Berliner Boersenzeitung - Brussels weathers backlash over calling gas and nuclear sustainable

EUR -
AED 4.2854
AFN 73.513877
ALL 95.510242
AMD 433.136935
ANG 2.088595
AOA 1071.203322
ARS 1623.155257
AUD 1.637048
AWG 2.103316
AZN 1.988841
BAM 1.949665
BBD 2.351002
BDT 143.219321
BGN 1.946488
BHD 0.440592
BIF 3472.658894
BMD 1.166888
BND 1.490503
BOB 8.065619
BRL 5.857427
BSD 1.167227
BTN 110.652801
BWP 15.777285
BYN 3.286757
BYR 22871.006156
BZD 2.347613
CAD 1.596245
CDF 2707.180185
CHF 0.923656
CLF 0.026831
CLP 1055.999007
CNY 7.979472
CNH 7.98372
COP 4242.349933
CRC 530.8296
CUC 1.166888
CUP 30.922534
CVE 110.708526
CZK 24.389535
DJF 207.37905
DKK 7.473107
DOP 69.283997
DZD 154.851697
EGP 61.871784
ERN 17.503321
ETB 183.201494
FJD 2.574858
FKP 0.863638
GBP 0.866006
GEL 3.138536
GGP 0.863638
GHS 13.057687
GIP 0.863638
GMD 85.182963
GNF 10239.442958
GTQ 8.917899
GYD 244.210479
HKD 9.143869
HNL 31.051229
HRK 7.535408
HTG 152.878925
HUF 365.773316
IDR 20277.072323
ILS 3.468517
IMP 0.863638
INR 110.835288
IQD 1528.623371
IRR 1535041.255104
ISK 143.807139
JEP 0.863638
JMD 183.034034
JOD 0.827365
JPY 187.105255
KES 150.680561
KGS 102.020206
KHR 4679.221247
KMF 492.427083
KPW 1050.160366
KRW 1733.231342
KWD 0.35939
KYD 0.972735
KZT 540.648702
LAK 25642.365622
LBP 104474.479546
LKR 372.936454
LRD 214.561568
LSL 19.685307
LTL 3.445517
LVL 0.705839
LYD 7.409465
MAD 10.809759
MDL 20.094681
MGA 4842.585502
MKD 61.638331
MMK 2450.441126
MNT 4176.159573
MOP 9.422649
MRU 46.651906
MUR 54.645753
MVR 18.034257
MWK 2032.137573
MXN 20.479933
MYR 4.627916
MZN 74.569985
NAD 19.685422
NGN 1604.55262
NIO 42.836401
NOK 10.879948
NPR 177.044124
NZD 2.000105
OMR 0.44867
PAB 1.167227
PEN 4.112129
PGK 5.064072
PHP 71.770626
PKR 325.415929
PLN 4.258634
PYG 7262.147676
QAR 4.251559
RON 5.102787
RSD 117.399467
RUB 87.225251
RWF 1704.823469
SAR 4.376524
SBD 9.380426
SCR 16.071443
SDG 700.710364
SEK 10.870572
SGD 1.494516
SHP 0.8712
SLE 28.702881
SLL 24469.054893
SOS 666.881356
SRD 43.712824
STD 24152.227095
STN 24.738027
SVC 10.213859
SYP 129.215466
SZL 19.6617
THB 38.239409
TJS 10.943018
TMT 4.089943
TND 3.374932
TOP 2.809587
TRY 52.723968
TTD 7.937024
TWD 36.91894
TZS 3028.074582
UAH 51.448105
UGX 4348.316838
USD 1.166888
UYU 46.45382
UZS 14061.001063
VES 566.626558
VND 30754.501952
VUV 138.127072
WST 3.169123
XAF 653.896535
XAG 0.016137
XAU 0.000256
XCD 3.153573
XCG 2.10368
XDR 0.814159
XOF 652.290523
XPF 119.331742
YER 278.448622
ZAR 19.651737
ZMK 10503.389618
ZMW 22.031671
ZWL 375.737482
  • RBGPF

