EU: European Union moves to label nuclear and gas energy 'green energy'

Brussels: The European Union plans to label energy from nuclear power and natural gas as "green energy" sources for investment. It is also a boost for Europe's nuclear sector, which countries such as France have touted as a key carbon energy source to replace Russia's fossil fuels.

It comes as a relief amid threats to the bloc's executive branch, the European Commission, which first floated the proposal late last year. This is even more important after Russia's invasion of Ukraine, which has called into question the role of gas as a transition fuel amid soaring prices and the threat of dwindling supplies.

The proposal aims to support the 27-nation bloc's transition to a carbon-neutral future and apply its credentials as a global standard-bearer to combat climate change. But the long-delayed document was quietly distributed to member states by the European Commission in the final hours of 2021, after being promised twice in early 2021, highlighting the path to its drafting. If a majority of member states support it, it will become EU law with effect from 2023.

France took the lead in including the charge of nuclear power - its main source of energy - despite strong opposition from Austria and Germany's suspicion that it was trying to shut down all of its nuclear power plants. France has long been Europe's standard bearer when it comes to nuclear energy: 70% of the country's electricity already comes from nuclear power. By comparison, only 12% of Germany's energy production in 2021 came from nuclear.

However, other European countries seem poised to follow France's example. Belgium is currently working on expanding the operation of two nuclear reactors, and Poland plans to build six nuclear reactors by 2040 to reduce its reliance on coal. 

Inspired by the current gas crisis, Germany is also considering extending the life cycles of the country's three remaining reactors.

Across the EU, nuclear has now become a mainstream part of the conversation around the energy transition. Earlier this month, in a joint operation, several EU energy ministers singled out nuclear power as a "real strategy" to secure Europe's energy security and reduce carbon emissions.

Even longtime opponents of nuclear power are changing their tune. Among them is the Green Party of Finland. In May, the party took a historic decision to endorse nuclear power in its manifesto.

Germany's Environment Minister Steffi Lemke said it would be "a mistake" to include gas and nuclear, arguing that atomic power would "lead to catastrophic environmental disasters". 

Austrian Environment Minister Leonor Gevesler also criticized the plan, condemning nuclear power as "an energy of the past" that is "too expensive and too slow" to combat climate change.

A majority of the conservative European People's Party voted on Tuesday to support the inclusion of gas and nuclear, following a last-minute plea from Ukraine's Energy Minister Jerman Galushchenko. In a letter to lawmakers, he said the exclusion of energy sources from the taxonomy would be "particularly challenging" for the country's postwar reconstruction.

Some recommendations of the Commission:

• Replacing coal, gas projects that emit no more than 270 grams of CO2 per kilowatt-hour will receive a temporary green label, or for 20 years if annual emissions do not exceed an average of 550 kilograms per kilowatt-hour.
• Such plants need to receive construction permits by 2030 and are slated to switch to renewable or low-carbon gases by the end of 2035.
• New plants permitted to be built by 2045 are eligible for nuclear if they avoid significant harm to the environment and water resources.
• Investors looking at nuclear and gas holdings under the taxonomy need to increase funds.

Scientists and environmentalists have criticized that means a large part of the investment management industry and gas and nuclear power getting a green label. It could divert investment away from renewables and tarnish the EU's proposed "gold standard" for green finance.

"We would have preferred if the parliament had decided against including these activities in the taxonomy, as the taxonomy eligibility of nuclear energy and natural gas is not only politically but also scientifically contentious," said Thomas Richter, chief executive officer of German Investments.

However, Austria and Luxembourg have signaled that they plan to pursue a legal challenge to include the two energy sources in the taxonomy, although this is a process that could take years. Austria's Energy Minister Leonor Gewessler said nuclear energy and fossil gas have nothing to do with sustainability. “We will naturally challenge. We have already made preparations and Luxembourg has announced that it will join us.

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