KOCHI, April 21, 2021

Eight countries have pushed back against the proposed green investment regulations that were due to be published Thursday, Reuters reported citing a letter written by heads of countries.  

The European Commission’s rules, known as “sustainable finance taxonomy,” include a list of economic activities that aim to steer private capital into activities that will help the EU meet its climate goals.

The 27- country bloc was supposed to use these regulations as a bible to fix the criteria businesses must meet to be labelled as green investments in the EU from 2022.

The prime ministers of Poland, Hungary, the Czech Republic, Cyprus, Bulgaria, Malta, Romania and Slovakia wrote to Commission President Ursula von der Leyen on Tuesday, opposing the plan to delay gas and nuclear, a letter seen by Reuters said.

A draft Commission proposal, seen by Reuters last week, lays out rules for various sectors, including transport, industry and buildings. But it delays decisions on whether natural gas-fuelled power plants and nuclear energy can be classed as “green” – two key issues which divide EU countries. 

The less wealthy EU nations still need natural gas to stop their dependence on coal, while the more wealthier countries, including Germany, Spain and Austria wrote to the Commission on April 16, urging it not to delay the rules.

Market participants who must comply with the rules next year need legal certainty now, said the letter, also signed by Belgium, Denmark, Ireland and Luxembourg.

The commission is already working around a deadline delayed from January to April to put the rules out.