The Prague Post - Brussels weathers backlash over calling gas and nuclear sustainable

EUR -
AED 4.23719
AFN 80.135834
ALL 97.798467
AMD 439.918372
ANG 2.064799
AOA 1056.846409
ARS 1360.720244
AUD 1.777509
AWG 2.079657
AZN 1.96193
BAM 1.952774
BBD 2.319306
BDT 140.372501
BGN 1.957511
BHD 0.433329
BIF 3420.200601
BMD 1.153762
BND 1.475314
BOB 7.937701
BRL 6.396923
BSD 1.14872
BTN 98.846843
BWP 15.440077
BYN 3.759175
BYR 22613.741343
BZD 2.307425
CAD 1.567634
CDF 3319.374037
CHF 0.936589
CLF 0.02819
CLP 1068.414555
CNY 8.28586
CNH 8.293676
COP 4771.406987
CRC 579.002869
CUC 1.153762
CUP 30.574701
CVE 110.094415
CZK 24.809301
DJF 204.553057
DKK 7.458935
DOP 67.844878
DZD 150.02854
EGP 57.436382
ERN 17.306435
ETB 154.970782
FJD 2.593946
FKP 0.85007
GBP 0.851719
GEL 3.161735
GGP 0.85007
GHS 11.831668
GIP 0.85007
GMD 81.350521
GNF 9953.577519
GTQ 8.827323
GYD 240.327627
HKD 9.056198
HNL 29.980547
HRK 7.534872
HTG 150.646582
HUF 402.831494
IDR 18805.518075
ILS 4.153792
IMP 0.85007
INR 99.436426
IQD 1504.76845
IRR 48573.393545
ISK 144.001307
JEP 0.85007
JMD 183.915035
JOD 0.818026
JPY 166.746331
KES 148.410047
KGS 100.896972
KHR 4605.863487
KMF 492.083374
KPW 1038.386074
KRW 1578.52003
KWD 0.353305
KYD 0.957217
KZT 589.187089
LAK 24784.597729
LBP 102923.126693
LKR 343.947074
LRD 229.744025
LSL 20.672569
LTL 3.40676
LVL 0.697899
LYD 6.276275
MAD 10.502826
MDL 19.67152
MGA 5186.963107
MKD 61.439803
MMK 2422.55778
MNT 4132.43735
MOP 9.286811
MRU 45.60334
MUR 52.507446
MVR 17.773667
MWK 1991.813802
MXN 21.865408
MYR 4.898299
MZN 73.782996
NAD 20.672569
NGN 1779.608917
NIO 42.274498
NOK 11.43964
NPR 158.154948
NZD 1.917363
OMR 0.443343
PAB 1.14872
PEN 4.146176
PGK 4.798565
PHP 64.714144
PKR 325.655117
PLN 4.270166
PYG 9165.798137
QAR 4.190307
RON 5.019678
RSD 117.018686
RUB 91.852174
RWF 1658.729896
SAR 4.330755
SBD 9.630905
SCR 16.394893
SDG 692.823564
SEK 10.97093
SGD 1.480163
SHP 0.906676
SLE 25.440586
SLL 24193.823059
SOS 656.482819
SRD 43.29833
STD 23880.550451
SVC 10.051426
SYP 15001.047614
SZL 20.65899
THB 37.493823
TJS 11.601824
TMT 4.038168
TND 3.398934
TOP 2.702225
TRY 45.423733
TTD 7.78993
TWD 34.05944
TZS 2969.399091
UAH 47.647972
UGX 4139.585956
USD 1.153762
UYU 47.226825
UZS 14595.385312
VES 117.876459
VND 30084.352323
VUV 137.415593
WST 3.021918
XAF 654.942206
XAG 0.031816
XAU 0.000335
XCD 3.1181
XDR 0.814538
XOF 654.942206
XPF 119.331742
YER 280.767965
ZAR 20.727577
ZMK 10385.260948
ZMW 27.769972
ZWL 371.510994
  • CMSC

