12 Amendments of Pirkko RUOHONEN-LERNER related to 2018/2007(INI)
Amendment 49 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas sustainable financing must at the same time take into account a number of market failures, such as (1) negative externalities affecting the environment, (2) the systemic risk to financial and capital markets (lying in the possibility that the buck may stop with the taxpayer once the entire financial sector is threatened), (3) society's need to fund investment in clean energy and green solutions (based on the positive externalities of innovation, which mean that their funding is too low), and (4) the lack of funding due to asymmetric information;
Amendment 61 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses the potential oflimited possibilities presented by a faster green transition as an opportunity forin order to orienting capital markets towards long- term, innovative and efficient investments; notes that environmental, social and governance (ESG) benefits and risks are not reflected, because of which they should be fully introduced; notes that the best way to take into account environmental, social and governance (ESG) benefits and risks is, on the basis of environmental and other policies, to incorporate them directly into prices and that thisasset values; since this is mostly not being done, the current situation provides a market advantage to unsustainable and short-termist geared finance; stresses that a political and regulatory framework to govern sustainable finance is overdue;
Amendment 75 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Recalls that private investment in green-economy undertakings was extremely strong before the financial crisis, at a time when oil prices stood at record levels, and that, despite low interest rates, the risks associated with financial markets and economic development are still considered too high on the financial markets for private financing to be channelled sufficiently into long-term sustainable investments;
Amendment 83 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that the financial sector as a whole and its core function of allocating capital to benefit society should be governed by the values of equity and sustainability; emphasises in that respect the instrumental role of economic, fiscal and monetary policy in fostering sustainable finance by facilitating capital allocation to decarbonised and resource- efficient economic activities which are able to reduce the current need for future resources and thereby capable of meeting EU sustainability goals; insists that a substantial price for greenhouse gas emissions is a key component of a functioning and efficient environmental and social market economy, which is why it is high time to discontinue the free allocation of greenhouse gas emission allowances and to do away with all support which promotes carbon dioxide emissions;
Amendment 97 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Emphasises the massive systemic risks thatat, although value is still attached to carbon investment on the balance sheets of undertakings, the situation may be different in the future, once the transition to a low-carbon society has been achieved; after the transition, stranded carbon assets may represent to financial stabilitya massive systemic risk to financial stability if undertakings and financial institutions do not wake up to the situation in time; stresses the need for the identification and mandatory reporting of these assets as essential to the orderly transition to climate-positive investments; calls for the introduction of ‘carbon stress tests’ for banks and other financial intermediaries to determine the risks related to such stranded assets;
Amendment 113 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls on the Member States, in coordination with the Commission and the EIB, to evaluate their national and collective public investment needs to ensure that the EU is on track to meet its climate change goals within the next five years, and to take into account sustainability in all public investments;
Amendment 116 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Calls on the Member States to assess the cost and funding of the necessary national and municipal public investment, with a view to ensuring that the ample funding available for investment is used where the need for, and the returns on, sustainable investment are greatest, whether to repair mould-infected local-authority schools or to modernise water treatment technologies;
Amendment 149 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the recent inclusion of sustainability issues in the PRIIPs and STS Regulations, as well as in Shareholders Rights Directive and the NFRD; stresses, however, the need to ensure comparability of the risks associated with products by separating financial risks from environmental risks; applauds the inclusion in the IORPs Directive of recognition of stranded assets; asks for the transversal integration of sustainable finance criteria in all legislation related to the financial sector, but without jeopardising the ability of consumers to evaluate the yields and risks associated with their investments;
Amendment 162 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Asks the Commission to adopt a regulatory strategy aimed inter alia at measuring sustainability risks within the framework of capital adequacy rules; stresses that capital adequacy rules must be based on and fully reflect demonstrated risks; aims to initiate an EU pilot project within the next annual budget to begin developing methodological benchmarks for that purpose; stresses, at the same time, that concern for sustainable financing must not undermine efforts to restore financial stability, or for deepening integration and increasing the level of EU spending, but that in all action, including the use of EU funds, an effort should be made to improve the allocation of resources, in order to safeguard the environment and save resources;
Amendment 211 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Calls on the European supervisory authorities to formulate guidelines on the collection of statistics on the identification and integration into financing of environmental, social and governance risks, and calls for statistics to be published wherever possible;
Amendment 228 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Calls on national banking and financial market authorities to draw up clear and concise instructions on how the new classification system and other changes associated with this legislation can be implemented without this generating unavoidable costs and delays;
Amendment 234 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Notes the urgent need for a uniform standard for green bonds; insists that such green bonds should include periodic reporting on the environmental impacts of the underlying assets; underlines that green bonds should also respect negative criteria and must not include any form of fossil fuel asset, nuclear power or investment in aviation infrastructure; points out that such efforts should not be jeopardised by giving Eurobonds a green veneer;