EU climate credibility crippled after MEPs accepted calling gas green
European MEPs from the far right, and the majority of the EPP today voted in favor of the EU Commission’s proposal to inexplicably label gas as ‘green’ in the EU’s taxonomy of sustainable investments by 328 to 278. Europe’s elected representatives have let citizens down, says Transport & Environment, which has labelled the vote a disaster for the climate and a gift to Putin.
Luca Bonaccorsi, sustainable finance director, said:“This must be the biggest act of greenwashing in history; enacted by the same people that are supposed to protect us from the climate crisis. The sun won’t set in the east just because a bunch of complicit politicians say so in a law. Nor will gas ever be clean and renewable. The laws of nature don’t lie, but the taxonomy does. This bill will not stand up to the many legal challenges being announced, and it will be shunned by investors.”
The provisions allow all new gas plants to be labelled green under the condition that they will be used ‘sparingly’. This undermines the credibility of sustainable investing, says T&E, since no green fund or green bond includes gas today. At best the EU’s rules will be ignored, at worst it will fuel a whole industry of fake green investments.
Luca Bonaccorsi, concluded: “On top of being environmentally disastrous the bill is also unfair, with almost 75% of the estimated green funds going to France and Germany. The criteria to access green funds have been skillfully designed to steer all funds towards the two member states that co-authored the law. This is a truly sad day for Europe.”