Division in the EU Means Green Investment Rules Won’t be Ready This Year

The European Commission is planning to reach a decision next year if it includes gas and nuclear energy as climate friendly investments. The Commission considers whether to put gas and nuclear in its “sustainable finance taxonomy”, the guideline that will rule which investments to be labeled as climate-friendly.

Before publishing the taxonomy, the Commission will have to share it with members, financial advisors, industry and civil society. The consultation process is expected to start before the end of the year, which means the proposal will not be published this year.

The Commission was planning to finalize the taxonomy’s climate section this year but disputes among member states did not make it possible. The major point of disagreement is whether gas and nuclear should be included as climate-friendly investments.

The proposed rules could still be blocked by members or European Parliament once they are published.

The EU members are divided on both gas and nuclear. Proponents of gas say they need it during the phase-out period of coal, but opponents say including a fossil fuel as climate friendly would undermine credibility of the climate change rules.

Nuclear energy is similarly divisive. France, Czech Republic and Poland believe nuclear’s low carbon emission makes it crucial for green transition. Germany, Luxembourg and Austria oppose, particularly due to concerns about radioactive waste.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Get your daily Business Brief

Subscribe free to Business Brief

Business Brief delivers the latest insights straight to your inbox

You'll get daily industry insights on

Energy, Cleantech, Oil & Gas, Mining, Defense, Aviation, Construction, Transportation, Online Retail, Bigtech, Finance and Politics of Business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

China Makes Iranian Crude Imports Official

China reported first imports of Iranian crude oil since December 2020 according to the country’s customs data. China purchased 260,312 tonnes of Iranian crude in December 2021 despite the U.S. sanctions on the Middle Eastern state. 

Canadian Gas Companies Boost Production As Demand Continues to Grow

Demand for Canadian gas, which is relatively cheaper, has soared as global gas prices continue to rise. Canada’s natural gas exports to the United States have seen a three year record as Europe and Asia try to deal with shortages. As world economies recover from the pandemic, energy demand, especially in Asia, has been historically high. 

Special Report-Saudi Aramco Profits Fell 73% as Oil Demand Shrinks

Saudi Aramco, the world’s largest oil company, announced on Sunday that its quarterly earnings fell more than 73 percent yearly, as lockdowns imposed to control the Covid-19 pandemic cut the demand for oil and slammed prices.

Stay informed

error: This content is protected !!