31 Amendments of Matt CARTHY related to 2018/0180(COD)
Amendment 29 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) Whereas on 8 October 2018, the IPCC published its special report entitled 'Global Warming of 1.5°C' which warned of the extreme risks of reaching global warming of 2°C above pre-industrial levels and called for the limiting of global warming to 1.5ºC, noting this would require "rapid, far-reaching and unprecedented changes in all aspects of society";
Amendment 30 #
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
Amendment 89 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2016/1011
Article 3 – paragraph 1 – point 23 a (new)
Article 3 – paragraph 1 – point 23 a (new)
(23a) ‘low-carbon'Paris Agreement-aligned benchmark’' means a benchmark where the underlying assets, for the purporoadly diversified benchmark that seeks to ensure a representation of a given market compatible with a decarbonisation pathway basesd of point 1(b)(ii) of this paragraph, are selected so that the resulting benchmark portfolio has less carbon a climate scenario associated with at least a 75% probability to limit global warming to well below 2°C at the end of the 21st century, as per the objectives of the Paris Agreement (bearing in emissions when compared to the assets that comprise a standard capital- weighted benchmark and which is constructed in accordance with the standards laid down in the delegated acts referred to in Article 19a(2); nd the possible revision of the target of the Paris Agreement to limit global warming to 1.5°C by the end of the 21st century based on the evidence presented in the IPCC's October special report), and which is constructed in accordance with the standards laid down in the delegated acts referred to in Article 19a(2). Such benchmarks over-weigh the economic activities contributing to accelerate the decarbonisation of the given market, and under-weigh the economic activities meant to decline in the decarbonised market, in line with the proportions set in the selected decarbonisation pathway;
Amendment 95 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2016/1011
Article 3 – paragraph 1 – point 23 b (new)
Article 3 – paragraph 1 – point 23 b (new)
Amendment 102 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2016/1011
Article 3 – paragraph 1 – point 23 b a (new)
Article 3 – paragraph 1 – point 23 b a (new)
(23ba) ‘Climate transition benchmark’ means a benchmark where the underlying assets are selected on the basis that they have taken a clear, public, measurable and time-bound science-based target and the related detailed implementation plan at asset level to reduce their greenhouse gas emissions in alignment with a decarbonisation pathway based on a climate scenario associated with at least a 75% probability to limit global warming to well below 2°C at the end of the 21st century, as per the objectives of the Paris Agreement, (bearing in mind the possible revision of the target of the Paris Agreement to limit global warming to 1.5°C by the end of the 21st century based on the evidence presented in the IPCC's October special report) and annually report on the progress made towards achieving the target.
Amendment 110 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a Regulation (EU) 2016/1011
Article 1 – paragraph 1 – point 2 – point a Regulation (EU) 2016/1011
(d) an explanation of how the key elements of the methodology laid down in point (a) reflect environmental, social or governance (‘ESG’) factors for each benchmark or family of benchmarks which pursue or take into account ESG objectives;;
Amendment 111 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a a (new)
Article 1 – paragraph 1 – point 2 – point a a (new)
Regulation (EU) 2016/1011
Article 13 – paragraph 1 – point d a (new)
Article 13 – paragraph 1 – point d a (new)
(aa) “(da) an explanation of how the benchmark or family of benchmarks impact the climate, notably their degree of alignment with the objectives of the Paris Agreement;”;
Amendment 118 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2016/1011
Title III – Chapter 3 a (new) – title
Title III – Chapter 3 a (new) – title
Amendment 128 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2016/1011
Title III – Chapter 3 a (new) – Article 19 a – paragraph 1
Title III – Chapter 3 a (new) – Article 19 a – paragraph 1
(1) The requirements laid down in Annex III shall apply to the provision of, and contribution to, low-carbon or positive carbon impact Paris-aligned or climate transition benchmarks in addition to, or as a substitute for, the requirements of Title II, III and IV.