    0.0900

    22.314

    +0.4%

  • CMSD

    0.0250

    22.285

    +0.11%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.0400

    10.74

    +0.37%

  • RELX

    0.0300

    53

    +0.06%

  • RIO

    -0.1400

    59.33

    -0.24%

  • GSK

    0.1300

    41.45

    +0.31%

  • NGG

    0.2700

    71.48

    +0.38%

  • BP

    0.1750

    30.4

    +0.58%

  • BTI

    0.7150

    48.215

    +1.48%

  • BCC

    0.7900

    91.02

    +0.87%

  • JRI

    0.0200

    13.13

    +0.15%

  • VOD

    0.0100

    9.85

    +0.1%

  • BCE

    -0.0600

    22.445

    -0.27%

  • RYCEF

    0.1000

    12

    +0.83%

  • AZN

    -0.1200

    73.71

    -0.16%

Brussels weathers backlash over calling gas and nuclear sustainable
Brussels weathers backlash over calling gas and nuclear sustainable

Brussels weathers backlash over calling gas and nuclear sustainable

The European Commission on Wednesday defied angry dissent from EU governments and protests from green campaigners to give a sustainable finance label to investments in both gas and nuclear power.

Text size:

Austria warned it will go to court to try to halt the measure, while Germany -- which backed the inclusion of gas -- called extending the labelling to nuclear "unacceptable".

Critics of nuclear energy point to the threat posed by accidents and nuclear waste, while opponents of gas want to discourage investment in a fossil fuel technology they say only adds to the climate change crisis.

But the EU executive, under pressure from nuclear-powered France and gas-reliant Germany, argues that both have a role to play as cleaner power sources during the transition to a net-zero carbon future.

The decision "may be imperfect, but it is a real solution," EU commissioner Mairead McGuinness said.

While the EU is aiming for renewable energy to secure its low-carbon ambitions, she stressed that "we do not have the capacity for that yet -- but we still need to act urgently with all the means at our disposal".

The commission's announcement on Wednesday makes the labelling a done deal, unless a supermajority of EU countries, or a majority in the European Parliament, block it. Insiders said that was unlikely.

The controversy around the issue reflected the fact that EU countries each have very different energy mixes, and while they agree on climate change fighting goals they do not want to see disproportionate pain fall upon them to get there.

EU heavyweights Germany and France each rallied other member states around their respective backing of gas and nuclear.

But Germany -- which relies on Russia for most of its imported gas -- was scathing on nuclear being included in the labelling exercise, which Brussels calls its "taxonomy".

"Germany is clearly and unequivocally against the inclusion of nuclear power in the taxonomy," German Environment Minister Steffi Lemke said.

"Nuclear power is anything but sustainable," she said, calling its inclusion "a major mistake that will... endanger our climate targets".

Austrian Environment Minister Leonore Gewessler -- whose Alpine country produces most of its energy from hydropower -- was also critical, but of both nuclear and gas.

"The decision is wrong because it endangers the future... We are giving our children a backpack full of problems... It's irresponsible," she said.

Before the announcement, Austria, Denmark, the Netherlands and Sweden jointly signed a letter firmly opposing has projects as "largely incompatible" with the goals of the Paris climate agreement.

- 'Attempted robbery' -

In a sign of the hurdles faced by the commission in pushing through the labelling text, agreement among the EU's 27 member states was not unanimous. A vote had to be held before the announcement.

Green activists, too, expressed outrage.

Greenpeace sustainable finance campaigner Ariadna Rodrigo said: "I'd like to report an attempted robbery, please.

"Someone is trying to take billions of euro away from renewables and sink them into technologies that either do nothing to fight the climate crisis, like nuclear, or which actively make the problem worse, like fossil gas."

But McGuinness defended the decision, and argued that the plan imposes safeguards on how nuclear and gas projects are conducted under sustainable finance rules.

The fight over the European Union's classification of power sources is the latest dust-up in discussions between the member states on how to achieve a net zero-carbon economy by 2050.

Brussels had high hopes that the EU would help set a global standard on determining sustainable projects and direct big flows of Wall Street money towards saving the planet.

To win the label, gas and nuclear projects are subject to constraints: projects must be approved by 2030 and 2045 respectively, as well as meet a long list of sector-specific criteria.

K.Pokorny--TPP