Net-Zero Alliance Plans to Reject Gas, Nuclear as Green Assets

The European Union will likely face investor backlash if it includes natural gas and nuclear energy in its green rulebook, known as the EU taxonomy.

The United Nations-convened Net-Zero Asset Owner Alliance, which is part of the widerfinance industry’s $130 trillion climate agreement announced last week, wrote in a document that hasn’t been finalized that it would oppose such a decision. Instead, fossil fuels should go into an extension or separate piece of legislation for transition technologies, the group said.

“The Alliance supports a taxonomy that is credible, usable, as well as science- and evidence-based,” according to the ...