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Don’t Label Natural Gas And Nuclear As Sustainable Investments

Don’t label natural gas and nuclear as sustainable investments, the European Sustainable Business Federation, advocates against including natural gas and nuclear power plants as sustainable investments in the EU Sustainable Finance Taxonomy. This proposal was recently announced by European Commission President Ursula von der Leyen.

First of all, it would reduce incentives for energy saving and draws investments away from renewable energy. In addition, nuclear energy is overly expensive, too slow to contribute to the 2030 climate goals, has safety issues ignored by the European Commission, and counters decentralised energy generation. Natural gas keeps the EU dependent on countries that oppose our democratic system and ethical values. Finally, renewable electricity and green hydrogen can meet the needs of the market while fossil fuels and nuclear are being phased out without further support.

Instead advocates to end all fossil fuel support immediately, boost investment in housing insulation and energy saving, encourage member states to introduce the tax shift from labour to resources, and boost R&D on next generation nuclear reactors. Keep nuclear above coal, but don’t invest in new plants. And last but not least, fully internalise all external social and environmental costs for all energy options. Member states deciding to nevertheless invest in natural gas and nuclear power plants for their energy transition should pay the full cost and true price.

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