Activities of Paul TANG related to 2021/0191(COD)
Plenary speeches (2)
European green bonds (debate)
European green bonds (debate)
Reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on European green bonds
Amendments (12)
Amendment 259 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) To facilitate the use of the EuGBS in third country jurisdictions and to encourage the development of high quality sustainable taxonomies in third country jurisdictions, bond proceeds allocated in third countries should be able to use a sustainable taxonomy from this jurisdictions on the condition that this taxonomy has been deemed 'equivalent' to the EU taxonomy. Equivalence should be established through a Delegated Act based on the advice of the Platform on Sustainable Finance.
Amendment 276 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) The European Central Bank (ECB) adopted, on 8 July 2021, a climate roadmap to further incorporate climate change considerations into its monetary policy framework and in its operations in the areas of disclosure, risk assessment, collateral framework, and corporate sector asset purchases. The European Green Bond Standard can be a very useful tool in this regard, allowing the ECB to integrate better climate risks in its prudential and collateral framework, for example by reducing the haircut when taking European Green Bonds as collateral or by looking at the green asset ratio when determining Pillar 2 capital requirements.
Amendment 309 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) The transition to a climate-neutral economy may have social and economic effects. To ensure a Just Transition and generate public support for the green transition, investments financed by European Green Bonds should be stimulated to generate concrete positive social impacts. Examples include but are not limited to the provision of new jobs, re-skilling and local infrastructure to communities affected by the transitioning of economic activities. To promote awareness of such social impacts and the importance of the Just Transition, information of a sustainable bond's social impact should be included in the sustainable bond impact report.
Amendment 326 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) Since this Regulation creates a framework that allows for the designation of government debt as environmentally sustainable, financial undertakings disclose their exposure to environmentally sustainable government debt within their Green Asset Ratio as stipulated by the delegated act under article 8 of Regulation (EU) 2020/852. To integrate sovereign exposures in the nominator and denominator of the Green Asset Ratio, that Regulation should be amended.
Amendment 336 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point c
Article 2 – paragraph 1 – point 3 – point c
(c) in the case of a federal State, a member of the federation including a government department, an agency, or a special purpose vehicle of that member;
Amendment 371 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Where proceeds from a European green bond are allocated by means of financial assets eitherto fixed assets as referred to in Article 4(1), point (a), to capital expenditures as referred to in Article 4(1), point (b), or to operating expenditures as referred to in Article 4(1), point (c), the defined period of time referred to in paragraph 1, first subparagraph, shall start from the moment of the creation of the financial asset.
Amendment 405 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Taxonomy equivalence 1. Upon a recommendation of the Platform on Sustainable Finance, the Commission may adopt delegated acts in accordance with Article 60 in order to supplement this Regulation by stipulating that a third-country taxonomy is equivalent to the EU taxonomy. 2. The delegated acts referred to in paragraph 1 shall allow for the use of an equivalent third-country taxonomy when allocating proceeds of an EuGB to projects in that third country. The equivalent third-country taxonomy shall not be used for projects taking place in the Union or in a different third country.
Amendment 417 #
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. By way of derogation from paragraph 3, every allocation report from issuers that are financial undertakings that allocate proceeds from a portfolio of several European green bonds to a portfolio of financial assets as referred to in Article 5 shall be subject to a post- issuance review by an external reviewer. The external reviewer shall pay particular attention to those financial assets that were not included in any previously published allocation report.
Amendment 428 #
Proposal for a regulation
Article 9 – paragraph 8
Article 9 – paragraph 8
8. Where bond proceeds are allocated to tax relief as referred to in Article 4(2), point (c) or subsidies as referred to in Article 4(2), point (d), the post-issuance review shall only assess compliance with Articles 4 to 7 of the terms and conditions under which those expenditures or transfers have been disbursed, based on the information provided to the external reviewer.
Amendment 476 #
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
External reviewers tshall not provide services other than assessment activities shall ensure that those other services do not create conflicts of interest with their assessment activities concerning European green bonds. Such external reviewers shall disclose in their pre-issuance and post-issuance reviews any other services provided for the assessed entity or any related third partyconcerning European green bonds.
Amendment 498 #
Proposal for a regulation
Article 63 a (new)
Article 63 a (new)
Article 63a Amendment to Regulation (EU) 2020/852 Article 8 of Regulation (EU) 2020/852 is amended as follows: (1) the following paragraph is inserted: ‘3a. As from … [one year after the date of entry into force of Regulation XXX], financial undertakings shall disclose information pursuant to paragraph 1 of this Article by including exposures to central governments, central banks and supranational issuers.’; (2) paragraph 4 is replaced by the following: ‘4. The Commission shall adopt a delegated act in accordance with Article 23 to supplement paragraphs 1 and 2 of this Article to specify the content and presentation of the information to be disclosed pursuant to those paragraphs, including the methodology to be used in order to comply with them, taking into account the specificities of both financial and non-financial undertakings and the technical screening criteria established pursuant to this Regulation. The Commission shall adopt that delegated act by 1 June 2021. The Commission shall update that delegated act in accordance with paragraph 3a no later than ... [one year after the date of entry into force of this Regulation].’.
Amendment 510 #
Proposal for a regulation
Annex III – point 4 – indent 3 a a (new)
Annex III – point 4 – indent 3 a a (new)
– [information about whether and how the project has contributed to the Just Transition, such as by providing new jobs, re-skilling and local infrastructure to communities affected by the transitioning of economic activities, Where this information is not available at project level, this must be justified]