Activities of Paul TANG related to 2020/2058(INI)

Pierre LARROUTUROU, Sirpa PIETIKÄINEN, Paul TANG, Gilles BOYER

Motion for a resolution
Recital -A (new)

-A. whereas tax avoidance and tax evasion have caused billions in losses of potential revenues for the public finances of several Member States, to the benefit of mostly large corporations and wealthy individuals; whereas tax evasion and tax avoidance create distortions of competition in the internal market,

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Evelyn REGNER, Niels FUGLSANG, Csaba MOLNÁR, Aurore LALUCQ, Eero HEINÄLUOMA, Siegfried MUREŞAN, Sirpa PIETIKÄINEN, Gilles BOYER, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Recital -A (new)

-A. whereas the EU climate law will set in stone the EU’s commitment to climate neutrality by 2050, including ambitious intermediary steps necessary to achieve this objective,

2020/07/03
Committee: BUDG ECON

Paul TANG, Manon AUBRY, Evelyn REGNER, Alfred SANT, Joachim SCHUSTER, Aurore LALUCQ, Siegfried MUREŞAN, Eero HEINÄLUOMA, Gilles BOYER, Sirpa PIETIKÄINEN, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Recital -A (new)

-A. whereas the Commission has estimated the investment needs at EU level in order to achieve the current 2030 climate objectives at 240 bn EUR/year1a plus additional amounts of 130 bn EUR/year for environmental objectives , 192 bn EUR/year for social infrastructure and 100bnEUR/year for Europe’s wider transport infrastructure, whereas it is essential to mobilize all available funds to close the investment gap, __________________ 1a https://ec.europa.eu/info/sites/info/files/ec onomy- finance/assessment_of_economic_and_in vestment_needs.pdf

2020/07/03
Committee: BUDG ECON

-A. whereas Article 2.1 of the Paris Agreement provides for “making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development”,

2020/07/03
Committee: BUDG ECON

Paul TANG, Gilles BOYER, Sirpa PIETIKÄINEN, Petros KOKKALIS, Carmen AVRAM, Evelyn REGNER, Joachim SCHUSTER, Niels FUGLSANG, Csaba MOLNÁR, Siegfried MUREŞAN, Eero HEINÄLUOMA, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Recital -A (new)

-A. whereas the European Green Deal is a growth strategy and should lead to sustainable and inclusive economic growth, job creation and ensure the strategic autonomy of the EU,

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Evelyn REGNER, Alfred SANT, Pierre LARROUTUROU, Joachim SCHUSTER, Aurore LALUCQ, Siegfried MUREŞAN, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Recital -A (new)

-A. whereas public and private finance should adhere to the EU Taxonomy and to the Do Not Significantly Harm principle so that EU financial instruments, including the EU budget, including facilities financed through Next Generation EU, the EU Semester, the EU Investment Plan, the EIB, ECB and EU funding sources such as cohesion funds and structural and investment funds, should not go to objects, projects and activities that do significantly harm to social or environmental objectives,

2020/07/03
Committee: BUDG ECON

Paul TANG, Carmen AVRAM, Evelyn REGNER, Alfred SANT, Joachim SCHUSTER, Aurore LALUCQ, Siegfried MUREŞAN, Eero HEINÄLUOMA, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Recital -A (new)

-A. whereas the Covid-19 sanitary crisis underlines the importance of investments in a socially and environmentally sustainable economy, in particular investments promoting cutting edge R&D, competitive industry, deepening and strengthening of the single market, strong SMEs, healthcare, a strong welfare system and social wellbeing,

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Evelyn REGNER, Carmen AVRAM, Pierre LARROUTUROU, Joachim SCHUSTER, Aurore LALUCQ, Eero HEINÄLUOMA, Pedro MARQUES

Motion for a resolution
Recital -A (new)

-A. whereas the spending required to support European economies raise the question of how incurred debt will be repaid; whereas it is important to prevent the increase in inequalities suffered following the previous crisis, where the burden on citizens was increased to bail out banks,

