BRUSSELS/LONDON (Reuters) – The gas and nuclear industries have ramped up lobbying to secure last-ditch changes to European rules defining which investments are sustainable, fearing that exclusion from a new “green” list could deprive them of billions of dollars of funding.
The climate section of the EU’s Sustainable Finance Taxonomy is due to be finalised this year and it could prove crucial as nuclear power and most natural gas plants and pipelines were excluded from a provisional list published in March.
By forcing providers of financial products to disclose which investments meet climate criteria from the end of 2021, the new EU green finance rules are designed to channel cash towards projects that support the bloc’s climate goals.
In the four months since the rules were published, gas and nuclear industry representatives held 52 meetings – in person or virtually – with EU officials, according to EU logs analysed by non-profit Reclaim Finance and shared exclusively with Reuters.
Overall, industry representatives have held a total of 310 meetings with EU policymakers since the start of 2018, according to the data based on transparency filings published by July 8.
Nuclear groups in particular have stepped up their lobbying, Of the 36 meetings they’ve held over the past two-and-a-half years, 10 have taken place since March.
Brussels is facing calls to use the rules to guarantee spending from its 750 billion euro ($888 billion) COVID-19 recovery fund goes to green projects. The money starts flowing in 2021, meaning any delay to the rules could thwart this plan.
‘NEED TO BREAK FREE’
Climate campaigners urged the EU not to bow to pressure from the oil and gas industry as the stakes were too high.
“If EU institutions and member states are serious about building a sustainable Europe that confronts the climate emergency, they need to break free from fossil-fuel lobbyists,” said Paul Schreiber, a campaigner at Reclaim Finance.
One of the main gripes of both energy industries is that they were locked out of the group of finance experts that came up with the proposals released in March.
A new EU sustainable finance platform will take over as the European Commission’s advisor on taxonomy next month – and both industries are jostling to be included on the panel.
Rebecca Vaughan, an analyst at InfluenceMap, a non-profit whose lobbying data is used by investors, said the platform was probably the gas industry’s “last shot” at changing the rules.
All four gas and nuclear lobby groups interviewed by Reuters have applied to be part of the sustainable finance platform, along with more than 500 other applicants.
The current expert group – whose 35 members include asset managers, non-governmental organisations, banks and two energy industry representatives – has said gas power plants should only be labeled “sustainable” if they meet strict emissions limits.
Experts say those limits would certainly be breached unless the industry captures the greenhouse gases it produces while “green” hydrogen could play a significant role.
Investments to expand gas pipelines would also not be labeled sustainable, though infrastructure earmarked for the use of hydrogen generated with renewable energy could be.
‘TRANSITIONAL ACTIVITIES’
The International Association of Oil & Gas Producers (IOGP), Eurogas and FuelsEurope lobby groups all told Reuters the sustainable finance rules should acknowledge more incremental cuts in emissions.
“The report was drafted, in a way, like we need to transition tomorrow,” said Kamila Piotrowska, IOGP senior manager for policy strategy. “This is a journey and we need these transitional activities.”
They want the taxonomy to include a list of so-called transitional activities, including gas power plants, which some EU member states are looking to use as they move away from a heavy dependence on more-polluting coal-fired power stations.
Lobby groups, including Eurogas, also want pipelines to be classed as sustainable, if they can be converted to low-carbon gas at some point in future.
“There’s a real danger that that means the existing (gas) plants in Europe could be deemed not sustainable and therefore unable to raise any finance for anything,” said John Cooper director general of refining industry association FuelsEurope.
FuelsEurope and IOGP have also asked the Commission to consider extending the deadline for companies to comply.
Asked whether transitional activities might be included, a European Commission spokeswoman said in an emailed statement to Reuters that it was exploring all the arguments on what should be included, based on the recommendations of its expert group and feedback from the industry.
‘IT’S TOO LATE’
The EU’s expert group says its criteria are science-based and designed to give incentives to bring about the rapid emissions cuts needed to give the world a chance of avoiding catastrophic climate change.
“A lot of people still think the transition is about incremental small steps, and it’s too late for that, unfortunately,” said Helena Vines Fiestas, global head of stewardship and policy at BNP Paribas Asset Management and a member of the expert group.
Nuclear industry groups say the energy deserves a sustainable label, based on its low carbon emissions and existing secure waste disposal sites.
They fear that if nuclear isn’t deemed sustainable, the cost of capital for power plants will rise – a concern for an industry where flagship projects, such as Britain’s Hinkley Point C reactor, are struggling with spiralling costs.
To help get the message across, several nuclear lobby groups enlisted the help of the public, tweeting to encourage responses to an EU consultation in April on the proposed rules – and suggesting what to write.
That helped generate 126 responses to the EU consultation from concerned citizens asking for nuclear power to be termed sustainable – nearly a third of all the responses received, according to InfluenceMap analysis.
The expert finance group was split on how to brand nuclear power and the Commission has now asked its scientific arm to report on the issue next year.
Lobby groups told Reuters they were confident nuclear power would ultimately be considered sustainable, but they want the energy section of the taxonomy delayed until the report is done.
The spokeswoman for the Commission said it was still planning to finish the sustainable finance rules this year, though they could be amended at a later date to accommodate nuclear, depending on the outcome of the scientific report.
(Reporting by Simon Jessop in London and Kate Abnett in Brussels; Editing by David Clarke)
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
