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EU set to deny gas power plants a green energy.economictimes)
investment label - draft
The landmark EU rules, due to be finalised this year, 15 countries have signed the world’s
will force providers of financial products to disclose biggest free trade deal
from the end of 2021 which investments meet After eight years of negotiations, 15 countries signed
climate criteria, and can therefore be marketed as the world's biggest free trade deal over a video link
"sustainable". on the final day of the 37th ASEAN Summit. The
The aim is to steer billions of euros in much- Regional Comprehensive Economic Partnership
needed private funding into low-carbon projects (RCEP) includes Australia, China, Japan, New Zealand
to help the EU hit ambitious climate goals, and and South Korea as well as the 10 countries making
limit so-called greenwashing by stopping the up the Association of Southeast Asian Nations
labelling of investments that do not meet the (ASEAN) including the Philippines and Indonesia.
criteria as "green". Once it is ratified, the historic trade deal is set to
The draft rules say that to be classed as a reduce tariffs and strengthen supply chains. It will
sustainable investment - one that makes a also focus on e-commerce and enhance online
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"substantial" contribution to curbing climate change consumer and personal protection information
- gas power plants must not produce more than and transparency, as well as introduce simplified
100 grams of CO 2 equivalent per kilowatt hour. The customs procedures and paperless trading.
draft rules would label certain pipeline investments The combined GDP of the 15 signatories was $26.2
as sustainable - including refurbishments to enable trillion last year, or 30% of global GDP while they
gas pipelines to carry more low-carbon gases like accounted for approximately 28% of the world's
hydrogen, or repairs to plug methane leaks.(Source: economic output. Their collective population is

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