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Evelyn REGNER, Alfred SANT, Pierre LARROUTUROU, Joachim SCHUSTER, Csaba MOLNÁR, Aurore LALUCQ, Siegfried MUREŞAN, Eero HEINÄLUOMA, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Recital -A (new)

-A. whereas creating a sustainable economic system is central to developing long-term strategic autonomy of the European Union and to increase the EU’s resilience,

2020/07/03
Committee: BUDG ECON

Paul TANG, Gilles BOYER, Manon AUBRY, Evelyn REGNER, Joachim SCHUSTER, Niels FUGLSANG, Aurore LALUCQ, Siegfried MUREŞAN, Eero HEINÄLUOMA, Pedro MARQUES

Motion for a resolution
Recital -A (new)

-A. whereas environmental taxes represented 6% of all tax income in EU Member States in 2018, while global fossil fuel subsidies constitute over 6 % of global GDP1a, __________________ 1aEnvironmental tax revenues, Last update: 24-02-2020 https://appsso.eurostat.ec.europa.eu https://www.imf.org/en/Publications/WP/I ssues/2019/05/02/Global-Fossil-Fuel- Subsidies-Remain-Large-An-Update- Based-on-Country-Level-Estimates-46509

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Carmen AVRAM, Niels FUGLSANG, Evelyn REGNER, Aurore LALUCQ

Motion for a resolution
Recital -A (new)

-A. whereas tax exemptions for the aviation and maritime sectors may also distort competition between industrial sectors and may promote inefficient and polluting modes of transport,

2020/07/03
Committee: BUDG ECON

Pierre LARROUTUROU, Sirpa PIETIKÄINEN, Paul TANG, Gilles BOYER

Motion for a resolution
Recital -A a (new)

-Aa. whereas the Statutes of the ECB provides in Article 2 that, if the objective of price stability is achieved and is not called into question, the ECB's monetary policy shall be conducted with a view to furthering the objectives of the EU as laid down in Article 3 of the EU Treaty, which explicitly mentions as objectives of the Union "the improvement of the quality of the environment", and that the ECB's stated intention to contribute actively to the success of the Green Deal is therefore by no means contrary to the Treaties,

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 1

1. Notes the role of the European Green Deal as the EU’s new strategy defining ecological issues and the wellbeing of citizens at the core of the Union’s missions; Welcomes the Sustainable Europe Investment Plan (SEIP) as central in ensuring the success of the Green Deal and the transition towards a more sustainable and resilient economy;

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Evelyn REGNER, Pierre LARROUTUROU, Joachim SCHUSTER, Aurore LALUCQ, Siegfried MUREŞAN, Eero HEINÄLUOMA, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Paragraph 1

1. Welcomes the Sustainable Europe Investment Plan (SEIP) as central in ensuring the success of the Green Deal and the transition towards a more sustainable and resilient economy; stresses that the plan should be at the heart of a coordinated and inclusive Union response to building a more resilient economy and society after the Covid-19 crisis;

2020/07/03
Committee: BUDG ECON

Pierre LARROUTUROU, Margarida MARQUES, Paul TANG

Motion for a resolution
Paragraph 2

2. Welcomes the Commission’s European Recovery Plan with the European Green Deal at its heart; endorses the underlying principle that public investments will respect the oath to ‘do no harm’; emphasises that national recovery and resilience plans should put the EU on the path to a 50 % to 55 % reduction in greenhouse gas emissions by 2030 compared to 1990 and climate neutrality by 2050;Considers achieving a fair transition to climate neutrality to be a major responsibility for the EU; calls for the implementation of appropriate measures and policies, involving the public, private and public sectors, regions and Member States, in order to make this transformation a success; calls on the Commission to undertake an annual evaluation of the Union’s ecological debt, carbon budget and imported emissions;

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Jonás FERNÁNDEZ, Carmen AVRAM, Evelyn REGNER, Alfred SANT, Joachim SCHUSTER, Csaba MOLNÁR, Aurore LALUCQ, Eero HEINÄLUOMA, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Paragraph 2

