Post by account_disabled on Feb 26, 2024 22:50:33 GMT -5
Do they institutionalize greenwashing in Europe? According to Business Green , the European Parliament has backed the classification of nuclear and fossil gas energy projects on the European Union's (EU) list of sustainable investments. The above in a controversial vote that environmental groups described as "an act of institutional greenwashing ."
When Tesla Inc. CEO Elon Musk noted that ESG strategies (based on environmental, social and governance goals within investments) had been “twisted to the point of madness”—after U.S. banks suggested allowing “responsible” investing » into defensive weapons amid the Russian invasion of Ukraine—and should be removed if not corrected, much more remains to be seen.
Greenwashing is institutionalized in Europe
The European Commission votes to do greenwashing
Several years in development, the EU's green taxonomy – a system of classifying environmentally sustainable economic activities – aims to develop a clear framework for determining which projects constitute “responsible” investment, to provide clarity to the financial sector and unlock increased private liquidity in support of the bloc's net zero ambitions for 2050.
However, the eco-labelling rules have sparked widespread Chinese American Phone Number List controversy after the European Commission unveiled proposals to classify nuclear and fossil fuel gas power projects as "green" if they meet certain conditions.
Recently, the Commission has argued that nuclear concessions have a crucial role in the transition to net-zero energy systems, while investment in fossil gas could help reduce emissions if coal-fired power plants are replaced.
Greenwashing is institutionalized in Europe
They promote institutionalizing greenwashing
Likewise, officials from the institution pointed out that the inclusion of both technologies – nuclear and fossil – has been strengthened by the Russian war, which has triggered efforts across the EU to boost domestic energy generation.
Despite the proposal to add both industries to the list of sustainable investments, the European Parliament presented an amendment against it. While the vote is an encouraging step in the right direction to save the credibility of the Taxonomy Regulation, the majority of MEPs were in favor of such projects remaining within the sustainable investment classification framework.
Greenwashing is institutionalized in Europe
The new organization requires the approval of national ministers in the European Council, which could be another impediment to its adoption given that some governments have signaled their stance against nuclear projects, although the changes could have a strong influence on the global markets.
WWF, ClientEarth and Greenpeace denounce bad practices in sustainability
Immediately after the vote, several environmental groups – such as WWF, ClientEarth and Greenpeace – expressed their rejection of the proposal and stated that they will explore various avenues of action, including legal ones. Since the modifications do not meet the climate objectives of the Paris Agreement.
For his part, Laurence Tubiana, executive director of the European Climate Foundation, indicated that integrating fossil gas into the green taxonomy would be "a dangerous precedent." “With gas in the taxonomy, the European Union has missed the opportunity to establish a gold standard for sustainable finance.”
"Politics and vested interests have defeated science."
Laurence Tubiana, executive director of the European Climate Foundation.
The European Environment Bureau (EEB), a network of more than 180 environmental groups across Europe, also criticized the fact that they institutionalize greenwashing . Patrick ten Brink, secretary general of the BSE, warned that billions of euros in funding now risk being diverted towards polluting energy sources, which would undermine the credibility of the EU's entire green policy agenda.
For their part, the Intergovernmental Panel on Climate Change ( IPCC ) and the International Energy Agency ( IEA ) have shown that there is no longer room to invest in fossil fuels and nuclear energy if we want to keep global warming below 1.5°C. The science has been clear, if they institutionalize greenwashing in Europe it would be turning their back on humanity.
When Tesla Inc. CEO Elon Musk noted that ESG strategies (based on environmental, social and governance goals within investments) had been “twisted to the point of madness”—after U.S. banks suggested allowing “responsible” investing » into defensive weapons amid the Russian invasion of Ukraine—and should be removed if not corrected, much more remains to be seen.
Greenwashing is institutionalized in Europe
The European Commission votes to do greenwashing
Several years in development, the EU's green taxonomy – a system of classifying environmentally sustainable economic activities – aims to develop a clear framework for determining which projects constitute “responsible” investment, to provide clarity to the financial sector and unlock increased private liquidity in support of the bloc's net zero ambitions for 2050.
However, the eco-labelling rules have sparked widespread Chinese American Phone Number List controversy after the European Commission unveiled proposals to classify nuclear and fossil fuel gas power projects as "green" if they meet certain conditions.
Recently, the Commission has argued that nuclear concessions have a crucial role in the transition to net-zero energy systems, while investment in fossil gas could help reduce emissions if coal-fired power plants are replaced.
Greenwashing is institutionalized in Europe
They promote institutionalizing greenwashing
Likewise, officials from the institution pointed out that the inclusion of both technologies – nuclear and fossil – has been strengthened by the Russian war, which has triggered efforts across the EU to boost domestic energy generation.
Despite the proposal to add both industries to the list of sustainable investments, the European Parliament presented an amendment against it. While the vote is an encouraging step in the right direction to save the credibility of the Taxonomy Regulation, the majority of MEPs were in favor of such projects remaining within the sustainable investment classification framework.
Greenwashing is institutionalized in Europe
The new organization requires the approval of national ministers in the European Council, which could be another impediment to its adoption given that some governments have signaled their stance against nuclear projects, although the changes could have a strong influence on the global markets.
WWF, ClientEarth and Greenpeace denounce bad practices in sustainability
Immediately after the vote, several environmental groups – such as WWF, ClientEarth and Greenpeace – expressed their rejection of the proposal and stated that they will explore various avenues of action, including legal ones. Since the modifications do not meet the climate objectives of the Paris Agreement.
For his part, Laurence Tubiana, executive director of the European Climate Foundation, indicated that integrating fossil gas into the green taxonomy would be "a dangerous precedent." “With gas in the taxonomy, the European Union has missed the opportunity to establish a gold standard for sustainable finance.”
"Politics and vested interests have defeated science."
Laurence Tubiana, executive director of the European Climate Foundation.
The European Environment Bureau (EEB), a network of more than 180 environmental groups across Europe, also criticized the fact that they institutionalize greenwashing . Patrick ten Brink, secretary general of the BSE, warned that billions of euros in funding now risk being diverted towards polluting energy sources, which would undermine the credibility of the EU's entire green policy agenda.
For their part, the Intergovernmental Panel on Climate Change ( IPCC ) and the International Energy Agency ( IEA ) have shown that there is no longer room to invest in fossil fuels and nuclear energy if we want to keep global warming below 1.5°C. The science has been clear, if they institutionalize greenwashing in Europe it would be turning their back on humanity.
