EU Green Gas Fight Flares Up over ‘Amber’ Label Plan

EU financial services commissioner Mairead McGuinness said she did not support a new “amber” label for some gas and nuclear investments, but said some EU lawmakers did.

Kate Abnett, Reuters

Tensions among policymakers are rising over an EU plan to label gas and nuclear investments as green, with experts who are advising the EU Commission asking for a new “amber” label for investments that are not fully sustainable.

The Commission last month proposed including gas and nuclear energy in the EU’s sustainable finance taxonomy, a system for labeling certified climate-friendly investments.

The proposal split opinion among the European Parliament and member states, who could yet reject it. It also faced criticism from some investors and an expert group advising the Commission, which said the plan failed to provide the intended “gold standard” for sustainable investing by labeling polluting investments as green.

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