Facing Economic Disaster, EU Declares Oil And Gas Are No Longer ‘Fossil Fuels’
As Europe faces economic catastrophe due to the shutdown of most of its businesses and industries, EU officials have decided to protect cheap oil and gas from green campaigners who are trying to shut down all industries that continue to use fossil fuels (Net Zero).
Investors, politicians and campaigners have hit out at EU regulators’ “ludicrous” exclusion of oil and gas from a definition of fossil fuels, arguing it will lead asset managers to understate their environmental risks.
Under draft proposals for the EU’s sustainable disclosure regime, the European authorities responsible for banking, insurance and securities markets define fossil fuels as only applying to “solid” energy sources such as coal and lignite. […]
The latest EU proposals represent a significant watering down of its ambitious sustainable disclosure rules, which aim to give end investors clear information on the environmental, social and governance risks of their funds.