Activities of Damian BOESELAGER related to 2021/0191(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on European Green Bonds
Amendments (70)
Amendment 62 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down transparency requirements for bonds that are marketed in the Union as sustainable, stipulates uniform requirements for issuers of such bonds and issuers that wish to use the designation ‘European green bond’ or ‘EuGB’ for their environmentally sustainable bonds made available to investors in the Union, and establishes a registration system and supervisory framework for external reviewers of European green bonds and other bonds marketed as environmentally sustainable.
Amendment 64 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point f
Article 2 – paragraph 1 – point 3 – point f
Amendment 65 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5 a (new)
Article 2 – paragraph 1 – point 5 a (new)
(5a) 'bond marketed as environmentally sustainable' means a bond whose issuer provides investors with commitments or any form of pre- contractual claims that the bond proceeds are allocated to economic activities that contribute to an environmental objective.
Amendment 67 #
Proposal for a regulation
Title II – title
Title II – title
Conditions for the use of the designation ‘European green bond’ or ‘EuGB’ and for marketing other bonds as environmentally sustainable
Amendment 68 #
Proposal for a regulation
Article 3 – title
Article 3 – title
Designation of "European green bond" or "EuGB"
Amendment 69 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
The designation ‘European green bond’ or ‘EuGB’ shall only be used for bonds that comply with the requirements set out in this TitleRegulation until their maturity.
Amendment 71 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. BeforeUntil maturity of the bond, the proceeds of European green bonds shall be exclusively and fully allocated, without deducting costs, to the following, or a combination thereof:
Amendment 72 #
Proposal for a regulation
Article 4 – paragraph 1 – point c
Article 4 – paragraph 1 – point c
Amendment 73 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
For the purposes of this paragraph, capital expenditures shall mean either additions to fixed tangible and fixed intangible assets during the financial year considered before depreciation, amortisation and excluding any re- measurements, including the additions resulting from revaluations and impairments for the financial year concerned, and excludings well as fair value or any additions to fixed tangible and fixed intangible assets resulting from business combinations.
Amendment 74 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 2
Article 4 – paragraph 1 – subparagraph 2
Amendment 75 #
Proposal for a regulation
Article 4 – paragraph 2 – point c
Article 4 – paragraph 2 – point c
Amendment 76 #
Proposal for a regulation
Article 4 – paragraph 2 – point d
Article 4 – paragraph 2 – point d
Amendment 77 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. A European green bond may be refinanced by issuing a new European green bond provided that the use of proceeds of the refinanced bond comply with the requirements set out in Article 6 at the time of the refinancing.
Amendment 79 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The proceeds of the financial assets referred to in paragraph 1 shall only be allocated to fixed assets that are not financial assets as referred to in Article 4(1), point (a), capital expenditures as referred to in Article 4(1), point (b), or operating expenditures as referred to in Article 4(1), point (c).
Amendment 80 #
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. By way of derogation from paragraph 2, the proceeds of the financial asset referred to in paragraph 1 may be allocated to other financial assets provided that the proceeds from those financial assets are allocated according to paragraph 2 and that the final use of proceeds is clearly and unambiguously demonstrable to an external reviewer.
Amendment 82 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
1. The use of proceeds referred to in Article 4 shall relbe allocated to finance economic activities that meet the taxonomy requirements, or thato the transformation of existing economic activities so that they will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. Proceeds shall not be allocated or relate to transitional economic activities within the meaning of Article 10(2) of Regulation 2020/852 and activities referred to under Article 7(2a) of this Regulation.
Amendment 84 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
The taxonomy-alignment plan referred to in the first subparagraph shall describe in detail the actions and expenditures that are necessary for the transformation of an economic activity to meet the taxonomy requirements within the specified period of time.
Amendment 86 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 3
Article 6 – paragraph 1 – subparagraph 3
The period referred to in the first and second subparagraph shall not exceed five years from bond issuance, unless a longer period of up to ten years is duly justified by the specific features of the economic activities concerned as documented in a taxonomy- alignment plan.
Amendment 88 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
2a. The taxonomy-alignment plan referred to in paragraph 1 shall describe the annual intermediate steps to be achieved in order for an economic activity to meet the taxonomy requirements. Whether or not those steps are achieved shall be verified by the external reviewer. Where intermediate steps are not achieved twice in a row, the issuer shall no longer be authorised to use the designation of European green bond for the bond issuance concerned by that taxonomy alignment plan.
