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4 months ago

War, Peace and the Green Economy

  • Text
  • Green economy
  • Peace
  • War
  • Ukraine
  • China
  • Africa
  • Europe
This magazine is about the world’s collective and potentially transformational journey towards a green economy. It is also about taking you, the reader, on what we hope is an equally fascinating ”green voyage” across some key parts of Europe as well as to Africa and China.

WAR, PEACE AND THE GREEN

WAR, PEACE AND THE GREEN ECONOMY Nuclear and gas in EU taxonomy is ‘biggest greenwash ever’ The EU’s decision to include natural gas and nuclear power as “transitional activities” in its sustainable investments guidelines for green finance continues to generate massive controversy. Critics call it the “biggest greenwash ever.” By ELENA SANCHEZ NICOLAS Russia’s invasion of Ukraine and EU plans to reduce its reliance on Russian fossil-fuel imports have raised more questions over the fate of the European Commission’s controversial taxonomy proposal. EU member states were already split over the role of gas and nuclear in the energy transition and, thus, in green finance — even before the war in Ukraine. The reasons are obvious: gas projects still generate significant greenhouse gas emissions and there is no proven sustainable solution for nuclear waste. Nevertheless, the decision to include gas and nuclear was partially justified on the ground that it provided energy security for the 27-nation bloc. Critics say the proposal undermines the credibility of the EU taxonomy as a science-based investment tool, gives credence to claims of greenwashing, creates confusion in financial markets, and will cause major delays in the much-needed transition away from fossil fuels. The taxonomy does not ban outright investment in activities not included in the guidelines — but it is designed to steer investments away from companies and investors which falsely claim to be environmentally sustainable. ‘Gold standard’ gone Experts have warned that including natural gas (with a higher threshold than the one recommended by experts) and nuclear power in the EU’s sustainable 11

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