Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

European Commission backs gas, nuclear for energy transition

© BloombergEDF price cap
Electricity transmission pylons stand in front of Sizewell A, right, and B, left, nuclear power stations, operated by Electricite de France SA (EDF), stand in Sizewell, U.K., on Friday, May 15, 2020.

The European Commission has confirmed that some gas and nuclear resources will be acceptable in the energy transition.

The European Union Taxonomy Complementary Climate Delegated Act has the aim of guiding companies’ investments to the goal of achieving climate neutrality by 2050.

The commission said there “is a role for private investment in gas and nuclear activities in the transition”. Gas and nuclear activities “are in line with the EU’s climate and environmental objectives”, it said. These will help move consumption away from higher polluting sources.

In order for gas and nuclear to be considered acceptable, they must meet various conditions. For instance, they must “contribute to the transition”. Nuclear must meet safety requirements and gas must help move away from coal.

“Our mission and obligation is climate neutrality. We need to act now if we are to meet our 2030 and 2050 targets,” executive vice president Valdis Dombrovskis at the European Commission said. The act intends to provide a “just transition, as a bridge towards a green energy system based on renewable energy sources. It will accelerate the private investment we need, especially in this decade.”

Commissioner of Financial Services Mairead McGuinness highlighted the role of increased clarity. “We are boosting market transparency so that investors will be able to easily identify gas and nuclear activities in any investment decisions,” the commissioner said.

The group projects that gas will provide 22% of its energy consumption in 2030 and 9% in 2050.

Scrutiny

The European Parliament and Council will have four months to consider the document. There is an option for another two months of scrutiny.

The Council has the right to object to the plans through a qualified majority. That is, it will need at least 20 member states. The Parliament would require a majority of its members, at least 353 MEPs.

If these two bodies approve, the act will enter into force as of January 1, 2023.

Reclaim Finance set out its objections. Campaigner Paul Schreiber said gas and nuclear power would still benefit from being “taxonomy aligned” and could, therefore, win financing from banks, investors and states.

“The taxonomy thus becomes a tool of institutional greenwashing, one that makes a mockery of the EU’s desire to position itself as a sustainable finance leader,” he said.

The NGO said Hungary, Poland and the Czech Republic had backed gas and nuclear plans. France, it alleged, had provided its support through a deal under which it would endorse both gas and nuclear.

Recommended for you

More from Energy Voice

Latest Posts