A new initiative from the European Union could enable nuclear energy and natural gas projects to be classed as sustainable investments.
The European Commission has proposed that a temporary green label be awarded to gas projects that are designed to replace the fossil fuel coal and involve emissions of no greater than 270 grams worth of carbon dioxide, according to a recently reviewed draft version of the regulation. Energy plants handling such processes would need to acquire construction permits by 2030 and set plans in position to switch to using low-carbon or renewable gases by the close of 2035.
Furthermore, nuclear energy could also be considered for a sustainable classification, providing that the new plants receive construction permits by the year 2045 in order to meet a set of specific criteria to mitigate significant harm to both water resources and the environment as a whole, according to the draft.
The EU’s executive arm commented on the new move to green label investments in a recent statement:
“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.”
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