2. Welcomes the Commission’s European Recovery Plan with the European Green Deal at its heart; endorses the underlying principle that public investments will respect the oath to ‘do no harm’; highlights that this oath applies to both social and environmental objectives; emphasises that national recovery and resilience plans should put the EU on the path to a 50 % to 55 % reduction in greenhouse gas emissions by 2030 compared to 1990 and climate neutrality by 2050 while providing sufficient guarantees to ensure social equity in the sustainable transition;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 3

3. Stresses that the success of the EU’s aim to achieve climate neutrality will depend on the adequacy of the financing; calls on the Commission and Member States to make sure the Green Deal Investment Plan, the Climate Budget and the Climate Bank, are massive enough to make future programs like the Renovation Wave, have sufficient impact on every building of Europe, and are made acceptable and welcome to all the citizens of Europe, because only with sufficient funding will our citizens accept the necessary regulations that will make it compulsory that by 2030 enough houses are renovated, enough farmers have transitioned, enough communities have changed their energy and transport systems;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 3

3. Stresses that the success of the EU’s aim to achieve climate neutrality will depend on the adequacy of the financing; Emphasizes that a substantial part of the investments, necessary to meet the goals of the European Green Deal, will have to come from public national and sub- national budgets;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 3 b (new)

3b. Notes that on the path to achieving climate neutrality Member States’ starting points differ; in this respect, considers that the SEIP should leave nobody behind and should focus, where necessary, on reducing disparities between Member States and regions as regards the achievement of climate neutrality objectives;

2020/07/03
Committee: BUDG ECON

Paul TANG, Sirpa PIETIKÄINEN, Manon AUBRY, Carmen AVRAM, Evelyn REGNER, Joachim SCHUSTER, Aurore LALUCQ, Siegfried MUREŞAN, Eero HEINÄLUOMA, Pedro MARQUES

Motion for a resolution
Paragraph 4

4. Questions whether the SEIP, as currently constituted, will enable the mobilisation of EUR 1 trillion by 2030, given the negative economic outlook following the COVID-19 crisis; requests the Commission to ensure full transparency on financing issues, such as the optimistic leverage effect or the lack of clarity over the extrapolations of certain amounts; furthermore questions how the new MFF as proposed by the Commission in its revised proposals of 27 and 28 May 2020 would enable the achievement of the SEIP targets; regrets that the SEIP alone will not be sufficient to finance the objectives of the Green Deal and that additional investments will have a decisive role in the success of the Green Deal; calls on the Commission and EU Member States to come forward with plans that explain how they will bridge the considerable investment gap with both private and public investments;

2020/07/03
Committee: BUDG ECON

Gilles BOYER, Stéphanie YON-COURTIN, Pascal CANFIN, Dragoş PÎSLARU, Olivier CHASTEL, Ivars IJABS, Clotilde ARMAND, Valérie HAYER, Paul TANG, Billy KELLEHER

Motion for a resolution
Paragraph 4

4. Questions whether the SEIP, as currently constituted, will enable the mobilisation of EUR 1 trillion by 2030, given the negative economic outlook following the COVID-19 crisis; requests the Commission to ensure full transparency on financing issues, such as the optimistic leverage effect or the lack of clarity over the extrapolations of certain amounts; furthermore questions how the new MFF as proposed by the Commission in its revised proposals of 27 and 28 May 2020 would enable the achievement of the SEIP targets; underlines that the SEIP is an EU long-term goal and cannot be undermined by lower MFFs in the future that would allocate a large part of money to the repayment of the borrowing;

2020/07/03
Committee: BUDG ECON

Paul TANG, Gilles BOYER, Petros KOKKALIS, Manon AUBRY, Jonás FERNÁNDEZ, Carmen AVRAM, Evelyn REGNER, Alfred SANT, Joachim SCHUSTER, Aurore LALUCQ, Pedro MARQUES

Motion for a resolution
Paragraph 4 a (new)

4a. Calls for the issuing of long-term common bonds to contribute to financing the recovery and the just and sustainable transition;

