The European Parliament accepted nuclear power in the EU Taxonomy on sustainable finance
In its plenary session on 6 July 2022, the European Parliament accepted nuclear power and natural gas to be included in the EU Taxonomy on sustainable finance in accordance with the European Commission’s proposal.
The Parliament’s Committee on the Environment, Public Health and Food Safety (ENVI) as well as the Committee on Economic and Monetary Affairs (ECON) had suggested earlier to overturn the Delegated Act concerning nuclear power and natural gas. However, the necessary support for this proposal from 353 MEPs was not reached in the plenary session. In the vote, 278 MEPs voted to overturn, 328 voted against overturning and 33 abstained from the vote.
The necessary qualified majority has not been reached in the Council, i.e., the Member States, to overturn the Commission’s proposal. Therefore, the proposal is to enter into effect as of 1 January 2023.
The EU Taxonomy on sustainable finance is a legislative undertaking by the EU, the aim of which is to direct capital flows towards more sustainable investment alternatives. The inclusion of nuclear power in the EU Taxonomy means that it is classified as an environmentally sustainable investment. According to the Commission, additional investments of approximately EUR 350 billion will be needed in climate and energy related sectors in order to reach the EU’s climate goals for 2030.
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