HOURS BEFORE Brussels entered 2022, a bombshell dropped. In a draft sent to EU countries, the European Commission proposed classing some nuclear and gas projects as green in its 'taxonomy', a list meant to define sustainable investing. Austria threatened to sue; Germany cried foul. The plan is still likely to win majority support from member states, which have until January 12th to opine. It could set the terms for green investing well beyond Europe. But will it steer capital towards deserving projects?The idea emerged after the 2015 Paris climate deal, when the EU's effort to craft a common green-bond standard for corporate and sovereign issuers revealed that members did not agree on what counted as green.

https://www.economist.com/finance-and-economics/2022/01/08/the-eus-green-investing-taxonomy-could-go-global

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