They say that the most successful proposals in Brussels are those that nobody likes very much because they are the ones that achieve the most consensus. This is the case of the , which establishes the criteria by which an investment can be considered green, which has been rejected for one reason or another by many governments, but which should not find too many obstacles to move forward.
The so-called ‘EU taxonomy’ is a classification system that establishes a list of economic activities that can be considered ‘sustainable’, based on a series of criteria, with the aim of promoting investment in sectors that contribute to mitigating the effects of climate change, protecting biodiversity or transitioning to a circular economy. Although the legislation came into force in July 2020, and the first list was published in April 2021, the European Commission decided to delay the classification of nuclear power and natural gas.
The text, which Brussels announced that it would present at the end of 2021, arrived at the stroke of midnight on December 31 in the mailboxes of the delegations of the twenty-seven member states of the EU. In it, the Commission recognizes the value of both nuclear energy and natural gas as ‘transition’ energies. In other words, it is recognized that they are not clean, but their importance is highlighted on the path towards the domination of renewables that ensures the total decarbonization of the economy, as they are a source of low emissions.
The draft, to which elEconomista has had access, includes conditions and time limits. In the case of nuclear energy, only plants that can ensure that “no significant damage” is caused to the environment, including in terms of waste disposal, will be considered sustainable. In addition, this would apply to new plants approved for construction before 2045. In the case of gas, producers will have to ensure that the level of carbon emissions is a maximum of 100 grams per kilowatt in existing plants and 270 grams per kilowatt in new construction, and the recognition will expire in 2030.
The Commission’s proposal appears to be an attempt to reconcile the main positions in the debate: France, the largest producer of nuclear power in the EU, and Germany, which plans to close its plants by 2030 and has largely relied on gas for its transition to energy production based on renewables. Eastern countries such as Poland or the Czech Republic also support Paris, since they have opted for nuclear energy in their decarbonization strategy.
Meanwhile, Spain, Austria, Luxembourg and Denmark, which are opposed to both, are committed to renewable energy, and flatly reject the Commission’s proposal, alleging that it seriously jeopardizes the credibility of the EU, which aspired to be a world reference in definition of green investments, and also undermines emission reduction targets.
The Commission has launched a consultation with the Twenty-seven on the basis of which it will shape the final proposal that should arrive at the end of the month. Once the final text is on the table, the governments meeting in the Council and the European Parliament could reject it. In the European Parliament, it seems impossible.
In the Council, to do so would require a reverse qualified majority. That is, that 20 countries or enough countries representing at least 65% of the European population are opposed. No matter how much discomfort the proposal causes, the chances of achieving it are slim, since the text supposes a victory for both sides, although neither of them likes the other to win, and the frontal opposition is a minority.
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