Investor coalition leaders oppose inclusion of gas in UK’s green taxonomy
In an open letter to the UK prime minister, leaders of three investor coalitions – the Institutional Investors Group on Climate Change (IIGCC), Principles for Responsible Investment and the UK Sustainable Investment and Finance Association – have opposed the possible inclusion of gas in the UK's green taxonomy. The leaders warn that even though gas could be critical in catalysing the transition, referring to it as a “green energy source” might be problematic. Stephanie Pfeifer, IIGCC CEO, said the fundamental objection to natural gas being included in the taxonomy is that it is “not green”. She added: “The taxonomy is meant to be a science-based tool to define ‘green activities’ and thereby provide clarity to investors over which of their investments – both current and prospective – can be considered green. There may be a legitimate role for natural gas as a ‘bridge’ during the energy transition, but this should not be interpreted as gas equating to green.”