Activities of Simona BONAFÈ related to 2018/0178(COD)
Shadow reports (1)
RECOMMENDATION FOR SECOND READING on the Council position at first reading with a view to the adoption of a regulation of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088
Amendments (90)
Amendment 126 #
Proposal for a regulation
Recital 1
Recital 1
(1) Article 3(3) of the Treaty on European Union aims to establish an internal market that works for the sustainable development of Europe, based among others on balanced economic growth, social progress and a high level of protection and improvement of the quality of the environment.
Amendment 127 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3 a) In November 2017, the European Parliament, the Council and the Commission proclaimed and signed the European Pillar of Social Rights, in favour of a Europe that tackles unemployment, poverty and discrimination, giving equal opportunities to the young and vulnerable. A comprehensive and deep implementation of the pillar can be facilitated by making financial flows consistent with such a pathway.
Amendment 132 #
Proposal for a regulation
Recital 6
Recital 6
(6) In March 2018, the Commission published its Action Plan 'Financing Sustainable Growth'25 setting up an ambitious and comprehensive strategy on sustainable finance. One of the objectives set out in that Action Plan is to reorient capital flows towards sustainable investment in order to achieve sustainable and inclusive growth. The establishment of a unified classification system for sustainable activities isand of indicators for identifying the degree of sustainability of activities are the most important and urgent action envisaged by the Action Plan. The Action Plan recognises that the shift of capital flows towards more sustainable activities has to be underpinned by a shared, holistic understanding of what 'sustainable' meansthe impact of economic activities and investments in terms of sustainability. As a first step, clear guidance on activities qualifying as contributing to environmental objectives, should help inform investors about the investments that fund environmentally sustainable economic activities. FIn parallel, further guidance on the activities contributing to other sustainability objectives, including social objectives, may be developed at a later stagesocial objectives, are developed, recognising that the UN Sustainable Development Goals (SDG) cover all three pillars of sustainability: environmental, social and economic/governance. This also reflects the European Council conclusions of 20 June 2017 that confirmed the commitment of the Union and the Member States to the implementation of the 2030 Agenda in full, coherent, comprehensive, integrated and effective manner. _________________ 25 COM(2018) 97 final.
Amendment 154 #
Proposal for a regulation
Recital 10
Recital 10
(10) Moreover if market participants do not provide any explanation to investors of how the activities they invest in contribute to environmental objectives, or if they use different concepts in their explanation of what is a ‘sustainable’ economic activity, investors will find it disproportionately burdensome to check and compare these different financial products. It has been found that this discourages investors from investing into green financial products. Furthermore, the lack of investor confidence has major detrimental effects on the market for sustainable investment. It has further been shown that national rules or market-based initiatives taken to tackle this issue within national borders will lead to fragmenting the internal market. If financial market participants disclose how the financial products they claim are environment-friendly meet environmental objectives, and they use for such disclosures common criteria across the Union of what is an environmentally sustainable economic activity, this will help investors compare environment- friendly investment opportunities across borders and will incentivise investee companies to make their business models more sustainable. Investors will invest in green financial products with higher confidence across the Union, improving the functioning of the internal market.
Amendment 161 #
Proposal for a regulation
Recital 12
Recital 12
(12) Establishing criteria for environmentally sustainable economic activities may encourage firms to disclose on their websites, on a voluntary basis, information on the environmentally sustainable economic activities they carry out. This information will not onlyThe information on the environmental and social impact of activities will help relevant actors in the financial markets to easily identify which firms carry out environmentally sustainable economic activities, but it willtermine the degree of sustainability of the economic activities carried out by firms, also facilitate for theseing firms to raise funding for their greensustainable activities.
Amendment 190 #
Proposal for a regulation
Recital 18
Recital 18
(18) For the purposes of determining whether an economic activity is environmentally or socially sustainable, an exhaustive list of environmental and social objectives based on indicators measuring the environmental and social impact should be laid down.
