Germany at the end of 2021 switched off three of its remaining six nuclear power stations, but celebrations among its deeply nuclear-sceptic population and politicians were short-lived.

That was because the European Commission on New Year’s Eve presented a proposal to include atomic power and fossil gas in its so-called taxonomy, a mechanism to label financial products as sustainable.

The taxonomy is supposed to foster investments into green energy, but it may also be a gate-opener for future state aid.