RIYADH, Saudi Arabia – The International Energy Forum (IEF) welcomed the decision by the European Parliament to include nuclear and natural gas in the EU taxonomy of environmentally sustainable energy sources, unlocking billions of euros of new investment.
The parliament on Wednesday affirmed their inclusion on Wednesday, opening the way for new nuclear and gas power plants to access capital from environmental, social and governance (ESG) investors.
"This is a realistic and responsible decision which will bring badly needed investments to vital new nuclear and natural gas projects at a time when Europe urgently needs new and diverse supplies for its energy security," said Joseph McMonigle, the IEF's Secretary General. "The decision does not change climate goals but only increases the options to achieve them."
"Today’s energy crisis in Europe and across the world shows that we need reliable and affordable energy sources to keep costs down for consumers and strengthen public support for the transition," he added.
The inclusion of natural gas and nuclear power in the green taxonomy remains time-limited and dependent on emissions and transparency requirements.
Natural gas projects qualify as transitional if they replace coal, obtain construction permits before 2030, comply with CO2 emissions limits and have plans to switch to renewable or low-carbon gases by end-2035. Nuclear is eligible if new plants are granted construction permits by 2045 and avoid significant harm to the environment and water resources. Investment funds need to enhance disclosures to investors on nuclear and gas holdings under the taxonomy.