Amendment 197 #
Proposal for a regulation
Recital 21
Recital 21
(21) Recalling the joint commitment of the European Parliament, the Council and the Commission to pursue the principles enshrined in the European Pillar of Social Rights in support of sustainable and inclusive growth and recognising the relevance of international minimum human and labour rights and standards, compliance with minimum safeguards should be a condition for economic activities to qualify as environmentally sustainable. For that reason economic activities should only qualify as environmentally sustainable where they are carried out observing, firstly, the International Labour Organisation’s (‘ILO’) declaration on Fundamental Rights and Principles at Work and the eight ILO core conventions. The ILO core conventions define human and labour rights that companies are due to respect. Several of these international standards are also enshrined the Charter of Fundamental Rights of the European Union, in particular the prohibition of slavery and forced labour and the principle of non-discrimination. Secondly, the UN Principles for Responsible Investment - Reporting Framework should be observed. Thirdly, investors should take in account the OECD Due Diligence Guidance for Responsible Business Conduct (2018). Due diligence in this context means the procedures undertakings carry out to identify, prevent, mitigate and account for sustainability risks as defined in [PO insert reference to Regulation on disclosures relating to sustainable investments and sustainability risks and its Annex I ]. Those minimum safeguards are without prejudice to the application of more stringent requirements on environment, health and safety and social sustainability set out in Union law, where applicable.
Amendment 205 #
Proposal for a regulation
Recital 23
Recital 23
(23) Some economic activities have a negative impact on the environment, and a substantial contribution to one or more environmental objectives can be achieved by reducing that negative impact. For those economic activities, it is appropriate to set out technical screening criteria that require a substantialn improvement in environmental performance compared to, inter alia, the industry average. Those criteria should consider also the long term impact (i.e. more than 3 years) of a specific economic activity.
Amendment 206 #
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 thandoes not bring about a net benefit to the benefits it bringsvironment. 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. 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 217 #
Proposal for a regulation
Recital 27
Recital 27
(27) To encourage environmentally sustainable innovation and to avoid distorting competition when raising financing for environmentally sustainable economic activities, the technical screening criteria should ensure that all relevant economic activities within a specific sector, including among others manufacturing, agriculture, construction, energy and transportation can qualify as environmentally sustainable and are treated equally if they contribute equally towards one or more of the environmental objectives laid out in this Regulation. The potential capacity to contribute towards those environmental objectives may however vary across sectors, which should be reflected in the criteria. However, within each sector, those criteria should not unfairly disadvantage certain economic activities over others if the former contribute towards the environmental objectives to the same extent as the latter.
Amendment 223 #
Proposal for a regulation
Recital 27 a (new)
Recital 27 a (new)
(27 a) To avoid disrupting well- functioning value-chains, the technical screening criteria should consider that environmentally sustainable activities are enabled by technologies and products developed by multiple economic actors.
Amendment 236 #
Proposal for a regulation
Recital 32
Recital 32
(32) It is of particular importance that the Commission when preparing the development of the technical screening criteria, carry out appropriate consultations in line with Better Regulation requirements. The process for the establishment and the update of the technical screening criteria and the harmonised indicators should also involve relevant stakeholders and build on the advice of experts with proven knowledge and experience in the relevant areas. For that purpose, the Commission should set up a Platform on sustainable finance. This Platform should be composed of experts representing both the public and the private sector. Public sector representatives should include experts from the European Environmental Agency, the European Supervisory Authorities and the European Investment Bank. Private sector experts should include representatives of relevant stakeholders, including financial market actors, manufacturing industries, universities, research institutes, associations and organisations. The Platform should advise the Commission on the development, analysis and review of technical screening criteria, including their potential impact on the valuation of assets that until the adoption of the technical screening criteria were considered as green assets under existing market practices. The Platform should also advise the Commission on whether the technical screening criteria are suitable for further uses in future Union policy initiatives aimed at facilitating sustainable investment.
Amendment 240 #
Proposal for a regulation
Recital 33
Recital 33
(33) In order to specify the requirements set out in this Regulation, and particularly to establish and update granular and calibrated technical screening criteria for different economic activities as to what constitutes a substantial contribution and significant harm to the environmental and social objectives, 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 in respect of the information required to comply with the disclosure obligation set out in Article 4 (3), and the technical screening criteria mentioned in Article 6(2), Article 7(2), Article 8(2), Article 9(2), Article 10(2), Article 11(2) and Article 11a(2). 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 should receive all documents at the same time as Member States’ experts, and the experts of the European Parliament and the Council should systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.
