EU Removes Fossil Fuel Exclusion from Sustainable Finance Rules During Record Heatwave
By
Ingmar Rentzhog
Summary
The EU Council revised its Sustainable Finance Disclosure Regulation (SFDR) to remove the exclusion that prevented fossil fuel expansion from qualifying as "sustainable" investments. This decision, which allows oil and gas companies expanding their fossil fuel operations to be labeled as green investments, was made during Europe's most severe heatwave on record. The regulation ignores Scope 3 emissions (the bulk of oil company emissions), effectively enabling fossil fuel expansion to qualify for transition funds. The timing coincided with record-breaking temperatures across Europe, including France's hottest day since 1947.
Source
bskyEU Removes Fossil Fuel Exclusion from Sustainable Finance Rules During Record Heatwaveforbes.comKey quotes
· 3 pulledThe Council's Sustainable Finance Disclosure Regulation (SFDR) revision drops the exclusion that kept fossil fuel expansion out of Europe's transition funds.
The decision landed in the middle of the continent's most severe heatwave on record.
On June 24, as a heatwave that the World Weather Attribution group of scientists described as...
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