(Bloomberg) --
The European Union’s 28 states failed to reach agreement on landmark regulation for green finance, tripping up the bloc’s attempts to be a leader in the field.
Envoys meeting in Brussels on Wednesday rejected a deal with the European Parliament on how to define green investments, according to two officials who asked not to be identified because the discussions are private. Countries that support the inclusion of nuclear energy on the list wanted to revise the text, one of them said.
The EU’s list of sustainable activities for investment purposes, dubbed “taxonomy,” is the centerpiece of its push to regulate the fast growing market of green finance. It’s meant to define what’s green and what’s not, an effort that could find a range of uses and serve as an example for governments around the world.
France and a number of eastern European countries including Romania and Bulgaria opposed the deal reached last week, according to Sven Giegold, a member of the Green Party in the EU parliament.
“Nuclear energy in sustainable financial products would destroy the trust of investors in many countries,” he said in a statement. “France should end its blockade and withdraw its request for further negotiations.”
National governments will try to agree on a new position on Monday and potentially seek further talks with lawmakers, according to the officials. Despite the EU’s vocal support for the fight against climate change, agreements on the concrete rules often get held up by national interests.
©2019 Bloomberg L.P.
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