The European Parliament today (6th) (local time) passed a plan to include investments in nuclear power and natural gas power generation in the green taxonomy.
According to the AP and AFP news outlets, the European Parliament voted for a regulation that included gas and nuclear power in the eco-friendly investment standard on the same day, and as a result, 328 out of 639 members who participated in the voting voted in favor.
278 voted against and 33 abstained.
From 2023 onwards, natural gas and nuclear power will be included in the EU taxonomy rulebook, and investments will be classified as green.
The vote opens the way for the EU to enact the regulation if 20 out of 27 member states do not oppose it, Reuters reported.
EU Commissioner for Financial Services Maireed McGuinness said on the same day that he received a letter from the Ukrainian government supporting the regulation proposed by the European Commission.
"I believe the inclusion of gas and nuclear power in the taxonomy is a very important factor for energy safety in Europe from the point of view of replacing Russian gas," Ukraine's energy minister said in a letter, the European Commission said.
After Russia's invasion of Ukraine, the European Parliament has been urging the European Union to reject the proposed rule by the European Commission in February.
It is pointed out that an increase in gas investment will eventually increase Europe's dependence on Russian energy and Russia can benefit.
However, opposition to the proposed rule failed to secure a majority of 353 votes against it.
The EU taxonomy is a classification system that includes what kind of economic activities or environmental standards can be classified as environmentally/climate-friendly green.
It is a tool that companies, investors, and policy makers can refer to in their investment activities as it contains the criteria and conditions for specific investments that meet the EU's climate and environmental goals.
The EU will also apply this classification system to public funding support.
Among EU member states, lawmakers and investors, opinions were divided over whether nuclear power or natural gas power generation should be included in the green classification system.
Although nuclear power does not emit carbon, it produces radioactive waste, and gas emits greenhouse gases, but EU countries see it as a transitional raw material for moving away from dirty coal.
France, which relies on nuclear power, and Poland, which relies heavily on coal, were in favor of the proposed rule.
The Austrian and Luxembourg governments have threatened to sue the EU if the proposed rule becomes law.
Denmark and other member states feared that classifying carbon-emitting gases as green could undermine confidence in the EU's commitment to combat climate change.