The EU Taxonomy is a key milestone in the EU sustainable finance agenda to steer investments towards achieving a climate-neutral economy by 2050. With an expected use much more extensive than initially foreseen, EUTurbines underlines the need for a robust EU Taxonomy that does not hamper investments in future-proof solutions and activities – such as turbine-based renewable power generation.
The EU Taxonomy needs to be robust and not hamper investments in future-proof solutions and activities – such as turbine-based renewable power generation.
The EU Taxonomy cannot overlook the role of gas power generation both during the transition – including the switch from coal to gas in the short-term – and in a fully decarbonised economy. The use of renewable gases in power generation will be a key sustainable activity, providing flexibility and robustness to the future energy system. The progressive introduction of clean gases into the gas network and their use in power generation, when these become available, need to be better recognised – as done in the energy lending criteria from the European Investment Bank (EIB) published in November 2019.
In the same way, the manufacturing of turbines used in combination with renewable energy sources – both renewable gases and heat – should be categorised as an enabling activity under the EU Taxonomy.