EU decision to label gas and nuclear investments climate-friendly ‘catastrophic’

EU decision to label gas and nuclear investments climate-friendly ‘catastrophic’
“The taxonomy decision is catastrophic,” Friday’s for Future Germany said.

The European Parliament will allow nuclear and gas investments to be considered climate-friendly, a move branded “catastrophic” by climate campaigners.

“The EU Parliament has adopted the Commission’s proposal, thus backing the fossil lobby and autocrats like [Vladimir] Putin,” Friday’s for Future Germany said following the decision. “The taxonomy decision is catastrophic.”

The European Parliament did not object on Wednesday to the European Commission’s proposal to label “specific” nuclear and gas investments as “environmentally sustainable.”

“The Commission believes there is a role for private investment in gas and nuclear activities in the green transition,” the European Parliament said announcing the decision, adding that the inclusion of fossil fuel gas and nuclear activities to this list of green investments was “time-limited” and dependent on “specific conditions.”

In the end, 278 MEPs voted in favour of the resolution, 328 against and 33 abstained. An absolute majority of 353 MEPs was needed for the parliament to veto the Commission’s proposal.

If neither the parliament, nor European Council object to the proposal by 11 July, the act will enter into force and apply as of 1 January 2023.

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