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This step has been discussed for months. The European Commission has now introduced the so-called taxonomy. With it, investments in nuclear and gas-fired power plants are considered sustainable, under certain conditions.
Authorities in Brussels have announced that nuclear power plants will be considered climate-friendly if they have a building permit by 2045 and when there is a plan and financial means in place to dispose of nuclear waste.
With regard to gas-fired power plants, restrictions were further eased. Accordingly, investments in new gas-fired power plants by 2030 will be considered climate-friendly, if they replace, among other things, the most polluted power plants, and if they will be fed by 2035 with more climate-friendly gases.
This “taxonomy” should encourage investors and banks to invest in climate-friendly technologies to achieve the EU’s climate objectives.
The federal government has previously criticized the fact that nuclear energy is classified as sustainable. The Greens fear this will be at the expense of developing renewable energies like wind and sun. Other countries have also criticized these plans. Austria and Luxembourg have announced they will file a complaint.
The European Commission proposal can now only be rejected by a majority in the European Parliament or by the veto of at least 20 EU countries. So far, this is considered impossible.
Hamm-Uentrop gas power plant
This had been outlined since the EU summit
Referring to taxonomy, hundreds of billions of euros must be invested to get rid of oil, coal and eventually gas. In this sense, taxonomy is “a kind of transparency” for anyone who wants to invest. This had been outlined since the EU summit last October. At the time, Commission President Ursula von der Leyen hinted at the taxonomy proposal.
Clear criticism has been issued by BEUC, the European consumer organization. According to her announcement, we are witnessing an irresponsible institutional “greenery”. The consequence would be that consumers would be prevented from making sustainable investments. BEUC is an association of independent consumer organizations.
Kemfert: “barrier to climate protection”
Energy economist at the German Institute for Economic Research, Kemfert, also sees a “step back in climate protection”. Kemfert told Deutschlandfunk radio that investment was being made in past technologies that prevent Europe from achieving a full energy turnaround.
Bassen economics researcher from the University of Hamburg suspects that capital market players in the German-speaking area will invest heavily in nuclear energy and natural gas. Bassen, who is also a member of the German Federal Government’s Sustainability Council, told Deutschlandfunk radio that the risk of damaging the reputation of financial investors is very high because public opinion in Germany has a very negative position on nuclear energy and gas./DW
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