Mon. Dec 23rd, 2024

Taxonomy: MEPs accept inclusion of gas and nuclear als transitional activities

Jul 6, 2022 , ,
nuclear power, energy, current
Nuclear power station. Photo by distelAPPArath on Pixabay
Strasbourg, 6 July 2022
  • Absolute majority of MEPs needed to reject the Commission’s proposal was not reached
  • If Council does not object either, the Taxonomy Delegated Act enters into force on 1 January 2023

Parliament has rejected a motion to oppose the inclusion of nuclear and gas as environmentally sustainable economic activities.

The European Parliament did not object to the Commission’s Taxonomy Delegated Act to include specific nuclear and gas energy activities, under certain conditions, in the list of environmentally sustainable economic activities covered by the so-called EU Taxonomy.

As the Commission believes there is a role for private investment in gas and nuclear activities in the green transition, it has proposed the classification of certain fossil gas and nuclear energy activities as transitional activities contributing to climate change mitigation. The inclusion of certain gas and nuclear activities is time-limited and dependent on specific conditions and transparency requirements.

278 MEPs voted in favour of the resolution, 328 against and 33 abstained. An absolute majority of 353 MEPs was needed for Parliament to veto the Commission’s proposal. If neither Parliament, nor Council object to the proposal by 11 July 2022, the Taxonomy Delegated Act will enter into force and apply as of 1 January 2023.

Background

The Taxonomy regulation is part of the Commission’s action plan on financing sustainable growth and aims to boost green investments and prevent ‘greenwashing’.

Further information for subscribers:

 

EU Taxonomy: Commission welcomes the result of today’s vote by the EU Parliament on the Complementary Delegated Act

Brussels, 6 July 2022

The European Commission welcomes the result of today’s vote by the European Parliament on the Complementary Delegated Act on climate change mitigation and adaptation covering certain gas and nuclear activities.

This vote is important recognition of our pragmatic and realistic approach in helping many Member States on their transition path towards climate neutrality.

Climate neutrality is our objective and legal obligation. We are committed to using all available tools to move away from high carbon-emitting energy sources.

Russia’s unprovoked military aggression of Ukraine adds to the urgency in accelerating our clean transition. The REPowerEU Plan and the Complementary Delegated Act both reflect this reality and help reduce our dependency on Russian gas.

Mairead McGuinness, Commissioner in charge of Financial Services, Financial Stability, and Capital Markets Union, said: 

“I welcome the outcome of this vote. The Complementary Delegated Act is a pragmatic proposal to ensure that private investments in gas and nuclear, needed for our energy transition, meet strict criteria. Investment in renewables is already prioritised in our Taxonomy – this is our future. Our proposal ensures transparency so investors will know what they are investing in. Today brings much needed clarity to the EU position.”

Gas and nuclear will now be included in the Taxonomy as transitional activities in a limited number of circumstances and under strict conditions. This aligns with our pathway to net zero, where they are recognised as stepping stones in the transition towards more renewables. Targeted investments in both are still needed in the medium term.

The inclusion of the transitional activities of gas and nuclear is a small, albeit necessary part of the whole EU Taxonomy, which is focused on renewable energies. Renewables will continue to be the focus for green investors and the creation of green financial products.

The Complementary Delegated Act will enter into application on 1 January 2023.

More information

Press release on the Complementary Delegated Act [2 February 2022]

Forward to your friends