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EU Faces Investor Backlash as Gas Headed for Green Rulebook

  • JPMorgan AM among critics warning move hampers climate goals
  • EU set to include some gas, nuclear projects in green taxonomy
Including gas in the EU’s green taxonomy would help central and Eastern countries shift away from coal.

Including gas in the EU’s green taxonomy would help central and Eastern countries shift away from coal.

Photographer: Bartek Sadowski/Bloomberg
Updated on

Some of the world’s most powerful investors are calling on the European Union to back away from plans to include natural gas in its green rulebook, amid warnings that the development risks undermining efforts to reach climate neutrality by 2050.

The Institutional Investors Group on Climate Change, which includes the asset management arms of JPMorgan Chase & Co. and Goldman Sachs Group Inc., is “strongly opposed to any inclusion of gas within the scope of the Taxonomy,” according to a letter signed by IIGCC Chief Executive Officer Stephanie Pfeifer. The warning was addressed to EU member state representatives, lawmakers and Commission President Ursula von der Leyen.