the European green pact,” the ministry insisted.