Written answers

Tuesday, 19 October 2021

Photo of Mick BarryMick Barry (Cork North Central, Solidarity)
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368. To ask the Minister for Finance the measures he is taking to oppose the proposal to include nuclear power as a power that can be classified as renewable for the purposes of EU investment in renewable sources; and if he will make a statement on the matter. [50741/21]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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The EU taxonomy for sustainable activities being developed at present is a harmonised classification system for environmentally sustainable economic activities. The Taxonomy will have a significant role in supporting the mobilisation of capital towards sustainable investments through providing common definitions to companies, investors and policymakers on what constitutes an environmentally sustainable economic activity. When fully finalised, it will create security for investors and protect private investors from greenwashing, and can assist in planning for the low-carbon transition. Large companies and financial services providers will report on their portfolios’ alignment with the Taxonomy.

This Taxonomy is based on six EU environmental objectives. For an economic activity to be considered Taxonomy-aligned, it must make a substantial contribution to at least one of these objectives, and do no significant harm to the others, in addition to complying with regulatory technical standards and minimum safeguards. The objectives are: 

- Climate change mitigation

- Climate change adaptation

- Sustainable use and protection of water and marine resources

- Transition to a circular economy, waste prevention and recycling

- Pollution prevention and control

- Protection and restoration of biodiversity and ecosystems

Currently, regulatory technical standards and delegated acts setting these out, based on scientific expertise and stakeholder engagement, are under consultation including with Member States. One delegated act, covering climate change mitigation and adaptation, is awaiting approval by the European Parliament and the Council. A further delegated act, covering the remaining four objectives, is expected in 2022.

The Commission is also due to adopt a complementary climate delegated act on activities not covered in the first such delegated act, namely agriculture and certain energy sectors. To date, the Commission has not consulted Member States on a draft for the forthcoming delegated act that includes nuclear as a sustainable economic activity.

Regardless of whether or not EU agreement is reached to define nuclear energy as an environmentally sustainable economic activity, nuclear powered electricity generation plants are prohibited in Ireland and the Government has no plans to revisit the prohibition on nuclear powered electricity generation in Ireland.

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