Restricted perimeter
Not all activities in the nuclear sector are recognized in the list of investments that can benefit from the advantages of green finance (EU taxonomy).
This concerns the construction of new power plants for the production of electricity and work for the extension of existing power plants, as well as research with a view to developing technologies that minimize waste.
But the management of the fuel cycle (extraction and enrichment of uranium, processing of spent fuel, burial), central element of the value chain, is not mentioned.
Deadlines
The draft text sets a deadline for the recognition of nuclear power, a low-carbon technology but considered only as a "transitional" solution to global warming, in the same way as gas.
Only renewable energies (wind, photovoltaic, etc.) are classified in the category of "sustainable" investments, which remain the priority objective of European energy policy.
For new nuclear power plants, this “transitional” recognition will concern projects that have obtained a building permit before 2045. Extensions of existing power plants must have been authorized by 2040.
These limits are intended to encourage the use as soon as possible of future 4th generation reactors, expected in the decades to come, which are safer and considerably limit the production of waste. A review clause is provided: the deadlines must "be reviewed according to progress in the development of these technologies", it is specified.
Best available technologies
The "green label" can only be granted to nuclear projects implementing the best available technologies. The new plants concerned will therefore be at least 3rd generation (like the French EPR of Framatome-Siemens).
To be recognized in the EU taxonomy, all power plant projects (construction or extension) will in particular have to use new accident-tolerant fuels.
If the French Nuclear Energy Company (Sfen) recognizes the interest of this innovation in terms of safety, it nevertheless considers that it "cannot be a requirement" insofar as these fuels are still at the R&D stage, with a deployment schedule that remains uncertain. This condition is likely to destroy the interest of taxonomy for the sector, according to some experts.
Waste management and dismantling
Paradoxically, although not recognized in the activities benefiting from the "green label", the management of waste treatment and storage, as well as the dismantling of end-of-life facilities, is one of the criteria required for construction and renewal projects. of power stations.
These constraints include, for the Member States hosting these projects, the existence of a management plan for all types of waste, radioactive or not, as well as the reuse of spent fuel as much as possible.
But also a detailed project to have by 2050 storage facilities by burying high-intensity nuclear waste, some of which remain dangerous for 100.000 years. A financing plan for these devices is also required.
Brussels control
Each project for a new power plant or extension of an existing power plant must be notified to the European Commission, which will analyze its compliance with the set criteria. It must also be the subject of a detailed report sent to Brussels every five years to take stock of its progress.
Thus, the European executive is giving itself new prerogatives which risk proving to be redundant with those of the national safety authorities and undermining the sovereignty of States in energy matters.
Transparency
All investors will have to publish the share of their activities in the nuclear sector. This provision will allow financial players who so wish to create "green" investment products guaranteed to be nuclear-free.