9 Amendments of Paul TANG related to 2021/2184(INI)
Amendment 9 #
Motion for a resolution
Citation 14 a (new)
Citation 14 a (new)
— having regard to the ECB economy-wide climate stress-test of September 202114a _________________ 14a https://www.ecb.europa.eu/pub/pdf/scpops /ecb.op281~05a7735b1c.en.pdf
Amendment 72 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas 25 big European banks, including those having made net-zero pledges, invested EUR48 billion in companies that seek to develop new fossil fuel production; whereas the IEA showed that to reach the goals of the Paris agreement and the EU climate law no new fossil fuel projects should be developed;
Amendment 73 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas the ECB concluded that 150 banks (<10% of total banks) account for 30% of total exposures to climate transition risks and physical risks and account for 60% of total emissions in the euro area; whereas, without orderly and rapid action on climate change, these banks suffer significant transition risks and would be five times more vulnerable than other banks to defaults in their portfolio as a result of climate change;
Amendment 74 #
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas the main physical risks identified in the ECB's economy-wide climate stress test are the risks of wildfires, which is unequally distributed in the euro area; whereas transition risks due to exposures in high-emitting industries are more equally spread in the euro area;
Amendment 112 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Is concerned that climate risks on bank’s balance sheets may over time put banks in financial difficulty, considers that these risks should be brought down to prevent bank bailouts by taxpayers;
Amendment 215 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Worries about an increase in NPLs due to stranded investments in fossil fuels; calls for the early identification and proactive management of such at-risk assets; encourages the Single Supervisory Mechanism to continue and strengthen work in this direction;
Amendment 238 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that the transition to a low- carbon economy presents new challenges and risks related to the preference for sustainable investments; stresses the need for an in-depth analysis of the economic efficiency of sustainable investments in order to avoid a future bubble of green asat the risks of transition become higher the longer we wait with necessary fossil fuel divestments; underlines that the ECB found that 'climate change represents; calls for clear guidelines for banks based on economic data a major source of system risk' and that the economic cost of inaction is some 8pp of GDP higher than the cost of transition;
Amendment 246 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Highlights the importance of credit ratings to optimise bank lending; seeks to ensure the integration of climate related risks in corporate credit ratings and calls on the Commission to come forward with a legislative proposal to improve the integration of all types of risks in credit ratings;
Amendment 248 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12 b. Calls on the SSM to ensure macroeconomic risks are properly analysed and reduced by placing the ten percent of banks accountable for most greenhouse gas emissions under enhanced supervision; calls for the SSM to report to the European Parliament on this list of banks and on their transition plans to reduce their exposure to transition risks and physical risks;