EU includes gas and nuclear in guidebook for ‘green’ investments
The European Commission has been accused of undermining its climate goals after it defied critics by pushing ahead with plans to include gas and nuclear in an EU guidebook for “green” investments.
Gas and nuclear were deemed bridge technologies to meet the EU’s target of net zero emissions by 2050, in long-awaited proposals on the EU’s “taxonomy for environmentally sustainable economic activities”, which were published on Wednesday.
“The reason we are including gas and nuclear in the way we are doing it is because we firmly believe that this recognises the need for these energy sources in transition,” the EU commissioner for financial services, Mairead McGuinness, told reporters.
Critics said including gas and nuclear in a guide intended to prevent greenwashing jeopardised the EU’s climate goals and hopes of keeping global heating below 1.5C.
“The European Commission is significantly undermining the EU’s credibility as a climate actor,” Bas Eickhout, a Dutch Green MEP and vice-chair of the European parliament’s environment committee, said. “At the UN climate summit in Glasgow, small steps were taken towards phasing out fossil fuels. Yet, unfortunately, the commission is already turning back the clock and leaving the door open to the gas industry.”
Since the proposals leaked on New Year’s Eve 2021 – fuelling bitter accusations of a lack of transparency – the commission has made minor tweaks that make it easier for gas projects to get in the green guidebook.
Gas plants can get the stamp of approval if they switch to low-carbon gases or renewables by 2035. A previous requirement to phase-in low-carbon fuels by 2026 has been dropped.
The taxonomy – intended to channel billions of private money into climate-friendly investments – is
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