Specialists warn against giving gas to the EU as a “green” investment

Storage tanks will be displayed at the Waterston, Milford Haven, Pembrukshire, Wales, UK, September 20, 2021 (LNG) facility. REUTERS / Rebecca Naden / File Photo

  • ClientEarth says the move violates several European laws
  • Brussels’ decision on gas in ‘tax’ this year

BRUSSELS, Oct. 7 (Reuters) – Local law firm ClientEarth has warned the European Union (EU) that it will violate its own rules if it calls investments in natural gas “green” in future financial regulations.

In a letter to the group’s executive on Reuters on Wednesday, the client said the allocation of earthen gas to the environment would reduce net greenhouse gas emissions by at least 55% from 1990 to 1990 by zero by 2050.

The European Union (EU) is nearing completion of the Climate Change Fund (ECF) Climate Change, which will not only pollute the economy but also the environment.

In the coming months, the European Commission is expected to decide on climate change, with most of the natural gas and nuclear power proposed earlier this year as green investments.

I received a letter from a European Commission official stating that he would respond in a timely manner.

ClientEarth says a law supporting gas funding will divert money to renewable energy sources. The tax deadline does not prevent investors from investing in gas projects, but it does prevent such investments from being designated as sustainable.

Lawyers add that gas-to-climate investments cannot meet the tax code, which “contributes significantly to stabilizing greenhouse gas emissions at a level that prevents dangerous anthropogenic climate change.”

Although gas is not as polluted as coal, it still emits carbon emissions and is associated with strong methane emissions, both of which must be reduced quickly to achieve Paris’ climate goals.

However, some EU countries view gas as a transitional fuel and say it should be included in taxes to support investment in coal production.

The dispute was sparked by a massive government campaign, which forced the commission to postpone its decision on gas for a year.

Tensions have intensified in recent weeks as European gas prices have risen sharply, prompting some countries to call for quick changes to fossil fuels to reduce their exposure to volatile prices.

Report by Kate Template and Simon Jessop; Edited by Aurora Ellis

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