Register now for FREE unlimited access to Reuters.com
- IIGCC writes open letter to EU policymakers
- Says strongly opposes move to label gas as sustainable
- Would ‘seriously compromise’ EU’s green credentials
BRUSSELS, Jan 12 (Reuters) – A coalition of investors managing 50 trillion euros ($56.81 trillion) has warned the European Union not to label natural gas investments as sustainable, saying Brussels’ draft plan to do so would weaken its global leadership on green finance.
The European Commission drafted a plan late last year to label some gas and nuclear investments as green in the EU’s “taxonomy,” a long-awaited rule book to define which investments can be labelled as climate-friendly in Europe.
The Institutional Investors Group on Climate Change (IIGCC), whose 370 members include most of the world’s biggest asset managers such as BlackRock (BLK.N) and Vanguard, on Wednesday said doing so would undermine the EU’s attempts to lead international efforts …….