Brussels faces backlash over delay to decision on whether gas is green. The green labelling system, known as the taxonomy for sustainable finance, will cover 40 per cent of the EU economy. Experts threaten to walk out of talks over classifying fuel as partially sustainable.
FT 22nd April 2021 read more »
The European Commission on Wednesday (21 April) unveiled a first batch of implementing rules under the EU’s sustainable finance taxonomy, spelling out detailed technical criteria that companies need to comply with in order to win a green investment label in Europe. The taxonomy rule book introduces a labelling system for investment that could divert hundreds of billions in funds to industries and companies that win a “sustainable” label for all or part of their activities. It covers 13 sectors, including renewable energy, transport, forestry, manufacturing, buildings, insurance and even the arts, which together account for nearly 80% of EU greenhouse gas emissions, the European Commission said. A decision on gas and nuclear, the two most controversial aspects of the taxonomy, was delayed and will be dealt with separately.
Euractiv 21st April 2021 read more »
EU rules published today classify industrial logging and the burning of trees and crops for energy as ‘sustainable’ investments. This is catastrophic news for the climate and biodiversity, and is the opposite of the aim of the rules, or ‘EU taxonomy’, which is to stamp out greenwashing in the finance sector. This turns the science-based taxonomy to a lobby-based taxonomy. Accordingly WWF is left with no choice but to ask the European Parliament and Council to reject the European Commission’s Act. This is despite our longstanding support for the initiative, and our work as part of the EU Technical Expert Group (TEG) and EU Platform on Sustainable Finance developing Taxonomy criteria recommendations.
WWF 21st April 2021 read more »
FORATOM has taken note of the Commission’s plans to include nuclear under a complementary Delegated Act. According to the communication, released today, this DA will be consistent with the conclusions of the Joint Research Centre’s report – which confirmed that nuclear is as sustainable as other taxonomy-compliant power technologies – and subject to the opinions of the two expert groups.
Foratom 21st April 2021 read more »
The European Commission today announced its decision to include nuclear energy in a complementary Delegated Act of the EU Taxonomy Regulation. The decision follows the recent publication of the Joint Research Centre’s report confirming nuclear is as sustainable as other taxonomy-compliant energy technologies.
World Nuclear News 21st April 2021 read more »
A new EU target of a 55% reduction in carbon emissions by 2030 has been described as a “farce” by environmental groups after it was agreed in Brussels on the eve of Joe Biden’s climate summit for world leaders. After 14 hours of intensive negotiations, representatives of the EU’s member states and parliament emerged on Wednesday morning to announce a deal in principle on cuts and the establishment of a new independent body of scientists to monitor the policy. The development, said by the European commission president, Ursula von der Leyen, to “put the EU on a green path for a generation”, envisages a reduction of at least 55% in net greenhouse gas emissions by 2030, compared with 1990 levels, and zero net emissions by 2050. The 2030 reduction target had previously been set at 40%.
Guardian 21st April 2021 read more »
The European Union reached a tentative climate deal that should make the 27-nation bloc climate-neutral by 2050, with member states and parliament agreeing on the targets on the eve of a virtual summit that U.S. President Biden will host.
Independent 21st April 2021 read more »