2020/07/03
Committee: BUDG ECON

Pierre LARROUTUROU, Margarida MARQUES, Paul TANG

Motion for a resolution
Paragraph 4 b (new)

4b. Stresses that according to the Joint Research Centre’s PESETA II Project of 2014, “if the 2080s climate would happen today without public adaptation, the EU household welfare losses would amount to 190 bn EUR, equivalent to almost 2% of EU GDP11a; underlines therefore that the cost of adaptation are much lower than the cost of non-adaption over the long run; stresses that the European Union faced a significant trade deficit on energy of about 250 bn EUR in 201912a; and sharp decrease in our energy consumption and the development of full renewable energy produced in the European Union would reduce this deficit; __________________ 11a https://ec.europa.eu/jrc/en/publication/eur -scientific-and-technical-research- reports/climate-impacts-europe-jrc- peseta-ii-project 12a https://ec.europa.eu/eurostat/documents/2 995521/10159364/6-15012020-AP- FR.pdf/e2e77fb3-0bdd-6895-9982- b7cbb73f4aeb

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Jonás FERNÁNDEZ, Evelyn REGNER, Aurore LALUCQ, Siegfried MUREŞAN, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Paragraph 5

5. Wishes to see it ensured that funding from the SEIP, at EU and national level, goes towards the policies and programmes with the highest potential to contribute to the fight against climate change, and looks forward to the Commission’s upcoming climate tracking methodology using appropriately the criteria established by the EU taxonomy; calls on the Commission to propose, after consultation of Parliament, and using similar criteria a framework laying down a methodology establishing eligibility criteria for climate-related expenditures, defining and tracking climate expenditure together with a proofing mechanism to identify harmful impacts in accordance with the “do not significantly harm” principle and the commitments under the Paris Agreement;

2020/07/03
Committee: BUDG ECON

Paul TANG, Gilles BOYER, Ernest URTASUN, Rasmus ANDRESEN, Petros KOKKALIS, Manon AUBRY, Jonás FERNÁNDEZ, Carmen AVRAM, Evelyn REGNER, Pierre LARROUTUROU, Csaba MOLNÁR, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Paragraph 5 a (new)

5a. Calls on the Commission to disclose the exposure of all MFF and Next Generation EU funds to the different EU taxonomy objectives and categories;

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Jonás FERNÁNDEZ, Evelyn REGNER, Pierre LARROUTUROU, Csaba MOLNÁR, Aurore LALUCQ, Siegfried MUREŞAN, Pedro MARQUES

Motion for a resolution
Paragraph 5 b (new)

5b. Highlights that the success of the Sustainable Europe Investment Plan depends on the coherence of EU policies, therefore underlines the need for harmonised sustainability indicators and a methodology for measuring impact, including LCA and natural capital accounting;

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Evelyn REGNER, Joachim SCHUSTER, Pedro MARQUES

Motion for a resolution
Paragraph 6

6. Believes that public and private finance should adhere to the EU taxonomy and to the Do Not Significantly Harm (DNSH) principle, with particular emphasis on the Recovery and Resilience Facility, in order to ensure that EU policies and financing, including the EU budget, the programmes financed through Next Generation EU, the European Semester and EIB financing do not contribute to objectives, projects and activities that significantly harm social or environmental objectives; calls for an operationalisation of the ‘do not significantly harm’ principle by clear and targeted exclusions in relevant EU funding regulations, in particular for fossil fuels, and a delegated act on climate, environmental and social proofing before the end of the year, as planned for example in the InvestEU regulation;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 7

7. Calls for the phasing-out of public and private investments in fossil fuel based and highly polluting and harmful industries for which economically feasible alternatives are available, ~~while fully respecting the rights of Member States to choose their energy mix~~underlining the urgency to find such alternatives through massive investments in technological innovation and energy efficiency, while fully respecting the rights of Member States to choose their energy mix and with the objective of implementing a fully renewable energy system and a Paris Agreement Compatible energy grid by 2040;

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Evelyn REGNER, Csaba MOLNÁR, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Paragraph 7

