Page 4 - GLNG Week 28 2022

GLNG COMMENTARY GLNG

EU votes that nuclear and some

natural gas are ‘green’

COMMENTARY The European Parliament has voted that nuclear recognition of our pragmatic and realistic
power and some forms of low-carbon natural approach in helping many member states on
gas can be classified as ‘green’. This could lead to their transition path towards climate neutrality.”
billions of dollars of state subsidies and private It added: “Climate neutrality is our objective
investment for the energy sources. and legal obligation. We are committed to using
The move remains highly controversial, with all available tools to move away from high car-
its backers saying that natural gas is needed as bon-emitting energy sources.”
a bridge fuel to renewable energy because it is The vote was good news for energy security
cleaner than coal. Nuclear is needed more than and for targets for slashing emissions, said Slo-
ever with the EU trying to wean itself from vakian Prime Minister Eduard Heger. “We’ll
imports of energy from Russia, they also say. remain on the way to climate neutrality by 2050,”
To qualify as “sustainable” investments, gas- he commented.
fuelled power plants will need to meet certain Ingbert Liebing, managing director of the
emissions criteria and by 2035 must switch to local utility association VKU in Germany, said
using low-carbon natural gas. it is “an important sign of the role of natural gas
Opponents say that the new rule ‘greenwashes’ as a bridge to achieving climate goals,” according
nuclear power, which remains dangerous and to Reuters.
produces radioactive waste. Natural gas contrib- Because not enough member states objected
utes methane to climate emissions. They also say by July 11, the rule – also known as the taxonomy
that the vote means that the transition to renew- delegated act – will become law in 2023. At that
able energy is only being delayed, a climate-dam- time, investors can describe nuclear and natural
aging proposition. gas as sustainable and green.
The move is not only significant because of the The environmental group Greenpeace says
size of the EU, but also because the EU is seen it is seeking an internal review at the European
as a climate leader globally and other regions Commission, which had recommended the
may well follow suit. The EU has committed to move in February, and will then submit a for-
cutting greenhouse gas (GHG) emissions by at mal request for internal review to the European
least 55% by 2030, achieving climate neutrality Commission, and may after that take legal action
by 2050. at the European Court of Justice, reported Asso-
EU legislators from the environment and ciated Press (AP). The WWF also said it will sue.
economy committees in June had objected to the “It’s dirty politics and it’s an outrageous out-
new rule, but lawmakers rejected their recom- come to label gas and nuclear as green and keep
mendation in the landmark vote on July 6 both more money flowing to (Russia’s President
to applause and boos. Vladimir) Putin’s war chest, but now we will
The vote was 328-278 in favour, with 33 fight this in the courts,” Ariadna Rodrigo, Green-
abstentions. Environmental groups demon- peace’s EU sustainable finance campaigner, told
strated outside the parliament building in Stras- AP.
bourg, France. EU members Luxembourg and Austria have
“The Complementary Delegated Act is a also said they will sue to oppose the new rule.
pragmatic proposal to ensure that private invest- “It is neither credible, ambitious nor knowl-
ments in gas and nuclear, needed for our energy edge-based, endangers our future and is more
transition, meet strict criteria,” said EU financial than irresponsible,” said Austrian Climate Min-
services chief Mairead McGuinness afterwards. ister Leonore Gewessler, reported Reuters.
After the vote, the European Commission also “This is a poor signal to the rest of the world
used the term pragmatic: “This vote is important that may undermine the EU’s leadership position

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