The European Union Parliament has declared that nuclear power and natural gas can be labelled as green for investment purposes, alongside wind, solar and other renewable energy sources.
Environmental activists are not at all pleased, saying including the two energy sources in the EU’s green “taxonomy” will only hamper the fight against climate change. Now the focus turns to other countries, including Canada, hard at work on standards for investments that fit with their own low-carbon transitions.
Let’s be honest – it was hard to imagine gas and nukes not being part of Canada’s plans. They both play major roles in the energy mix, and their backers say they can help eliminate the use of coal at home and abroad. In addition, Canada’s financial institutions are heavily invested in fossil-fuel energy and have pledged to help companies cut their carbon emissions.
Still, the EU’s contentious decision stands as a precedent that gives more leeway to include those sources in a Canadian taxonomy – a shopping list of acceptable purchases for investors with mandates to oversee portfolios that feature environmental, social and governance goals.
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