The Parliament of the European Union officially declared this week that some gas and nuclear power can be labeled “green,” or climate-friendly investments.
The vote by EU Parliament to make gas and nuclear power officially green will make it easier to garner the supporting votes of individual EU member countries. The law would only be blocked if 20 of the EU’s 27 countries opposed the move. It is widely expected that most of the member states will vote to approve the measure.
“The Complementary Delegated Act is a pragmatic proposal to ensure that private investments in gas and nuclear, needed for our energy transition, meet strict criteria,” said chief of EU financial services Mairead McGuinness to Reuters. The Act is part of an EU Taxonomy framework that aims to push long-term investments toward projects that are in line with the EU climate change goals set out in 2018 to be climate-neutral by 2050.
“In order to meet the EU’s climate and energy targets for 2030 and reach the objectives of the European green deal, it is vital that we direct investments towards sustainable projects and activities. The current COVID-19 pandemic has reinforced the need to redirect money towards sustainable projects in order to make our economies, businesses and societies – in particular health systems, more resilient against climate and environmental shocks,” wrote the EU in 2020 when it introduced the Taxonomy plan.
The Russian invasion of Ukraine and resulting fuel shortages in Europe have upped support for the measure to label other types of energy “green” in order to bolster investment within the EU to decrease reliance on fossil fuels.
ARTICLE: LAURA SPIVAK
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: CNBC
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