Cyprus Mail 14 January 2022 - by Gina Agapiou
Terra Cypria on Thursday condemned what it terms an “environmental error” after the European Commission succumbed to pressure by a portion of countries, including Cyprus, that allows natural gas and nuclear energy projects to be labelled as sustainable.
The Commission’s decision to include gas and nuclear investments in the European Union’s “sustainable finance taxonomy” rules was circulated in a draft proposal late on December 31 and leaked to some media organisations.
The draft has reignited disputes between EU countries, which disagree on whether gas and nuclear are green. Spain, Germany and Austria’s governments are among those to publicly criticise the latest proposal.
It also goes against the original purpose of the regulation establishing criteria for sustainable economic activity, Terra Cypria said. The 2020 regulation provides for the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to climate change mitigation or climate change adaptation and for determining whether that economic activity causes no significant harm to any of the other environmental objectives.
“This mindless and anti-environmental slip appears to be a result of multiple pressures from a number of member states who argue that nuclear energy and natural gas should be considered transitional fuels in the process of achieving a climate-neutral economy,” the environmental NGO said in a written statement.
Among these countries seems to be Cyprus, Terra Cypria said, which along with ten other member states, had previously announced their opposition to the course of the Regulation and claimed that natural gas is considered a “transitional fuel”.
“These developments are extremely concerning,” they added.
Promoting the use of fossil fuels as a sustainable activity is problematic for several reasons.
Firstly, it is not in line with limiting the average temperature rise to 1.5C and the EU’s climate targets for 2030, said the announcement.
According to the International Energy Agency (IEA), any new investment in natural gas is not in line with its aim to limiting global warming to 1.5C, while for Europe to meet its climate targets for 2030, fossil fuel consumption must be reduced by 32-37 per cent, which essentially means that new investments in natural gas must not be started.
Scientists have said crossing the 1.5°C threshold risks unleashing far more severe climate change effects on people, wildlife and ecosystems.
Regarding the inclusion of nuclear energy, Terra Cypria said this also appears incompatible as a green investment despite the fact it could reduce greenhouse gas emissions.
“It carries many risks in preserving the environment.
“Even if we ignore the potential for catastrophic nuclear accidents, it is clear that nuclear energy can cause significant environmental and social damage at all stages of the supply chain – from extraction to dumping of nuclear waste,” the NGO said.
As a Mediterranean island, climate change will affect Cyprus more than other European countries thus the government should show higher sensitivity and be more vigilant It its efforts for the transition to a sustainable economy.
“Our transition requires new investments in truly sustainable energy technologies, such as solar energy in combination with energy storage units, and not in fossil fuels of any kind,” Terra Cypria said.
The commission was criticised for trying to ‘bury’ the proposals, as it waited until New Year’s Eve to publish them. The suggestion was rejected by an EU commission spokesman.
Meanwhile, the European Commission said on Monday it has delayed the deadline for experts to give feedback on divisive plans to allow some natural gas and nuclear energy projects to be labelled as sustainable investments until January 21 rather than until January 12 as initially planned.
