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The European Commission has been told by a key expert group that planned adjustments to its green rulebook risk raising greenhouse gas emissions and undermining the bloc’s reputation as a bastion for environmentally friendly finance.

The Platform on Sustainable Finance, which is one of just two groups assigned the role of providing official feedback to the EU Commission, said that even the best performing gas-fired facilities couldn’t qualify as green or transition assets, according to a report published on Monday. 

The findings mark the latest body blow to the credibility of Europe’s green rulebook, once touted as an international gold standard in steering capital toward sustainable projects. But the Platform’s findings are unlikely to derail the planned adjustments. At least 20 of the EU’s 27 member states — representing no less than 65% of the bloc’s population — would need to unite against the plan for it to fail.

Under the EU Commission’s proposal, which is due to be adopted as soon as this week, “new gas plants could be called green and sustainable, even though they never reach below the average greenhouse gas emissions level for the European grid,” said Nathan Fabian, the Platform’s chair. “These would be polluting plants with no guarantee they will ever be green.”

[John Ainger]

More: EU Slammed by Experts as ‘Green’ Plan Adds Emissions Risk

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