European Commission proposes to consider certain nuclear or gas projects as green investment 

The European Commission has circulated a draft proposal to EU member states to classify investment in certain nuclear or natural gas projects as "green".
The proposal proposes to give a "green" rating to projects that replace coal and emit up to 270 grams of CO2 per kw/h, according to the draft, to which the Bloomberg news agency has had access. With this rating, construction licenses could be obtained until 2030, provided there is a plan to switch to renewable or low-emission energy before the end of 2035.
Thus, nuclear power could be considered "sustainable" as long as new plants that obtain permits through 2045 meet a series of conditions to avoid significant damage to the environment and aquifers.

"The commission considers that natural gas and nuclear can play a role in facilitating the transition to a future based predominantly on renewables," the commission explained Saturday in a statement.
The EU's investment rating system is one of the most studied factors by investors around the world and could attract billions of euros to facilitate this "green" transition, although this change will still need to gain the necessary political support.
"Including nuclear power and gas in the EU taxonomy is like labeling an egg from caged hens as organic," said a German Green MEP, Michael Bloss. "Instead of putting money into investments such as solar or wind, you can continue in old and extremely expensive disguised business models," he added.

Member states and the Sustainable Finance Platform have until January 12 to respond to the proposal. The Commission will then prepare a delegated act that will be sent to the countries and the European Parliament for debate.

The EU has declared its intention to achieve CO2 neutrality by 2050 by reducing pollution in all areas, including energy and transport.


"Taking into account scientific advice and current technological progress, as well as the different challenges towards the transition between Member States, the Commission considers that there is a role for natural gas and nuclear as a means to facilitate the transition to a future based predominantly on renewables," the EU executive said.
Brussels intends to adopt the delegated act this January after consultation with European governments and experts, but for it to enter into force, the proposal will have to be approved by the European Parliament and the EU Council.


The EU executive has been delaying the proposal in recent weeks and it was not until the middle of last week, at its last meeting before the Christmas break, that it held a debate on the so-called "taxonomy".
In its proposal, the Commission proposed that investments in nuclear power plants that receive a construction permit before 2045 should receive the green label and that natural gas should also be considered sustainable as long as it comes from renewable energy or has low emissions in 2035.

Member States are divided on the role that these two energy sources should play in the transition to climate neutrality that Brussels wants to achieve by 2050.
France leads the group of countries that want nuclear energy to be considered sustainable, while Germany opposes it, although Berlin is in favor of natural gas investments receiving the green label during the transition.
Spain, however, is opposed to investments in either of the two sources being labeled as sustainable investments.


Member states and experts from the Sustainable Finance Platform will have until January 12 to send their contributions to Brussels.
After that, the text must be approved by simple majority in the European Parliament and by qualified majority in the Council, i.e. at least 20 EU countries representing 65% of the EU population.