BRUSSELS - A coalition of investors managing 50 trillion euros has warned the European Union not to label natural gas investments as sustainable, saying Brussels' draft plan to do so would weaken its global leadership on green finance.
"We remain strongly opposed to any inclusion of gas within the scope of the Taxonomy," IIGCC Chief Executive Stephanie Pfeifer said in an open letter to European Union member states and the bloc's policymakers. EU countries' debate over gas has intensified in recent months, as gas prices soared to record highs and amid tensions with Russia, the EU's biggest gas supplier.
IIGCC said that would allow energy companies to use the taxonomy's green label despite not being on track to reach net zero emissions by 2050 - the target scientists say the world must reach to avoid disastrous climate change.
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