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Press release6 July 2022Representation in Cyprus

EU Taxonomy: Commission welcomes the result of today's vote by the European Parliament on the Complementary Delegated Act

The European Commission welcomes the result of today's vote by the European Parliament on the Complementary Delegated Act on climate change mitigation and adaptation covering certain gas and nuclear activities.

This vote is important recognition of our pragmatic and realistic approach in helping many Member States on their transition path towards climate neutrality.

Climate neutrality is our objective and legal obligation. We are committed to using all available tools to move away from high carbon-emitting energy sources.

Russia's unprovoked military aggression of Ukraine adds to the urgency in accelerating our clean transition. The REPowerEU Plan and the Complementary Delegated Act both reflect this reality and help reduce our dependency on Russian gas.

Mairead McGuinness, Commissioner in charge of Financial Services, Financial Stability, and Capital Markets Union, said: “I welcome the outcome of this vote. The Complementary Delegated Act is a pragmatic proposal to ensure that private investments in gas and nuclear, needed for our energy transition, meet strict criteria. Investment in renewables is already prioritised in our Taxonomy - this is our future. Our proposal ensures transparency so investors will know what they are investing in. Today brings much needed clarity to the EU position.”

Gas and nuclear will now be included in the Taxonomy as transitional activities in a limited number of circumstances and under strict conditions. This aligns with our pathway to net zero, where they are recognised as stepping stones in the transition towards more renewables. Targeted investments in both are still needed in the medium term.

The inclusion of the transitional activities of gas and nuclear is a small, albeit necessary part of the whole EU Taxonomy, which is focused on renewable energies. Renewables will continue to be the focus for green investors and the creation of green financial products.

The Complementary Delegated Act will enter into application on 1 January 2023.

For more information

Press release on the Complementary Delegated Act [2 February 2022]

Details

Publication date
6 July 2022
Author
Representation in Cyprus