Major banks exclude nuclear energy from green bond criteria despite EU’s labelling it as sustainable

LONDON/BRUSSELS - None of the world’s 30 major banks have explicitly included nuclear energy in their criteria for issuing green or sustainability-linked bonds, researchers said on Thursday, despite an EU decision last year to label it as sustainable.that can be labelled and marketed as green. The move aimed to guide investors towards climate-friendly technologies, but split EU countries who disagree on atomic energy’s green credentials.

Of those banks, 17 had explicitly excluded nuclear energy from their green financing frameworks, while 12 had frameworks that were silent on nuclear, and one had no such framework, the researchers said. Green bond issuance hit a record high globally in both the first and second quarters of 2023, Refinitiv data showed.

Nuclear energy does not produce climate-damaging CO2 emissions in the same way that fossil fuels such as oil and gas do, but it does produce radioactive waste.

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