7. Calls for the phasing-out of public and private investments in highly polluting and harmful industries, using the EU taxonomy criteria, for which economically feasible alternatives are available, while fully respecting the rights of Member States to choose their energy mix;

2020/07/03
Committee: BUDG ECON

Paul TANG

Motion for a resolution
Paragraph 7 a (new)

7a. Underlines the need for a timely review of the Non-Financial Reporting Directive (NFRD) with the view to ensure high-level sustainable reporting by private sector participants; is of the view that implementation of the revised NFRD has to be consistent with the Sustainable Finance Disclosure Regulation applicable to the financial sector;

2020/07/03
Committee: BUDG ECON

Paul TANG, Ernest URTASUN, Rasmus ANDRESEN, Petros KOKKALIS, Manon AUBRY, Jonás FERNÁNDEZ, Evelyn REGNER, Aurore LALUCQ

Motion for a resolution
Paragraph 9

9. Underlines the fact that, in order to meet its obligations under the Paris Agreement, the EU’s contribution to the climate objectives should be underpinned by an ambitious share of climate-related expenditure in the EU budget, going much beyond the levels of targeted spending shares of at least 25 % over the MFF 2021- 2027 period and of 30% as soon as possible and at the latest by 2027; considers the EU budget should follow the spending target of the European Investment Bank of 50% to climate and environmental spending so as to be in line with the ambitious objectives set by the Climate Law; highlights that all MFF and Next Generation EU funds should be consistent with National Energy and Climate Plans (NECPs) and territorial Just Transition Plans where they are set up;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 9

9. Underlines the fact that, in order to meet its obligations under the Paris Agreement, the EU’s contribution to the climate objectives should be underpinned by an ambitious share of climate-related expenditure in the EU budget, going beyond the levels of targeted spending shares of at least 25 % over the MFF 2021- 2027 period and of at least 30% as soon as ~~possible and at the latest by 2027~~2021, which will be more easily reached and even topped if a climate budget of at least 100 billion EUR per year is fed by new own resources;

2020/07/03
Committee: BUDG ECON

Paul TANG, Ernest URTASUN, Rasmus ANDRESEN, Petros KOKKALIS, Manon AUBRY, Evelyn REGNER, Alfred SANT, Pierre LARROUTUROU, Joachim SCHUSTER, Csaba MOLNÁR, Aurore LALUCQ, Siegfried MUREŞAN, Eero HEINÄLUOMA, Pedro MARQUES

Motion for a resolution
Paragraph 10 a (new)

10a. Calls for ensuring that third countries are eligible for cross- border projects that contribute to the objectives of the Paris Agreement;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 11 a (new)

11a. Recalls the important role of EU’s main investment policies in achieving the objectives of the SEIP; stresses that cohesion policy, as the main EU investment policy, will play a crucial role in supporting the transition to climate neutrality; draws the attention, however, that in the aftermath of the Covid-19 crisis, cohesion policy will be one of the decisive instruments in the economic recovery and should not divert from its main objectives namely to contribute to social, economic and territorial cohesion, as stipulated by the EU Treaties;

2020/07/03
Committee: BUDG ECON

Paul TANG, Manon AUBRY, Evelyn REGNER, Alfred SANT, Aurore LALUCQ, Eero HEINÄLUOMA

Motion for a resolution
Paragraph 11 a (new)

11a. Calls on the Commission to substantially increase funding for technical assistance in relevant EU funds to 1% of the total amount to be spent, and calls on the Commission to focus technical assistance on projects and sectors with the highest environmental, social, resilience added value, in particular nature-based solutions that can deliver climate mitigation, climate adaptation and biodiversity benefits altogether;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 11 c (new)

11c. Is convinced that research will play a crucial role in putting forward innovative solutions that will ease the transition towards climate neutrality; calls in this respect to make an increased use of the added value of the research and innovation programmes from the EU Budget to develop new and cost effective technological solutions to achieve climate neutrality; notes that in order to adequately finance EU research programmes, an increase in their budget is required;

2020/07/03
Committee: BUDG ECON

Pierre LARROUTUROU, Gilles BOYER, Margarida MARQUES, Paul TANG

Motion for a resolution
Paragraph 11 d (new)

