GSC rejects labelling nuclear and gas as green, calls on EU to concentrate on solar energy and other truly green sources

Donoso: the global energy transition requires investments to be focused on renewables and grid innovations

The European Union has drawn up plans to label some natural gas and nuclear energy projects as “green” investments after extensive confrontation between parties over which investments are truly climate-friendly. The European Commission would then include gas and nuclear projects in the EU “sustainable finance taxonomy”, a list of economic activities and the environmental criteria they must meet to be labelled as green investments.

The systems aims to restrict the “green” label to truly climate-friendly projects, make those investments more attractive to private capital, and stop greenwashing. Therefore, including gas and nuclear would mean taking resources away from the truly renewable sources in the most critical phase. In fact, this decision would also slow down much-needed investment in storage, hydrogen, smart grid and other innovations that can allow greater flexibility in the management of energy demand.

“This proposal is a matter of deep concern, as it will extend the transition period to clean energy more than necessary. It is very clear that gas and nuclear are not green. On the other hand, solar energy and other renewable sources have already reached remarkably low prices, so we should only focus on how to make the most of these truly clean and mature technologies. The EU has been a role model for the world about green goals and sustainability, and we hope it decides to continue on that path”, commented José Donoso, Chairman of the Global Solar Council.