European Union adopted sustainable investment seal for nuclear energy and gas

The European Commission (EC) approved its controversial plan on green labeling investments in clean and renewable energy sources, but which includes nuclear and gas power plants, a gesture that immediately triggered angry reactions.

The regulation seeks to promote strong investments in clean and renewable energy initiatives, although the inclusion of nuclear and gas plants promoted bitter discussions among the countries of the European Union (EU).

The document was approved this Wednesday by the College of European Commissioners, and now a long process will begin until its full implementation, a path that is not easy.

Until now, only investments in renewable energies could benefit from this ‘green seal’ of the EC.

In a statement, the EC noted that “today [miércoles] we completed an important stage in the transition” towards carbon neutrality.

The European Commissioner for Financial Services, Mairead McGuinness, said that “we must use all the tools at our disposal, because we are less than 30 years old” to achieve the ambitious carbon neutrality.

The initiative was not well received by non-governmental environmental entities and even some governments of the EU itself.

In Vienna, the Austrian Minister for the Environment, Leonore Gewessler, announced that the government is willing to go to European justice against the project.

“We will prepare the legal details in the coming weeks, and if this taxonomy comes into force we will initiate proceedings before the Court of Justice of the EU.Gewessler said.

Meanwhile, Chancellor Karl Nehammer noted on Twitter that “nuclear energy is neither green nor sustainable. I cannot understand the EU’s decision.”

dented credibility

In turn, the French Green MEP Damien Careme pointed out that the plan “seriously undermines the credibility of the EU”.

Ariadne Rodrigo, sustainable finance specialist at the NGO Greenpeace, denounced “an attempted robbery. Someone is trying to divert billions of euros from renewable energy and sink it into technologies that do nothing to combat the climate crisis”.

The idea of ​​establishing a normative framework for investments “sustainable” on energy was initially met with widespread support, but the inclusion of nuclear and fossil gas plants put a sharp damper on enthusiasm.

The Commission had sent in the last minutes of December 31 a proposal on this initiative to the countries of the European Union, and the capitals of the bloc had until January 21 to present their points of view.

divisions

The inclusion of nuclear energy and gas in the project was defended by several countries led by France, who allege that renewable sources (such as solar or wind) will not cover the electricity needs in the bloc.

In contrast, Germany – a country highly dependent on gas to move its industry – led the group of countries that opposes the inclusion of nuclear energy in the “sustainable” investment program and defends the inclusion of gas.

In this way, Paris and Berlin sought to ensure that energy matrices of fundamental importance for their economies are included in the project.

Meanwhile, Austria, Denmark, Sweden and the Netherlands published a joint letter opposing the inclusion of gas, a fossil energy source.

For those four countries, the EU intends to see its categorization plan become the “standard”, would be seriously affected.

The project, meanwhile, received strong support from Poland and the Czech Republic, two countries that need to replace their highly polluting coal-fired power plants.

Daniel Benes, chief executive of the Czech state power giant CEZ, said in a statement that “we have made positive progress in being able to successfully transform our energy sector and thus the economy to an emission-free standard”.

From now on, a period of four months (which could be extended for two more months) begins to run for the European Parliament to deal with the text.