Amendment 139 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2016/1011
Title III – Chapter 3 a (new) – Article 19 a – paragraph 2 – IP – point c
Title III – Chapter 3 a (new) – Article 19 a – paragraph 2 – IP – point c
(c) the method for the calculation of carbon emissions and science-based methodological framework and decarbonisation pathway selected for the benchmark; the related metrics and thresholds used to select, weight and exclude the economic activities in line with the decarbon isavings associated with the underlying assets.tion pathway, and to assess the exposure of the underlying assets to such economic activities;
Amendment 143 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2016/1011
Title III – Chapter 3 a (new) – Article 19 a – paragraph 2 – IP – point c a new
Title III – Chapter 3 a (new) – Article 19 a – paragraph 2 – IP – point c a new
(ca) the comparison of the selected economic activities with the Union taxonomy;
Amendment 147 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 Regulation (EU) 2016/1011
Article 1 – paragraph 1 – point 4 Regulation (EU) 2016/1011
2a. For each requirement in paragraph 2, a benchmark statement shall contain an explanation of how environmental, social and governance factors are reflected for each benchmark or family of benchmarks provided and published which pursueincluding their degree of alignment with the objectives orf take into account ESG objectives.he Paris Agreement. This information should be disclosed in a standardised format, with colour-coded information on the degree of alignment with the Paris Agreement;
Amendment 164 #
Proposal for a regulation
Annex I – subheading 1
Annex I – subheading 1
Amendment 174 #
Proposal for a regulation
Annex I – point 1 – introductory part
Annex I – point 1 – introductory part
1. The administrator of a low-carbonParis- aligned benchmark shall formalise, document and make public any methodology used for the calculation of low carbonParis-aligned benchmarks, describing the following:
Amendment 178 #
Proposal for a regulation
Annex I – point 1 – point a
Annex I – point 1 – point a
(a) the list of the underlying assets that are used for calculating the low carbonParis-aligned benchmark;
Amendment 183 #
Proposal for a regulation
Annex I – point 1 – point c
Annex I – point 1 – point c
(c) the criteria applied to exclude assets or companies that are associated with a level of carbon footprint or a level of fossil reserves that are incompatible with inclusion in the low carbonParis-aligned benchmark;
Amendment 185 #
Proposal for a regulation
Annex I – point 1 – point d
Annex I – point 1 – point d
(d) the criteria fscience-based methodological framework and the methods of how the low carbon benchmark measures the carbon footprint and decarbonisation pathway selected for the benchmark; the related metrics and thresholds used to select, weight and exclude the economic activities in line with the decarbon isavings associated with the underlying assets in the index portfoliotion pathway, and to assess the exposure of the underlying assets to such economic activities;
Amendment 190 #
Proposal for a regulation
Annex I – point 1 – point d a (new)
Annex I – point 1 – point d a (new)
(da) the comparison of the selected economic activities with the EU taxonomy
Amendment 197 #
Proposal for a regulation
Annex I – point 1 – point e
Annex I – point 1 – point e
(e) the tracking error between the low carbonParis-aligned benchmark and the parent index;
Amendment 202 #
Proposal for a regulation
Annex I – point 1 – point f
Annex I – point 1 – point f
(f) the positive reweighting of low- carbon assets in the low carbonParis-aligned benchmark versus the parent index and the explanation of why this reweighting is necessary to reflect the chosen objectives of the low carbonParis-aligned benchmark;
Amendment 209 #
Proposal for a regulation
Annex I – point 1 – point g
Annex I – point 1 – point g
(g) the ratio between the market value of the securities that are in the low carbonParis- aligned benchmark and the market value of the securities in the parent index;
Amendment 214 #
Proposal for a regulation
Annex I – point 1 – point h – introductory part
Annex I – point 1 – point h – introductory part
(h) the type and source of input data used for the selection of assets or companies eligible for the low carbon benchmark, includingParis-aligned benchmark:
Amendment 217 #
Proposal for a regulation
Annex I – point 1 – point h – point i
Annex I – point 1 – point h – point i
Amendment 220 #
Proposal for a regulation
Annex I – point 1 – point h – point ii
Annex I – point 1 – point h – point ii
Amendment 223 #
Proposal for a regulation
Annex I – point 1 – point h – point iii
Annex I – point 1 – point h – point iii
Amendment 227 #
Proposal for a regulation
Annex I – point 1 – point h – point iv
Annex I – point 1 – point h – point iv
Amendment 232 #
Proposal for a regulation
Annex I – point 1 – point h – point v
Annex I – point 1 – point h – point v
Amendment 239 #
Proposal for a regulation
Annex I – point 1 – point i
Annex I – point 1 – point i
(i) the total carbon-footprint exposure of the index portfolio and the estimated impacts on climate- change mitigation and contribution to the objectives of the Paris Agreement of the low carbon strategy pursued by the benchmark;
Amendment 243 #
Proposal for a regulation
Annex I – point 1 – point j
Annex I – point 1 – point j
(j) the rationale for adopting a particular low-carbon methodology strategy or objective and an explanation of why the methodology is appropriate for the calculation of the low-carbonParis-aligned objectives of the benchmark;
Amendment 251 #
Proposal for a regulation
Annex I – subheading 3
Annex I – subheading 3
Methodology for positive carbon impactclimate transition benchmarks
Amendment 253 #
Proposal for a regulation
Annex I – point 2
Annex I – point 2
2. The administrator of a positive carbon impactclimate transition benchmark, in addition to the obligations applicable to the administrator of a low carbonParis-aligned benchmark, shall disclose the positive carbon impact of each underlying asset included in the benchmark and shall specify the formula or calculation that is used to determine whether the emission savings exceed the investment asset's or company's carbon footprint ('positive carbon impact ratio').measurable and time-bound science-based target, and the link to the related implementation plan and the annual report on progress made towards achieving the target, of each underlying asset included in the benchmark and shall specify the science-based methodological framework and decarbonisation pathway selected for the benchmark; the related metrics and thresholds used to select, weight and exclude the economic activities in line with the decarbonisation pathway, and to assess the exposure of the underlying assets to such economic activities;