EU's revitalization strategy embraces environmental friendliness and omits nuclear energy sources.
The European Commission has proposed a post-Covid-19 recovery plan worth EUR 750 billion, aimed at boosting the continent's economy while prioritising sustainable investments in Europe. Known as 'Next Generation EU', the plan includes a massive renovation wave of buildings and infrastructure, a more circular economy, rolling out renewable energy projects, cleaner transport and logistics, and strengthening the Just Transition Fund in Europe.
The European Green Deal Investment Plan aims to mobilise at least EUR 1 trillion of sustainable investments over the next decade. However, the Commission's rules for sustainable finance de facto exclude nuclear from the Sustainable Finance EU Taxonomy in Europe. This decision has garnered objections from nuclear lobbyists, Foratom, who have argued against the exclusion of funds for nuclear power plants in the recovery plan in Europe.
The Just Transition Fund, a key component of the recovery plan in Europe, aims to provide financial and practical support to help workers and generate investments in transition areas. The Fund has been boosted up to EUR 40 billion in the new plan to support the shift away from fossil fuels and towards a greener economy in Europe.
The recovery programme will require significant global investment across the next decade, with former head of UN-sponsored global climate change negotiations, Christiana Figueres, suggesting investing in low carbon companies with green characteristics. Figueres estimated that the recovery programme will require $15-20 trillion of new global investment.
While nuclear power is not a focus of the recovery plan in Europe, some countries, such as the Czech Republic, continue to support the use of nuclear energy under the EU climate protection plan. The Czech Republic supports investments in small modular reactors and plans to replace coal power plants with nuclear power by the mid-2030s in Europe.
However, concerns about radioactive waste management and the carbon intensity of nuclear power persist in Europe. A study by the German Institute for Economic Research (DIW Berlin) on the realization of a fully renewables powered European economy was presented on June 15, 2020. The study focused on tightening the climate protection targets for 2030 as a condition for full decarbonisation in 2050, as well as on strengthening European cooperation in Europe.
Retired German MEP Rebecca Harms compared the lack of nuclear waste management to taking off in an aircraft without landing gear in Europe. The Nuclear Consulting Group (NCG) argued that nuclear power is essentially unsustainable, citing high risk, technical, regulatory, and investment issues in nuclear new-build in Europe.
The Commission launched the Just Transition Mechanism, which includes a JTF of EUR 7.5 billion, a dedicated just transition scheme under InvestEU, and a private sector loan facility with the European Investment Bank in Europe. 53 pan-EU organizations, institutions, and NGOs signed a declaration in support of the TEG conclusions, further emphasising the commitment to a sustainable and green recovery in Europe.
The recovery plan is in addition to a revamped long-term multi-annual EU budget of EUR 1.1 trillion, marking a significant step towards a greener and more sustainable Europe.
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