Europe — In a vote today, the EU Parliament upheld the EU Commission's proposal to allow the labeling of investments in gas and nuclear power plants as climate-friendly. This vote strikes down an attempt by MEPs from two parliamentary committees to block the law. Last month, MEPs from the Economic and Monetary Affairs Committee and Environment and the Public Health and Food Safety Committee adopted an objection to the Commission's proposal because they argued that the technical screening standards proposed by the Commission do not respect the criteria for environmentally sustainable economic activities as set out in Article 3 of the Taxonomy Regulation. This debate has exposed deep rifts between EU Member States over how to address climate change.
NEXT STEPS: The vote paves the way for the European Union proposal to pass into law. If passed, these new rules will add gas and nuclear power plants to the EU Taxonomy rulebook starting in 2023. This would enable gas and nuclear investors to market their investments as sustainable.
Source: European Parliament