    0.2800

    63.75

    +0.44%

  • CMSD

    -0.1400

    23.06

    -0.61%

  • BCE

    -0.2400

    23.26

    -1.03%

  • CMSC

    -0.0100

    22.82

    -0.04%

  • GSK

    -3.0700

    51.4

    -5.97%

  • NGG

    -1.4700

    85.98

    -1.71%

  • BTI

    -1.0200

    57.45

    -1.78%

  • RIO

    -2.0000

    96.49

    -2.07%

  • BP

    0.4500

    46.8

    +0.96%

  • AZN

    -1.4800

    185.2

    -0.8%

  • BCC

    -3.6100

    79

    -4.57%

  • RELX

    -0.2100

    35.8

    -0.59%

  • JRI

    -0.0700

    12.74

    -0.55%

  • RYCEF

    -0.4000

    14.9

    -2.68%

  • VOD

    -0.1500

    15.34

    -0.98%

Brussels weathers backlash over calling gas and nuclear sustainable
Brussels weathers backlash over calling gas and nuclear sustainable

Brussels weathers backlash over calling gas and nuclear sustainable

The European Commission on Wednesday defied angry dissent from EU governments and protests from green campaigners to give a sustainable finance label to investments in both gas and nuclear power.

Text size:

Austria warned it will go to court to try to halt the measure, while Germany -- which backed the inclusion of gas -- called extending the labelling to nuclear "unacceptable".

Critics of nuclear energy point to the threat posed by accidents and nuclear waste, while opponents of gas want to discourage investment in a fossil fuel technology they say only adds to the climate change crisis.

But the EU executive, under pressure from nuclear-powered France and gas-reliant Germany, argues that both have a role to play as cleaner power sources during the transition to a net-zero carbon future.

The decision "may be imperfect, but it is a real solution," EU commissioner Mairead McGuinness said.

While the EU is aiming for renewable energy to secure its low-carbon ambitions, she stressed that "we do not have the capacity for that yet -- but we still need to act urgently with all the means at our disposal".

The commission's announcement on Wednesday makes the labelling a done deal, unless a supermajority of EU countries, or a majority in the European Parliament, block it. Insiders said that was unlikely.

The controversy around the issue reflected the fact that EU countries each have very different energy mixes, and while they agree on climate change fighting goals they do not want to see disproportionate pain fall upon them to get there.

EU heavyweights Germany and France each rallied other member states around their respective backing of gas and nuclear.

But Germany -- which relies on Russia for most of its imported gas -- was scathing on nuclear being included in the labelling exercise, which Brussels calls its "taxonomy".

"Germany is clearly and unequivocally against the inclusion of nuclear power in the taxonomy," German Environment Minister Steffi Lemke said.

"Nuclear power is anything but sustainable," she said, calling its inclusion "a major mistake that will... endanger our climate targets".

Austrian Environment Minister Leonore Gewessler -- whose Alpine country produces most of its energy from hydropower -- was also critical, but of both nuclear and gas.

"The decision is wrong because it endangers the future... We are giving our children a backpack full of problems... It's irresponsible," she said.

Before the announcement, Austria, Denmark, the Netherlands and Sweden jointly signed a letter firmly opposing has projects as "largely incompatible" with the goals of the Paris climate agreement.

- 'Attempted robbery' -

In a sign of the hurdles faced by the commission in pushing through the labelling text, agreement among the EU's 27 member states was not unanimous. A vote had to be held before the announcement.

Green activists, too, expressed outrage.

Greenpeace sustainable finance campaigner Ariadna Rodrigo said: "I'd like to report an attempted robbery, please.

"Someone is trying to take billions of euro away from renewables and sink them into technologies that either do nothing to fight the climate crisis, like nuclear, or which actively make the problem worse, like fossil gas."

But McGuinness defended the decision, and argued that the plan imposes safeguards on how nuclear and gas projects are conducted under sustainable finance rules.

The fight over the European Union's classification of power sources is the latest dust-up in discussions between the member states on how to achieve a net zero-carbon economy by 2050.

Brussels had high hopes that the EU would help set a global standard on determining sustainable projects and direct big flows of Wall Street money towards saving the planet.

To win the label, gas and nuclear projects are subject to constraints: projects must be approved by 2030 and 2045 respectively, as well as meet a long list of sector-specific criteria.

(B.Hartmann--BBZ)