08.
12.21
10:52

EU Commission clarifies important questions: Are gas or nuclear energy climate-friendly?

The European Union will decide this month whether to label gas and nuclear investments as climate friendly, but will postpone a decision on agriculture, EU officials said. One now wants to work out rules as to how future funding should be assessed.
The EU is currently determining which activities are within the framework of its "Sustainable Finance Taxonomy", a list of economic activities and criteria that must be met in order for investments to be described as sustainable and thus considered to be climate-friendly.
The EU Executive Commission is expected to declare this month whether gas and nuclear power will be classified as climate-friendly. A decision on agriculture is to be postponed until a later date, said two officials familiar with the talks.
As more and more investors seek green investments, it is expected that classifying an activity as sustainable could affect its ability to attract funding.
Plans for the new criteria have fueled the debate over whether nuclear energy, with its radioactive waste, or gas with lower carbon emissions than other fossil fuels, can be considered sustainable as part of a transition.
Agriculture is also a focus, as it is responsible for around 10% of greenhouse gas emissions in the EU and can damage natural habitats, for example through the use of pesticides.
Legal & General Investment Management and other investors last month called on the Commission not to label intensive farming subsidies as sustainable as it would undermine the EU's climate targets.
In April the Commission presented taxonomy rules for transport, buildings and other sectors, but is delaying decisions in politically sensitive sectors such as gas, nuclear energy and agriculture.
The proposal due this month will address the impact of investment on climate change. Rules on whether investments meet other environmental goals, including nature conservation, are to be decided next year.One of the officials said agriculture is now being dealt with at this stage.
The EU decision on gas and nuclear power has sunk into political lobbying for more than a year. The EU members disagree on whether the labeling of such activities serves the energy transition as sustainable or whether they are used by companies to claim green credentials, even though they continue to cause environmental pollution.

Source
Hansa Terminhandel GmbH
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