Brussels seeks to recognize nuclear power and gases as a “green activity” as part of a a symbol of the EU classification scheme helping financial markets decide what should be a stable investment.
In a long-awaited plan, the European Commission has opened the way for funding in the new nuclear power plant for the next two decades with natural gas for at least ten years, under a green policy called “taxonomy on a sustainable economy ”.
The draft system, which will affect industries that emit about 80 percent of the greenhouse gas emissions in the EU, is the first attempt by the world’s top regulator to decide what should be the economic sustainability and help eliminate so-called greenwashing in the economy.
Legal documents, seen by the Financial Times, say the EU’s green mark should be given to rival sources including nuclear power and natural gas at times.
The decision was taken after a group statement of nuclear-affiliated countries, led by France, and pro-government governments in southern and eastern Europe, demanded taxonomy should not punish power sources to provide the bulk of their power.
Nuclear power does not emit greenhouse gases but produces toxic wastes that need to be disposed of properly and can be dangerous. Natural gas emits carbon dioxide but its helpers are said to be much lower than natural oils and are an important means of helping to reduce emissions.
Brussels was forced to delay a decision on how to set up a two-phase power plant earlier this year after disputes within the commissioners’ college over whether they should be given a green signal. The battle to recognize nuclear power and natural gas as green has escalated in recent months as EU countries face higher electricity prices in the winter, due to the high demand for natural gas.
Taxonomy notes that nuclear power should be seen as a viable economic activity as long as EU member states have the potential to dispose of toxic waste safely and implement measures that can reduce the “catastrophic” damage to the environment. The construction of new nuclear power plants will be recognized as green for the permits issued until 2045, says the text.
Natural gas prices are also included in the green mark as a “transformative” power but must meet a growing demand, including the production of less than 270g of CO2 per kilowatt and if it replaces natural fuels such as coal production.
The EU exports about three-quarters of its natural gas, most of which is supplied by Russia. The bloc’s crisis has prompted criticism from some of its member states that Moscow is fraudulently raising oil prices and that the EU should speed up gas extraction.
Taxonomy documents must be approved by a number of EU member states and members of the European Parliament. EU ambassadors said the statement could be supported by most governments but the green gas and nuclear group was criticized by environmental groups.
EU Commissioner to France Thierry Breton said he was pleased to see all these technologies green as they could help the EU achieve its goal of reducing CO2 emissions by 2050, compared to 1990 levels.
“Gas is not the best way to achieve our goal because you produce CO2 but it is better as a converter than coal,” Breton told reporters last month. “We need to have the right amount of money in the taxonomy, including nuclear power.”
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