Lawmaker group asks EU to withdraw green investment label for gas

By Kate Abnett

BRUSSELS (Reuters) – Around 100 European Union lawmakers questioned Brussels on Wednesday to withdraw ideas to label vitality investments in gas as eco-friendly, expressing this undermined Europe’s press to cut down reliance on Russian fossil fuels.

Even ahead of Russia invaded Ukraine, EU nations and lawmakers have been divided about the European Commission’s approach to label fuel and nuclear investments as “eco-friendly” in the bloc’s sustainable finance taxonomy, a rulebook for the classification of investments developed to support the EU meet up with its local climate transform objectives.

The invasion, which Russia phone calls a “exclusive armed service operation” to demilitarise Ukraine, has prompted the EU to overhaul its energy priorities and request to conclude this ten years its dependence on Russia, which offers around 40% of the EU’s gasoline.

“We welcome your system to make Europe unbiased from Russian fossil fuels. This stands in stark distinction with the proposal to incentivise investments in fossil gasoline as a result of the Taxonomy Regulation,” said the letter, signed by 102 lawmakers and seen by Reuters.

“There is a obvious want to conclude our reliance on Russian gasoline and transition to renewable sources. Hence, we desire the Fee to withdraw the Complementary Delegated Act,” it reported, referring to the taxonomy guidelines on gasoline and nuclear.

The letter mentioned the EU need to in its place concentrate on encouraging investments in “certainly sustainable electrical power”. It will come following the EU’s main adviser on the taxonomy mentioned the proposed criteria for fuel have been “not superior more than enough” to support weather adjust targets.

Gas is seen by some EU international locations as a transition fuel as it emits significantly less carbon dioxide when burned than coal.

The taxonomy proposal could even now be turned down by a vast majority of EU lawmakers or 20 of the EU’s 27 international locations by July. Some lawmakers are drafting motions to reject it.

“I’m confident that there is a possibility to get an absolute vast majority,” Inexperienced lawmaker Michael Bloss stated.

The letter was signed by associates from five parliamentary groups, which with each other symbolize most of Parliament’s 705 lawmakers. Nevertheless, couple groups have a business placement, considering that opinion is break up between users.

(Reporting by Kate Abnett enhancing by Philip Blenkinsop and Elaine Hardcastle)