Amendment 89 #
Proposal for a regulation
Article 6 – paragraph 2 b (new)
Article 6 – paragraph 2 b (new)
2b. ESMA shall develop draft regulatory technical standards specifying the content and form of taxonomy- alignment plans and qualifying the circumstances where a longer period of up to ten years to meet the Taxonomy requirements is duly justified by the specific features of the economic activities concerned. ESMA shall submit those draft regulatory technical standards to the Commission by ... [12 months after the date of entry into force of this Regulation]. By ... [18 months after the date of entry into force of this Regulation] the Commission shall adopt delegated acts in accordance with Article 60 to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph. The power to adopt regulatory technical standards is conferred on the Commission subject to the conditions laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 91 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Where the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended following the issuance of the bond, the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. Five years after the entry into application of the amended delegated acts, the bond cannot retain its designation as a European green bond if the funds have not been fully allocated in line with the amended delegated acts.
Amendment 92 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 3
Article 7 – paragraph 2 – subparagraph 3
Where the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended following the creation of the debt referred to in the first subparagraph, the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. Five years after the entry into application of the amended delegated acts, the bond cannot retain its designation as a European green bond if the funds have not been fully allocated in line with the amended delegated acts.
Amendment 93 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
Amendment 94 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Issuers' related requirements 1. Non-sovereign issuers shall not use the ‘European green bond’ or ‘EuGB’ designation unless they demonstrate to the external reviewer that they have adopted credible and enforceable transition plans, in particular as regards the targets to reduce their scope 1, 2 and 3 greenhouse gas emissions in view of ensuring the alignment of the issuer’s business model with the objective of limiting global warming to 1,5°C above pre-industrial levels. 2. Non-sovereign issuers shall not use the ‘European green bond’ or ‘EuGB’ designation unless they demonstrate continued compliance with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill of Human Rights. 3. Non-sovereign issuers and any of their related third parties that are located in jurisdictions listed in Annex I or II to the EU list of non-cooperative jurisdictions for tax purposes shall not be allowed to use ‘European green bond’ or ‘EuGB’, unless they can demonstrate substantive economic activity supported by staff, equipment, assets and premises, as evidenced by relevant facts and circumstances in the listed jurisdiction. 4. Sovereign issuers shall not use the ‘European green bond’ or ‘EuGB’ designation unless they demonstrate that the relevant bond issuance effectively contributes to reach the objectives set in their national energy and climate plans and that these plans are consistent with the targets in Article 2 and Article 4 of Regulation 2021/1119.
Amendment 97 #
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Article 7b Use of proceeds of bonds marketed as environmentally sustainable 1. Without prejudice to Article 7c, issuers of bonds marketed as environmentally sustainable that do not use the designation European green bonds or EuGB shall disclose in the pre- issuance factsheets, allocation reports and impact reports of these bonds the proportion of the bond proceeds that is allocated to economic activities that meet the requirements set out in Regulation (EU) 2020/852. 2. Issuers of bonds marketed as environmentally sustainable that do not use the designation European green bonds or EuGB’ shall only allocate the proceeds of those bonds to economic activities that do not significantly harm any of the environmental objectives set out in Article 9 of Regulation (EU) 2020/852 in accordance with Article 17 and the delegated acts adopted pursuant to Articles10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of that Regulation. The pre- issuance factsheets and allocation reports of the bonds referred to in the first paragraph shall be accompanied by the following statement: ‘The use of proceeds relates to economic activities that cause no significant harm to any of the environmental objectives set out in Article 9 of Regulation (EU) 2020/852 pursuant to Article 17 of that Regulation.’ 3. Bonds marketed as environmentally sustainable shall be subject to reviews of pre-issuance factsheets, allocation reports and impact reports by external reviewers that are registered in accordance with Articles 14 to 17, meet the requirements of Titles II and III and be subject to the supervision pursuant to Title IV under Chapter III of this Regulation.
Amendment 99 #
Proposal for a regulation
Article 7 c (new)
Article 7 c (new)
Amendment 100 #
Proposal for a regulation
Article 7 d (new)
Article 7 d (new)
Article 7d Use of the European green bond standard by Union institutions and bodies Union institutions and bodies shall use the European green bond standard and apply the criteria of Articles 4 to 7a for any bond issuance of which use of proceeds has environmental sustainability as its objective.
