EU nations quarrel over whether nuclear, gas are 'green' | Fin24

2022-01-23 10:00:00 AM

EU nations quarrel over whether nuclear, gas are 'green'

EU nations quarrel over whether nuclear, gas are 'green'

Hours before the window for lodging objections closes, EU environment and energy ministers meeting in France Friday differed sharply on a European Commission provision that would classify nuclear and natural gas energy as 'sustainable'.

The controversy pits countries led by France -- where nuclear generates a world-leading 70 percent of electricity -- against Germany, Austria and others in the 27-nation bloc.Nuclear power is carbon-free, and gas is significantly less polluting than coal. Countries in the European Union had until midnight Friday to suggest modifications.

And among EU member states, a dozen have backed France's position and the Commission's proposed taxonomy. 'A very bad signal' Luxembourg and Austria have gone even further, threatening to take the case to court if nuclear is certified as sustainable, citing the risk of accidents and the as-yet unresolved problem of nuclear waste.

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Many central European nations are looking to switch from carbon-intensive coal-fired power to natural gas.18 January 08:19 Brent oil climbs to 7-year high as unrest stirs in the Middle East Brent oil extended gains to the highest level in seven years as geopolitical tensions stirred in the Middle East and concerns about the demand impact of the omicron virus variant eased..Sifiso Skenjana.

Alexandra Beier/Getty Images Hours before the window for lodging objections closes, EU environment and energy ministers meeting in France Friday differed sharply on a European Commission provision that would classify nuclear and natural gas energy as"sustainable". The controversy pits countries led by France -- where nuclear generates a world-leading 70 percent of electricity -- against Germany, Austria and others in the 27-nation bloc. West Texas Intermediate oil also briefly rose above $85 a barrel, the first time since October. Debate over the Commission's so-called"taxonomy" is not on the agenda of the informal, three-day talks in Amiens, but flared nonetheless.  This forms Part B of its application against Icasa's Invitation to Apply (ITA), which was published on 10 December 2021. In late December the European Commission unveiled a classification labelling investment in nuclear gas-based energy as sustainable, in order to favour sectors that reduce the greenhouse gas emissions driving global warming. Goldman Sachs Group Inc. Nuclear power is carbon-free, and gas is significantly less polluting than coal.

Countries in the European Union had until midnight Friday to suggest modifications. Crude has made a red-hot start to the year with the market tightening on robust demand and outages at producers including Libya. "In line with the agreement between the parties, while we await the decision of the court on the proposed timelines for the hearing of the review, Telkom will be removing the hearing of Part A of its application from the urgent roll," Dr. After that, the Commission -- taking these suggestions into account -- must"rapidly" publish a final text that will be definitely adopted four months later. Passage in its current form seems more than likely: it would take a majority of deputies in the EU parliament or 20 of the 27 members states to derail it, and critical mass is lacking in both cases. OPEC is set to release its monthly report later Tuesday, providing a snapshot of the market. A letter to the executive European Commission from some European Parliament deputies protesting that the period for suggesting changes was too short has fallen on deaf ears. Part A of Telkom's two-part application was set to be heard on Tuesday, 25 January 2022. And among EU member states, a dozen have backed France's position and the Commission's proposed taxonomy."Supply disruptions coupled with firm demand has meant that the oil market is tighter than expected.

Many are central European nations looking to switch from carbon-intensive coal-fired power to natural gas. "Nuclear is a decarbonised energy," French environment minister Barbara Pompili told journalists in Amiens. It took place days after the Iranian-backed Houthi fighters warned Abu Dhabi against intensifying its air campaign against them.   Telkom said the review is expected to be heard on 1-4 March 2022, should the court be able to accommodate the request. We cannot deprive ourselves of it at the same time that we need to very rapidly reduce our carbon emissions."  'A very bad signal'  Despite the strong headwinds, anti-nuclear resistance has not subsided. Bloomberg 17 January 19:27 Shares rise, China growth bolster sentiment The JSE's All Share index ended Monday 0. "It is neither sustainable nor economic", countered Germany environment minister Stefan Tidow. We live in a world where facts and fiction get blurred In times of uncertainty you need journalism you can trust.

"It is not a green energy. British American Tobacco up 4% as well." Luxembourg and Austria have gone even further, threatening to take the case to court if nuclear is certified as sustainable, citing the risk of accidents and the as-yet unresolved problem of nuclear waste. "It would be greenwashing," Luxembourg's environment minister, Carole Dieschbourg, told AFP.39/$. Invest in the future today. "And it would send a very bad signal: it is not a transition energy, it takes too long," she added, alluding to the lag time for building nuclear reactors. Her Austrian counterpart, Leonore Gewessler, said labelling nuclear power as sustainable will"undermine the credibility of the taxonomy" because it does not fulfil the legal criterion of"not causing damage to the environment". Oil rose modestly on limited supply concerns, while the dollar was up against major rivals as Wall Street was closed for a US public holiday.

The EU Commission has proposed a measure requiring financial products to specify what percentage of the activities financed involve nuclear energy, a transparency measure that would allow investors to steer clear if they wanted to. Berlin has expressed reservations about joining Vienna and Luxembourg in a legal challenge. London, Paris and Frankfurt all ended the day higher. "For now, we're working on our response, and when the Commission presents a new text we'll analyse it from a legal standpoint," said Germany state secretary for economic affairs and climate action Sven Giegold. Austria has also objected to tagging gas as sustainable, with The Netherlands -- which backs the label for nuclear energy -- arguing"there is no scientific reason to include" gas. Britain's benchmark FTSE 100 index climbed to new highs in 2022 after pharma giant GlaxoSmithKline rejected a bid from Pfizer for a consumer healthcare unit. Polish undersecretary of state for the environment Adam Guibourge-Czetwertynski disagreed.

"Gas replacing coal because there's nothing better in the short term, that makes sense," he said. Concerns over soaring inflation and the US Federal Reserve's stance on hiking interest rates to counter it did not temper investor confidence in European stocks. We live in a world where facts and fiction get blurred In times of uncertainty you need journalism you can trust. For only R75 per month , you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. "As we head into 2022, we believe that the post-pandemic bull market remains broadly intact," added Bank of Singapore analyst Eli Lee. Journalism strengthens democracy. Invest in the future today." China on Monday defied expectations and posted growth figures of 8.

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