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    EU - EU expert group against considering gas and nuclear as 'green' investments as requested by Brussels

    January 24, 2022 - CE Noticias Financieras



      The Sustainable Finance Platform, a group of experts that advises the European Commission on this matter, has expressed its opposition to Brussels' proposal to consider investments in nuclear energy and natural gas as sustainable, a classification that countries such as Spain also reject outright.

      "There is no certainty of sustainable electricity generation from gas production, in line with the Taxonomy Regulation," reads the report on the position of including natural gas as a renewable source, in view of the Commission's proposal that this fossil fuel should have a higher emissions limit than other technologies when used to replace more polluting production sources such as coal.

      This group of experts is a consultative body to which the Community Executive must attend before adopting its final proposal, although the opinion of the platform is binding. A Community spokesman said on Monday that they will examine the conclusions of the report and that the Commission will present its final text as soon as possible, without clarifying the timetable with which it is working.

      Regarding the inclusion of nuclear power, the report points to the "lack of reliable criteria and mechanisms" to include this energy source in the green taxonomy. For this reason, the study considers that it does not meet the criteria to be included in the renewable classification because it does not adequately address the environmental impact of waste.

      "The contribution of nuclear installations to climate change mitigation objectives is notable, but is unlikely to present a substantial contribution for new installations if they come on line around 2050 or later," the study by the European Commission's expert group states.

      Before the end of the year, the European Commission issued a proposal to include nuclear energy and gas in the green taxonomy, a classification system that establishes the list of environmentally sustainable economic activities. Spain has opposed this proposal.

      Last week, the energy ministers of Spain, Austria, Denmark and Luxembourg sent a letter to the European Commission rejecting the Brussels proposal to include gas and nuclear energy in the green taxonomy, setting out their position for the Council of Energy and Environment Ministers, which was held in Amiens at the end of last week.


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