Amendment 101 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Prior to issuing a European green bond or other bonds marketed as environmentally sustainable, issuers shall:
Amendment 103 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. A European green bond factsheet may relate to one or several issuances of European green bond issuancess or other bonds marketed as environmentally sustainable.
Amendment 104 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Every year and until the full allocation of the proceeds of the European green bond concerned, issuers of European green bondsor other bonds marketed as environmentally sustainable concerned, issuers of European green bonds or other bonds marketed as environmentally sustainable shall draw up a European green bond allocation report by using the template laid down in Annex II, demonstrating that the proceeds of any European green bonds or other bonds marketed as environmentally sustainable concerned from their issuance date and until the end of the year the report refers to have been allocated in accordance with Articles 4 to 7.
Amendment 105 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. A European green bond allocation report may relate to one or several issuances of European green bonds or other bonds marketed as environmentally sustainable.
Amendment 106 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Issuers of European green bonds or other bonds marketed as environmentally sustainable shall obtain a post-issuance review by an external reviewer of the allocation report drawn up after the full allocation of the proceeds of the European green bond or other bonds marketed as environmentally sustainable in accordance with Articles 4 to 7.
Amendment 108 #
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. Where, following the publication of the allocation report in accordance with Article 13(1), point (c), the allocation of proceeds is corrected, issuers of the European green bonds or other bonds marketed as environmentally sustainable concerned shall amend the allocation report and obtain a post-issuance review by an external reviewer of that amended allocation report.
Amendment 111 #
Proposal for a regulation
Article 9 – paragraph 6
Article 9 – paragraph 6
6. Issuers of European green bonds or other bonds marketed as environmentally sustainable shall provide the allocation reports referred to in paragraph 3, 4, and 5 to an external reviewer within 30 days following the end of the year to which the allocation reports refer. The post-issuance review must be made public within 90 days following the receipt of the allocation report.
Amendment 115 #
Proposal for a regulation
Article 9 – paragraph 8
Article 9 – paragraph 8
Amendment 118 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Issuers of European green bonds or other bonds marketed as environmentally sustainable shall, after the full allocation of the proceeds of such bonds and at least once during the lifetime of the bondevery five years until the bond reaches maturity, draw up a European green bond impact report on the environmental impact of the use of the bond proceeds by using the template laid down in Annex III.
Amendment 120 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
An issuer of European green bonds or other bonds marketed as environmentally sustainable that is a sovereign may obtain pre-issuance and post-issuance reviews from an external reviewer, or from a state auditor or any other public entity that is mandated by the sovereign to assess compliance with this Regulation. For non- Union sovereign issuers, the state auditor or other public entity shall be required to receive pre-approval from ESMA in line with Title III Chapter 1.
Amendment 122 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. Where a prospectus is to be published pursuant to Regulation (EU) 2017/1129, that prospectus shall clearly state, where required to provide information on the use of proceeds, that the European green bond or other bond marketed as environmentally sustainable is issued in accordance with this Regulation.
Amendment 123 #
Proposal for a regulation
Article 13 – paragraph 1 – introductory part
Article 13 – paragraph 1 – introductory part
1. Issuers of European green bonds or other bond marketed as environmentally sustainable shall publish on their website, in a distinct section titled ‘European green bonds’ and make available free of charge until at least the maturity of the bonds concerned, all of the following:
Amendment 129 #
Proposal for a regulation
Title III – Chapter I – title
Title III – Chapter I – title
Conditions for taking up activities as external reviewer for European green bonds or bonds marketed as environmentally sustainable
Amendment 130 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. External reviewers for European green bonds or bonds marketed as environmentally sustainable shall, before taking up their activities, register with ESMA.
Amendment 134 #
Proposal for a regulation
Article 15 – paragraph 1 – point d a (new)
Article 15 – paragraph 1 – point d a (new)
(da) the governance structures of the applicant;
Amendment 136 #
Proposal for a regulation
Article 15 – paragraph 1 – point h
Article 15 – paragraph 1 – point h
(h) the policies or procedures implemented by the applicant to identify, manage and disclose anyin a transparent manner any actual or potential conflicts of interests as referred to in Article 27;
Amendment 138 #
Proposal for a regulation
Article 15 – paragraph 2 – point a – point i a (new)
Article 15 – paragraph 2 – point a – point i a (new)
(ia) has not been convicted of any fraud cases in the past 5 years;
Amendment 143 #
Proposal for a regulation
Article 15 – paragraph 4 – subparagraph 2
Article 15 – paragraph 4 – subparagraph 2
ESMA may extend the period referred to in the first subparagraph by 15 working days where the applicant intends to use outsourcing to perform some of its activities as an external reviewer.
