Throughout the development of the EU taxonomy framework, Fortum has called for a technology-neutral approach and the appropriate recognition of the role of nuclear energy in European energy transition, in line with the Paris agreement. Therefore, we are pleased to see that the complementary delegated act (CDA) recognises the vital contribution of CO2-free nuclear power in the EU decarbonisation efforts.
However, we remain disappointed that the majority of existing nuclear is not included as was recommended by both the commission’s own research centre and the Finnish and Swedish governments. The final text leaves several issues open for interpretation and further discussions with authorities are also needed.
We are currently having a more detailed analysis on the business impact of the technical screening criteria, including an assessment relating to implications to the potential Loviisa nuclear power plant lifetime extension.
We further welcome the EU Commission’s decision to acknowledge the role of natural gas as a necessary transition technology towards climate neutrality. However, the very narrow criteria of the EU taxonomy will make necessary investments in additional gas-fired power plants more difficult in countries where flexible gas is needed for the security of supply.
Towards climate neutrality
In line with Fortum’s strategy, our power generation in Europe will be carbon neutral by 2035. We are working towards a carbon-neutral European economy and fully support the EU’s climate commitments. The EU decarbonisation process should be founded on a market-based and climate-oriented policy, following strong carbon pricing, competition amongst climate-neutral technologies and a well-calibrated CO2 threshold.