The federal government is taking action against plans from Brussels to issue nuclear power with a green label. The Ministry of Finance announced that Germany had declared to the French Council Presidency that it would veto the relevant legal act. If the EU states or the European Parliament objected, the legal act could be prevented from coming into force, according to the department of Minister Christian Lindner (FDP). France currently holds the presidency among the EU states in Brussels.
With its taxonomy, the EU Commission wants to give the financial markets more clarity as to which investments are actually sustainable. This is intended to prevent so-called “greenwashing”: banks and funds should no longer advertise sustainable products that are in fact not sustainable. The classification of certain investments as sustainable is also intended to attract investors in order to advance the energy transition. At the end of 2021, despite widespread criticism, the EU Commission also proposed that investments in gas and nuclear power be classified as sustainable financial investments for the time being.
However, even in Germany, one suspects that the veto will probably not be able to stop the plans. “The federal government does not expect the German vote to stop the taxonomy,” the ministry said. Germany is not planning a lawsuit. In the coalition, it was determined that Germany would not file a lawsuit against the legal act, it said. So far, in addition to Germany, Portugal, the Netherlands, Austria, Luxembourg and Denmark have also opposed the plans. In order for the plans to fail, however, 15 member states, representing 65 percent of the population, would have to speak out against the plans.
In July, the EU Parliament is to vote on its position on the proposal. “The German no is a slap in the face for the EU Commission,” said Green MEP Rasmus Andresen.