02.03.2022

Gas and Nuclear in EU Sustainable Taxonomy Criticised

02.03.2022
Shanny Basar
Gas and Nuclear in EU Sustainable Taxonomy Criticised

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 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:

 

Laurence Tubiana, CEO European Climate Foundation:

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:

Sandrine Dixson, Co President of The Club of Rome: 

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:

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