The Global Alliance for Banking on Values (GABV) has joined a calling by FEBEA (European Federation of Ethical and Alternative Banks and Financiers) on the EU Parliament to vote against the EU Commission’s decision to classify certain gas and nuclear energy as sustainable investments in the EU Taxonomy.
Recently, the European Union (EU) Commission has proposed to classify certain gas and nuclear energy-related economic activities as “environmentally sustainable” investments in the EU Taxonomy. This decision ignores the advice of the expert group in the Platform on Sustainable Finance to define nuclear and gas as green energies. “This could divert billions of euros from renewables and other green technologies toward polluting fossil fuels and costly nuclear power, making it more difficult to achieve EU environmental goals,” says FEBEA.
This organisation, in partnership with other European and international networks like the Global Alliance for Banking on Values, has asked the Members of the European Parliament to vote in favour of the motion to prevent gas and nuclear power-related activities from being recognised as environmentally sustainable.
“A decisive vote for sustainable finance, for the citizens of the European Union and critical to addressing the climate crisis we are all experiencing,”, states FEBEA in the letter sent to the Members of the European Parliament. As FEBEA and GABV’s member bank, Banca Etica, claims: Not My Taxonomy.
About the EU Taxonomy
The European Green Deal requires investments in sustainable activities and projects, making a common language and a clear definition of what is sustainable necessary. The Action Plan on Financing Sustainable Growth calls for a common classification system for sustainable activities, known as the EU Taxonomy, which identifies six environmental objectives, including climate change adaptation and mitigation. Expert inputs to this work are provided through the Platform on Sustainable Finance, which the European Commission has tasked to further develop the EU Taxonomy and to explore its expansion to social objectives.