Activities of Ernest URTASUN related to 2020/2058(INI)
Plenary speeches (1)
Sustainable Europe Investment Plan - How to finance the Green Deal (debate)
Shadow reports (1)
REPORT on the Sustainable Europe Investment Plan - How to finance the Green Deal
Amendments (42)
Amendment 53 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Sustainable Europe Investment Plan (SEIP) as central in ensuring the success of the Green Deal, the implementation of the Union’s climate commitments and the transition towards a more sustainable and resilient economy;
Amendment 64 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the Commission’s European Recovery Plan with the European Green Deal at its heart; endorses the underlying principle that public investments will respect the oath to ‘do no harm’ principle, but regrets that the Recovery Plan falls short of providing for genuine conditionalities related to the Union’s environmental objectives insofar the criteria for funding investments and reforms are not clearly defined and may allow the approval of recovery plans whereby sustainability is not a necessary condition to be met; emphasises that national recovery and resilience plans should put the EUnion on the path to a 50 % to 565 % reduction in greenhouse gas emissions by 2030 compared to 1990 and climate neutrality by 2050 in line with the EU’s commitments under the Paris Agreement and the Climate Law;
Amendment 81 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the success of the EU’s aim to achieve climate neutrality will depend on the adequacy of the financing; recalls that according to the latest calculations of the European Commission, the total additional investments needed to reach the EU’s current 2030 climate and environmental policy goals are around €470 bn per year; recalls that these investments include an annual €240bn to meet the current 2030 climate and energy targets, €100 bn per year to deliver on Europe’s wider transport infrastructure and an additional €130 annually to reach other environmental objectives; highlights, moreover, that the Commission also describes these as conservative estimates, given a lack of data to accurately assess investment needs related to climate adaptation and restoration/preservation of ecosystems and biodiversity;
Amendment 120 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Questions whether the SEIP, as currently constituted, will enable the mobilisation of EUR 1 trillion by 2030 through the EU budget, given the negative economic outlook following the COVID- 19 crisis; requests the Commission to ensure full transparency on financing issues, such as the optimistic leverage effect or the lack of clarity over the extrapolations of certain amounts; furthermore questions how the new MFF as proposed by the Commission in its revised proposals of 27 and 28 May 2020 would enable the achievement of the SEIP targets;
Amendment 129 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Wishes to see it ensured that funding from the SEIP, at EU and national level, goes towards the policies and programmes with the highest potential to contribute to the fight against climate change, and looks forward to the Commission’s upcoming climate tracking methodology using appropriately the criteria established by the EU taxonomy; calls on the Commission to present, as committed, before the start of the next MFF, a Framework Regulation tracking relevant expenditure on environmentally sustainable economic activities, building on the EU Taxonomy; calls for this Framework Regulation to include, inter alia, a monitoring methodology, together with the corresponding corrective measures, including the phasing-out of direct and indirect fossil fuel subsidies, where relevant, and a proofing mechanism to identify potential harmful impacts of EU actions;
Amendment 145 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
Amendment 146 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to disclose the exposure of all MFF and Next Generation EU funds to the different EU taxonomy objectives and categories;
Amendment 147 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Emphasizes that the overarching objective of the SEIP should be to ensure a shift from unsustainable to sustainable economic activities; looks forward to the report that according to the Taxonomy Regulation the Commission has to deliver by end of 2021 outlining the modalities required for extending the Taxonomy scope to cover ‘brown’ activities; deems that such extension is instrumental for implementing the above-mentioned shift;
Amendment 149 #
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
Amendment 153 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Believes that public and private finance should adhere to the EU taxonomy andim to invest in economic activities in line with the EU taxonomy, with at least 50% of EU funds supporting Taxonomy compliant activities, and all finance should adhere to the Do Not Significantly Harm (DNSH) principle, asks for the adoption of a black list of excluded activities that may not benefit from the support of the SEIP such as fossil fuels and nuclear energy; calls therefore for these principle and related disclosure provisions to be added to the horizontal MFF regulation, in order to ensure that EU policies and financing, including the EU budget, the programmes financed through Next Generation EU, the European Semester and EIB financing do not contribute to objectives, projects and activities that significantly harmare consistent with the achievement of the Union’s climate, social orand environmental objectives;
Amendment 170 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for the immediate phasing-out of public and private investments, including those supported by the EU budget, in highly polluting and harmful industries, such as fossil fuels for which economically feasible alternatives are available, while fully respecting the rights of Member States to choose their energy mix;
