Spain Opposes, Together With Germany And Austria, The EU Proposal To Gas And Nuclear Energy As Renewable

Nuclear energy in SpainGaroña Spanish nuclear station


Renta 4 | The European Union surprised with a new plan that would label some natural gas and nuclear energy projects as “green” investments after a year of debate among the different governments about which investments are really climate-friendly. This plan has already had some adverse reactions with Germany, Austria and Spain opposing the draft plan.

Specifically, the Brussels text, still in draft form, includes nuclear power plants already in operation and those to be built at least until 2045, as well as gas-fired power plants, which will enjoy the same recognition until 2030.

The so-called green taxonomy regulation aims to guide the sustainable investment decisions of companies and investors through a labeling system of activities and economic sectors considered environmentally sustainable in order to contribute to the reduction of CO2, methane and other gases that cause climate change.

Assessment: Negative news as long as Spain’s opposition does not serve to stop the EC’s intention. Indirectly, it could indirectly hinder the development of renewable energies. The investment needs and promotion of these energies could be negatively affected.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.