Activities of Billy KELLEHER related to 2020/2058(INI)
Shadow opinions (1)
OPINION on the Sustainable Europe Investment Plan – How to finance the Green Deal
Amendments (40)
Amendment 7 #
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the Commission communication on the Sustainable Europe Investment Plan (COM(2020)0021), which aims to enable a just and well-managed transition towards a resilient and sustainable society; emphasises that it is imperative that the EU achieve the revised 2030 and 2050 climate and biodiversity goals and reach its commitments, including being climate neutral by 2050, under the Paris Agreement, based on the best available science;
Amendment 19 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Recalls the Commission communication on its Recovery Plan for Europe(COM(2020) 456) which supports an ambitious green transition to a climate neutral economy via funding under the Next Generation EU programme;
Amendment 22 #
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
Amendment 34 #
Draft opinion
Paragraph 2
Paragraph 2
2. ExpectBelieves a new, unprecedented MFF, endowed with fresh money, and potentially enhanced andthrough new EU own resources, musto be at the heart of the green transition;
Amendment 39 #
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Believes that public and private finance should adhere to the EU taxonomy and to the ‘do no harm’ principle, in order to ensure that EU policies and financing, including the EU budget, the programmes financed through Next Generation EU, the European Semester and EIB financing not contribute to objectives, projects and activities that significantly harm social or environmental objectives;
Amendment 45 #
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Calls on the Commission to ensure that the new MFF does not support or invests into activities which would lead to the lock-in in assets harmful to the climate and environmental objectives of the Union considering their lifetime;
Amendment 48 #
Draft opinion
Paragraph 2 c (new)
Paragraph 2 c (new)
2c. Calls on the Commission to disclose which part of the Union’s expenditure is compliant with the taxonomy categories as set out in the Regulation (EU) 2020/[Taxonomy Regulation]
Amendment 58 #
Draft opinion
Paragraph 3
Paragraph 3
3. Commits to a just recovery from the coronavirus crisis that ensures that taxpayers’ money is invested in the future, not the past; that conditions fiscal expansion to drive the shift to a green economy and make societies and people more resilient; that employs public and private funds to climate proof sectors and projects, thereby generating green jobs and sustainable growth; that incorporates climate risks anda commitment to incorporating climate risk mitigations and potential opportunities into the financial system, as well as all aspects of public policymaking and infrastructure; and that guarantees an gradual and supported end to fossil fuel subsidies and applies the polluter pays principle;
Amendment 70 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the Commission’s European Recovery Plan with the European Green Deal at its heart; endorses the underlying principle that public investments wishall respect the oath to ‘do no harm’; emphasises that national recovery and resilience plans should put the EU on the path to a 50 % to 55 % reduction in greenhouse gas emissions by 2030 compared to 1990 and climate neutrality by 2050, thus ensuring Member States’ transition towards a circular and climate neutral economy;
Amendment 85 #
Draft opinion
Paragraph 4
Paragraph 4
4. Insists that all EU-supported investments be subject to the EU taxonomy for sustainable activities and the Paris- aligned and Climate Transition Benchmarks; calls on the Commission to propose a ‘brown’ taxonomy andn enhanced social sustainability criteria;
Amendment 88 #
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Recalls Article 26(2) of 2018/0178 (COD) which commits the European Commission to assess the implementation of a brown taxonomy by December 31st 2021;
Amendment 89 #
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Calls on the Commission to adopt by June 21 2021 an updated tracking methodology to monitor and report trends regarding capital flows towards sustainable investment as per the taxonomy regulation (EU) 2020/ [Taxonomy Regulation] of the European Parliament and of the Council
Amendment 98 #
Draft opinion
Paragraph 5
Paragraph 5
5. Emphasises the European Parliament’s demand that at least 40 % of investments under the InvestEU programme should contribute to climate and environmental objectives; believes that the green finance gap is surmountable but requires enhanced sustainable private investment;
Amendment 98 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the success of the EU’s aim to achieve climate neutrality will depend on the adequacy of the financing stemming from both public and private sources;
Amendment 109 #
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the Commission to ensure that any future EU backed recovery bonds are issued in accordance with the EU Green Bond Standard; and emphasises the key role the private sector will have in financing the green transition 1a _________________ 1aEuropean Commission (2020), Usability guide for the EU green bond standard, Page 3, Retrieved from: https://ec.europa.eu/info/files/200309- sustainable-finance-teg-green-bond- standard-usability-guide_en (26.05.20)
Amendment 115 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Questions whether the SEIP, as currently constituted, will enable the mobilisation of EUR 1 trillion by 2030, given the negative economic outlook following the COVID-19 crisis; requests the Commission to ensure full transparency on financing issues, such as the optimistic leverage effect or the lack of clarity over the extrapolations of certain amounts; furthermore questions how the new MFF as proposed by the Commission in its revised proposals of 27 and 28 May 2020 would enable the achievement of the SEIP targets; underlines that the SEIP is an EU long-term goal and cannot be undermined by lower MFFs in the future that would allocate a large part of money to the repayment of the borrowing;
Amendment 135 #
Draft opinion
Paragraph 8
Paragraph 8
8. Calls on the Commission to revise State aAid rules to allow greater public support for the European Green Deal while ensuring that competition and the optimum functioning of the Single Market are not jeopardised and to reform the European Semester to deepen the inclusion of the Sustainable Development Goals and the European Pillar of Social Rights;
Amendment 144 #
Draft opinion
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls on the Commission to revise the Non-Financial Reporting Directive to ensure all relevant companies, operating in carbon-intensive sectors, report and publish their carbon emission reduction targets in order to align with the Paris Agreement
Amendment 146 #
8b. Calls on the Commission when approving a State Aid request by a Member State, in accordance with Article 108 TFEU, to include provisions in its decision that beneficiaries are to demonstrate the alignment of their business model and activities with the objectives set out in Article 2 of the Regulation (EU) 2018/1999 (European Climate Law)
Amendment 157 #
Draft opinion
Paragraph 9
Paragraph 9
9. Calls for any investments that are necessary for climate mitigation, adaptation and the just transition to be exempted from the Stability and Growth Pact. for a period of 10 years;
Amendment 165 #
Draft opinion
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Urges the Commission to engage with the private sector investors, with appropriate incentives where necessary, to maximise their investments in the green transition.
