Germany has voiced its opposition to the inclusion of nuclear energy within the European Union’s sustainable-finance taxonomy, claiming it would undermine the bloc’s credibility on going green.
Speaking at the COP26 climate summit in Glasgow on Thursday, Environment Minister Svenja Schulze said the EU must avoid labeling nuclear energy as ‘green’.
“Including nuclear power would lack integrity and credibility with a great majority of the population, as well as many savers and investors,”She addressed the Glasgow audience.
The European Commission has long faced a dilemma on whether to include nuclear energy within its soon-to-be-published sustainable-finance taxonomy rules, which will clarify what is and isn’t a green investment.
The EU’s two biggest economies, Germany and France, have long been split on the matter, with the latter continuing to invest heavily in nuclear technology. Germany has expressed concern about nuclear waste’s safety and quality.
Ursula von der Leyen, President of the European Commission, stated in October that nuclear power can be used to provide energy stability during transition from dependence on natural gas. These remarks raised the possibility that nuclear energy might become part of green finance rules.
France, which already has some 56 nuclear reactors, had previously vowed to reduce its reliance on nuclear power to 50% by 2035 – down from 75% at present. However, the rising prices of oil and gas have led to an increase in nuclear power.
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