- EC proposes reclassification of some energy sources as green energy
- Proposes to label natural gas and nuclear power as green energy sources
In a striking development, the European Commission (EC) will propose labelling of natural gas and nuclear power as green energy sources as part of the European Union’s (EU) classification scheme for energy investments this month. According to Reuters, the new classification will be included in the EU’s ‘Sustainable Finance Taxonomy’ comprising activities and criteria for green investments.
In a statement, the EC said, “Taking account of scientific advice and current technological progress as well as varying transition challenges across member states, the Commission considers there is a role for natural gas and nuclear as a means to facilitate the transition towards a predominantly renewable-based future,”
If approved, the label will apply to industries that generate about at least 80% of all greenhouse gas (GHG) emissions in the region.