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European Parliament backs sustainable label for gas and nuclear

July 06, 2022

Reuters

The European Parliament on Wednesday backed EU rules labelling investments in gas and nuclear power plants as climate-friendly, throwing out an attempt to block the law that has exposed deep rifts between countries over how to fight climate change.

The vote paves the way for the European Union proposal to pass into law, unless 20 of the bloc's 27 member states decide to oppose the move, which is seen as very unlikely.

The new rules will add gas and nuclear power plants to the EU "taxonomy" rulebook from 2023, enabling investors to label and market investments in them as green.

Out of 639 lawmakers present, 328 opposed a motion that sought to block the EU gas and nuclear proposals.

The European Commission welcomed the result. It proposed the rules in February after more than a year of delay and intense lobbying from governments and industries.

"The Complementary Delegated Act is a pragmatic proposal to ensure that private investments in gas and nuclear, needed for our energy transition, meet strict criteria," EU financial services chief Mairead McGuinness said.

[Kate Abnett]

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