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European Union Parliament Decl...

CLEAN ENERGY

European Union Parliament Declares Nuclear Power and Natural Gas as Green Energy

European Union Parliament
The Silicon Review
07 July, 2022

The natural gas and nuclear power plants will make it to the EU taxonomy rulebook from 2023.

The European Union Parliament has taken a path-breaking decision and has announced nuclear power and natural gas green energy. With this new rule, the natural gas and nuclear power plants will make it to the EU taxonomy rulebook from 2023. It also favored labeling natural gas and nuclear power plants as climate-friendly investments. This will also enable the investors to label and market their investments in these two sectors as 'green.'

EU wants to set the best global standards in the fight against climate change. Therefore the green labeling system from the European Commission will define what qualifies as an investment, especially in the sustainable energy sector. Under certain conditions, natural gas and nuclear energy will now be part of the mix, making it easier for private investors to inject money into both.

With the EU focusing on reaching climate neutrality by 2050 and cutting greenhouse gas emissions by at least 55 percent by 2030, the commission says the EU taxonomy classification system is critical to direct investments into sustainable energy. It is estimated that around 350 billion euros of investment per year will be needed to meet the 2030 targets.

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