Amendment 201 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines the fact that, in order to meet its obligations under the Paris Agreement, the EU’s contribution to the climate objectives should be underpinned by an ambitious share of climate-related expenditure in the EU budget, going much beyond the levels of targeted spending shares of at least 25 % over the MFF 2021- 2027 period and of 30% as soon as possible and at the latest by 2027; considers the EU budget should follow the spending target of the European Investment Bank of 50% to climate and environmental spending so as to be in line with the ambitious objectives set by the Climate Law; highlights that all MFF and Next Generation EU funds should be consistent with National Energy and Climate Plans (NECPs) and territorial Just Transition Plans where they are set up;
Amendment 213 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines the fact that, in order to meet its obligations under the Paris Agreement, the EU’s contribution to the climate objectives should be underpinned by an ambitious share of climate-related expenditure in the EU budget, going beyond the levels of targeted spending shares of at least 25 % over the MFF 2021-2027 period and of 30% as soon as possible and at the latest byand more concretely a biodiversity spending level of 10 % and an additional climate mainstreaming spending level of 30 % for 20271;
Amendment 215 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Underlines that the climate spending target should apply to all MFF- related funds including the Recovery and Resilience Facility and REACT-EU, and that all MFF and Next Generation EU funds should be consistent with the National Energy and Climate Plans (NECPs) and territorial Just Transition Plans where they are set up;
Amendment 222 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the proposal to top up the Just Transition Fund (JTF), including with additional funds from Next Generation EU, and the two additional pillars of the Just Transition Mechanism, namely a dedicated scheme under InvestEU and a public sector loan facility, which will contribute to alleviating the economic effects of the transition to climate neutrality on the most vulnerable regions in the EUbut underlines that additional funds will be needed in order to make sure it reaches all the workers who will be affected, directly and indirectly, by the transition, which accounts to around 11 million workers; insists that the amount must reach at least 10 billion € per year in the short term (Next Generation EU) but also in the longer term (MFF); welcomes also the two additional pillars of the Just Transition Mechanism, namely a dedicated scheme under InvestEU and a public sector loan facility, which will contribute to alleviating the economic effects of the transition to climate neutrality on the most vulnerable regions and citizens in the EU; notes that more clarity as to the eligibility criteria for funding should be made by ensuring delivery of the climate-neutrality target by the beneficiary of the funds by a set timeline aligned with Paris Agreement goals, as well as compliance with other environmental protection acquis objectives;
Amendment 239 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the proposal to top up the Just Transition Fund (JTF), including with additional funds from Next Generation EU, and the two additional pillars of the Just Transition Mechanism, namely a dedicated scheme under InvestEU and a public sector loan facility, which will contribute to alleviating the economic effeand social impacts of the transition to climate neutrality on the most vulnerable regions in the EU;
Amendment 242 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Stresses that a socially just transition will not be possible without a massive contribution of metropolitan areas, therefore considers that resources of the 2nd and 3rd pillars of the Just Transition Mechanism should be easily available for cities, to develop a large scale financial mechanism to help city- level climate and social efforts; points out that this may include directly accessible funds for, among others, housing policies, building renovation, retrofit and isolation programs, public transport projects, improving cities’ green infrastructure, the introduction of instruments of circular economy or sustainable water management projects;
Amendment 246 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Calls for ensuring that third countries are eligible for cross- border projects that contribute to the objectives of the Paris Agreement;
Amendment 259 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. WelcomNotes the role of InvestEU in the implementation and functioning of the SEIP and considers that it should be at the heart of the Union’s green, fair and resilient recovery; welcomes, therefore, the Commission’s proposal to increase the programme’s size and scope; calls on the InvestEU proposal and the type of activities to be financed to be fully in line with the Union’s 2030 climate commitments; welcomes the proposal to create a Strategic Investment Facility within InvestEU to promote sustainable investments in key technologies and value chains;
Amendment 311 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Reaffirms its previous position regarding candidates for new own resources, and calls on the Commission to propose new own resources which correspond to essential EU objectives including the fight against climate change and the protection of the environment; asks, therefore, for the introduction of new own resources based on the auction revenues of the Emissions Trading System, a contribution on non-recycled plastic packaging waste, the futurea Carbon Border Adjustment Mechanism, a Common Consolidated Corporate Tax Base or a precursor based on operations of large enterprises, a tax on digital companies,, a tax on digital presence of large companies, a kerosene tax and a financial transaction tax;
Amendment 312 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
