The EU commission wants to classify nuclear energy and fossil natural gas as sustainable under certain conditions.
Author: michael rauchenstein
the european union has set ambitious targets when it comes to climate policy. Europe should be the first climate-neutral continent by 2050. For the energy transition to be successful, an investment market for green investments is to be created, among other things.
These are the conditions
For the "sustainable investment" label, nuclear energy and the construction of new nuclear power plants must be accompanied, among other things, by a plan for the disposal of radioactive waste after the year 2050.
In the case of fossil natural gas, only investments in gas-fired power plants are to be classified as sustainable until 2030, and a limit value for CO2 emissions must be met.
The so-called EU taxonomy sets criteria for which investments are classified as sustainable. For example, wind energy is included in this set of rules, but nuclear energy and fossil natural gas are also to be classified as sustainable, subject to certain conditions. So if you invest in a nuclear power plant, for example, you should be able to show it as a green investment.
Dependence on nuclear power and natural gas
Within the member states, but also in the european parliament, there are heated discussions about whether nuclear energy and fossil natural gas should be included in the taxonomy. France, in particular, has lobbied hard in brussels for nuclear power to be listed in the taxonomy. Most of the electricity produced in france comes from nuclear power plants. France is dependent on investment.
Criticism: nuclear power is not a sustainable technology, says rasmus andresen, european parliament member for the green party: "nuclear power is unsafe and very expensive. And the uranium mining that is carried out for this purpose is anything but sustainable". Similar sounds can also be heard from the german federal government. Germany wants to phase out nuclear power completely this year. There is little understanding that nuclear power, of all things, should be classified as climate-friendly. He told EU Commission President ursula von der leyen this once again, says German Climate Minister robert habeck after a meeting with von der leyen this week.
At the same time, germany is dependent on the inclusion of fossil natural gas in the taxonomy, because solar panels and wind turbines in the federal republic still produce too little electricity. However, as the burning of fossil natural gas releases a lot of CO2, this energy source, which is to be classified as sustainable, is also under criticism.
No change of heart expected from the EU Commission
The EU Commission will take note of these discussions. Until last Friday, member states and selected experts were able to comment in writing on the EU Commission’s proposal. It is known that a panel of experts commissioned by the EU Commission to give an opinion also criticizes the taxonomy proposal. There is a danger that the taxonomy will become less important for investors if nuclear energy and fossil natural gas are classified as sustainable.
Despite the many critical voices, it is assumed in brussels that the eU commission will stick to its proposal. It is possible that some corrections will be made. Nuclear energy and fossil natural gas will almost certainly remain in the EU Commission’s proposal.
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