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EU MEPs Vote to Label Gas, Nuclear Energy as Sustainable

The European Parliament has today voted in favour of including gas and nuclear energy in the EU Taxonomy through a climate delegated act, which is slated to apply from 2023. The taxonomy outlines industries and activities that are considered environmentally sustainable and therefore suitable for investment via ESG-labelled fund solutions. With 328 MEPs voting in favour, 278 against and 33 abstaining, the delegated act is set to pass into law unless 20 out of 27 member states decide to oppose the move. A majority of 353 votes was needed to reject the proposal in Parliament. NGOs and environmental lawyers have voiced their intention to take the European Commission to court, arguing that they are adopting a taxonomy that doesn’t fully comply with the climate targets agreed under the Paris Agreement. MEPs have also warned they will take legal action against the Commission. Ester Asin, Director at the World Wide Fund for Nature’s European Policy Office, said: “Gas and nuclear are not green, and labelling 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. 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.” 

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