The Japan Times - Brussels weathers backlash over calling gas and nuclear sustainable

EUR -
AED 3.823403
AFN 79.112634
ALL 98.10997
AMD 415.0708
ANG 1.876424
AOA 950.914404
ARS 1090.13111
AUD 1.659265
AWG 1.876324
AZN 1.780543
BAM 1.949902
BBD 2.102152
BDT 126.965967
BGN 1.955843
BHD 0.392336
BIF 3034.387996
BMD 1.040956
BND 1.408845
BOB 7.194067
BRL 6.185046
BSD 1.041156
BTN 90.014168
BWP 14.400374
BYN 3.407211
BYR 20402.746043
BZD 2.091384
CAD 1.498212
CDF 2961.52069
CHF 0.943445
CLF 0.037397
CLP 1031.910761
CNY 7.570149
CNH 7.580276
COP 4435.515352
CRC 523.618731
CUC 1.040956
CUP 27.585345
CVE 110.670924
CZK 25.141905
DJF 184.998195
DKK 7.460743
DOP 63.925349
DZD 140.627973
EGP 52.378434
ERN 15.614346
ETB 131.212813
FJD 2.408562
FKP 0.857318
GBP 0.845132
GEL 2.976774
GGP 0.857318
GHS 15.832297
GIP 0.857318
GMD 75.989901
GNF 9010.518536
GTQ 8.047658
GYD 217.718333
HKD 8.106452
HNL 26.542023
HRK 7.681788
HTG 135.959418
HUF 410.896542
IDR 16942.710963
ILS 3.675877
IMP 0.857318
INR 90.014678
IQD 1363.652924
IRR 43824.26542
ISK 146.118712
JEP 0.857318
JMD 163.365869
JOD 0.738454
JPY 162.744156
KES 134.803819
KGS 91.031653
KHR 4196.095255
KMF 491.962147
KPW 936.860903
KRW 1496.551746
KWD 0.320917
KYD 0.867671
KZT 542.362128
LAK 22692.850134
LBP 93196.569507
LKR 310.911084
LRD 202.934565
LSL 19.247218
LTL 3.073674
LVL 0.629664
LYD 5.11628
MAD 10.40592
MDL 19.417176
MGA 4913.314063
MKD 61.532474
MMK 3380.985882
MNT 3537.170063
MOP 8.351798
MRU 41.513457
MUR 48.352199
MVR 16.041213
MWK 1807.618576
MXN 21.341379
MYR 4.624455
MZN 66.527331
NAD 19.247084
NGN 1620.768943
NIO 38.306805
NOK 11.742457
NPR 144.023067
NZD 1.8376
OMR 0.400687
PAB 1.041156
PEN 3.870797
PGK 4.166168
PHP 60.73249
PKR 290.062382
PLN 4.224599
PYG 8235.091411
QAR 3.79012
RON 4.975877
RSD 117.153392
RUB 103.312946
RWF 1449.011352
SAR 3.903939
SBD 8.821823
SCR 14.836374
SDG 625.615326
SEK 11.461935
SGD 1.410709
SHP 0.857318
SLE 23.62895
SLL 21828.335792
SOS 594.901562
SRD 36.51657
STD 21545.696434
SVC 9.110444
SYP 13534.515498
SZL 19.247678
THB 35.29727
TJS 11.39496
TMT 3.653757
TND 3.326376
TOP 2.438027
TRY 37.109758
TTD 7.072641
TWD 34.026804
TZS 2628.415263
UAH 43.728335
UGX 3831.429522
USD 1.040956
UYU 45.562189
UZS 13537.638308
VES 57.972478
VND 26117.596848
VUV 123.584438
WST 2.915539
XAF 653.982049
XAG 0.033826
XAU 0.000378
XCD 2.813236
XDR 0.802178
XOF 654.229378
XPF 119.331742
YER 259.250465
ZAR 19.26425
ZMK 9369.860898
ZMW 29.021522
ZWL 335.187546
  • RBGPF

    0.1600

    62.36

    +0.26%

  • SCS

    -0.2200

    11.58

    -1.9%

  • BCC

    -1.2000

    127.92

    -0.94%

  • GSK

    -0.3500

    33.43

    -1.05%

  • RIO

    -0.6100

    61.12

    -1%

  • BTI

    -0.1600

    36.57

    -0.44%

  • NGG

    -1.5400

    60.05

    -2.56%

  • RELX

    -0.2900

    49.26

    -0.59%

  • RYCEF

    0.1500

    7.42

    +2.02%

  • CMSD

    -0.0400

    23.96

    -0.17%

  • CMSC

    -0.0600

    23.49

    -0.26%

  • BCE

    -0.2400

    23.15

    -1.04%

  • JRI

    -0.0400

    12.53

    -0.32%

  • VOD

    -0.1700

    8.38

    -2.03%

  • AZN

    0.2400

    68.2

    +0.35%

  • BP

    -0.3900

    31.13

    -1.25%

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.Nakajima--JT