Eurosif, the pan-European sustainable and responsible investment (SRI) membership organisation, said:

Following the approval in principle of the Taxonomy Complementary Delegated Act, Eurosif publishes its position regarding the inclusion of gas and nuclear in the EU Taxonomy.

?Eurosif position on the complementary DA?

?It may adversely impact both the credibility & usefulness of the #EUTaxonomy, thus hampering the objectives of the #EUGreenDeal it's seeking to support

Read more➡️https://t.co/9soT4OKFzJ#EUInvest #EUSustainableFinance #EUinvest pic.twitter.com/XnEJKEHyHu

— Eurosif (@Eurosif) February 3, 2022

Eurosif acknowledges the approval in principle of the Taxonomy Complementary Delegated Act (DA) and understands the political context and motivations which led to the inclusion of natural gas & nuclear energy in the EU Taxonomy framework. Nevertheless, we regret the probability that this decision will adversely impact both the credibility and usefulness of the framework for sustainable investors, thereby hampering the very objectives of the EU Green Deal it is seeking to support.

Eurosif wants to emphasize :

• The credibility of the EU Taxonomy which this decision may undermine as well as diminishing its usefulness as an investment tool.
• The doubts about the robustness of the Technical Screening Criteria for natural gas and nuclear energy activities.
• The unecessary role of this complementary DA to make the climate mitigation and adaptation Delegated Acts work.
• The likely incentive of the complementary DA on sustainable investors to finance natural gas and nuclear energy projects to a greater extent.

Source: Eurosif

The Principles for Responsible Investment said:

The PRI’s Director of Policy @MargaritaIP reacts to the #EUTaxonomy climate delegated act covering gas and nuclear energy.

More info here➡️ https://t.co/IZBFT2l32d pic.twitter.com/ZXnkPnRH1R

— The PRI (@PRI_News) February 4, 2022

 

Below is my statement as Chair of the Platform on #SustainableFinanceEU on the Complementary Delegated Act for #EUTaxonomy. @EU_Finance pic.twitter.com/rSyVKajsHx

— Nathan Fabian (@nathanafabian) February 3, 2022

#FossilGas & #Nuclear are not #Sustainable, not even #Green: Scientists, NGOs, investors, the EIB explained that in detail.

Now, let's see what the @Europarl_EN and the Courts say.

?#SaveTheEUGreenDeal? https://t.co/htrvenRgRu

— SUST4IN? (@SUST4IN) February 2, 2022

Today, we are witnessing one of the biggest official greenwashing operations in Europe.

The @EU_Commission just labelled fossil gas and nuclear power as ‘green’ in the #EUTaxonomy. @Europarl_EN must reject it! #StopFakeGreen https://t.co/7YZ9p7WbF1 pic.twitter.com/cdtUPTewyl

— WWF EU (@WWFEU) February 2, 2022

Laurence Tubiana, CEO European Climate Foundation:

Such standards can become irrelevant internationally if they are too weak and consider gas green. Smart money will ignore the #EUTaxonomy if it becomes a political tool influenced by vested interests. 2/5

— Laurence Tubiana (@LaurenceTubiana) February 2, 2022

What was supposed to be science-based has become embroiled in politics, with some governments & the gas lobby forcing the Commission's hand. This proposal undermines the EU's credibility internationally as people can no longer trust "green" to mean fossil-free in the EU. 3/5

— Laurence Tubiana (@LaurenceTubiana) February 2, 2022

I encourage policy-makers in the EU Council and the European Parliament to oppose an #EUTaxonomy that misleads investors, companies and citizens. 5/5

— Laurence Tubiana (@LaurenceTubiana) February 2, 2022

Will Martindale, Group Head of Sustainability at pensions risk and investment management specialist Cardano, said the inclusion of oil and gas was disappointing but the taxonomy is still a step forward:

with net zero (to allow for transition and evolving technologies and scientific understanding)

✔️ do no significant harm requirements and minimum safeguards

✔️ environmental themes beyond climate change.

The EU Taxonomy was subject to political intervention because it matters.

— Will Martindale (@WillJMartindale) February 2, 2022

Full credit to the Technical Expert Group for their work. The Taxonomy remains a major step forward.

— Will Martindale (@WillJMartindale) February 2, 2022

Sandrine Dixson, Co President of The Club of Rome: 

This Act should be re-called, investors have attained sufficient clarity with the first Delegated Act, and the @Eu_Commission should instead consider suitable alternative tools to support the energy system transition in Europe @seankidney @AndreasHoepner @nathanafabian https://t.co/c0HryjUg6e

— Sandrine Dixson (@SDDecleve) February 2, 2022

Greenpeace said the taxonomy would incentivise potentially hundreds of billions of euro in private investments to flow away from clean energy like renewables and instead go to nuclear energy and fossil gas, accelerating the climate crisis:

The EU Commission's move to include gas and nuclear in the #EUTaxonomy today is an attempted robbery, diverting billions in private cash from real clean energy like renewables

This is shameless #greenwashing, and MEPs should now reject it

Our comment ?https://t.co/oiYIlLiSGo

— Greenpeace EU (@GreenpeaceEU) February 2, 2022

⚛️?Today, the European Union College of Commissioners finally adopted a Complementary Delegated Act that recognizes the important contribution #nuclear energy can make towards #decarbonization. Read our press release: https://t.co/EBEoIYkDRG ⚛️ pic.twitter.com/CN5boKpb3C

— World Nuclear Association (@WorldNuclear) February 2, 2022