Belgium: EU proposes nuclear and gas inclusion in green investment

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The European Commission is planning to include energies such as natural gas and nuclear in their green investment plan pending a transition towards renewable sources, the European Commissioner for Financial Services Mairead McGuinness told reporters during a press briefing laying out the bloc’s so-called ‘taxonomy’ plan in Brussels on Wednesday.

“We’re setting out how gas and nuclear could make a contribution in the difficult transition to climate neutrality. We’re putting in place strict conditions for their inclusion in the taxonomy. They’re subject to clear limits and phase-out periods,” McGuinness explained.

The green investment which has been criticised by many NGOs for its alleged greenwashing is expected to help mobilise private funds for activities that reduce CO2 emissions as part of the EU’s long-term objective of carbon neutrality by 2050.

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SOT, Mairead McGuinness, European Commissioner for Financial Services: “It is not an EU energy policy instrument. Member states remain fully responsible for deciding their own energy mix, nor does the taxonomy mandate investments in certain sectors. It also does not prohibit investments in the sectors it covers. It does not, rather, it does not prohibit investments in sectors. And really an important point to remember is the taxonomy remains a voluntary tool.”

SOT, Mairead McGuinness, European Commissioner for Financial Services: “It is a signpost towards the private investment markets on our road towards sustainability. And we know we need to move away from particularly harmful energy sources like coal, which today still accounts for 15% of electricity production in Europe. And this is something we need to change.”

SOT, Mairead McGuinness, European Commissioner for Financial Services: “Today we’re setting out how gas and nuclear could make a contribution in the difficult transition to climate neutrality. We’re putting in place strict conditions for their inclusion in the taxonomy. They’re subject to clear limits and phase out periods. So when you clear the delegated act, if you like rewards improvements and advanced technology in safety standards and waste management. When it comes to gas, there are strict conditions, including limits on emissions, and that facilities must replace high emitting plants, as well as being compatible with low carbon fuels.”

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