Fossil gas should be excluded from Europe’s list of sustainable investments, according to a group of investors with €50trn worth of assets. The group added it was still considering whether to accept the classification of nuclear as a sustainable investment. In an open letter, the Institutional Investors Group on Climate Change (IIGCC), a powerful coalition of pension funds and asset managers, has warned that labelling fossil gas as a sustainable investment risks channeling capital towards activities that are incompatible with Europe’s climate ambition.
Edie 17th Jan 2022 read more »
It will be “disgraceful if the European Commission succeeds in its attempt to label gas as a solution to address global warming”, according to renewable energy developer Eddie O’Connor. In a leaked draft “delegated act” sent to EU member states on December 31st, the commission signalled its intention to enact EU-wide legislation establishing that fossil gas for electricity production is “contributing substantially to climate change mitigation”. A similar status is being applied to nuclear power. “I am mystified by the European Commission’s attempt to label gas – a fossil fuel and one of the largest contributors to climate change – as a solution to global warming,” the Supernode chairman said. “Less than a year ago the International Energy Agency warned there can be no new investments in gas – starting now – if we are to meet the Paris climate objectives.”
Irish Times 17th Jan 2022 read more »