European MEPs from the far right and the majority of the EPP voted today in favor of the European Commission’s proposal to inexplicably label gas as “green” in the EU’s taxonomy of sustainable investment by 328 to 278. The elected representatives of Europe have the citizens, says Transport & Environment, which describes the vote as a disaster for the climate and a gift to Putin.
A sad day for Europe. MEPs have voted in favor of the European Commission’s proposal to inexplicably label gas as ‘green’. #taxonomy
Is this the greatest act of greenwashing in history?https://t.co/H9bxj7CHCK
— Transport & Environment (@transenv) July 6, 2022
Luca Bonaccorsi, director of sustainable finance at T&E, said:
“This must be the greatest act of greenwashing in history; performed by the same people who are supposed to protect us from the climate crisis. The sun doesn’t set in the east just because a bunch of complicit politicians say so in a law. Also, gas will never be clean and renewable. The laws of nature don’t lie, but taxonomy does. This bill will not stand up to the many legal challenges that are being announced and will be shunned by investors.”
The provisions make it possible to label all new gas-fired power stations green on the condition that they are used ‘sparingly’. This undermines the credibility of sustainable investing, says T&E, as no green fund or green bond contains gas these days. At best, EU rules are ignored; at worst, it will fuel an entire industry of fake green investments.
Luca Bonaccorsi concluded:
“The bill is not only disastrous for the environment, but also unfair, as almost 75% of the estimated green funds go to France and Germany. The criteria for accessing green funds have been expertly designed to direct all funds to the two member states that co-created the law. This is a really sad day for Europe.”
Originally published on Transport & Environment†
The European Parliament has just voted to label fossil gas as “green” energy. This will delay a much-needed true sustainable transition and increase our reliance on Russian fuels. The hypocrisy is striking, but unfortunately not surprising.
This is still #NotMyTaxonomy— Greta Thunberg (@GretaThunberg) July 6, 2022
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