EU Parliament Backs Labeling Gas and Nuclear Investments as Green

Environmental News from Europe: 

  • Lawmakers back ‘green’ EU investment label for the fuels
  • Likely to become law unless a super-majority of states veto
  • Gas, and nuclear rules have split EU countries and lawmakers
  • Luxembourg, Austria to challenge the law in court

The European Parliament on Wednesday backed EU rules labeling investments in gas and nuclear power plants as climate-friendly, throwing out an attempt to block the law that has exposed deep rifts between countries over how to fight climate change.

The vote paves the way for the European Union proposal to pass into law, unless 20 of the bloc’s 27 member states decide to oppose the move, which is seen as very unlikely.

The new rules will add gas and nuclear power plants to the EU “taxonomy” rulebook from 2023, enabling investors to label and market investments in them as green.

Out of 639 lawmakers present, 328 opposed a motion that sought to block the EU gas and nuclear proposals.

The European Commission welcomed the result. It proposed the rules in February after more than a year of delay and intense lobbying from governments and industries.

“The Complementary Delegated Act is a pragmatic proposal to ensure that private investments in gas and nuclear, needed for our energy transition, meet strict criteria,” EU financial services chief Mairead McGuinness said.

The rules have split EU countries, lawmakers, and investors. Brussels redrafted the rules multiple times, flip-flopping over whether to grant gas plants a green tag. Its final proposal fuelled fierce debate about how to hit climate goals amid a crisis over dwindling Russian gas supplies.

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Source: Reuters

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