Brussels – Giving fossil gas and nuclear power a green label in the EU’s sustainable investments rulebook will hurt efforts to tackle the climate crisis, according to a new report by Greenpeace Germany. The report comes on the same day as hearings before the European Court of Justice in a case where Austria is challenging the European Commission’s inclusion of gas and nuclear in the EU taxonomy, a set of criteria supposed to guide massive amounts of investment towards sustainable projects.
The report argues that, as fossil gas is a significant source of greenhouse gas emissions – from its extraction, transport, storage and use – it accelerates the climate emergency, and should not be labelled as sustainable. Nuclear energy takes too long to become operational – 10 to 19 years in the EU – too slowly to offer a solution to the climate crisis, and diverting vital funds away from renewables that can be quickly deployed, so in turn extending the lifetimes of coal and gas power. The report also notes that the generation of radioactive waste, burdening future generations and carrying a high risk of catastrophic failure or disaster, contravenes the stated aims of the EU taxonomy. The report emphasises that the fastest, most cost-effective, and cleanest way to eliminate fossil fuels from Europe’s energy mix is by accelerating investment in renewable energy.
”Labelling fossil gas and nuclear as sustainable investments is environmentally, financially, and socially irresponsible. People are suffering daily from extreme floods, droughts, and other devastating impacts of the environmental and climate crisis. Greenwashing these harmful energies hinders and slows down the energy transition, and undermines the EU’s own climate goals. We have no time to waste, governments and investors should prioritise the real solutions like renewable energy and home insulation that can cut pollution – and people’s bills – right now.” – said Greenpeace EU sustainable finance campaigner Ariadna Rodrigo.
Hearings in the European Court of Justice
In April last year, eight Greenpeace organisations also filed a lawsuit with the European Court of Justice against the European Commission’s decision to include gas and nuclear in the EU taxonomy. The Court has paused Greenpeace’s case pending the outcome of the Austrian government’s similar lawsuit against the Commission. Once Austria’s case is resolved, the Court will decide whether to resume Greenpeace’s case, starting with an assessment of whether all of Greenpeace’s arguments were fully addressed in the Austrian proceedings.
Contacts:
Ariadna Rodrigo, Greenpeace EU sustainable finance campaigner: +32 (0)479 99 69 22, [email protected]
Greenpeace EU press desk: +32 (0)2 274 1911, [email protected]
For breaking news and comment on EU affairs: www.twitter.com/GreenpeaceEU
Greenpeace is an independent global campaigning network that acts to change attitudes and behaviour, to protect and conserve the environment and to promote peace. We do not accept donations from governments, the EU, businesses or political parties. Greenpeace has over three million supporters, and 26 independent national and regional organisations with offices in more than 55 countries.
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