Nuclear and gas are listed as green energies in Brussels.
The European Commission has produced a taxonomy, or classification of assets, that identifies green investments.
Achieving climate neutrality in Europe necessitates financial investment. It is wonderful to believe that this goal will be met by 2050, but it is also crucial to understand that accomplishing it will not be free and will require a series of expenditures in the millions of dollars over the next few years.
The European Commission has presented a taxonomy of investments that identifies which investments are green and help to combat climate change and which are not. Investing in a coal mine and its associated CO2 emissions is not the same as investing in solar panels.
The dispute arose as a result of Brussels’ acceptance of nuclear and gas as green fuels capable of combating climate change. Many people are shaking their heads because it is difficult to see how nuclear energy, with all of its safety and waste issues, can be considered green.
Brussels has attempted to explain why this decision was made. A transition time is required to accomplish the climate neutrality goals. This transition takes time, and it is at this time that nuclear and natural gas play an essential role.
The European Commission, for example, has proposed that nuclear reactors with a building permit be considered sustainable before 2045, and low-emission gas plants until 2035. During this period, nuclear and gas will be deemed green energies, which will serve to signal to large investors and help Europe reach climate neutrality, which is the way forward in the next years.
This European Commission decision can only be overturned with the consent of 20 of the 27 EU countries, representing at least 65 percent of the population. The European Parliament could also do so if at least 353 MEPs vote against it. A four-month period has been proposed for these debates, but given the sensitivities of both countries and parliamentary groupings in the European Parliament, it appears unlikely that the idea will be implemented.
With the European Commission’s effort, Spain has been one of the most critical countries. France continues its commitment to nuclear energy, which Germany does not share because it is devoted to gas.
A schism in Europe that will not prevent this contentious proposal from being enacted and determining the investments needed to combat climate change.
Article Author Gerluxe
Image: huffingtonpost/picture alliance via Getty Images