EURACTIV published a recent article revealing leaked documents that show that the European Commission is considering including fossil gas as a “green investment”, by recognising its role in “keeping the lights on during peak electricity demand”.
The EU is currently drafting a sustainable taxonomy, which aims to provide clear rules for what investments count as sustainable. The goal of this plan is to bring private finance in line with a zero carbon future, and prevent greenwashing. However, allowing fossil gas to be counted as a green investment is essentially inviting greenwashing. Gas-producing EU member states, as well as the gas industry have been among those pushing for inclusion of fossil gas in the sustainable taxonomy.
Critics of this change argue that inclusion of gas as a sustainable investment is not only unnecessary, but also threatens to weaken the reputation and credibility of the EU and its Green Deal.
Read the full report from EURACTIV here.