Amendment 244 #
Proposal for a regulation
Recital 35
Recital 35
(35) The application of this Regulation should be reviewed regularly in order to assess the progress on the development of technical screening criteria for environmentally and socially sustainable activities, the use of the definition of environmentally and socially sustainable investment, and whether compliance with the obligations requires the establishment of a verification mechanism. The review should include also an assessment of whether the scope of this Regulation should be extended to cover social sustainability objectives.
Amendment 254 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes the criteria for determining whether an economic activity is environmentally or socially sustainable for the purposes of establishing the degree of environmental or social sustainability of an investment.
Amendment 255 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes the criteria for determining whether an economic activity is environmentally or socially sustainable for the purposes of establishing the degree of environmental or social sustainability of an investment.
Amendment 261 #
Proposal for a regulation
Article 1 – paragraph 2 – point a
Article 1 – paragraph 2 – point a
(a) measures adopted by Member States or by the Union setting out any requirements on market actors in respect of financial products or corporate bonds that are marketed as environmentally sustainable.
Amendment 268 #
Proposal for a regulation
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) financial market participants offering financial products as environmentally sustainable investments or as investments having similar characteristics.
Amendment 288 #
Proposal for a regulation
Article 2 – paragraph 1 – point a a (new)
Article 2 – paragraph 1 – point a a (new)
(a a) 'socially sustainable investment' means an investment that funds one or several economic activities that qualify under this Regulation as socially sustainable;
Amendment 302 #
Proposal for a regulation
Article 2 – paragraph 1 – point g
Article 2 – paragraph 1 – point g
(g) 'circular economy' means maintaining the value of products, materials and other resources in the economy for as long as possible, thus reducing environmental impact and minimising waste, including through the application of the waste hierarchy as laid down in Article 4 of Directive 2008/98/EC of the European Parliament and of the Council;50 _________________ 50 Directive 2008/98/EC of the European Parliament and of the Council of 19 November 2008 on waste and repealing certain Directives (OJ L 312, 22.11.2008, p. 3). and minimising the use of resources based on key circular economy indicators as set out in the monitoring framework on progress towards a circular economy, covering different stages of production, consumption, waste management and secondary raw materials;
Amendment 306 #
Proposal for a regulation
Article 2 – paragraph 1 – point h – point i
Article 2 – paragraph 1 – point h – point i
(i) the direct or indirect introduction, as a result of human activity, of substances, vibrations, heat, noise, light or other pollutants into air, water or land which may be harmful to human health or the quality of the environment, may result in damage to material property, or may impair or interfere with amenities and other legitimate uses of the environment;
Amendment 307 #
Proposal for a regulation
Article 2 – paragraph 1 – point h – point ii a (new)
Article 2 – paragraph 1 – point h – point ii a (new)
(ii a) in the context of water environment, pollution as defined in Article 2 (33) of Directive 2000/60/EC of the European Parliament and of the Council;
Amendment 316 #
Proposal for a regulation
Chapter 2 – title
Chapter 2 – title
Environmentally and socially sustainable economic activities
Amendment 317 #
Proposal for a regulation
Article 3 – title
Article 3 – title
3 Criteria for environmentally and socially sustainable economic activities
Amendment 319 #
Proposal for a regulation
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
For the purposes of establishing the degree of environmental or social sustainability of an investment, an economic activity shall be environmentally and socially sustainable where that activity complies with all of the following criteria:
Amendment 322 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) the economic activity contributes substantially to one or more of the environmental or social objectives set out in Article 5 in accordance with Articles 6 to 11(a);
Amendment 327 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) the economic activity does not significantly harm any of the environmental and social objectives set out in Article 5 in accordance with Article 12;
Amendment 331 #
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, basing them on harmonised indicators, in accordance with Articles 6(2), 7(2), 8(2), 9(2), 10(2), 11(2) and 11a(2).
Amendment 333 #
Proposal for a regulation
Article 3 – paragraph 1 – point d a (new)
Article 3 – paragraph 1 – point d a (new)
(d a) the economic activity is carried out in compliance with procedures and internal rules adopted by the undertaking in order to mitigate any negative impact on sustainability.
Amendment 342 #
Proposal for a regulation
Article 4 – title
Article 4 – title
4 Use of the criteria for environmentally and socially sustainable economic activities
Amendment 345 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall apply the criteria for determining environmentally and socially 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 352 #
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 oin 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 investmentorder to define the degree of environmental and social sustainability of those products pursuant to the criteria of Article 3. 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 and socially sustainable, they mayshall inform the Commission. Financial market participants shall not offer financial products as environmentally or socially sustainable investments, or as investments having similar characteristics, if those products do not qualify as environmentally or socially sustainable.