Amendment 172 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for the phasing-out of public and private investments in highly polluting and harmful industries for which economically feasible alternatives are available, while fully respecting the rights of Member States to choose their energy mix and the importance of ensuring reliable and low or zero emission energy supply;
Amendment 212 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines the fact that, in order to meet its obligations under the Paris Agreement, the EU’s contribution to the climate objectives should be underpinned by an ambitious share of climate and biodiversity-related expenditure in the EU budget, going beyond the levels of targeted spending shares of at least 25 % over the MFF 2021-2027 period and of 30% as soon as possible and at the latest by 2027aims, therefore, to achieve climate and biodiversity mainstreaming spending levels of 30% and 10% respectively;
Amendment 237 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the proposal to top up the Just Transition Fund (JTF), including with additional funds from Next Generation EU, and the two additional pillars of the Just Transition Mechanism, namely a dedicated scheme under InvestEU and a public sector loan facility, which will contribute to alleviating the economic effects of the transition to climate neutrality on the most vulnerablimpacted and carbon intensive regions in the EU;
Amendment 261 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the role of InvestEU in the implementation and functioning of the SEIP and considers that it should be at the heart ofplay a key role in the Union’s green, fair and resilient recovery; welcomes, therefore, the Commission’s proposal to increase the programme’s size and scope; welcomes the proposal to create a Strategic Investment Facility within InvestEU to promote sustainable investments in key technologies and value chains;
Amendment 300 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Reaffirms its previous position regarding candidates for new own resources, and calls on the Commission to propose new own resources which correspond to essential EU objectives including the fight against climate change and the protection of the environment; asks, therefore, for the introduction of new own resources based on, inter alia, the auction revenues of the Emissions Trading System, a contribution on non-recycled plastic packaging waste, and the future Carbon Border Adjustment Mechanism, a Common Consolidated Corporate Tax Base or a precursor based on operations of large enterprises, a tax on digital companies, and a financial transaction tax;
Amendment 328 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the efforts of the European Investment Bank (EIB) to revise its energy lending policy and to devote 50 % of its operations to climate action and environmental sustainability; calls on the EIB to commit to the sustainable transition towards climate neutrality while taking into account the different energy mixes of Member States and devoting particular attention to the sectors and regions most affected by the transition to develop a clear and transparent methodology using the EU Taxonomy to ensure that all the projects financed will be aligned with the temperature goals of the Paris Agreement, consistent with the transition towards a climate neutral economy and “do no significant harm” to biodiversity and ecosystems;
Amendment 339 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the efforts of the European Investment Bank (EIB) to revise its energy lending policy and to devote 50 % of its operations to climate action and environmental sustainability; commends the EIB's commitment to ending financing of fossil fuel energy projects by 2021; calls on the EIB to commit to the sustainable transition towards climate neutrality while taking into account the different energy mixes of Member States and devoting particular attention to the sectors and regions most affected by the transition;
Amendment 358 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the important role of the national promotional banks and institutions and of international financial institutions (IFIs) in the financing of sustainable projects of the Green Deal linked to the SEIP, thereby contributing to the achievement of the goals of the Paris Agreement; underlines that the European Bank for Reconstruction and Development (EBRD) can help to achieve the SEIP and mobilise investments in Europe and beyond for the protection of climate and environment;
Amendment 369 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recalls the statement of the ECBConsiders that the fight against climate change and the promotion of sustainability is within the mandate of the ECB and recalls the statement of its President that the ECB is supporting the development of a taxonomy as a way of facilitating the incorporation of environmental considerations in central bank portfolios; calls on the ECB to evaluate the feasibility of including sustainabi and welcomes the ambition displayed in the recent Eurosystem reply to the European Commission’s public consultations on the Renewed Sustainable Finance Strategy and the revision of the NonFinancial Reporting Directive; calls on the ECB to undertake its monetary politcy criteria istrategy review to align its collateral framework and its annual stress testing exercise, while with the Paris agreement, and to disclose annually its level of alignment with the Paris agreement while setting a clear roadmap with targets - using appropriately the EU Taxonomy for these actions where relevant, while also assessing ways to guide lending towards energy transition investments and to rebuild a sustainable economy in the aftermath of the COVID- 19 crisis;
