When Syndrome said “With everyone super, no one will be,” he was essentially saying that if everyone has super powers, they won't be unique anymore, instead it will be normal to possess powers, and therefore, not super. I’m quoting an animated film but bear with me for a moment. If everyone wins or is rewarded for doing nothing or for not meeting expectations then what incentive is there for others to do the work? Opposers to the European Commission’s proposal to label natural gas and nuclear power generation as "green" are making a similar point.
Austria's chancellor Karl Nehammer responded to the news by saying "nuclear power is neither green nor sustainable.”
"I cannot understand the decision of the EU," Nehammer said.
”This decision is wrong," environment minister, Leonore Gewessler said.
The European Commission says it has decided that both types of energy can classify as "sustainable investment" if they meet certain targets. So standards will be set and requirements must be met. A very technical set of rules, called the "EU Taxonomy,” would explain what qualifies as “sustainable. But will this change elevate the status of nuclear and natural gas power generation or diminish clean standards for renewables already bearing a “sustainable investment” label? How will it impact investments in energy?
European Commissioner Mairead McGuinness said "we need to use all the tools at our disposal" to reach the climate-neutral target. By labeling these energy types as sustainable, they hope to reach climate goals sooner and with the help of private investors. Private investment was "key", McGuinness said, and the proposals were "setting out strict conditions to help mobilize finance to support this transition, away from more harmful energy sources like coal.”
Some believe inclusion is the only way to reach climate goals but the debate continues.
”The inclusion of gas and nuclear (with conditions/caveats) in the EU taxonomy reflects a pragmatic approach. It's inconceivable that we can transition to a zero emissions power sector without some contribution from gas or nuclear.” - Ian Simm, founder and CEO at Impax Asset Management.
"The taxonomy already has inherent contradictions, allowing activities in the EU preferential treatment relative to other countries or regions. At the end of the day this is a political decision.” Iain Richards, head of responsible investment at Columbia Threadneedle.
"So today, the second part of the taxonomy, with gas and nuclear, for me is basically useless. It's useless on two aspects. The first one, it's useless because I do not agree with the vision that if gas and nuclear are not in the taxonomy then it will become very difficult to finance these projects; I do not think so. I think the big nuclear plants will be financed anyway…Then it's also useless because the delegated act clearly states that the reporting will be two-fold. You will be able to report with or without gas and nuclear, and I'm pretty sure that the majority of responsible investors will use the without gas and nuclear figures to report, so I think it will have no impact on the investment decision." - Philippe Zaouati, CEO of Mirova.
Could the plan fail to increase private investments and is this greenwashing? In the animated adventure, Syndrome’s plans were foiled by the Incredibles but no need to take drastic measures. The decision to label both controversial industries as "green" is not yet final. The European Parliament and the council of heads of state have four months to consider the suggestion. Austria and Luxembourg have both threaten to take legal action if the European Commission moves forward with its plans.