The International Energy Forum (IEF) welcomed the European Parliament’s decision to include nuclear and natural gas in the EU classification of environmentally sustainable energy sources, unlocking billions of euros of new investment.
In a statement, the IEF also stressed the need to strengthen disclosures of nuclear and gas holdings.
“This is a realistic and responsible decision which will bring badly needed investments to vital new nuclear and natural gas projects at a time when Europe urgently needs new and diverse supplies for its energy security,” said Joseph McMonigle, the IEF’s Secretary General.
“The decision does not change climate goals but only increases the options to achieve them.”
McMonigle added that natural gas projects “qualify as transitional if they replace coal, obtain construction permits before 2030, comply with CO2 emissions limits and have plans to switch to renewable or low-carbon gases by end-2035.”
The IEF is the largest gathering of energy ministers in the world, headquartered in Riyadh. The organization includes participants not only from the International Energy Agency and OPEC countries, but also from major international actors such as Brazil, China, India, Mexico, Russia and South Africa. Forum countries produce more than 90 percent of the world’s oil and gas supplies.
“Nuclear is eligible if new plants are granted construction permits by 2045 and avoid significant harm to the environment and water resources. Investment funds need to enhance disclosures to investors on nuclear and gas holdings under the taxonomy,” the statement emphasized.
