Activities of Sirpa PIETIKÄINEN related to 2021/0191(COD)
Plenary speeches (1)
European green bonds (debate)
Amendments (9)
Amendment 65 #
Proposal for a regulation
Recital 8
Recital 8
(8) In accordance with Article 4 of Regulation (EU) 2020/852, and in order to provide investors with clear, quantitative, detailed and common definitions, the requirements set out in Article 3 of that Regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. Proceeds of bonds that use the designation ‘European green bond’ or ‘EuGB’ should exclusively be used to fund economic activities that are substantially better in environmental performance compared with, inter alia, the industry average, and that either are environmentally sustainable and are thus aligned with the environmental objectives set out in Article 9 of Regulation (EU) 2020/852, or contribute to the transformation of activities to become environmentally sustainable. Those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in Article 3 of Regulation (EU) 2020/852, or indirectly through financial assets that finance economic activities that meet those requirements. It is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘European green bond’ or ‘EuGB’.
Amendment 83 #
Proposal for a regulation
Recital 13
Recital 13
(13) Investors should be provided with all information necessary to evaluate the environmental impact of European green bonds, and to compare such bonds with each other. For that purpose, specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets, expenditures and financial assets and how those proceeds have actually been allocated. That information should be based on science, and on harmonised, comparable and uniform indicators and consistent with the harmonised life cycle assessment. Such transparency can best be achieved by means of European green bond factsheets and annual allocation reports. To strengthen the comparability of European green bonds and to facilitate the localisation of relevant information, it is necessary to lay down templates for the disclosure of such information.
Amendment 94 #
Proposal for a regulation
Recital 18
Recital 18
(18) To improve transparency, issuers should also disclose the environmental impact of their bonds, including how they do not cause any significant harm , by means of the publication of impact reports, which should be published at least once during the lifetime of the bond. In order to provide investors with all information relevant to assess the environmental impact of European green bonds, impact reports should clearly specify the metrics, methodologies and assumptions applied in the assessment of the environmental impacts. To strengthen the comparability of European green bonds and to facilitate the localisation of relevant information, it is necessary to lay down templates for the disclosure of such information.
Amendment 124 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
The use of proceeds referred to in Article 4 shall relate to economic activities that meet the taxonomy requirements, or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. The information shall be based on science, and on harmonised, comparable and uniform indicators and consistent with the harmonised life cycle assessment, and those requirements shall ensure a substantial improvement in environmental performance compared with, inter alia, the industry average.
Amendment 256 #
Proposal for a regulation
Recital 8
Recital 8
(8) In accordance with Article 4 of Regulation (EU) 2020/852, and in order to provide investors with clear, quantitative, detailed and common definitions, the requirements set out in Article 3 of that Regulation should be used to determine whether an economic activity qualifies as environmentally sustainable. Proceeds of bonds that use the designation ‘European green bond’ or ‘EuGB’ should exclusively be used to fund economic activities that are substantially better in environmental performance compared with, inter alia, the industry average, and that either are environmentally sustainable and are thus aligned with the environmental objectives set out in Article 9 of Regulation (EU) 2020/852, or contribute to the transformation of activities to become environmentally sustainable. Those bonds can however be used both to finance such environmentally sustainable activities directly through the financing of assets and expenditures that relate to economic activities that meet the requirements set out in Article 3 of Regulation (EU) 2020/852, or indirectly through financial assets that finance economic activities that meet those requirements. It is therefore necessary to specify the categories of expenditures and assets that can be financed with the proceeds of bonds that use the designation ‘European green bond’ or ‘EuGB’.
Amendment 292 #
Proposal for a regulation
Recital 13
Recital 13
(13) Investors should be provided with all information necessary to evaluate the environmental impact of European green bonds, and to compare such bonds with each other. For that purpose, specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets, expenditures and financial assets and how those proceeds have actually been allocated. This information must be based on science based harmonised, comparable and uniform indicators and consistent with the harmonised life cycle assessment. Such transparency can best be achieved by means of European green bond factsheets and annual allocation reports. To strengthen the comparability of European green bonds and to facilitate the localisation of relevant information, it is necessary to lay down templates for the disclosure of such information.
Amendment 308 #
Proposal for a regulation
Recital 18
Recital 18
(18) To improve transparency, issuers should also disclose the environmental impact of their bonds, including how they do not cause any significant harm (DNSH), by means of the publication of impact reports, which should be published at least once during the lifetime of the bond. In order to provide investors with all information relevant to assess the environmental impact of European green bonds, impact reports should clearly specify the metrics, methodologies and assumptions applied in the assessment of the environmental impacts. To strengthen the comparability of European green bonds and to facilitate the localisation of relevant information, it is necessary to lay down templates for the disclosure of such information.
Amendment 359 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
The use of proceeds referred to in Article 4 shall relate to economic activities that meet the taxonomy requirements, or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. The information must be based on science based harmonised, comparable and uniform indicators and consistent with the harmonised life cycle assessment, and these requirements should ensure a substantial improvement in environmental performance compared with, inter alia, the industry average.
Amendment 498 #
Proposal for a regulation
Article 63 a (new)
Article 63 a (new)
Article 63a Amendment to Regulation (EU) 2020/852 Article 8 of Regulation (EU) 2020/852 is amended as follows: (1) the following paragraph is inserted: ‘3a. As from … [one year after the date of entry into force of Regulation XXX], financial undertakings shall disclose information pursuant to paragraph 1 of this Article by including exposures to central governments, central banks and supranational issuers.’; (2) paragraph 4 is replaced by the following: ‘4. The Commission shall adopt a delegated act in accordance with Article 23 to supplement paragraphs 1 and 2 of this Article to specify the content and presentation of the information to be disclosed pursuant to those paragraphs, including the methodology to be used in order to comply with them, taking into account the specificities of both financial and non-financial undertakings and the technical screening criteria established pursuant to this Regulation. The Commission shall adopt that delegated act by 1 June 2021. The Commission shall update that delegated act in accordance with paragraph 3a no later than ... [one year after the date of entry into force of this Regulation].’.