Europe considers nuclear and natural gas to be sustainable investments.

A draft of the plan, released by the committee on December 31, has sparked widespread criticism from a number of member states, experts and lawmakers, who argue the timing The consultation was too short and denounced the timing given during the holiday season. . Adding to the confusion surrounding the new regulations, the committee did not announce the final legislation until an hour after holding a press conference on the topic.

The Foundation for Sustainable Finance, a group of green finance experts who advised the committee, opposed the plan.

“The classification is supposed to create a steady stream of green investments,” said Henry Eviston from the office of Wild World Fund Europe, a member of the advisory group. “Instead, we will get a tsunami that wipes out the green. It punishes clean technologies, it stifles innovation and directs billions of euros into ‘business as usual’ investments.

And some investors and financial institutions may steer clear of the classifications. The head of the European Investment Bank, Werner Hoyer, said last week that the complexity of the rules would put investors “sleepy”.

Climate Change Institutional Investors Group, an association of European investors and asset managers that includes BlackRock and Goldman Sachs, said in an open letter that including natural gas undermined “the EU’s ambition to set international standards for reliable, science-based standards for classifying sustainable economic activities.”

Regulation is not expected to be blocked by some national governments – under the bloc’s rules, at least 15 of the 27 member states, representing at least 65% of the EU population, need to be blocked. it. But Austria and Luxembourg threatened legal action if nuclear power was labeled green. Austria, Denmark, Sweden and the Netherlands earlier this week urged the commission not to include any “fossil gas-based activities” as sustainable.

The plan will also face opposition from the European Parliament, although it remains unclear whether a majority of the body’s lawmakers will vote to block it. Europe considers nuclear and natural gas to be sustainable investments.

Fry Electronics Team

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