Activities of Lieve WIERINCK related to 2018/2007(INI)
Shadow reports (1)
REPORT on sustainable finance PDF (503 KB) DOC (80 KB)
Amendments (19)
Amendment 3 #
Motion for a resolution
Citation 3 a (new)
Citation 3 a (new)
- having regard to the HLEG final report of January 2018 entitled ‘Financing a Sustainable European Economy’,
Amendment 23 #
Motion for a resolution
Citation 32
Citation 32
— having regard to the Bankwatch Network briefing of May 2017European Investment Bank (EIB) 2016 Statistical Report, which foundshows that in 16 EU Member States European Investment Bank (EIB) support for climate actionEIB support for climate action continues to reflect the different market contexts across the EU and did not reach even the level of 20 % in 16 EU Member States in 2016, and that while climate action investment in 2016 was predominantly located in the EU’s stronger economies, with 70 % of European Fund for Strategic Investments (EFSI) support for renewable energy being concentrated in Belgium, while 80 % of energy efficiency investment through the EFSI was allocated to France, Finland and Germany,the EIB financed renewable energy and energy efficiency projects in 18 Member States in 20161a; _________________ 1aEuropean Investment Bank 2016 Statistical Report, 27.04.2017.
Amendment 71 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses the potential of a faster green transition as an opportunity for orienting capital markets towards long- term, innovative and efficient investments; notes that environmental, social and governance (ESG) benefits and risks are notoftentimes not sufficiently reflected in prices and that this 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 84 #
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 andprinciple of sustainability; emphasises in that respect the instrumental role of economic, and 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;
Amendment 105 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Emphasises the massivepotential systemic risks that stranded carbon assets represent to financial stability; stresses the need for the identification and mandatory reporting of these assets as essential to the orderly transition to climate-positive investments; calls fto explore the possibility of introduction ofing ‘carbon stress tests’ for banks and other financial intermediaries to determine the risks related to such stranded assets;
Amendment 106 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Emphasizes the potential risks to systemic shocks that could develop as a consequence of an abrupt shift in finance to sustainability; calls for the need to work towards a balanced, stable and gradual transition, that enables stakeholders to orientate themselves towards a higher degree of sustainability; emphasizes that sufficient access to capital plays an essential role in this process;
Amendment 128 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to lead a multi-stakeholder process to establish by the end of 2019 a robust and credible greensustainable taxonomy, including a ‘GreenSustainable Finance Mark’, through a legislative initiative;
Amendment 132 #
Motion for a resolution
Paragraph 6 – introductory part
Paragraph 6 – introductory part
6. Recommends that this taxonomy include three levels:be designed as a ‘meta’ framework onto which existing (and future) definitions that are used in a variety of contexts can be mapped, that provides a high level of granularity, enabling comparability of different standards and products, that is a continuously evolving tool, providing a neutral framework, developed by scientific, technical and financial experts;
Amendment 136 #
Motion for a resolution
Paragraph 6 – point 1
Paragraph 6 – point 1
Amendment 141 #
Motion for a resolution
Paragraph 6 – point 2
Paragraph 6 – point 2
Amendment 142 #
Motion for a resolution
Paragraph 6 – point 3
Paragraph 6 – point 3
Amendment 156 #
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; applaudwelcomes the inclusion in the IORPs Directive of recognition of stranded assets; asks for the transversal integration of sustainable finance criteria in all relevant legislation related to the financial sector;
Amendment 189 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Emphasises that disclosure is a critical enabling condition for sustainable finance; applaudwelcomes the work of the Taskforce on Climate-related Financial Disclosure (TCFD) and calls on the Commission and the Council to explicitly endorse its recommendations; urges the Commission to include mandatory disclosure in the framework of the revision of the Accounting Directive and the NFRD;
Amendment 207 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the European Supervisory Authorities (ESAs) to develop guidelines for model contracts between asset owners and asset managers, which would clearly incorporate the transmission of the beneficiary interest as well as clear expectations as regards the identification and integration of ESG risks on behalf of the asset manager; Calls on the EU institutions to ensure the allocation of sufficient funding to the ESAs to fulfill this task;
Amendment 213 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11 a. Calls on the ESA's to explore the option to develop a sustainability stress test;
Amendment 236 #
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 infrastructurenotes the existence of various methods for investors to establish sustainability criteria;
Amendment 262 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the Commission to establish a legally binding labelling system for personal bank accounts, investment funds, insurance, and financial products indicating their level of conformity with the Paris Agreement and ESG goals;
Amendment 286 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Notes that the EIB has a mixed recordis well on track concerning its commitment to the financing onf climate action; insists that the EIB should only agree to future lending that is compatible with a 1.5 °C climate limit;, exceeding its overall target of 25% in 20162a; calls on the EIB to continue supporting through its future lending the transition to a low- carbon and climate-resilient economy that is in line with EU policy objectives; _________________ 2aEIB Group 2016 Sustainability Report, 15.06.2017, p. 24.
Amendment 302 #
Motion for a resolution
Paragraph 19
Paragraph 19