EU Commissioner rules out big changes to green finance proposal

  • 📰 ReutersScience
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

The European Commission will not make any fundamental revisions to proposals that classify nuclear power and gas as sustainable, Financial Markets Commissioner Mairead McGuinness said on Wednesday, despite objections from some European Union states.

The Commission included gas and nuclear investments in a draft of its "sustainable finance taxonomy" rules circulated on Dec. 31, as the bloc seeks to manage a shift to green energy and grapples with a gas supply crunch amid tensions with Russia.

During months of heated debate on the proposals, Germany and other EU members said gas investments were needed to help them quit using more-polluting coal. Others said labelling a fossil fuel as green would undermine the credibility of the EU as it seeks to be a global leader in tackling climate change.

German Chancellor Olaf Scholz's three-way coalition government, consisting of the centre-left Social Democrats, the Greens and the business-friendly Free Democrats, is also split on the matter.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 559. in BUSİNESS

Business Business Latest News, Business Business Headlines