European Commission Moves to Label Nuclear Power, Natural Gas as ‘Sustainable Investments’

The European Commission on Feb. 2 announced plans to label nuclear power and natural gas as “sustainable investments” if they meet certain targets.

The Commission proposed to label some nuclear power and natural gas plants as “transitional green investments” to cut Europe’s greenhouse gas emissions.

“Today we are setting out how gas and nuclear could make a contribution in the difficult transition to climate neutrality,” Mairead McGuinness, EU Commissioner for financial services, said.

McGuinness said that the plan called “EU Taxonomy” was “to move away from particularly harmful energy sources like coal.”

However, critics accused the proposal of “greenwashing.”

Australian Chancellor Karl Nehammer said the move was “wrong” and “neither ‘green’ nor sustainable.”

Nehammer further said that he would support Austrian Environment Minister Leonore Gewessler in pursuing legal action in an attempt to halt the measure.

Greenpeace EU called the Commission’s plan “an attempted robbery.”

“This anti-science plan represents the biggest greenwashing exercise of all time. It makes a mockery of the EU’s claims to global leadership on climate and the environment. The inclusion of gas and nuclear in the taxonomy is increasingly difficult to explain as anything other than a giveaway to two desperate industries with powerful political friends,” Greenpeace EU Sustainable Finance Campaigner Ariadna Rodrigo said in a statement.

Meanwhile, nations that rely on nuclear power and natural gas, such as France and Germany, support the Commission’s plan.


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