Note: This article was amended after publication to clarify that the documents relating to the Net Zero Asset Owner Alliance were internal, and do not represent the body's official position on gas and nuclear.
It appears the EU is no longer going for gold.
The executive vice president of the European Commission, Frans Timmermans, has signalled that after months of debate, the bloc is considering a role for ‘natural’ gas in the EU green taxonomy.
This is despite a leaked document from members of the UN-backed Net-zero Asset Owner Alliance, which represents around €9trn, suggesting they are against including gas and nuclear in the EU taxonomy.
Yet here we are.
And if gas is recognised as green energy in the taxonomy, it would qualify for green finance.
Gas is a fossil fuel that contributes carbon and methane to the atmosphere through its combustion, with lifecycle emissions that are dangerous and significantly worse for the climate than coal…