EU Taxonomy: Commission begins expert consultations on Complementary Delegated Act covering certain nuclear and gas activities

Brussels, 1 January 2022

The European Commission began consultations yesterday with the Member States Expert Group on Sustainable Finance and the Platform on Sustainable Finance on a draft text of a Taxonomy Complementary Delegated Act covering certain gas and nuclear activities. The EU Taxonomy guides and mobilises private investment in activities that are needed to achieve climate neutrality in the next 30 years. The existing energy mix in Europe today varies from one Member State to another. Some parts of Europe are still heavily based on high carbon-emitting coal. The Taxonomy provides for energy activities that enable Member States to move towards climate neutrality from such different positions. Taking account of scientific advice and current technological progress, as well as varying transition challenges across Member States, 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. Within the Taxonomy framework, this would mean classifying these energy sources under clear and tight conditions (for example, gas must come from renewable sources or have low emissions by 2035), in particular as they contribute to the transition to climate neutrality. In addition, to ensure transparency, the Commission will amend the Taxonomy Disclosure Delegated Act so that investors can identify if activities include gas or nuclear activities, and to what extent, so they can make an informed choice. The activities covered in this complementary Delegated Act would accelerate the phase out of more harmful sources, such as coal, and in moving us towards a more low-carbon greener energy mix. As for the other activities under the Taxonomy Regulation, the criteria for the gas and nuclear activities will be updated as technology evolves.

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