Amendment 148 #
Proposal for a regulation
Article 19 – paragraph 1 – point c
Article 19 – paragraph 1 – point c
(c) that any actual or potential conflicts of interest are properly identified, managed and disclosed;
Amendment 149 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 1
Article 19 – paragraph 2 – subparagraph 1
2. ESMA shall develop draft regulatory technical standards specifying the criteria to assess the sound and prudent management of the external reviewer referred to in paragraph 1, point (a) and (c).
Amendment 150 #
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. External reviewers shall not outsource theigive reasons for a decision to outsource part of their assessment activities. External reviewers shall not outsource all of their assessment activities, or compliance function.
Amendment 151 #
Proposal for a regulation
Article 25 – paragraph 3
Article 25 – paragraph 3
3. External reviewers shall notify ESMA about those of its assessment activities which are to be outsourced, including a specification of the level of human and technical resources needed to carry out each of those activities. ESMA shall, within 30 days after the date of receipt of that notification, approve or reject the outsourcing arrangements. ESMA shall reject the outsourcing arrangements if it considers that the external reviewer does not adhere to the requirements of paragraph 1, 2 and 4.
Amendment 154 #
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. Fees charged by external reviewers for assessment services shall be agreed by the reviewer and the issuer prior to the review and shall not depend on the result of the pre-issuance or post- issuance review, or on any other result or outcome of the work performed.
Amendment 156 #
Proposal for a regulation
Article 27 – paragraph 4 a (new)
Article 27 – paragraph 4 a (new)
Amendment 158 #
Proposal for a regulation
Article 27 – paragraph 4 b (new)
Article 27 – paragraph 4 b (new)
4b. Upon determining that the provisions in this Article are not sufficient to avoid conflicts of interest from arising that might be detrimental to the credibility of the sustainable bond market, ESMA may develop draft regulatory technical standards to specify further targeted requirements to avoid conflicts of interest of external reviewers. The Commission is empowered to adopt delegated acts in accordance with Article 60 to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph The power to adopt regulatory technical standards is conferred on the Commission subject to the conditions laid down in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 159 #
Proposal for a regulation
Article 27 – paragraph 4 c (new)
Article 27 – paragraph 4 c (new)
4c. ESMA shall develop draft regulatory technical standards to specify the requirements referred to in paragraph 4a and any further targeted requirements to avoid conflicts of interest of external reviewers. The Commission is empowered to adopt delegated acts in accordance with Article 60 to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph. The power to adopt regulatory technical standards is conferred on the Commission subject to the conditions laid down in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 161 #
Proposal for a regulation
Article 31 – paragraph 1
Article 31 – paragraph 1
1. A third-country external reviewer may provide its services in accordance with this Regulation to issuers that issue European green bonds or bonds marketed as environmentally sustainable where that third- country external reviewer is registered in the register of third-country external reviewers kept by ESMA in accordance with Article 59.
Amendment 166 #
Proposal for a regulation
Article 37 – paragraph 1 – point e
Article 37 – paragraph 1 – point e
(e) to suspend an offer of European green bonds for a maximum of 10 consecutivbonds marketed as environmentally sustainable wforking days as long as necessary on any single occasion where there are reasonable grounds for suspecting that Articles 8 to 13 of this Regulation have been infringed;
Amendment 167 #
Proposal for a regulation
Article 37 – paragraph 1 – point f
Article 37 – paragraph 1 – point f
(f) to prohibit or suspend advertisements or require issuers of European green bonds or financial intermediaries concerned to cease or suspend advertisements for a maximum of 10 consecutive working dayss long as necessary on any single occasion where there are reasonable grounds for believing that Articles 87a to 13 of this Regulation have been infringed;
Amendment 168 #
Proposal for a regulation
Article 37 – paragraph 1 – point f a (new)
Article 37 – paragraph 1 – point f a (new)
(fa) to prohibit an offer of European green bonds or bonds marketed as environmentally sustainable, on any single occasion where Articles 7a to 13 of this Regulation have been infringed;
Amendment 169 #
Proposal for a regulation
Article 37 – paragraph 1 – point g
Article 37 – paragraph 1 – point g
(g) to make public the fact that an issuer of European green bonds or bonds marketed as environmentally sustainable is failing to comply with its obligations under Articles 87a to 13 of this Regulation and to require the issuer to publish that information on its website and inform investors in the sustainable bond of the failure to comply;
Amendment 171 #
Proposal for a regulation
Article 41 – paragraph 1 – point b a (new)
Article 41 – paragraph 1 – point b a (new)
(ba) failure to adhere to the taxonomy- alignment plan referred to in Article 6;
Amendment 172 #
Proposal for a regulation
Article 41 – paragraph 1 – point b b (new)
Article 41 – paragraph 1 – point b b (new)
(bb) failure to adhere to the transition plan referred to in Article 7b.
