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Our News
10 reasons why the EU taxonomy might go from hall of fame to wall of shame
Billions of euros are at risk of being diverted into fossil fuels, nuclear energy and factory farming, worsening the climate and nature crises.
If fossil gas, nuclear, and factory farming are included in the EU green taxonomy:
- The EU taxonomy would fly in the face of the IEA 1.5°C scenario.
- The EU taxonomy would undermine the EU 2030 climate target.
- The EU taxonomy would be a step back compared to current market practice.
- The EU taxonomy would be a step back compared to the EU green bond issuance.
- The EU taxonomy would be a step back compared to the European Investment Bank’s policies.
- The EU taxonomy would lag behind the Chinese taxonomy, which excludes fossil gas from electricity, and the South Korean taxonomy, which excludes nuclear power.
- Including gas would breach the Taxonomy Regulation on several counts - and as a consequence it is likely to be challenged in Court, as Austria made clear on nuclear.
- The EU taxonomy would undermine the EU- and US-led Global Methane Pledge launched at the COP26 to cut at least 30% methane emissions by 2030. More industrial livestock and more gas power would very likely mean more methane leakage.
- The EU taxonomy would be inconsistent with the COP26 pledge supported by 12 EU Member States and led by the UK to phase out international support for fossil fuels by 2022 (including FR, DE, IT, FI, SE, NL, SL, BE, DK, IE, PT, ES).
- The EU taxonomy would be inconsistent with the membership or support of six EU Member States to the Beyond Oil & Gas Alliance that commits to phasing out of gas (including FR, SE, DK, IE + PT, IT).