25 Amendments of Alain LAMASSOURE related to 2018/0178(COD)
Amendment 147 #
Proposal for a regulation
Recital 9
Recital 9
(9) Offering financial products which are marketed as and pursue environmentally sustainable objectives is an effective way of 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 sustainable. 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 sustainable should therefore 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 192 #
Proposal for a regulation
Recital 18
Recital 18
(18) For the purposes of determining whether an economic activity is environmentally sustainable, an exhaustive list of environmental objectives should be laid down, taking into account its impact on the entire industrial value chain.
Amendment 209 #
Proposal for a regulation
Recital 24
Recital 24
(24) An economic activity should not be considered environmentally sustainable if it causes more harm to the environment than the benefits it brings. The technical screening criteria should identify the minimum requirements necessary to avoid a significant harm to other objectives. When establishing and updating the technical screening criteria, the Commission should ensure that those criteria are based on available scientific evidence and, are updated regularly and take account of the whole value chain and the life cycle of technologies. It should also ensure that they are updated regularly. Where scientific evaluation does not allow for the risk to be determined with sufficient certainty, the precautionary principle should apply, in line with Article 191 TFEU.
Amendment 227 #
Proposal for a regulation
Recital 31
Recital 31
(31) Appropriate technical screening criteria should be established for the transport sector, including for mobile assets, which should take into account the whole life cycle of technologies and the fact that the transport sector, including international shipping, contributes close to 26% of total greenhouse gas emissions in the Union. As evidenced in the Action Plan on Financing Sustainable Growth48 the transport sector represents about 30% of additional annual investment needs for sustainable development in the Union, including by increasing electrification or transition to cleaner modes of transport by promoting modal shift and traffic management. _________________ 48 COM(2018) 97 final.
Amendment 251 #
Proposal for a regulation
Article premier – paragraph 1
Article premier – paragraph 1
1. This Regulation establishes the criteria for determining whether an economic activity, a technology or a service is environmentally sustainable for the purposes of establishing the degree of environmental sustainability of an investment.
Amendment 318 #
For the purposes of establishing the degree of environmental sustainability of an investment, an economic activity, a technology or a service shall be environmentally sustainable where that activity complies with all of the following criteria:
Amendment 324 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) the economic activity contributes or will contribute substantially to one or more of the environmental objectives set out in Article 5 in accordance with Articles 6 to 11;
Amendment 326 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) the economic activity does not or will not significantly harm any of the environmental objectives set out in Article 5 in accordance with Article 12;
Amendment 329 #
Proposal for a regulation
Article 3 – paragraph 1 – point d
Article 3 – paragraph 1 – point d
(d) the economic activity complies with technical screening criteria, where the Commission has specified those in accordance with Articles 6(2), 7(2), 8(2), 9(2), 10(2) and 11(2). Those criteria shall take into account planned investments that contribute substantially to one or more of the environmental objectives listed in Article 5.
Amendment 330 #
Proposal for a regulation
Article 3 – paragraph 1 – point d
Article 3 – paragraph 1 – point d
(d) the economic activity complies with technical screening criteria, including sustainable performance indicators at company or plan levels belonging to the economic activity, where the Commission has specified those in accordance with Articles 6(2), 7(2), 8(2), 9(2), 10(2) and 11(2).
Amendment 357 #
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, shall 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. The Commission must then immediately forward this information to the Platform on Sustainable Finance.
Amendment 360 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Financial market participants offering financial products marketed as environmentally sustainable investments, or as investments having similar characteristics, shall 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 407 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. An economic activity, a technology or a service shall be considered to contribute substantially to climate change mitigation where that activitey substantially contributes to the stabilization of greenhouse gas concentrations in the atmosphere at a level which prevents dangerous anthropogenic interference with the climate system by avoiding or reducing greenhouse gas emissions or enhancing greenhouse gas removals through any of the following means, including through process or product innovation:
Amendment 421 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) improving energy efficiency; in all sectors and at all stages of the energy chain.
Amendment 423 #
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) increasing clean, low-emission or climate-neutral mobility;
Amendment 429 #
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
(e) increasing carbon capture and storage useor utilisation or storage of carbon dioxide emissions;
Amendment 433 #
Proposal for a regulation
Article 6 – paragraph 1 – point h
Article 6 – paragraph 1 – point h
(h) producing clean and efficient low- carbon fuels from renewable or carbon- neutral sources.
Amendment 436 #
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 mitigation, taking into account investment already planned which likewise promotes the objective concerned;
Amendment 444 #
Proposal for a regulation
Article 7 – paragraph 2 – point a
Article 7 – 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 adaptation, taking into account investment already planned which likewise promotes the objective concerned;
Amendment 453 #
Proposal for a regulation
Article 8 – paragraph 2 – point a
Article 8 – 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 sustainable use and protection of water and marine resources, taking into account investment already planned which likewise promotes the objective concerned;
Amendment 480 #
Proposal for a regulation
Article 9 – paragraph 2 – point a
Article 9 – 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 the circular economy and waste prevention and recycling, taking into account investment already planned which likewise promotes the objective concerned;
Amendment 482 #
Proposal for a regulation
Article 10 – paragraph 2 – point a
Article 10 – 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 pollution prevention and control, taking into account investment already planned which likewise promotes the objective concerned;
Amendment 492 #
Proposal for a regulation
Article 11 – paragraph 2 – point a
Article 11 – 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 the protection of healthy ecosystems, taking into account investment already planned which likewise promotes the objective concerned;
Amendment 531 #
Proposal for a regulation
Article 14 – paragraph 1 – point a
Article 14 – paragraph 1 – point a
(a) identify the most relevant potential contributions to the given environmental objective, considering not only the short- term but also the longer term impacts of a specific economic activity and investment already planned;
Amendment 603 #
Proposal for a regulation
Article 15 – paragraph 2 a (new)
Article 15 – paragraph 2 a (new)
2a. Within 6 months of the notification referred to in Article 4(2), the Platform must make public the conclusions of its analysis of the application by financial market participants to consider as environmentally sustainable an economic activity which does not comply with the technical screening criteria laid down in accordance with this Regulation, or for which technical screening criteria have not yet been established. The Platform should be able to conduct public consultations in order to gather stakeholders’ views.