14 Amendments of Elisabetta GARDINI related to 2018/0178(COD)
Amendment 144 #
Proposal for a regulation
Recital 9
Recital 9
(9) Offering financial products which pursue environmentally and economically sustainable objectives is an effective way of gradually channelling private investments into sustainable activities. National requirements for marketing as sustainable investments financial products and corporate bonds, in particular requirements set out to allow the relevant market actors to use a national label, aim to enhance investor confidence, to create visibility and to address concerns about “greenwashing”. Greenwashing refers to the practice of gaining an unfair competitive advantage by marketing a financial product as environment-friendly, when in fact it does not meet basic environmental standards. Currently a few Member States have in place labelling schemes. They build on different taxonomies classifying environmentally sustainable economic activities. Given the political commitments under the Paris Agreement and at Union level, it is likely that more and more Member States will set up labelling schemes or other requirements on market actors in respect of financial products or corporate bonds marketed as environmentally sustainable. In doing so, Member States would be using their own national taxonomies for the purposes of determining which investments qualify as sustainableCurrently a few Member States have in place labelling schemes. They build on different taxonomies classifying environmentally sustainable economic activities. If such national requirements are based on different criteria as to which economic activities qualify as environmentally sustainable, investors will be discouraged from investing across borders, due to difficulties in comparing the different investment opportunities. In addition, economic operators wishing to attract investment from across the Union would have to meet different criteria in the various Member States in order for their activities to qualify as environmentally sustainable for the purposes of the different labels. The absence of uniform criteria will thus increase costs and create a significant disincentive for economic operators, amounting to an impediment to access cross-border capital markets for sustainable investments. The barriers to access to cross-border capital markets for the purposes of raising funds for sustainable projects are expected to grow further. The criteria for determining whether an economic activity is environmentally and economically sustainable should therefore gradually be harmonised at Union level, in order to remove obstacles to the functioning of the internal market and prevent their future emergence. With such harmonisation economic operators will find it easier to raise funding for their green activities across borders, as their economic activities can be compared against uniform criteria in order to be selected as underlying assets for environmentally sustainable investments. It will therefore facilitate attracting investment across borders within the Union.
Amendment 167 #
Proposal for a regulation
Recital 13
Recital 13
(13) A Union classification of environmentally and economically sustainable economic activities should gradually enable the development of future Union policies, including Union- wide standards for environmentally sustainable financial products and eventually the establishment of labels that formally recognise compliance with those standards across the Union. Uniform legal requirements for considering investments as environmentally sustainable investments as such, based on uniform criteria for environmentallya certain number of sustainable economic activities, are necessary as a reference for future Union legislation aiming at enabling those investments.
Amendment 183 #
Proposal for a regulation
Recital 16
Recital 16
(16) To avoid harming consumer interests, fund managers and institutional investors offering financial products as environmentally sustainable, shouldmay choose to disclose how and to what extent the criteria for environmentally sustainable economic activities are used to determine the environmental sustainability of the investments. The information disclosed shcould enable investors to understand the share of the investment funding environmentally sustainable economic activities as a percentage of all economic activities and thus the degree of environmental sustainability of the investment. The Commission should specify the information that needs to be disclosed for that purpose. That information should enable national competent authorities to verify compliance with the disclosure obligation easily, and to enforce that obligation in accordance with applicable national law.
Amendment 344 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall apply the criteria for determining environmentally sustainable economic activities set out in Article 3 for the purposes of any measures setting out requirements on market actors in respect of financial products or corporate bonds that are marketed as ‘environmentally sustainable’.
Amendment 350 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Financial market participants offering financial products as environmentally sustainable investments, or as investments having similar characteristics, shallmay choose to disclose information on how and to what extent the criteria for environmentally sustainable economic activities set out in Article 3 are used to determine the environmental sustainability of the investment. Where financial market participants consider that an economic activity which does not comply with the technical screening criteria set out in accordance with this Regulation or for which those technical screening criteria have not been established yet, should be considered environmentally sustainable, they may inform the Commission.
Amendment 371 #
Proposal for a regulation
Article 4 – paragraph 3 – introductory part
Article 4 – paragraph 3 – introductory part
3. The Commission shall adopt delegated acts in accordance with Article 16 to supplement paragraph 2 to specify the information required to comply with that paragraph, taking into account the technical screening criteria set out in accordance with this Regulation. That information shallmay enable investors to identify:
Amendment 372 #
Proposal for a regulation
Article 4 – paragraph 3 – point a
Article 4 – paragraph 3 – point a
(a) the percentage of holdings pertaining to companies carrying out environmentally sustainable economic activities;
Amendment 378 #
Proposal for a regulation
Article 4 – paragraph 3 – point b
Article 4 – paragraph 3 – point b
(b) the share of the investment funding environmentally sustainable economic activities as a percentage of all economic activities.
Amendment 439 #
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) supplement paragraph 1 to establish technical screening criteria for determining under which conditions a specific economic activity is considered, for the purposes of this Regulation, to contribute substantially to climate change mitigationreduce its environmental impacts;
Amendment 464 #
Proposal for a regulation
Article 9 – paragraph 1 – point d
Article 9 – paragraph 1 – point d
(d) reducing, where appropriate, the content of hazardous substances in materials and products;
Amendment 624 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. By 31 December 20216, and subsequently every three years thereafter, the Commission shall publish a report on the application of this Regulation. That report shall evaluate the following:
Amendment 651 #
Proposal for a regulation
Article 18 – paragraph 2 – point a
Article 18 – paragraph 2 – point a
(a) in respect of the environmental objectives referred to in points (1) and (2) of Article 5, from 1 July 20205;
Amendment 655 #
Proposal for a regulation
Article 18 – paragraph 2 – point b
Article 18 – paragraph 2 – point b
(b) in respect of the environmental objectives referred to in points (4) and (5) of Article 5, from 31 December 20216;
Amendment 657 #
Proposal for a regulation
Article 18 – paragraph 2 – point c
Article 18 – paragraph 2 – point c
(c) in respect of the environmental objectives referred to in points (3) and (6) of Article 5, from 31 December 20227.