Amendment 173 #
Proposal for a regulation
Article 41 – paragraph 2 – point b a (new)
Article 41 – paragraph 2 – point b a (new)
(ba) an order prohibiting the natural person or legal entity responsible from issuing European green bonds or sustainable bonds for a period of time not exceeding 10 years.
Amendment 174 #
Proposal for a regulation
Article 44 – paragraph 2 – point c – point ii
Article 44 – paragraph 2 – point c – point ii
Amendment 177 #
Proposal for a regulation
Article 62 – paragraph 4 a (new)
Article 62 – paragraph 4 a (new)
4a. Bonds marketed as environmentally sustainable issued prior to ... [the date of application of this Regulation], are not required to fulfil the requirements of this Regulation.
Amendment 178 #
Proposal for a regulation
Article 63 a (new)
Article 63 a (new)
Amendment 179 #
Proposal for a regulation
Article 63 b (new)
Article 63 b (new)
Article 63b Review clause By ... [Three years after entry into force of this Regulation] and every three years thereafter, the Commission shall, after consulting the Platform on Sustainable Finance, submit a report to the European Parliament and the Council on the application of this Regulation. That report shall in particular evaluate: (a) the impact of this Regulation on the transition to a sustainable economy; (b) the impact of the European green bond standard on closing the yearly gap of additional investments needed to meet the Union climate targets as set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council, as well as on redirecting private capital flows away from environmentally harmful activities towards sustainable investments for the sustainable use and protection of water and marine resources, the transition to a circular economy, pollution prevention and control, and the protection and restoration of biodiversity and ecosystems; (c) the uptake of the European green bond standard and its market share, both in the Union and globally; (d) the credibility of sustainability claims in the sustainable bond market; (e) the functioning of the sustainability- linked bond market, including the credibility and quality of relevant claims; (f) the need for further regulatory measures to increase the sustainability of the bond market; (g) the functioning of the market of external reviewers, specifying market concentration and the impartiality of external reviewers; (h) the ability of ESMA and national competent authorities to exercise their supervisory duties. The report following the extension of Regulation (EU) 2020/852 to other sustainability objectives as referred to in Article 26(2) of that Regulation shall also assess the possibility to extend the EU green bond standards to those other sustainability objectives. The Commission’s reports may be accompanied, where appropriate, by legislative proposals to amend this Regulation.
