European Union to recognise nuclear energy and natural gas as green sources

Brussels wants to recognise nuclear power and forms of natural gas as “green” activity as part of a landmark EU classification scheme to help financial markets decide what counts as sustainable investment, Financial Times writes. In long-awaited plans, the European Commission has paved the way for investment in new nuclear power plants for at least the next two decades and natural gas for at least a decade, under a green labelling system known as the “taxonomy for sustainable finance”. 

A draft legal text, seen by the Financial Times, says the EU’s green label should be awarded to controversial energy sources including nuclear power and natural gas under certain circumstances.

According to Financial Times, the decision was taken after a vocal group of pro-nuclear countries, led by France, and pro-gas governments in southern and eastern Europe, demanded the taxonomy should not punish energy sources that provide a bulk of their power generation.