The European Commission has today presented a Taxonomy Complementary Climate Delegated Act on climate change mitigation and adaptation covering certain gas and nuclear activities. The College of Commissioners reached a political agreement on the text, which will be formally adopted once translations are available in all EU languages.
A great deal of private investment is needed for the EU to become climate neutral by 2050. The EU Taxonomy aims to guide private investment to activities that are needed to achieve climate neutrality. The Taxonomy classification does not determine whether a certain technology will or will not be part of Member State energy mixes. The objective is to step up the transition, by drawing on all possible solutions to help us reach our climate goals. Taking account of scientific advice and current technological progress, the Commission considers that there is a role for private investment in gas and nuclear activities in the transition. The gas and nuclear activities selected are in line with the EU's climate and environmental objectives and will allow us to accelerate the shift from more polluting activities, such as coal generation, towards a climate-neutral future, mostly based on renewable energy sources.
Members of the College said:
Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People, said: “Our mission and obligation is climate neutrality. We need to act now if we are to meet our 2030 and 2050 targets. Today's Delegated Act is about accompanying the EU economy in the energy transition, a just transition, as a bridge towards a green energy system based on renewable energy sources. It will accelerate the private investment we need, especially in this decade. With today's new rules, we are also strengthening transparency and disclosures of information, so that investors make informed decisions, thereby avoiding any greenwashing.”
Mairead McGuinness, Commissioner in charge of Financial Services, Financial Stability, and Capital Markets Union, said: “The EU is committed to achieving climate neutrality by 2050 and we need to use all the tools at our disposal to get there. Stepping up private investment in the transition is key to reaching our climate goals. Today we are setting out strict conditions to help mobilise finance to support this transition, away from more harmful energy sources like coal. And we are boosting market transparency so that investors will be able to easily identify gas and nuclear activities in any investment decisions.”
More details: ec.europa.eu