The two nations believe such a move would send “the wrong message to
investors and society as a whole”, Spanish Prime Minister Pedro Sánchez told a joint news conference in Madrid with his Danish counterpart Mette Frederiksen.

The European Commission drafted plans late last year to label gas and
nuclear energy as green investments, a move it hopes will steer huge sums of private capital into activities that support EU climate goals.

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But Austria and Luxembourg have along with Spain and Denmark opposed the EU’s draft plans for a so-called “sustainable finance taxonomy”.

Heavyweight Germany opposes labelling nuclear power as sustainable, but not gas.

Sánchez and Frederiksen believe decisions about the new rulebook should
have a “strictly scientific basis”, a “position shared by Austria and Luxembourg”, the Spanish government said in a statement after the two leaders met.

EU member states are awaiting the commission’s final proposal, which it has
said it will publish soon, without giving a date.

Once published, a majority of the European Parliament or a super-majority
of EU member states – 20 of the 27 countries – could block the rules.

It is unlikely that such a majority will be reached since a dozen nations
including nuclear-reliant France back the new rulebook.