Amendment 322 #
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Calls on all Member States to join the enhanced cooperation framework to implement a Financial Transaction Tax;
Amendment 338 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the efforts ofdecisions taken on 14 November 2019 by the EIB’s Management Board to align the EIB’s policies with the goal of limiting global warming to a maximum of 1.5°C above pre-industrial levels; welcomes the European Investment Bank (EIB) to revise itsd energy lending policy and to devote 50 % of its operations to climate action and environmental sustainability; calls on the EIB to commit to the sustainable transition towards climate neutrality while taking into account the different energy mixes of Member States and devoting particular attention to the sectors and regions most affected by the transition, calls for a concrete roadmap for reaching the 50 % granular target devoted to climate action and environmental sustainability by 2025, as well as guarantees for climate neutrality of the remaining lending following an open and transparent public consultation process;
Amendment 344 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Takes note of the EIB’s position paper of June 15th 2020 and reiterates its call for ambition and binding measures, in particular for conditioning support to phase out measures in line with the 2050 EU decarbonisation goals as well as strengthening of the eligibility criteria for climate action in order to avert the risk of investments not resulting in significant reductions in greenhouse gases (GHG); in addition, calls for all financial intermediaries receiving EIB funding to have a decarbonisation plan;
Amendment 351 #
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Recalls that the review of the EIB transport lending policy is a key priority and calls for the swift adoption of a new transport financing policy to support the decarbonisation of the EU transport sector by 2050 including by ending EIB support to aircrafts fuelled by kerosene and by linking EIB support to airports to the condition that airports do not increase capacity; calls for new policies to be implemented in the carbon-intensive industrial sectors in which the EIB is active, such as cement, petrochemicals and steel, focusing on the sustainability and transition of these sectors and on the promotion of a circular economy based on non-toxic material cycles, with a view to aligning all sectoral loans to achieving climate neutrality by 2050 at the latest; calls on the EIB to disclose annually the share if its assets that finances activities that qualify as environmentally sustainable according to the EU Taxonomy;
Amendment 354 #
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15c. Takes also note of the energy strategy adopted by European Bank for Reconstruction and Development (EBRD) in 2018, and its climate financing ratio of 46% in 2019;
Amendment 372 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recalls the statement of the ECB President that the ECB isaims at supporting the development of a taxonomy as a way of facilitating the incorporation of environmental considerations in central bank portfolios and as a way of swiftly rebalancing its carbon-intensive bond portfolio in the context of the Corporate Sector Purchase Programme (CSPP); calls on the ECB to evaluate the feasibility of including sustainability criteria in its collateral framework and its annual stress testing exercise, while assessing ways to guide lending towards energy transition investments and to rebuild a sustainable economy in the aftermath of the COVID- 19 crisis; calls on the ECB to disclose annually the share of its assets that finances activities that qualify as economically sustainable according to the EU Taxonomy;
Amendment 384 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Supports the calls from the European Central Bank and the Central Banks and Regulators’ Network for Greening the Financial System (NGFS) to extend the EU taxonomy to unsustainable economic activities as soon as possible; urges Commission to present a legislative proposal in this regard before the end of 2020;
Amendment 392 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Supports a renewed sustainable finance strategy; underlines the need for an evolving EU eco-label for financial products, for an binding EU Green Bond Standard (EU GBS), and for more reliable, comparable and accessible sustainability data obtained by harmonising sustainability indicators and creating a public sustainability data register; deems that a significant share of the EU bonds to be issued to finance the EU recovery plan should be issued in accordance with the EU GBS;
Amendment 401 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Calls on the Commission to propose the necessary legislative and non- legislative measures to incentivize sustainable retail investment, including standardised and accessible sustainability information disclosed for retail funds and measurement of their sustainability impacts on the ground;
Amendment 402 #
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
Amendment 412 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Insists on the integration of social objectives in the sustainability framework, including through an evaluation ofthe foreseen extendingsion the scope of taxonomy and the development of an EU Social Bond Standard;
Amendment 416 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Insists on the integration of governance objectives, in the sustainability framework, including through additional voting rights for long-term shareholders, reform of remuneration structures binding rules as regards gender parity and fiduciary duties for top-line management, and mandatory sustainability reporting and due diligence for financial institutions and large corporates; welcomes the preparation of a sustainable corporate governance initiative and the upcoming revision of the EU Non-Financial Reporting requirements; underlines that such revision should ensure a comprehensive an high quality sustainability reporting by private sector participants; calls on the Commission to table a legislative proposal on directors duties including mandatory sustainability strategies and measurable targets for large companies;
