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The European Union (EU) has voted to dub gas and nuclear power plant investments as "green" and "eco-friendly," delivering a death blow to the anti-fossil fuel agenda that has [.]
Following a four-month scrutiny period and intense lobbying, the European Parliament failed to reach the required majority (353 required) to veto the Taxonomy Complementary Delegated Act. The final vote read 328 ‘no’ to 278 ‘yes’, missing the majority by 78 votes, and resulting in the rejection of a tabled objection to the EU Sustainable Finance Taxonomy Complementary Delegated Act.The Complementary Delegated Act (CDA) now brands investments into unabated fossil gas and nuclear energy as sustainable under the EU Sustainable Finance Taxonomy, despite repeated calls from financial market participants pointing at the dangers that such a move entails.