Tomorrow Investor

Germany Bucks EU’s “Green Investment” Label for Nuclear Power


While the European Commission in Brussels is actively seeking the approval of the European Parliament to include nuclear energy as one of the possible investments under its green investments taxonomy, Germany voiced its disapproval of the proposal.

While Germany is just one of several nations seeking to reject the Brussels proposal, it has been one of the most vocal against it. 

According to a statement issued by the German ministries for the environment, economy, and climate, the country’s federal government opposes the inclusion of nuclear power as a sustainable investment under the taxonomy. German officials say that nuclear energy is neither sustainable nor safe, and thus shouldn’t be part of the taxonomy.

Why is Nuclear Energy Not Considered Sustainable?

The argument that the European Commission has in favor of nuclear power is that it doesn’t involve carbon dioxide as it’s generated.

However, the process of generating nuclear energy does produce radioactive waste that poses a danger not only to the environment over time but also to the health of all living organisms within the vicinity of a nuclear power plant.

Many critics who have spoken against the use of nuclear energy have cited the incidents on Three Mile Island in the United States and Chernobyl in Ukraine in their arguments. Indeed, despite the passage of time, both regions are still reeling from the effects and the levels of radiation remain within critical levels.

Who Else Has Spoken Against the Proposal?

As of press time, the governments of Austria and Luxembourg have both threatened legal action should the EU push through with labeling nuclear initiatives as green investments.

But nuclear power isn’t the only controversial aspect of the Brussels proposal. The committee behind it has also proposed the inclusion of natural gas as a climate-friendly alternative to petroleum and its derivatives.

While numerous countries have lobbied in favor of the inclusion of gas investments as a way of phasing out the use of coal as a primary fuel source since it emits less carbon dioxide as it burns, the use of gas is also notorious for methane leakage, a key source of greenhouse gasses. That said, several countries, including Spain, have voiced their concerns as to its inclusion in the taxonomy.

Those working to veto the inclusion of nuclear and gas power face an uphill climb as the proposal comes up for a vote in July of this year. In order for the EU to throw the proposal out, 20 of its 27 member countries need to oppose it, a number that many feel will be impossible to reach. Nevertheless, Germany continues to lobby against the proposal, seeking to sway the majority to its point of view.

Add Calibre Mining to your Watchlist Today!