Amendment 382 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the European Supervisory Authorities (ESAs), together with national competent authorities (NCAs), to develop annual climate stress tests on financial institutions they supervise, as currently discussed notably in the Central Banks and Regulators Network for Greening the Financial System (NGFS), in order to understand where and how far climate- related financial risks sit in the portfolios of relevant EU financial institutions;
Amendment 390 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Supports a renewed sustainable finance strategy; underlines the need for an EU eco-label for financial products, for an EU Green Bond Standard (EU GBS), and for more reliable, comparable and accessible sustainability data obtained by harmonising sustainability indicators and creating a public sustainability data register with transparent methodologies to ensure that the data can be analysed independently in order to reduce over- reliance on non-EU data providers and any potential conflict of interest between rating and label providers removed, noting in particular the recommendation from the CMU High-Level Forum to include SRD and NFRD data in a EU Single Access Point;
Amendment 413 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Recalls Article 26(2) of the taxonomy regulation (EU) 2020 /… [Taxonomy Regulation] of the European Parliament and of the Council which mandates the European Commission to assess the implementation of a brown taxonomy by December 31st 2021;
Amendment 426 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Recalls that investments in unsustainable economic activities may lead to stranded assets with lock-in effects; considers this risk to be insufficiently integrated in credit ratings and prudential frameworks, which should be addressed in forthcoming reviews of the CRA, CRR/CRD and the Solvency frameworks; recognising the importance of the private sector in funding the transition to a sustainable economy, highlights the need to balance these measures with relevant incentives for investments in sustainable activities, therefore calls on the Commission to examine the prudential treatment of "green" exposures;
Amendment 452 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Calls for the introduction of an enabling framework for public sustainable investments to achieve the goals set out in the European Green Deal, but stresses that whatever financing model is chosen must not undermine the sustainability of public finance in the EU; supports the commitment by EVP Dombrovskis to explore how taxonomy can be used in the public sector and calls therefore on the Commission to disclose which part of the Union's expenditure is compliant with the taxonomy categories as set out in the Regulation (EU)2020/[Taxonomy Regulation] and to adopt an updated tracking methodology to monitor and report trends regarding capital flows towards sustainable investment as per the taxonomy regulation (EU) 2020 /… [Taxonomy Regulation] of the European Parliament and of the Council; calls for public support for airlines to be used in a sustainable and efficient manner;
Amendment 495 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Calls on the Commission to extend the European Semester process by complementing the current approach, based on fiscal and budgetary discipline, with climate and environmental discipline, without watering down the European Semester; calls therefore on the European Commission to develop a new climate indicator, mirroring the economic indicators, to assess the discrepancy between the structure of Member States' budgets and progress towards Paris- aligned scenario for each of their national budgets; stresses the need for this indicator to provide Member States with an indication on their trajectory of temperature under the framework of the Paris Agreement, thus enabling the European Semester to provide recommendations about the reduction of their climate debt;
Amendment 526 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Calls on the Commission to use the EU Taxonomy to direct and track climate and environment spending in all EU public funding including the next MFF, Next GenerationEU including the Solvency support instrument, InvestEU and the EU recovery and resilience facility fund and EIB funds, in order to enhance the climate and environmental tracking system for better monitoring progress;
Amendment 528 #
Motion for a resolution
Paragraph 25 b (new)
Paragraph 25 b (new)
25b. Calls on the Commission to ensure that biodiversity-related risks, impacts and dependencies are integrated in relevant EU legislation, including the Non- Financial Reporting Directive, the delegated acts of the Disclosure Regulation and other relevant corporate and financial legislation;
Amendment 542 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Invites the Commission to revise the Energy Tax Directive and coordinate a kerosene tax that could also feed into the EU budget;
Amendment 552 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Wishes it to be ensured that all contribute equitably to the post-corona recovery and the transition to a sustainable economy; seeks an intensified fight against tax fraud, tax evasion and tax avoidance and aggressive tax planning; calls on the Commission to create a blacklist of EU Member States facilitating tax avoidance; calls for EU-level coordination to avoid aggressive tax planning by individuals and corporates; seeks in this context an ambitious strategy for business taxation for the 21st century; welcomes the Commission's announcement to propose an EU level supervisor and supervisory body to fight money laundering and terrorist financing and underlines the necessity for sufficient resources to be made available to make this effective;