Amendment 181 #
Draft legislative resolution
Annex I – point 3
Annex I – point 3
3. Environmental strategy and rationaleSustainability strategy and rationale – [Information on entity-level taxonomy alignment of the issuer, by applying the delegated acts as adopted pursuant to Article 8 of Regulation (EU) 2020/852] [Information on the broader environmental strategy of the issuer, which shall include 5-year targets to reduce the environmental impact of the issuer in view of aligning the issuer’s business model with the environmental objectives set out in Article 9 of Regulation (EU) 2020/852. The strategy shall in particular: (a) include 5-year targets to reduce scope 1, 2 and 3 GHG emissions of the issuer in view of ensuring the alignment of the issuer’s business model with the objective of limiting global warming to 1.5°C above pre-industrial levels; (b) exclude the use of carbon offset credits as a way to meet its GHG emissions reduction targets; (c) uphold the principle of ‘do no significant harm’ within the meaning of Article 17 of Regulation (EU) 2020/852; (d) be reviewed by independent scientific reviewers, and made available to the general public.] – [Information on how and to what extent the bond aligns with the broader environmental strategy of the issuer, and on how and to what extent the issuance of the EU green bond is intended to increase the proportion of its capital expenditure and operating expenditure related to, and of its turnover derived from, economic activities that qualify as environmentally sustainable pursuant to Regulation (EU) 2020/852] – [The environmental objectives – referred to in Article 9 of Regulation 2020/852 pursued by the bond] – Information on the overarching sustainability strategy of the issuer, including: (a) its efforts to promote social sustainability objectives and good governance principles as referred to in Article 2(17) of Regulation (EU) 2019/2088 (b) applicable due diligence policies with respect to principal adverse impacts of investment decisions on sustainability factors, taking due account of the size, the nature and scale of the issuer’s activities and compliance with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill of Human Rights; (c) an indication of any activity of the issuer in jurisdictions listed in Annex I and Annex II to the EU list of non- cooperative jurisdictions for tax havens and their real economic presence in these jurisdictions in terms of assets, full time employees, sales and taxes paid in these jurisdictions
Amendment 182 #
Draft legislative resolution
Annex I – point 4.3 – indent 4 a (new)
Annex I – point 4.3 – indent 4 a (new)
– For projects that are concerned by a Taxonomy-alignment plan: The annual intermediate steps, including all actions and expenditures, that are necessary for the transformation of that economic activity in order to meet the taxonomy requirements within the specified period of time
Amendment 183 #
Draft legislative resolution
Annex II – point 3 – point A – indent 7
Annex II – point 3 – point A – indent 7
– For assets that are concerned by a taxonomy alignment plan: the progress in the implementation of the plan during the reporting period, and thes well the remaining steps and estimated date of their completion;
Amendment 184 #
Draft legislative resolution
Annex III – point 2
Annex III – point 2
2. EnvironmentalSustainability strategy and rationale – [Information on how the bond aligns with the broader environmental strategy of the issuer as set out in the factsheet] – [Where applicable, an explanation of any changes to broader environmental strategy of the issuer since the publication of the factsheet] – [The environmental objectives referred to in Article 9 of Regulation 2020/852 pursued by the bond] entity-level taxonomy alignment of the issuer, by applying the delegated acts as adopted pursuant to Article 8 of Regulation (EU) 2020/852] – [Information on the broader environmental strategy of the issuer, which shall include 5-year targets to reduce the environmental impact of the issuer in view of aligning the issuer’s business model with the environmental objectives set out in Article 9 of Regulation (EU) 2020/852. The strategy shall in particular: (a) include 5-year targets to reduce scope 1, 2 and 3 GHG emissions of the issuer in view of ensuring the alignment of the issuer’s business model with the objective of limiting global warming to 1.5°C above pre-industrial levels; (b) exclude the use of carbon offset credits as a way to meet its GHG emissions reduction targets; (c) uphold the principle of ‘do no significant harm’ within the meaning of Article 17 of Regulation (EU) 2020/852; (d) be reviewed by independent scientific reviewers, and made available to the general public.] – [Information on how and to what extent the bond aligns with the broader environmental strategy of the issuer, and on how and to what extent the issuance of the EU green bond is intended to increase the proportion of its capital expenditure and operating expenditure related to, and of its turnover derived from, economic activities that qualify as environmentally sustainable pursuant to Regulation (EU) 2020/852] – [The environmental objectives referred to in Article 9 of Regulation 2020/852 pursued by the bond] – Information on the overarching sustainability strategy of the issuer, including: (a) its efforts to promote social sustainability objectives and good governance principles as referred to in Article 2(17) of Regulation (EU) 2019/2088 (b) applicable due diligence policies with respect to principal adverse impacts of investment decisions on sustainability factors, taking due account of the size, the nature and scale of the issuer’s activities and compliance with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill of Human Rights; (c) an indication of any activity of the issuer in jurisdictions listed in Annex I and Annex II to the EU list of non- cooperative jurisdictions for tax havens and their real economic presence in these jurisdictions in terms of assets, full time employees, sales and taxes paid in these jurisdictions
Amendment 185 #
Draft legislative resolution
Annex III – point 3 – indent 3 a (new)
Annex III – point 3 – indent 3 a (new)
– For assets that are concerned by a Taxonomy-alignment plan: confirmation of compliance with the requirements of Regulation XX after completion