The European Parliament on Wednesday gave its support for labelling gas and nuclear power as “green” under the bloc’s taxonomy rules. The move comes despite deep divisions on the issue between member states.
The green classification means certain nuclear and gas activities will be eligible for sustainable investment funding from 2023.
During a tight vote in parliament in Strasbourg, a majority of MEPs blocked an objection to the controversial proposal – which is now on its way to becoming EU law.
In order to be considered “sustainable”, though, electricity generated from nuclear or gas plants must use the most advanced technologies.
No ‘greenwashing’ allowed
The rules were first proposed by the European Commission in February after more than a year of delay and intense lobbying from the gas and nuclear industries.
EU financial services chief Mairead McGuinness promised that no “greenwashing” would be allowed.
The EU is hoping to become the world’s first climate-neutral continent by 2050, and to achieve this Brussels is looking to direct more capital into environmentally friendly projects.
The inclusion of gas and nuclear power in the taxonomy rulebook is a divisive subject in Europe, with Brussels rewriting the rules multiple times.
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While Denmark, Austria and Luxembourg have warned against weakening the bloc’s green ambitions, other countries including France and Poland have pushed for at least one of the two fuels to benefit from green finance.
Nuclear energy is free from CO2 emissions but produces radioactive waste.
It remains the largest source of power in France, generating more than 70 percent of the country’s electricity needs.
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Gas produces planet-warming emissions but some EU states see it as transition fuel in the shift away from dirtier coal.
