European Union lawmakers voted to allow natural gas and nuclear energy to be labelled as green investments, removing the last major barrier to potentially billions of euros of funding from environmental investors. Some of the Commission’s proposals:

  • Gas projects replacing coal and emitting no more than 270 grams of CO2 equivalent per kilowatt-hour can get a temporary green label, or if annual emissions don’t exceed an average of 550 kilograms per kilowatt-hour over 20 years.
  • Such plants would have to obtain construction permits by 2030, and have plans to switch to renewable or low-carbon gases by end 2035.
  • Nuclear is eligible if new plants that are granted construction permits by 2045 avoid significant harm to the environment and water resources.
  • Funds need to enhance disclosures to investors on nuclear and gas holdings under the taxonomy. Details.

EU taxonomy for sustainable activities.