Amendment 374 #
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 and socially sustainable economic activities;
Amendment 379 #
Proposal for a regulation
Article 4 – paragraph 3 – point b
Article 4 – paragraph 3 – point b
(b) the share of the investment funding environmentally and socially sustainable economic activities as a percentage of all economic activities.
Amendment 389 #
Proposal for a regulation
Article 5 – title
Article 5 – title
5 Environmental and social objectives
Amendment 392 #
Proposal for a regulation
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
For the purposes of this Regulation, the following shall be environmental and social objectives:
Amendment 394 #
Proposal for a regulation
Article 5 – paragraph 1 – point 4
Article 5 – paragraph 1 – point 4
(4) transition to a circular economy, including waste prevention and recyclingboosting the uptake of secondary raw materials;
Amendment 398 #
Proposal for a regulation
Article 5 – paragraph 1 – point 6
Article 5 – paragraph 1 – point 6
(6) protection of healthyand restoration of ecosystems.
Amendment 400 #
Proposal for a regulation
Article 5 – paragraph 1 – point 6 a (new)
Article 5 – paragraph 1 – point 6 a (new)
(6 a) promoting social objectives.
Amendment 418 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) improving energy efficiencysavings and efficiency across sectors, in order to reduce primary and final energy demand, in coherence with the EU energy and climate frameworks, in particular the Articles 7, 14 and 18 of the Energy Efficiency Directive and the long term building renovation strategies foreseen by the Energy Performance of Building Directive;
Amendment 428 #
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
(e) increasing carbon capture andutilisation or storage use;
Amendment 445 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. An economic activity shall be considered to be contributing substantially to sustainable use and protection of water bodies and marine resourcewaters where that activity substantially contributes to the good status of waters, including freshinland surface waters, transitional waterestuaries and coastal waters, or to the good environmental status of marine waters, where that activity takes all possible measures to restore, protect or maintain the biological diversity, productivity, resilience, value and the overall health of marine ecosystem, as well of the livelihoods of communities dependent upon them, through any of the following means:
Amendment 448 #
Proposal for a regulation
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) protecting the aquatic environment from the adverse effects of urban and industrial waste water discharges, including plastic pollution, by ensuring adequate collection and treatment of urban and industrial waste waters in accordance with Articles 3, 4, 5 and 11 of Council Directive 91/271/EEC53 ; _________________ 53 Council Directive 91/271/EEC of 21 May 1991 concerning urban waste water treatment (OJ L 135, 30.5.1991, p. 40).
Amendment 449 #
Proposal for a regulation
Article 8 – paragraph 1 – point a a (new)
Article 8 – paragraph 1 – point a a (new)
(a a) protecting the aquatic environment from the adverse effects of at sea emissions and discharges in accordance with IMO based conventions such as MARPOL, as well as conventions not covered under MARPOL such as the Ballast Water Management Convention and the Regional Seas Conventions;
Amendment 450 #
Proposal for a regulation
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) protecting human health from the adverse effects of any contamination of drinking water and bathing (riparian and sea water) in accordance with EU Bathing Water Directive 2006/7/EC by ensuring that it is free from any micro- organisms, parasites and a substances that constitute a potential danger to human health, and verifying that it meets the minimum requirements set out in Annex I, Parts A and B, to Council Directive 98/83/EC54 , and increasing citizens' access to clean drinking water; _________________ 54 Council Directive 98/83/EC of 3 November 1998 on the quality of water intended for human consumption (OJ L 330, 5.12.1998, p. 32).