11d. Reaffirms the responsibility of the EU, as global leader in the fight against climate change, to prompt other international partners in following a similar approach; believes that the resources that the EU Budget grants to third countries should not go against the objectives of the Green Deal and should aim at facilitating the achievement of its objectives, taking however into consideration the different level of development of every country and the varying investment needs; considers that the pandemic has demonstrated that action to protect the environment and biodiversity outside the Union is intimately linked with health at home and that such action is cost effective when compared with the impacts of the pandemic;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 12 a (new)

12a. Underlines that the success of the European Green Deal and the just transition requires to refocus all relevant EU policies to contribute to achieve those objectives;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 12 b (new)

12b. Welcomes the Commission’s intention to review both the Modernisation Fund and the Innovation Fund as part of its revision of the Emissions Trading Scheme and would strongly welcome the allocation of additional revenues from the ETS to the Union budget to increase financing for the just transition; reiterates its long- standing demand to define a significant part of the ETS revenues as Own Resources;

2020/07/03
Committee: BUDG ECON

Paul TANG, Manon AUBRY, Petros KOKKALIS, Jonás FERNÁNDEZ, Evelyn REGNER, Alfred SANT, Joachim SCHUSTER, Aurore LALUCQ, Siegfried MUREŞAN, Eero HEINÄLUOMA, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Paragraph 13

13. Supports the Commission’s innovative approach in stating that the EU budget will contribute to achieving climate objectives also through its revenue side; recalls Parliament’s longstanding position in favour of generating added-value and policy co-benefits by introducing green new own resources;

2020/07/03
Committee: BUDG ECON

Aurore LALUCQ, Paul TANG, Pierre LARROUTUROU

Motion for a resolution
Paragraph 14

14. Reaffirms its previous position regarding candidates for new own resources, and calls on the Commission to propose new own resources which correspond to essential EU objectives including the fight against climate change and the protection of the environment and the preservation of a fair Single Market, including by limiting tax dumping; asks, therefore, for the introduction of new own resources based on the auction revenues of the Emissions Trading System - which will raise between 3 and 10 billion € per year according to the Commission15a, a Single Market Levy – which could raise 10 billion € per year according to the Commission16a, a contribution on non- recycled plastic packaging waste, the future Carbon Border Adjustment Mechanism, a Common Consolidated Corporate Tax Base or a precursor based on operations of large enterprises, a tax on digital companies, and a financial transaction tax; - which will raise 7 billion € per year according to the Commission17a, the future Carbon Border Adjustment Mechanism (5 to 14 billion per year)18a, a robust Common Consolidated Corporate Tax Base - which will raise up to 75 billion € per year with a 5% rate, based on figures provided by the European Commission, which could be modulated based on the carbon footprint evolution of companies19a, a tax on digital companies20a, and a financial transaction tax - which will raise 57 billion € per year according to the Commission (despite Brexit and the economic crisis)21a; invites the Commission and the Member States to also consider a small European contribution on billionaires and multi- millionaires, that are the top 1% of the wealthiest individuals, as proposed by Zucman et al., which could raise up to 150 billion € per year22a; __________________ 15a https://ec.europa.eu/info/sites/info/files/ab out_the_european_commission/eu_budget /factsheet_3_v22.pdf 16aMargit Schratzenstaller, 2018, “Tax- based Own Resources as a Core Element of a Future-Oriented Design of the EU System of Own Resources” 17a https://ec.europa.eu/commission/sites/beta -political/files/budget-proposals- modernising-budget-revenue-side- may2018_en.pdf 18a https://ec.europa.eu/info/sites/info/files/ab out_the_european_commission/eu_budget /factsheet_3_v22.pdf 19a https://ec.europa.eu/taxation_customs/bus iness/economic-analysis-taxation/data- taxation_en 20a https://ec.europa.eu/info/sites/info/files/ab out_the_european_commission/eu_budget /factsheet_3_v22.pdf 21aEuropean Commission, 2012, “The financial transaction tax will reduce Member States' GNI contributions to the EU budget by 50%” 22aMargit Schratzenstaller, 2018, “Tax- based Own Resources as a Core Element of a Future-Oriented Design of the EU System of Own Resources”

