European Parliament wants Gas and Nuclear energy

Nuclear energy gas

This article was last updated on July 6, 2022

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“Gas and nuclear energy are green,” says the European Parliament.

The green badge will now be offered to European investments in gas and nuclear energy. It’s a choice that’s up for debate. Even though some people were against the plan, the European Parliament voted for it Thursday afternoon.

For years, the European Commission has been working on a list of green-friendly businesses. Because of this, investors will have a better idea of what a long-term investment is.

Anti-French protesters feel that it was made for the sake of politics. Over 70% of France’s energy needs are met by nuclear plants. That is why the French pushed for the inclusion of nuclear energy in the green energy category.

Pressure from Germany pushed gas to the top of the list. Because of the Fukushima nuclear accident, Japan has stopped using nuclear power and must rely on fossil fuels to power its economy until it can switch to renewable sources.

Because of Ukraine’s ongoing conflict, the debate over the green list has heated considerably. Supporters of the list and those opposed to it both cite the conflict as a point of contention. Investors, according to proponents, are required to discover Russian gas substitutes. But many people who are against the war and many Ukrainian lobbyists think that the war is a reason to stop using gas right away.

The Parliament is split in two.

Tom Berendsen, a CDA MEP, is pleased with the outcome. According to him, if the EU intends to meet its climate targets, it cannot afford to ignore nuclear energy. “In addition to solar and wind energy, nuclear energy is an important part of our energy system because it is safe and clean.”

According to MEP Bas Eickhout of GroenLink MEPs, he claims that it is a big setback for Europe as a climate leader. Investors and the rest of the world should be alarmed by the EU’s decision to consider fossil gas as a long-term investment. Even before Russia’s invasion of Ukraine, this strategy was already in the works. EU gas independence is a top priority, yet this is in direct conflict with that goal. “

The financial industry’s opposition

Several large investors have previously said that they do not consider gas or nuclear energy to be environmentally friendly. The European Investment Bank has said in the past that it won’t care about these eco-labels.

After all, Austria and Luxembourg have decided to take the European Commission to court in order to change the green list. For the time being, there is a long time frame for such a case, which means that gas and nuclear energy are still considered green in the EU for the time being.

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