Amendment 451 #
Proposal for a regulation
Article 8 – paragraph 1 – point d
Article 8 – paragraph 1 – point d
(d) improving water management and efficiency, facilitating water reuse, systems of rainwater management or any other activity that protects or improves quality and quantity of Union’s water bodies in accordance with Directive 2000/60/EC;
Amendment 454 #
Proposal for a regulation
Article 9 – title
Article 9 – title
9 Substantial contribution to the circular economy and, including waste prevention and recyclingboosting the uptake of secondary raw materials
Amendment 455 #
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. An economic activity shall be considered to contribute substantially to the transition to a circular economy and, including waste prevention and recycling where that activityboosting the uptake of secondary raw materials, where that activity promotes cascading use of material and contributes substantially to that environmental objective through any of the following means:
Amendment 457 #
Proposal for a regulation
Article 9 – paragraph 1 – point a
Article 9 – paragraph 1 – point a
(a) promoting innovative production, business and consumption models directed at improving the efficient use of raw materials in production, including through reducing the use of primary raw materials and increasing the use of by-products and wastesecondary raw materials, thus supporting end of waste operations;
Amendment 459 #
Proposal for a regulation
Article 9 – paragraph 1 – point b
Article 9 – paragraph 1 – point b
(b) iencreasouraging the durability, reparability, upgradability oresign, manufacturing and increasing the use of products that are resource-efficient, durable (including in terms of life span and absence of planned obsolescence), repairable, re-usability of productsle and upgradable;
Amendment 467 #
Proposal for a regulation
Article 9 – paragraph 1 – point g
Article 9 – paragraph 1 – point g
(g) reducing municipal waste generation and waste generation in processes related to industrial production, extraction of minerals, manufacturing, construction and demolition, taking into account best available techniques;
Amendment 468 #
Proposal for a regulation
Article 9 – paragraph 1 – point h
Article 9 – paragraph 1 – point h
(h) increasing preparing for re-use and recycling of waste according to the waste hierarchy;
Amendment 469 #
Proposal for a regulation
Article 9 – paragraph 1 – point h a (new)
Article 9 – paragraph 1 – point h a (new)
(h a) increasing the development of waste management infrastructure needed for prevention, re-use and recycling;
Amendment 470 #
Proposal for a regulation
Article 9 – paragraph 1 – point i
Article 9 – paragraph 1 – point i
(i) avoiding incineration and, disposal of wasteand landfilling of waste in line with the waste hierarchy;
Amendment 474 #
Proposal for a regulation
Article 9 – paragraph 1 – point j
Article 9 – paragraph 1 – point j
(j) avoiding and cleaning-up of litter and other pollution caused by improper waste managementidentifying products that are the main sources of littering, notably in natural and marine environments, and taking appropriate measures to prevent and reduce litter from such products; aiming to halt the generation of marine litter as a contribution towards the United Nations Sustainable Development Goal to prevent and significantly reduce marine pollution of all kind;
Amendment 476 #
Proposal for a regulation
Article 9 – paragraph 1 – point j a (new)
Article 9 – paragraph 1 – point j a (new)
(j a) reducing the generation of food waste in primary production, in processing and manufacturing, in retail and other distribution of food, in restaurants and food services as well as in households as a contribution to the United Nations Sustainable Development Goal to reduce by 50% the per capita global food waste at the retail and consumer levels and to reduce food losses along production and supply chains by 2030;
Amendment 477 #
Proposal for a regulation
Article 9 – paragraph 1 – point k
Article 9 – paragraph 1 – point k
(k) using natural energy resources efficiently. according to the cascading use of resources;
Amendment 478 #
Proposal for a regulation
Article 9 – paragraph 1 – point k a (new)
Article 9 – paragraph 1 – point k a (new)
(k a) fostering bio-economy through the sustainable use of renewable sources for the production of materials and commodities;
Amendment 479 #
Proposal for a regulation
Article 9 – paragraph 1 – point k b (new)
Article 9 – paragraph 1 – point k b (new)
(k b) implementing research and innovation in order to boost the creation of smart business models based on resource efficiency projects.
