16 Amendments of Neena GILL related to 2018/2007(INI)
Amendment 19 #
Motion for a resolution
Citation 30
Citation 30
— having regard to the work by the European Systemic Risk Board (ESRB) on the risks of stranded assets and the need for European ´carbon stress tests´,
Amendment 54 #
Motion for a resolution
Recital B b (new)
Recital B b (new)
B b. whereas a mind-set shift of all stakeholders is needed, which requires cross-cutting legislation from the Commission
Amendment 63 #
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 not 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 and urges the Commission to come forward with an ambitious legislative framework;
Amendment 96 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Emphasises the massive systemic risks that stranded carbon assets represent to financial stability; stresses the need for the identification and mandatory reporting and progressive dismissal of these assets as essential to the orderly transition to climate-positive investments; calls for the introduction of European ‘carbon stress tests’ as proposed by the European Systemic Risk Board (ESRB) in 2016 for banks and other financial intermediaries to determine the risks related to such stranded assets; welcomes the ESRB proposals for climate resilient prudential policies, such as specific capital surcharges based on the carbon intensity of individual exposures or large exposure limits applied to the overall investment in assets deemed highly vulnerable to an abrupt transition to the low-carbon economy.
Amendment 102 #
3. Emphasises the massive 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 for the introduction of ‘carbon stress tests’ for banks and other financial intermediaries to determine the risks related to such stranded assets; and urges the Commission to come forward with legislative steps in this respect.
Amendment 122 #
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 green taxonomy, including a ‘Green Finance Mark’, through a legislative initiative; which is in line with initiatives in taken in this regards in other parts of the world, including a ‘Green Finance Mark’, through a legislative initiative; and calls to take into account the commitments of the UN Sustainable Development Goals when defining the taxonomy.
Amendment 137 #
Motion for a resolution
Paragraph 6 – point 1
Paragraph 6 – point 1
1. a minimum standard aligned with the Paris Agreement and the do-no-harm principle in accordance with ESG risk analysis; of ESG risks and factors which builds on the UNEP Inquiry Definition of sustainability factors, is aligned with the Paris Agreement, the UN Sustainable Development Goals, Agenda 2030 and in line with international human rights, and international humanitarian, labour and environmental laws and the do-no-harm principle in accordance with ESG risk analysis, including at a minimum: (a) Environmental factors –climate change risks, bio-diversity ,waste, pollution, water security and deforestation, and remaining within planetary boundaries (b) Social factors – human rights (including Free, Prior and Informed Consent of local communities), customary rights, workers` rights, women’s and children´s rights, health and safety, and conflict situations (c) Governance factors –corporate governance, tax strategies, remuneration and measures to tackle corruption, tax avoidance and evasion and money laundering
Amendment 143 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Underlines that the taxonomy should strike the right balance between commitment and flexibility, which means that framework should be mandatory and standardised, but should also be regarded as an evolving tool which can take on board emerging risks and/or risks that have yet to be mapped in a proper way.
Amendment 163 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Asks the Commission to adopt a regulatory strategy aimed inter alia at measuring sustainability risks within the framework of capital adequacy rules; stresses that capital adequacy rules must be based on and fully reflect ademonstratquately assessed risks; aims to initiate an EU pilot project within the next annual budget to begin developing methodological benchmarks for that purpose; urges the Commission to assess the climate, societal and stability benefits of additional measures beyond the integration of ESG risks and factors into the prudential framework of financial institutions, including a brown add-on factor, exposure limits and specific capital surcharges;
Amendment 166 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Asks the Commission to adopt a regulatory strategy aimed inter alia at measuring sustainability risks within the framework of capital adequacy rules; stresses that capital adequacy rules must be based on and fully reflect demonstrated risks; aims to initiate an EU pilot project within the next annual budget to begin developing methodological benchmarks for that purpose; urges the Commission to assess the climate, societal and financial stability benefits of the introduction of a “brown factor” in capital requirements legislation,
Amendment 179 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Stresses that insurance companies should be subject to binding legislation and regulation that requires them to disclose the ESG impact of all their investments, to exercise due diligence and to be held accountable for negative ESG impacts; asks for the inclusion of sustainability factors into each of the three pillars of Solvency II;
Amendment 190 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Upholds that mandatory disclosure and standardisation is also a key from the perspective of green investors; underlines in this context that the regulation on simple, transparent and standardised securitisation requires issuers to disclose ESG characteristics of mortgages and auto loans, which may help to build green investment portfolio’s and accelerate the greening of our economy;
Amendment 197 #
Motion for a resolution
Paragraph 9 d (new)
Paragraph 9 d (new)
9 d. Clarifies that, especially in the short term when standardisation is not yet available, financial companies have a duty of care which means that they should identify, mitigate, prevent and publicly disclose all relevant information on risks, including at least financially materially risks, sustainability risks and risks relating to the broader corporate goals; requires that this information should be signed off by the board, CEO or CFO
Amendment 232 #
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 infrastructure; Calls on the European Commission to regularly assess the impact, effectiveness and supervision of the green bonds in relation to the EU’s climate and environmental policies and commitments;
Amendment 303 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. CIs concerned about the findings by the London School Of Economics “that 62.1% of ECB corporate bond purchases take place in the sectors [...] which are responsible for 58.5% of eurozone greenhouse gas emissions”1a; calls on the ECB to redesign its purchase programmes in order to rebalance and align its portfolio with an investment policy that is consistent with the Paris Agreement and ESG goals; underlines that such redesign may act as a pilot for establishing a future sustainability taxonomy; calls on the ECB to mainstream climate considerations into its day-to-day operations; _________________ 1aSini Matikainen, Emanuele Campiglio and Dimitri Zenghelis, ‘The climate impact of quantitative easing’, Grantham Institute on climate change and the environment, May 2017
Amendment 310 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the ECB to redesign urgently its purchase programmes in order to rebalance and align its portfolio with an investment policy that is consistent with the Paris Agreement and ESG goals and reports back to the European Parliament on this; underlines that such redesign may act as a pilot for establishing a future sustainability taxonomy;