Posted on July, 05 2022

What’s happening?

This week, MEPs will vote on the inclusion of fossil fuels and nuclear power in the green Taxonomy during the plenary session. The Taxonomy is an upcoming EU classification to give the financial sector clarity on which economic activities can be considered sustainable. On Wednesday, 6 July, MEPs will vote on a resolution to reject the Commission's proposal to label those two economic activities as ’green’.

Why does this matter?

Labeling fossil gas and nuclear power as green in the EU Taxonomy could take away billions of euros of investments from renewable energy and green technologies. The climate emergency, the war in Ukraine, and the skyrocketing gas price make it clearer than ever that we must urgently shift to clean, cheap, plentiful, and local renewable energy sources. In addition to its climate impacts, gas has become a major driver of energy insecurity and geopolitical risk in Europe. Nuclear power is expensive, slow to build, and creates highly radioactive waste that we still do not know how to handle.

The development of the EU taxonomy has been plagued by industry lobbying and vested interests and strong politicisation by a few Member States. Controversially, the European Commission confidentially circulated its plan to classify fossil gas and nuclear power as ‘sustainable’ investments, late on 31 December 2021. In addition, the Commission did not hold an impact assessment nor a public consultation - denying citizens meaningful input. On 14 June, with an absolute majority, the economic and environment Committees supported the resolution rejecting the inclusion of gas and nuclear in the EU Taxonomy. 

As of today, over 46,156 people across Europe had written to their Members of the European Parliament, demanding them to vote down the greenwashing of the EU Taxonomy.  This shows that European citizens don’t support fake green laws. 

“MEPs have an appointment with history, and they better not miss it. If they give a green label to fossil gas and nuclear power, it will send a disastrous signal internationally, and jeopardise the European Green Deal and the EU leadership on green finance. It will also do worse than the existing green bond market that already is fossil-free and nuclear-free,” said Sebastien Godinot, Senior Economist at WWF European Policy Office. 

For further information 

Henry Eviston, Sustainable Finance Policy Officer at WWF European Policy Office is in Strasbourg from 05 - 07 July and is available for media interviews. 

Contact:

Ines Abbas 
Communications Officer
iabbas@wwf.eu 
+32 488 99 27 65 

Henry Eviston
Sustainable Finance Policy Officer
heviston@wwf.eu
+32 485 69 27 58