Written Question: EU taxonomy legislation and its impact on investments in gas and biofuels
(Source: European Parliament)
Date Submitted: 12 May 2021
Question for written answer E-002611/2021
to the Commission
Maria Spyraki (PPE), Vangelis Meimarakis (PPE)
Subject: EU taxonomy legislation and its impact on investments in gas and biofuels
EU taxonomy legislation is ‘locomotive’ legislation for financial markets as it lays down the criteria for sustainable investments, thus determining the long‑term feasibility of energy investments in the EU and directly affecting the strategic decisions of the private sector. It is therefore important to swiftly establish a robust framework to ensure stability and predictability for investors. Furthermore, EU taxonomy legislation has a significant impact on the classification of investments in renewable energy sources, and as such it is a priori affected by the upcoming revision of the Renewable Energy Directive (RED II).
In view of the above, can the Commission answer the following questions:
1. When does it intend to proceed with the relevant legislation to establish the role of gas as a ‘transitional fuel’ that collectively contributes to the 2030 climate target, as per the 10‑11 December 2020 European Council conclusions?
2. Given that there are extended investments in biofuels, especially first‑generation biofuels, how will the Commission facilitate the repurposing or retrofitting of existing infrastructure to future‑proof it and make it fit for biomass and second‑generation biofuels?