16 Amendments of Neena GILL related to 2018/0180(COD)
Amendment 54 #
Proposal for a regulation
Recital 13
Recital 13
(13) It is furthermore necessary to introduce a clear distinction between low- carbon and posinegative carbon impactemissions benchmarks. While the underlying assets in a low-carbon benchmark should be selected with the aim of reducing carbon emissions of the index portfolio when compared to the parent index, a posinegative carbon impact indexemissions benchmarks should only comprise components whose emissions savings exceed their carbon emissions.
Amendment 58 #
Proposal for a regulation
Recital 14
Recital 14
(14) Each company whose assets are selected as underlying in a positive impactnegative carbon emissions benchmarks should save more carbon emissions than it produces, hence have a positive impact on the environment. The asset and portfolio managers who claim to pursue an investment strategy compatible with the Paris Climate Agreement should therefore use posinegative carbon impactemissions benchmarks.
Amendment 69 #
Proposal for a regulation
Recital 16
Recital 16
(16) For the same reasons, administrators of low-carbon and of posinegative carbon impactemissions benchmarks should equally publish their methodology used for their calculation. That information should describe how the underlying assets were selected and weighted and which assets were excluded and for what reason. The benchmark administrators should also specify how the low carbon benchmarks differ from the underlying parent index, notably in terms of the applicable weights, market capitalisation and financial performance of the underlying assets. To assess how the benchmark contributes to the environmental objectives, the benchmark administrator should disclose how the carbon footprint and carbon savings of the underlying assets were measured, their respective values, including the total carbon footprint of the benchmark, and the type and source of the data used. To enable asset managers to choose the most appropriate benchmark for their investment strategy, benchmark administrators should explain the rationale behind the parameters of their methodology and explain how the benchmark contributes to the environmental objectives, including its impact on climate-change mitigation. The published information should also include details on the frequency of reviews and the procedure followed.
Amendment 77 #
(18) To ensure continued adherence to the selected climate-change mitigation objective, administrators of low-carbon and posinegative carbon impactemissions benchmarks should regularly review their methodologies and inform users of the applicable procedures for any material change. When introducing a material change, benchmark administrators should disclose the reasons for that change and explain how the change is consistent with the benchmarks’ initial objectives.
Amendment 86 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to enhance transparency and ensure an adequate level of harmonization, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission to specify further the minimum content of the disclosure obligations that benchmark administrators that take into account the ESG objectives should be subject to, and to specify the minimum standards for harmonization of the methodology of low- carbon and posinegative carbon impactemissions benchmarks, including the method for the calculation of carbon emissions and carbon savings associated with the underlying assets, taking into account the Product and Organisation Environmental Footprint methods as defined in points (a) and (b) of point 2 of Commission Recommendation 2013/179/EU31 . It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 2016. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States’ experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. _________________ 31 Commission Recommendation 2013/179/EU of 9 April 2013 on the use of common methods to measure and communicate the life cycle environmental performance of products and organisations (OJ L 124, 4.5.2013, p. 1).
Amendment 101 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2016/1011
Article 3 – paragraph 1 – point 23 b (new)
Article 3 – paragraph 1 – point 23 b (new)
(23b) ‘posi"negative carbon impactemissions benchmark’s" means a benchmark wherethat the uinderlying assets, for the purposes of point 1(b)(ii) of this paragraph, are selected on the basisx companies, as a portfolio, produce goods in a manner that removes more carbon from the air thatn their carbon emissions savings exceed the asset's carbon footprint and which is constructed in accordance with the standards laid down in the delegated acts referred to in Article 19a(2y emit. This means that the index components will have to prove that they balance all of their residual emissions with carbon removals (when compared to the traditional way of producing goods).;
Amendment 106 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EU) 2016/1011
Article 11 – paragraph 1 – subparagraph f (new)
Article 11 – paragraph 1 – subparagraph f (new)
1a. In Article 11, paragraph 1, the following is added: “(f) by 2022, the administrator of critical and significant benchmarks shall only use input data which are aligned with the Paris Agreement commitments as implemented in EU legislation.”;
Amendment 121 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2016/1011
Title III – Chapter 3 a (new) – title
Title III – Chapter 3 a (new) – title
Low-carbon and posinegative carbon impactemissions benchmarks
Amendment 126 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2016/1011
Title III – Chapter 3 a (new) – Article 19 a – paragraph 1
Title III – Chapter 3 a (new) – Article 19 a – paragraph 1
(1) The requirements laid down in Annex III shall apply to the provision of, and contribution to, low-carbon or posinegative carbon impactemissions benchmarks in addition to, or as a substitute for, the requirements of Title II, III and IV.
Amendment 136 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2016/1011
Title III – Chapter 3 a (new) – Article 19 a – paragraph 2 – introductory part
Title III – Chapter 3 a (new) – Article 19 a – paragraph 2 – introductory part
(2) The Commission shall be empowered to adopt delegated acts in accordance with Article 49 to specify further the minimum standards for low- carbon and posinegative carbon impactemissions benchmarks, including:
Amendment 160 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
Regulation (EU) 2016/1011
Article 59 – subparagraph 1
Article 59 – subparagraph 1
This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union. To ensure future consistency and legal certainty, it is imperative that as and when the EU taxonomy regulation comes into force, there is coherence between the both texts.
Amendment 166 #
Proposal for a regulation
Annex I – subheading 1
Annex I – subheading 1
Low-carbon and posinegative carbon impactemissions benchmarks
Amendment 248 #
Proposal for a regulation
Annex I – subheading 3
Annex I – subheading 3
Methodology for posinegative carbon impactemissions benchmarks
Amendment 256 #
Proposal for a regulation
Annex I – point 2
Annex I – point 2
2. The administrator of a posinegative carbon impactemissions benchmark,s in addition to the obligations applicable to the administrator of a low carbon benchmark, shall disclose the positive carbon impact of each underlying asset included in the benchmark and shall specify the formula or calculation that is used to determine whether the emission savings exceed the investment asset's or company's carbon footprint ('posinegative carbon emissions impact ratio').
Amendment 261 #
Proposal for a regulation
Annex I – point 3 – introductory part
Annex I – point 3 – introductory part
3. Administrators of low-carbon and posinegative carbon impactemissions benchmarks shall adopt and make public to users procedures for and the rationale of any proposed material change in their methodology. Those procedures shall be consistent with the overriding objective that benchmark calculations adhere continuously to the low-carbon or posithe negative carbon impactemissions objectives. Those procedures shall provide:
Amendment 265 #
Proposal for a regulation
Annex I – point 4
Annex I – point 4
4. Administrators of low-carbon and posinegative carbon impactemissions benchmarks shall regularly examine their methodologies to ensure that they reliably reflect the relevant low-carbon or posinegative carbon emissions objectives and shall have a process in place for taking the views of relevant users into account.”.