By Kate Abnett

BRUSSELS, (Reuters) – The European Commission will finish its much-anticipated rules next year on gas and nuclear energy being climate-friendly investments as part of EU green finance rules. This was announced Monday by its chief environment policy officer.

European Union executive Commission are considering including nuclear in their “sustainable financing taxonomy”, an instrument that restricts which investments can be called climate friendly.

Virginijus Sinkevicius (EU environment commissioner) said that they would most likely have a discussion tomorrow at college. That will eventually lead to… approval next year.

Prior to the Commission publishing its proposed rules, they must be shared with members states and their expert advisors, who are experts from finance, industry, and civil society.

The Commission expects to begin consultation before the end the year. If this happens, the proposal will not be released until January 2022.

A spokesperson for the European Commission said that the “proposal on taxonomy” would be kicked off when the time comes before the end. This was stated at a briefing held on Monday.

Although the Commission was planning to adopt climate in its taxonomy, it has failed to resolve divisions between EU member states. These countries disagree over whether nuclear and gas help to prevent catastrophic climate change.

A majority of EU member countries and the European Parliament can block any proposed rule once it is published.

Brussels’ decision regarding nuclear and gas has been met with intense lobbying by EU countries. Some argue that gas investment is necessary to reduce the pollution of coal, while others say labelling fossil fuels as green could undermine credibility and weaken the EU’s role in combating climate change.

The issue of nuclear energy is also controversial. France, Poland, and Czech Republic all believe that nuclear energy’s low emissions of CO2 make it crucial for transitioning to greener energy. Germany, Luxembourg, Austria and Austria are all opposed due to concerns about radioactive waste.

EU taxonomy won’t ban investment in activities that are not “green.” By limiting green labels to activities that can be deemed climate-friendly, however, the EU hopes to encourage cash flow into low carbon projects. It also tries to stop investors and companies making unsubstantiated environmental claims.