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The European Commission put forward a plan today that defines what counts as a “sustainable investment,” something that’s all but required to manage a transition to clean energy. But to the chagrin of several EU countries, environmental groups, and asset managers, the proposal would allow both natural gas and nuclear to qualify as “contributing substantially to climate change mitigation.”
The split-the-baby approach came about because some countries, including Germany and Poland, lobbied for the inclusion of natural gas, while others, notably France, lobbied for nuclear power. Germany, which is in the process of shuttering its nuclear power plants, remains heavily dependent on coal and has been boosting its use of natural gas to “transition” away from coal. France, on the other hand, uses relatively little natural gas and gets nearly all of its electricity from nuclear power plants.
The end result appeased many EU countries, which tend to favor one fuel or another, but four, Austria, Denmark, the Netherlands, and Sweden, expressed their displeasure. “We are undermining the entire credibility of our Green Deal,” Bas Eickhout, a member of European Parliament from the Netherlands, told CNN. “And on the gas side, I really don’t see it. I fail to see the added value.”
Unhealthy proposal
Even people who had a hand in the plan aren’t happy. Andreas Hoepner, a professor at University College Dublin who helped advise the EU on the plan, told The Washington Post that the proposal was the equivalent of “calling french fries salad.”
While nuclear power is a true low-carbon fuel, producing lifetime carbon dioxide equivalent (CO2e) emissions on par with wind and solar, its inclusion as a sustainable energy source is controversial in Europe. Several countries, including Germany, Denmark, Austria, and Spain, oppose the construction of new nuclear power plants, mostly because of concerns about safety and waste storage.