Amendment 481 #
Proposal for a regulation
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. An economic activity shall be considered to contribute substantially to pollution prevention and control where that activity contributes to a high level ofsubstantially to environmental protection from pollution through any of the following means:
Amendment 483 #
Proposal for a regulation
Article 11 – title
Article 11 – title
11 Substantial contribution to protection of healthy ecosystemr restoration of ecosystems and to the conservation of protected habitats and species
Amendment 486 #
Proposal for a regulation
Article 11 – paragraph 1 – introductory part
Article 11 – paragraph 1 – introductory part
1. For the purposes of this Regulation, an economic activity shall be considered to contribute substantially to healthy ecosystems where that activity contributes substantially to protecting, conserving and enhancing or restoring biodiversity and ecosystem services in line with the relevant legislative and non-legislative Union instruments, through any of the following means:
Amendment 487 #
Proposal for a regulation
Article 11 – paragraph 1 – point a
Article 11 – paragraph 1 – point a
(a) nature conservation (measures to maintain or restore protected natural habitats, and species) of wild fauna and flora and to reach adequate populations of naturally occurring wild bird species; protecting, restoring and enhancing the condition of ecosystems and their capacity to provide services;
Amendment 491 #
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 ecosystemr restoration of ecosystems and to the conservation of protected habitats and species;
Amendment 495 #
Proposal for a regulation
Article 11 a (new)
Article 11 a (new)
Article 11 a Substantial contribution to social objectives 1. An economic activity shall be considered to contribute substantially to social objectives through any of the following means: (a) reducing inequality, social exclusion, discrimination and marginalization and/or fostering social cohesion and integration; (b) reducing poverty, including in the areas of income, material deprivations, such as energy poverty, and low work intensity, including labour relations, especially in socially disadvantaged communities; (c) promoting equitable access to affordable, safe, sufficient and nutritious food and/or ensuring food security; (d) promoting equitable access to health services and universal health coverage; (e) promoting equitable access to education and training; (f) promoting equitable access to social protection; (g) promoting equitable access to adequate and affordable housing; (h) promoting equitable access to other essential services, including water, sanitation, energy, transport, financial services and digital communication; (i) supporting the development of social economy organizations and social enterprises. 2. The Commission shall adopt a delegated act in accordance with Article 16 to: (a) supplement paragraph 1 to establish technical screening criteria based on indicators for determining under which conditions a specific economic activity is considered, for the purposes of this Regulation, to contribute substantially to social objectives; (b) supplement Article 12 to establish technical screening criteria based on indicators for each relevant social and environmental objective , for determining whether an economic activity in respect of which screening are established pursuant to point (A) of this paragraph is considered, for the purpose of this Regulation, to cause significant harm to one or more of those objectives. 3. The Commission shal establish the technical screening criteria based on indicators referred to in paragraph 2 together in one delegated act, taking into account the requirements laid down in Article 14. 4. The Commission shall adopt the delegated act referred to in paragraph 2 by (1 July 2022), with a view to ensure its entry into application on (31 December 2022).
Amendment 500 #
Proposal for a regulation
Article 12 – title
Article 12 – title
12 Significant harm to environmental and social objectives
Amendment 509 #
Proposal for a regulation
Article 12 – paragraph 1 – point d
Article 12 – paragraph 1 – point d
(d) circular economy and waste prevention and recycling, where that activity leads to significant inefficiencies in the use of materials in one or more stages of the life-cycle of products, including in terms of durability, reparability, upgradability, reusability or recyclability of products; or where that activity leads to a significant increase in the generation, incineration or disposal of waste; and disposal of waste, including incineration and landfilling, in contrast with Article 4 of the Directive 2008/98/CE
Amendment 514 #
Proposal for a regulation
Article 12 – paragraph 1 – point f a (new)
Article 12 – paragraph 1 – point f a (new)
(f a) social objectives, where that activity is detrimental to social inclusion, cohesion and protection;
Amendment 520 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
The minimum safeguards referred to in Article 3(c) shall be procedures implemented by the undertaking that is carrying out an economic activity to ensure that the following are observed: (a) principles and rights set out in the eight fundamental conventions identified in the International Labour Organisation’s declaration on Fundamental Rights and Principles at Work, namely: the right not to be subjected to forced labour, the freedom of association, workers' right to organise, the right to collective bargaining, equal remuneration for men and women workers for work of equal value, non- discrimination in opportunity and treatment with respect to employment and occupation, as well as the right not to be subjected to child labour, are observed; (b) the UN Sendai Framework for Disaster Risk Reduction 2015-2030; (c) Where relevant and applicable: the FOA Voluntary Guidelines on the responsible Governance of Tenure of Land, Fisheries and Forests in the context of National Food Security and the UN Declaration on the Rights of Indigenous People.