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 14

14. Reaffirms its previous position regarding candidates for new own resources, and calls on the Commission to propose new own resources which correspond to essential EU objectives including the fight against climate change and the protection of the environment; asks, therefore, for the introduction of new own resources based on the auction revenues of the Emissions Trading System, a contribution on non-recycled plastic packaging waste, the future Carbon Border Adjustment Mechanism, a Common Consolidated Corporate Tax Base or a precursor based on operations of large enterprises, a tax on digital companies, and a financial transaction tax; Considers that the fight against tax avoidance is key in order to provide resources to the EU for the ecologic and social transition;

2020/07/03
Committee: BUDG ECON

Paul TANG, Ernest URTASUN, Rasmus ANDRESEN, Petros KOKKALIS, Manon AUBRY, Jonás FERNÁNDEZ, Carmen AVRAM, Evelyn REGNER, Joachim SCHUSTER, Aurore LALUCQ, Eero HEINÄLUOMA, Pedro MARQUES

Motion for a resolution
Paragraph 14 a (new)

14a. Supports the work of the Commission to develop a levy based on the operations of large enterprises; considers that multinational corporates have been able to increase their profitability thanks to the EU’s single market without having had to contribute to the maintenance and deepening of this market; calls in this context for a levy on the largest corporates with a global turnover of €750 million for their usage of the single market; considers that the size of this levy should correspond to the size of the business and that the revenues of this levy should be used to repay EU-debt incurred through Next Generation EU;

2020/07/03
Committee: BUDG ECON

Paul TANG, Gilles BOYER, Ernest URTASUN, Rasmus ANDRESEN, Petros KOKKALIS, Manon AUBRY, Jonás FERNÁNDEZ, Carmen AVRAM, Evelyn REGNER, Joachim SCHUSTER, Niels FUGLSANG, Aurore LALUCQ, Eero HEINÄLUOMA, Siegfried MUREŞAN, Pedro MARQUES

Motion for a resolution
Paragraph 14 b (new)

14b. Calls on all Member States to join the enhanced cooperation framework to implement a Financial Transaction Tax;

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Evelyn REGNER, Aurore LALUCQ

Motion for a resolution
Paragraph 15

15. Welcomes the efforts of the European Investment Bank (EIB) to revise its ~~energy~~climate strategy and transport lending policy and to devote 50 % of its operations to climate action and environmental sustainability; calls on the EIB to commit to the sustainable transition towards climate neutrality while taking into account the different energy mixes of Member States and devoting particular attention to the sectors and regions most affected by the transition; calls on the EIB to end support to unsustainable transport projects including airports and motorways, and to make support to carbon-intensive companies conditional upon the publication of science-based climate targets and sustainable transition plans in line with the social and environmental transition; calls on the EIB to ensure financial intermediaries are not exposed to activities not supported by the EIB;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 15

15. Welcomes the ~~efforts of~~adoption by the European Investment Bank (EIB) ~~to revise its~~of its new energy lending policy and to devote 50 % of its operations to climate action and environmental sustainability; calls on the EIB to commit to the sustainable transition towards climate neutrality while taking into account the different energy mixes of Member States and devoting particular attention to the sectors and regions most affected by the transition; asks for a review of the Implementation Strategy in 2020 for Paris Alignment, including a concrete roadmap for reaching the 50% granular target by 2025; as well as guarantees for climate neutrality of the remaining lending following an open and transparent public consultation process;

2020/07/03
Committee: BUDG ECON

Paul TANG, Petros KOKKALIS, Manon AUBRY, Jonás FERNÁNDEZ, Carmen AVRAM, Evelyn REGNER, Alfred SANT, Pierre LARROUTUROU, Joachim SCHUSTER, Csaba MOLNÁR, Aurore LALUCQ, Siegfried MUREŞAN, Eero HEINÄLUOMA, Pedro MARQUES

