European Union Drafts Plan To Mark Nuclear Gas And Investments As Green
Following a year-long debate among nations about which investments are environmentally friendly, the European Union has devised proposals to classify certain natural gas and nuclear power initiatives as green investments.
In January, the European Commission is scheduled to draft rules on whether gas and nuclear projects should be considered in the EU's sustainable financing taxonomy.
This is a summary of economic operations that, to be categorised as green investments, must meet certain environmental criteria. The approach aims to implement genuinely climate-friendly initiatives more appealing to private money by limiting the "green" tag to those initiatives that are climate-friendly, as well as to prevent greenwashing, which occurs when companies or investors exaggerate their environmental credentials.
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Brussels has also taken steps to implement the taxonomy to a certain EU financing, implying that the rules may determine whether projects are qualified for public funds.
According to Reuters, a draught of the Commission's plan would classify nuclear power station developments as green if the initiative has a framework, money, and a site for securely disposing of radioactive waste. New nuclear facilities must acquire construction licences before 2045 to be considered green.
Natural gas power stations will also be considered green if they emit less than 270 grams of carbon dioxide equal per kilowatt-hour hour, substitute a more polluting fossil fuel plant, and are built before 31st of December, 2030. Other requirements for such plants include being technically capable of burning low-carbon gases.
Gas power generating would be classified as "green" since it is a "transition phase" operation, described as one that is not sustainable but emits less than the average industry and therefore does not hold in contaminating assets while transitioning to clean energy.
The Commission cannot be contacted for remark right away.
The draught plan will be scrutinised by EU governments and a panel of experienced advisors, and it may change before it is released later in January. The plan might be rejected by a vast bulk of European nations or the European Parliament if it is presented.
For even more than one year, the strategy has been bogged in administration lobbying, and European members disagreed on which fuels are sustainable in the long term.
When natural gas is consumed in power plants, it generates about half the CO2 that coal does, but the gas infrastructures are also linked to methane emissions, a dangerous global warming gas.
Based on the steep emissions cuts experts think are required to avoid devastating climate change, Europe's experienced advisers suggested that gas plants not be classified as green investments provided they fulfilled a reduced 100g CO2/kWh emissions target.
Nuclear power emits extremely little CO2, but the European Commission this year requested expert opinions on whether the fuel could be classified as green due to the possible impact on the environment of hazardous waste management.
Last year, Brussels completed the criteria for portions of the green list, like buildings and transportation, and assets that are not incorporated in taxonomy would no longer be sold as climate-friendly in Europe as of this month. The rules for gas and nuclear power will come into effect later.