Amendment 526 #
Proposal for a regulation
Article 13 – paragraph 1 b (new)
Article 13 – paragraph 1 b (new)
b) the UN Principles for Responsible Investment - Reporting Framework
Amendment 527 #
Proposal for a regulation
Article 13 – paragraph 1 c (new)
Article 13 – paragraph 1 c (new)
c) OECD Guidance – Responsible Business Conduct for Institutional Investors – Key Considerations for due diligence under the OECD Guidelines for Multinational Investors (2017)
Amendment 528 #
Proposal for a regulation
Article 13 – paragraph 1 d (new)
Article 13 – paragraph 1 d (new)
(d) The undertaking shall ensure the minimum safeguards while having in place due diligence processes, that ensure that the identification and management of sustainability risks are sufficiently integrated in investment decision-making, requiring investors to identify, prevent, mitigate and account for ESG factors.
Amendment 529 #
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. The technical screening criteria adopted in accordance with Articles 6(2), 7(2), 8(2), 9(2), 10(2), 11(2) and 11a(2) shall:
Amendment 532 #
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 or social objective, considering not only the short- term but also the longer term impacts of a specific economic activity;
Amendment 533 #
Proposal for a regulation
Article 14 – paragraph 1 – point a a (new)
Article 14 – paragraph 1 – point a a (new)
(a a) be based on harmonised indicators;
Amendment 534 #
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) be qualitative or quantitative, or both, and contain thresholds where possible, taking into account the overall benefits in terms of environmental and social sustainability;
Amendment 546 #
Proposal for a regulation
Article 14 – paragraph 1 – point g a (new)
Article 14 – paragraph 1 – point g a (new)
(g a) take into account the functioning of industrial value chains, by considering that environmentally sustainable activities are enabled by technologies and products developed by multiple economic actors;
Amendment 562 #
Proposal for a regulation
Article 15 – paragraph 1 – point a – point iii a (new)
Article 15 – paragraph 1 – point a – point iii a (new)
(iii a) experts representing National Promotional Banks and Institutions;
Amendment 571 #
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
(b) experts representing relevant private stakeholders, including manufacturing sectors;
Amendment 578 #
Proposal for a regulation
Article 15 – paragraph 1 – point b a (new)
Article 15 – paragraph 1 – point b a (new)
(b a) experts representing civil society, including non-governmental organisations and trade unions;
Amendment 594 #
Proposal for a regulation
Article 15 – paragraph 2 – point e
Article 15 – paragraph 2 – point e
(e) monitor and report regularly to the Commission on investment needs in the EU and at Member States level, and on capital flows towards sustainable investment;
Amendment 602 #
Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)
Article 15 – paragraph 2 – point f a (new)
(f a) contribute to the assessment and development of sustainable public and private finance regulations and policies, including consistency issues across relevant policies, and providing support to Member States on national level finance interventions.
Amendment 616 #
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. The power to adopt delegated acts referred to in Articles 4(3), 6(2), 7(2), 8(2), 9(2), 10(2), 11(2) and 11a(2) shall be conferred on the Commission for an indeterminate period from [Date of entry into force of this Regulation].
Amendment 617 #
Proposal for a regulation
Article 16 – paragraph 4
Article 16 – paragraph 4
4. Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.arry out appropriate consultations, including at public level, during its preparatory work. These consultations shall be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. 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 Technical and Member States experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts;
Amendment 620 #
Proposal for a regulation
Article 16 – paragraph 6
Article 16 – paragraph 6
6. A delegated act adopted pursuant to Articles 4(3), 6(2), 7(2), 8(2), 9(2), 10(2), 11(2) and 11a(2) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council.
Amendment 627 #
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
(a) the progress on the implementation of this Regulation with regard to the development of technical screening criteria for environmentally and socially sustainable economic activities;
Amendment 629 #
Proposal for a regulation
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
(b) the possible need to revise the criteria set out in this Regulation for considering an economic activity environmentally or socially sustainable;
Amendment 631 #
Proposal for a regulation
Article 17 – paragraph 1 – point c
Article 17 – paragraph 1 – point c
(c) the appropriateness of extending the scope of this Regulation to cover other sustainability objectives, in particular social objectives;deleted
Amendment 640 #
Proposal for a regulation
Article 17 – paragraph 1 – point d
Article 17 – paragraph 1 – point d
(d) the use of the definition of environmentally or socially sustainable investment in Union law, and at Member State level, including the appropriateness of setting up verification mechanism of compliance with the criteria set out in this Regulation.
Amendment 660 #
Proposal for a regulation
Article 18 – paragraph 2 – point c a (new)
Article 18 – paragraph 2 – point c a (new)
(c a) in respect of the social objectives referred to in point 7 of Article 5, from 31 December 2022.