As we approach the end of a tumultuous 2020, with the UK finally to leave the European Union on 31 December after its transition period expires, the EU – primarily the Commission – itself has continued to refine the parameters of its sustainable energy strategy, which has been constructed very much in the face of the pressures of the unprecedented global pandemic. David Lowry has the details. One big issue has been whether nuclear power should have any role, and if so, what? This debate has had a long gestation period. For example, the green taxonomy, which some see as the most sensitive part of a European Commission plan on sustainable finance – which aims at shifting financial flows towards the decarbonisation of the economy – were presented in May 2018 by then Commission Vice-President Valdis Dombrovskis, who underlined that financing the energy transition could not be financed with public money alone. Then, on 28 March 2019, the European Parliament voted on the proposed classification for sustainable assets, which would have excluded nuclear power from receiving a green stamp of approval on financial markets. The text voted in Parliament also excludes fossil fuels and gas infrastructure from the EU’s proposed green finance taxonomy, which aims to divert investments away from polluting industries into clean technologies.
Energy Transition 8th Dec 2020 read more »