2022 Year in Review

N U C L E A R A N D G A S E N E R G Y P R O J E C T S
D E C L A R E D G R E E N B Y T H E E U R O P E A N
C O M M I S S I O N
Recently, the European Parliament voted to endorse labelling some gas and
nuclear energy projects as green, potentially hindering Europe’s race to a longterm
switch to more renewable sources and undermining emissions-cutting
goals. Mairead McGuiness, the EU Commissioner for financial services,
expressed that this new labelling is not greenwashing, as nuclear and gas are
classified as transitional energy sources under the new taxonomy. However,
Finland is on track to open the world’s first permanent disposal site in 2024-
2025, aiming to store high-level nuclear waste for around 100,000 years, 430
metres belowground. Once operating, Finland’s initiative will provide insight into
a possible solution to the nuclear waste problem. If successful, other nations
may follow suit.
Nonetheless, environmentalists argue that the impacts of nuclear energy
outweigh its benefits. Given the risks natural catastrophes and geopolitical
conflicts pose, evidenced by Fukushima and the embattled Zaporizhzhia plant in
Ukraine, the potential of a nuclear accident is unpredictable. Nuclear reactors
remain a capital-intensive technology as their construction costs may run into
the billions and may also take too long to contribute to the 2050 neutrality goals.
The environmental organisation, the Climate Action Network, suggests that the
EU Commission’s new vote fails to redirect financial flows towards authentic
climate-positive investments, sacrificing the scientific integrity of the taxonomy
at the feet of fossil fuel, gas and nuclear lobbies.
The new law has divided EU nations, investors and lawmakers. Nuclear energy
provides about 70% of France’s electricity. With 56 reactors, France is currently
leading the pro-nuclear fraction in Europe, with the support of Poland, Hungary,
the Czech Republic, Bulgaria, Slovenia and Finland. President Macron also
announced a €51.7 billion plan to rebuild France’s nuclear program, investing in
the construction of up to 14 next-generation pressurised water reactors by 2035,
as well as small modular reactors.
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