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EU green finance advisors slam Brussels over nuclear, fossil gas
(EurActiv, 24 Jan 2022) The group of experts advising the European Commission on green finance have criticised plans by Brussels to label gas and nuclear power as a “transitional” source of energy under the EU’s sustainable finance taxonomy.
In an opinion published on Monday (24 January), the EU Platform on Sustainable Finance, a European Commission advisory body, slammed the executive’s proposal, arguing that fossil gas and nuclear power cannot be considered green under present circumstances.
Fossil gas is “far from green”, even when considering the proposed criteria requiring gas-fired power plants to gradually incorporate rising shares of low-carbon fuels such as biomethane or hydrogen, they wrote.
The Commission’s draft proposal, circulated on 31 December, was subject to a consultation period until Friday (21 January). It gave EU countries and others only three weeks to analyse the proposal and send their comments.
Under the draft proposal, gas-fired power plants would receive a “transitional” investment label if they use “at least 30% of renewable or low-carbon gases as of 1 January 2026, and at least 55% of renewable or low-carbon gases as of 1 January 2030”. Additionally, as of 1 January 2036, the Commission suggests that all gas-fired power plants would have to “switch to renewable or low-carbon gases” to qualify for the EU’s green investment label.
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EurActiv, 24 Jan 2022: EU green finance advisors slam Brussels over nuclear, fossil gas
