12 Amendments of Burkhard BALZ related to 2018/2007(INI)
Amendment 45 #
Motion for a resolution
Recital A
Recital A
A. whereas the power of finance can and should be used tofinancial markets can and should play a vital role in facilitateing the transition to a sustainable economy in the EU which extends beyond the climate transition into other areas of ecological crisis;
Amendment 67 #
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 often not reflected in prices and that this provides a market advantage to unsustainable and short-termist geared finance for market-participants that focus on fast returns; stresses that a political and regulatory framework to govern sustainable finance is overdue;
Amendment 103 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Emphasises the massive systemic risks that stranded carbon assets could represent to financial stability if not priced with a view to their long-term risk profile; stresses the need for the identification and mandatory reporting of these assetprudent management to these exposures as essential to the orderly transition to climate-positive investments; calls for the introduction of ‘carbon stress tests’ foron banks and other financial intermediaries to introduce ‘carbon stress tests’ to determine the risks related to such stranded assets;
Amendment 127 #
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’ if deemed appropriate after a consultation process, through a legislative initiative;
Amendment 134 #
Motion for a resolution
Paragraph 6 – introductory part
Paragraph 6 – introductory part
6. Recommends that this taxonomy shall take the principle of proportionality for small and medium-sized insitutions into account and include three levels:
Amendment 152 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the recent inclusion of sustainability issues in the PRIIPs and STS Regulations, as well as in Shareholders Rights Directive and the NFRD; applauds the inclusion in the IORPs Directive of recognition of stranded assets; asks for the transversal integration of sustainable finance criteria in all those legislationve proposals related to the financial sector where they are deemed through an impact assessment as proportional and effective means to reach the SDGs ;
Amendment 188 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Emphasises that disclosure is a critical enabling condition for sustainable finance; applauds the work of the Taskforce on Climate-related Financial Disclosure (TCFD) and calls on the Commission and the Council to explicitly endorse its recommendations; urges the Commission to include mandatory disclosureproportional disclosure requirements in the framework of the revision of the Accounting Directive and the NFRD;
Amendment 225 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes the lack of a robust, reliable and uniform definition for reporting in the framework of the NFRD and the need to define the most strategicional ESG metrics for each sector or sub-sector; calls on the Commission to create EU-wide multi- stakeholder groups to establish a list of metrics covering the most significant sustainability risks as part of a pilot project on this matter;
Amendment 251 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes that existing credit-rating agencies do not fully integrate the influence of disruptive ESG trends in issuers’ future credit-worthiness; calls for clear EU standards and supervision regarding the integration of ESG factors in ratings for all credit-rating agencies operating in the EU; calls for the establishment of an accreditation process for a ‘Green Finance Mark’ by certifying agents supervised by the European Securities and Markets Authority (ESMA);
Amendment 260 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the Commission to establish a legally binding labelling system for personal bank accounts, investment funds, insurance, and financial products indicating their level of conformity with the Paris Agreement and ESG goals;
Amendment 274 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Intends to further clarify the mandate of the ESAs so that it includes ESG risks; calls on ESMA to update its ‘suitability’ guidelines to includeand of National Competent Authorities to monitor ESG rissues and on the three ESAs to introduce a monitoring system to assess material ESG riskks; points to the pending revision of the ESAs breginning in 2018 and with a forward-looking climate scenario analysis; favours theulations including the potential appropriateness of an extension of the ESAs’ mandate to include checking portfolio alignment with the Paris Agreement and to ensure consistency with the TCFD recommendations;
Amendment 288 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. NotUrges that the EIB has a mixed record on climate action; insists that the EIB should only agree toto adapt its future lending that isas to be compatible with a 1.5 °C climate limit;