Motion for a resolution
Paragraph 15 a (new)

15a. Considers that for the EIB to play a successful role in financing the Green Deal, a bottom-up and participatory approach is crucial, and to better coordinate with various stakeholders, such as local and regional authorities and representatives from civil society;

2020/07/03
Committee: BUDG ECON

Paul TANG

Motion for a resolution
Paragraph 15 b (new)

15b. Stresses that for the SEIP to be effective, the EU needs to work with its financing partners, including the EIB, the EBRD, the NPBIs and other IFIs. Welcomes the energy strategy adopted by European Bank for Reconstruction and Development (EBRD) in 2018, which puts decarbonisation at the centre of its operation in this sector, and of the EBRD’s climate financing ratio of 46% in 2019;

2020/07/03
Committee: BUDG ECON

Paul TANG, Sirpa PIETIKÄINEN, Petros KOKKALIS, Carmen AVRAM, Evelyn REGNER, Csaba MOLNÁR, Aurore LALUCQ, Siegfried MUREŞAN, Eero HEINÄLUOMA, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Paragraph 16

16. Recognises the important role of the national promotional banks and institutions and of international financial institutions (IFIs), including the European Bank for Reconstruction and Development and the World Bank, in the financing of sustainable projects, thereby contributing to the achievement of the goals of the Paris Agreement;

2020/07/03
Committee: BUDG ECON

Motion for a resolution
Paragraph 16

16. Recognises the important role of the national promotional banks and institutions (NPBIs) and of international financial institutions (IFIs) in the financing of sustainable projects, thereby contributing to the achievement of the goals of the Paris Agreement;

2020/07/03
Committee: BUDG ECON

Gilles BOYER, Stéphanie YON-COURTIN, Pascal CANFIN, Olivier CHASTEL, Ivars IJABS, Valérie HAYER, Paul TANG, Billy KELLEHER

Motion for a resolution
Paragraph 17

17. ~~Recalls the statement of the ECB~~Considers that the fight against climate change and the promotion of sustainability is within the mandate of the ECB and recalls the statement of its President that the ECB is supporting the development of a taxonomy as a way of facilitating the incorporation of environmental considerations in central bank portfolios~~; calls on the ECB to evaluate the feasibility of including sustainabi~~ and welcomes the ambition displayed in the recent Eurosystem reply to the European Commission’s public consultations on the Renewed Sustainable Finance Strategy and the revision of the NonFinancial Reporting Directive; calls on the ECB to undertake its monetary politcy ~~criteria i~~strategy review to align its collateral framework and its annual stress testing exercise~~, while~~ with the Paris agreement, and to disclose annually its level of alignment with the Paris agreement while setting a clear roadmap with targets - using appropriately the EU Taxonomy for these actions where relevant, while also assessing ways to guide lending towards energy transition investments and to rebuild a sustainable economy in the aftermath of the COVID- 19 crisis;

2020/07/03
Committee: BUDG ECON

Paul TANG, Sirpa PIETIKÄINEN, Petros KOKKALIS, Manon AUBRY, Jonás FERNÁNDEZ, Carmen AVRAM, Evelyn REGNER, Alfred SANT, Pierre LARROUTUROU, Joachim SCHUSTER, Niels FUGLSANG, Pedro MARQUES, Margarida MARQUES

Motion for a resolution
Paragraph 17

17. Recalls the statement of the ECB President that the ECB is supporting the development of a taxonomy as a way of facilitating the incorporation of environmental considerations in central bank portfolios; calls on the ECB to evaluate the feasibility of including sustainability criteria in its collateral framework and its annual stress testing exercise, while assessing ways to guide lending towards energy transition investments and to rebuild a sustainable economy in the aftermath of the COVID- 19 crisis; encourages the ECB to move forward with its monetary policy review in order to evaluate the financing of economic activities causing significant harm to environmental and social objectives; calls on the ECB to disclose annually its degree of alignment with the Paris Agreement and its exposure to the EU taxonomy;

2020/07/03
Committee: BUDG ECON