This may include adverts from us and 3rd parties based on our understanding. The list of green or sustainable investments will be published soon by European Commission President Ursula von der Leyen. Europe is split over the possible classification of fossil gas and nuclear energy as transitional activities under certain conditions.
The EU taxonomy for sustainable activities is a system of classification that is used to determine which investments are environmentally sustainable. This system was created in the wake of the European Green Deal in July 2020 and was made to help prevent greenwashing among different investments. A number of European countries vehemently oppose the classification of nuclear energy, as Green France is leading a group of twelve countries who support the inclusion of nuclear energy as part of a green taxonomy.
Five EU countries oppose these possible decisions on the other side. Austria threatened to take the Commission to the EU Court of Justice if they went ahead with the decision. In a summit of the EU in Brussels last month, leaders prepared to include nuclear in this list. After attending the summit, European Commission President Ursula von der Leyen said: We need more renewables. They are cheaper, carbon-free, and home-grown. READ MORE: Putin's masterstroke as EU mulls rely on MORE Russian energy.
We need a stable source, nuclear, and gas during the transition. This is why we will come forward with our taxonomy proposal. To be included in the taxonomy is significant as it means that many megaprojects that are part of nuclear investments won't have trouble getting support from banks. Even though natural gas is a controversial topic, some countries argue that gas is necessary as a stepping stone for them to leave coal, the most polluting of all fossil fuels. After several failed attempts to control nuclear power and the role of gas and nuclear power in the energy transition, President von der Leyen has now taken matters into her own hands.