January 13, 2022 Read More →

Major investor group call for excluding gas in EU sustainable taxonomy

S&P Capital IQ ($):

A group of institutional investors with €50 trillion in assets under management has called for natural gas to be excluded from the EU’s sustainable finance taxonomy, amid continuing discontent over the inclusion of gas and nuclear in the rulebook.

The Institutional Investors Group on Climate Change, or IIGCC, said in a Jan. 12 open letter to EU member states that including the fossil fuel in the taxonomy risked channeling funding toward activity not in line with Europe’s commitment to net-zero emissions by 2050.

With over 370 members, IIGCC says it plays a key role in financing the EU’s decarbonization, as well as swaying markets and policymakers through its advocacy.

The inclusion of gas would undermine the credibility of the taxonomy as well as the EU’s own commitment to climate neutrality, IIGCC CEO Stephanie Pfeifer said in the letter, which was also sent to top European Commission officials, including President Ursula von der Leyen.

[Camilla Naschert]

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