Experts advising on the European Union's sustainable finance taxonomy are concerned a draft plan to include gas and nuclear relies too heavily on promises to make those fuels green in future, rather than assessing their real impact today.
Nathan Fabian, who chairs the expert group, said some advisers were concerned the draft risked hurting the taxonomy's mission to provide clarity to investors about the environmental impact of investments.
That would judge the environmental performance of a gas plant over 20 years, with no guarantee that its emissions would drop over time, said Fabian, who is also Chief Responsible Investment Officer at the UN-backed Principles for Responsible Investment. That could also throw up problems for asset managers who choose to assess the taxonomy alignment of activities in a fund based on revenue - since they would be assessing an activity's current revenue based on the activity's expected green credentials decades into the future.
A Commission spokesperson said the taxonomy would only recognise investments that commit to accelerating the EU's green transition.
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