Posted on 06 July 2022
Like the Commission and the Council previously, the European Parliament failed climate and citizens by endorsing a set of sustainable finance rules which will channel billions of euros into activities that will accelerate climate change and harm the planet, during a vote in today's plenary session.
MEPs had the opportunity to reject the Complementary Climate Delegated Act, a legislation that includes fossil gas and nuclear power in the EU Taxonomy, the EU’s ‘green’ investment guidebook. However, they failed to take this step.
This new law gives gas and nuclear a ‘green’ label, despite the high emissions from fossil gas and the radioactive waste produced by nuclear power. This risks channeling billions of euros of investments into these harmful energy sources and away from genuinely sustainable renewable energies, such as wind and solar power.
Ahead of today’s vote, over 489.182 people across Europe urged their MEPs to reject the greenwashing of the EU Taxonomy.(1) This shows that European citizens don’t support fake green laws.
“Gas and nuclear are not green, and labeling them as such is blatant greenwashing - this harms the climate, and future generations! Today, fossil gas and nuclear lobbies hit the jackpot, allowing to divert billions of investments which are sorely needed to ensure the climate transition", said Ester Asin, Director at WWF European Policy Office.
“We’ve lost this battle, but we won’t give up the fight. We believe that this act is inconsistent with the Taxonomy regulation, so together with other organisations like ClientEarth, WWF will explore all potential avenues for further action to stop this greenwashing and protect the credibility of the whole EU Taxonomy - and calls on Member States and MEPs to do the same.”
Including fossil gas in the EU Taxonomy creates a serious risk of a clash with other EU laws, in particular the EU’s obligations under the Paris Agreement, the European Climate Law, the Treaty on the Functioning of the European Union and the Taxonomy Regulation itself.
In addition, WWF calls on financial institutions to not pollute their green finance by using the Act, and refuse to support or buy fake green bonds including gas or nuclear - since the current global green bond market excludes both.
Note to editors:
- This number includes the emails collected by the #StopFakeGreen campaign championed by WWF, Greenpeace, Transport & Environment, 350.org, EEB and the petitions from WeMove EU and Avaaz