BUSINESS EU Parliament approves 'green' label for nuclear power and...

EU Parliament approves ‘green’ label for nuclear power and natural gas (NYSEARCA:UNG)

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Twilight photo of the power plant, the power plant and the sky

WangAnQi/iStock via Getty Images

The European Parliament voted on Wednesday in favor include nuclear power and natural gas on the bloc’s list of investments considered sustainable, a move that could trigger more funding from those sectors but which critics say would delay Europe’s shift towards greener energy sources, The Wall Street Journal reports.

The vote paves the way for the proposal to become law and would add nuclear plants and natural gas to the European Union’s “green taxonomy” rulebook from 2023 if they meet several conditions, such as limits on greenhouse gas emissions. greenhouse.

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The action comes as Europe tries to reduce its dependence on Russian fossil fuels and lean on nuclear power and natural gas to help bridge the transition to renewable energy, but environmentalists and some lawmakers and investors say the plan runs the risk of diluting investments in other projects, such as renewable energy. .

The European Union said the vote was “an acknowledgment of our pragmatic and down-to-earth approach to helping many member states on their transition path to climate neutrality” as the continent faces a potentially severe gas shortage next winter.

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