Gas, nuclear not green, financiers tell EU

Reading Time: < 1 minute

A group of investors who collectively manage EUR 9 trillion has written a joint statement to the EU urging it not to classify natural gas and nuclear power as sustainable under its new system. The Net-Zero Asset Owner Alliance comprises 60 international finance companies, including Allianz SE, Banco Santander, Barclays, AXA Group and BNP Paribas.

The EU Taxonomy directive was agreed last year and European Commission will decide whether to include natural gas on its list in the coming weeks. The act will enter into force if voted through by the European Parliament and the European Council, which will have the final say on which energy sources are considered “green”. If it classifies nuclear and gas as sustainable, this will impact how investors such as pension funds can approach “greening” their investment portfolios.

The Net-Zero Asset Owner Alliance however supports the creation of separate investment vehicles for investments in oil, gas and nuclear power. Last month a number of member states including Czechia, France and Poland pushed for the inclusion of natural gas and nuclear power in the “sustainable” investment category. Green stock and bond portfolios do not currently allow gas and nuclear. The taxonomy regulation is scheduled to come into force in January.

Source: BloombergEuobserver

CET Editor

Recent Posts

Poland tops employment rankings – OECD report

The EU’s employment rate reached a record high of 70.9% in the fourth quarter of…

1 day ago

Greece plans to repay Eurozone’s bailout loans whole decade in advance

Greece has announced plans to repay its first bailout loans a decade ahead of schedule,…

1 day ago

CEE economies tougher than you may think – ING

Despite their export-driven economies and strong manufacturing bases, Central and Eastern Europe (CEE) countries may…

1 day ago

Slovenia mulls French, US bids for nuclear project

Slovenia is at the centre of a strategic struggle between France and the US, as…

1 day ago

Single market is not single, and it’s costing us all

The EU’s internal market is still falling short of its founding promise. Despite decades of…

5 days ago

Foot-and-mouth sees culls, CEE border closures

An outbreak of foot-and-mouth disease (FMD) has prompted mass animal culls and tightened border controls…

1 week ago