Taxonomy: Is the EU officially going crazy?
In July 2022, the EU Parliament approved the classification of natural gas and nuclear power as sustainable, causing a big furore. For example, Climate Action Network Europe wrote that the EU Commission "sacrifices the scientific integrity of the taxonomy on the altar of fossil gas and nuclear lobbies" and has failed to "redirect financial flows towards truly climate-friendly investments". Other critics accuse the EU of “greenwashing”.
The idea of the EU taxonomy is to create incentives for private investors to invest in sustainable technologies by dividing investments into three classes on the financial market. In theory, this should divert the flow of money away from non-sustainable investments and towards more environmentally friendly investments.
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