Gas and Nuclear in EU Sustainable Taxonomy Criticised02.03.2022 By Shanny Basar
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🚨— Eurosif (@Eurosif) February 3, 2022
🌱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 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.
The Principles for Responsible Investment said:
#FossilGas & #Nuclear are not #Sustainable, not even #Green: Scientists, NGOs, investors, the EIB explained that in detail.— SUST4IN😷 (@SUST4IN) February 2, 2022
Now, let's see what the @Europarl_EN and the Courts say.
Today, we are witnessing one of the biggest official greenwashing operations in Europe.— WWF EU (@WWFEU) February 2, 2022
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
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)— Will Martindale (@WillJMartindale) February 2, 2022
✔️ do no significant harm requirements and minimum safeguards
✔️ environmental themes beyond climate change.
The EU Taxonomy was subject to political intervention because it matters.
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— Greenpeace EU (@GreenpeaceEU) February 2, 2022
This is shameless #greenwashing, and MEPs should now reject it
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