Amendment 429 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Recalls that investments in unsustainable economic activities maywill lead to stranded assets with lock-in effects; considers this risk to be insufficiently integrated in credit ratings and prudential frameworks; asks the Commission to put forward before the end of 2021 legislative proposals to upgrade the EU Banking Union rule book in order to fully integrate environmental risks, including risks related to stranded assets in the prudential framework and the supervisory review and evaluation process (SREP);
Amendment 446 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
Amendment 447 #
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Calls on the European Supervisory Authorities (ESAs) and the Single Supervisory Mechanism, together with national competent authorities (NCAs), to rapidly develop annual climate scenarios testing on financial institutions they supervise, as currently discussed notably in the NGFS, in order to understand where and how far climate-related financial risks sit in portfolios of relevant EU financial institutions;
Amendment 450 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Calls for the introduction of an enabling framework for public sustainable investments to achieve the goals set out in the European Green Deal, but stresses that whatever financing model is chosen must not undermineso as to spread public investment expenditures in sustainable economic activities through the life-cycle of corresponding gross capital formation; asks thereby the Commission to put forward legislative proposals on the EU fiscal rules with that purpose in the context of the 'six pack' and 'two pack' revision, points out that such revision is a necessary condition for ensuring the sustainability of public finance in the EU; supports the commitment by EVP Dombrovskis to explore how the EU Taxonomy canshould be used in the public sector; calls for public support for airlines to be used in a sustainable and efficient manneronsiders that such endeavour should lead to the adoption of binding targets and minimum thresholds; calls for public support for airlines to be conditioned to the adoption of decarbonisation plans and to commitments to support the Union’s climate objectives;
Amendment 484 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Recalls that the European Semester ishould be a framework for EU Member States to coordinate their budgetary and economic policies; believes that it ca revamped EU Semester framework should facilitate the implementation of the European Green Deal, the European Pillar of Social Rights and the UN Sustainable Development Goals (SDGs); believes that the SDGs and gender equality should be at the heart of EU’s policy making process; calls on the Commission to systematically issue country-specific recommendations to end environmentally harmful subsidies to Member States where these exist;
Amendment 515 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Supports the Solvency Support Instrument to level the playing field in the single market, and the introduction of ‘transition plans’ for certain companies to increase the sustainability of their activities; considregrets howevers that society cuch transition plans ask for a quid pro quo when providing support to companire not of a mandatory nature; considers that support to companies through SSI should be targeted to equity instruments such as preferred shares with warrants that would allow the instrument to reap benefits during economic upsides; believes that transition plans should be obligatory for companies seeking state aid or EU-level support unless it is clear that they do not engage inir investments are envtironmentally or socially harmful aely consistent with the achievement of the Union’s climate, social and environmental objectivities; urges the Commission to only approve transition plans that set businesses on the path to theinclude a binding and clear timeline towards a climate-neutral and circular economy without significantly harming any other environmental or social objectives;
Amendment 527 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Calls on the Commission to revise State Aid rules to set common minimum sustainability standards and to require large companies asking for support in high-carbon sectors to set and publish climate science-based targets and time- bound net-zero transition plans to align their operations with the Paris Agreement;
Amendment 538 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. InvitWelcomes the Commission to reviseplanned revision of the Energy Taxation Directive and coordinatefor 2021 and calls on the Commission to present a legislative proposal for a kerosene tax that could also feed into the EU budget;
Amendment 550 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Wishes it to be ensured that all contribute equitably to the post-corona recovery and the transition to a sustainable economy; seeks an intensified fight against tax fraud, tax evasion and tax avoidance and aggressive tax planning; calls on the Commission; calls on the Council to update the criteria of the Code of Conduct on Business Taxation to define what is a harmful regime in order to reflect recent developments; calls on the Commission to start infringement procedures against Member States presenting characteristics of aggressive tax planning and to create a blacklist of EU Member States facilitating tax avoidance; calls for an EU-level coordination to avoid, detect and investigate aggressive tax planning byschemes for individuals and corporations in Member States; seeks in this context an ambitious strategy for business taxation for the 21st century;