European Lawmakers Defeat Move to Keep Nuclear and Gas Out of Green Investment Taxonomy.

The European Parliament voted against a resolution aimed at excluding nuclear and gas energy from the EU Taxonomy, paving the way for their incorporation in the classification system for environmentally sustainable activities. The initiative to keep nuclear and gas out of the Taxonomy was defeated by a vote of 328 against to 278 for, with 33 abstentions. In order to pass, a majority of 353 MEP votes would have been required. The EU Taxonomy is part of the EU Action Plan on Sustainable Finance, established by the EU Technical Expert Group on Sustainable Finance (EU TEG). The taxonomy is a classification system enabling the categorization of economic activities that play key roles in contributing to the EU’s key environmental objectives, starting with climate change mitigation and climate change adaptation.