It’s official: gas And nuclear are included in the Green Taxonomythe classification of assets which, under certain conditions, can be considered ‘green‘and, therefore, financeable. A hard core of countries opposed it, so much so that it could pay off the vote is necessary, which is not the rule in these cases. But after a series of meetings in the last few hours, that front was divided between votes against (three) and abstentions. Thus, “a large majority” within the European Commission adopted the second delegated act, which sets out the details of the classification system. As anticipated, with a few changes that do not change the substance. Compared to the draft of last December 31st, the changes concern the removal (requested by the Germany) of the intermediate targets for the gradual replacement of the fossil gas with renewable gases or low-carbon and the part on transparency for investors, to be informed if financial products are in any way linked to gas and nuclear power. A need underlined by the Sustainable Finance Platform.
The split in the EU Commission – In fact, behind that “large majority” there is one split within the EU executive. Just think that the Dutch Labor Frans TimmermansVice-President of the Commission with delegation to Green Deal, did not participate in the conference presenting the act. The executive vice president did Valdis Dombrovskis and the Commissioner for Financial Services Mairead Mc Guinness, both of the EPP….
