Activities of Marek Paweł BALT related to 2021/0191(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on European green bonds
Amendments (12)
Amendment 82 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) European green bonds are aimed at helping companies transition towards sustainability. As such, European green bonds should be used only by companies that have a credible pathway to becoming sustainable and that adhere to the Paris Agreement, to Regulation (EU) 2021/1119 of the European Parliament and of the Council (‘European Climate Law’) and to a 1,5° C global net warming scenario. Therefore, issuers of European green bonds should develop a transition plan indicating how they will ensure adherence to the 1,5° C global warming scenario and reach climate neutrality by 2050.
Amendment 102 #
Proposal for a regulation
Recital 36
Recital 36
(36) In order to encourage external reviewers to provide their services to the issuers of European green bonds as of the entry into application of this Regulation, this Regulation sets out a transitional regime for the first 30 months following the entry into force of this Regulation. Sustainable bonds already issued at the date of [entry into force][application] of this Regulation are not required to comply with this Regulation as regards disclosure requirements and the use of external reviewers.
Amendment 107 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down transparency requirements for bonds that are marketed in the Union as sustainable, stipulates uniform requirements for issuers of bonds that wish to use the designation ‘European green bond’ or ‘EuGB’ for their environmentally sustainable bonds made available to investors in the Union, and establishes a registration system and supervisory framework for external reviewers of European greensustainable bonds.
Amendment 110 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘issuer’ means any legal entity that issues bonds;
Amendment 128 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Where the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended following the issuance of the bond, the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. Allocated bond proceeds shall not be required to be reallocated following a change to the delegated acts.
Amendment 130 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 3
Article 7 – paragraph 2 – subparagraph 3
Where the delegated acts adopted pursuant to Articles 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of Regulation (EU) 2020/852 are amended following the creation of the debt referred to in the first subparagraph, the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. Allocated bond proceeds shall not be required to be reallocated following a change to the delegated acts.
Amendment 135 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Entity level requirements to issuers of European green bonds 1. Issuers of European green bonds shall adhere to the principle of ‘do no significant harm’ referred to in Regulation (EU) 2019/2088 and in the regulatory technical standards adopted pursuant to that Regulation that further specify that principle. For the purposes of the first subparagraph, issuers of European green bonds shall demonstrate that they have considered all of the following prior to issuing such bonds: (a) the principal adverse impacts of investment decisions on sustainability factors; (b) the integration of sustainability risks in the investment decision-making process; and (c) alignment with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill of Human Rights. 2. Non-sovereign issuers and any of their related third parties that are located in jurisdictions listed in Annex I or II to the EU list of non-cooperative jurisdictions for tax purposes shall not be authorised to use the designation of ‘European green bond’ or ‘EuGB’, unless they can demonstrate real economic activity in the listed jurisdiction. Sovereign issuers that are listed in Annex I or II to the EU list of non-cooperative jurisdictions for tax purposes shall not be authorised to use the designation of ‘European green bond’ or ‘EuGB’. 3. Issuers shall disclose the requirements stipulated in this Article in the template for the European sustainable bond factsheet laid down in Annex I.
Amendment 137 #
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Article 7b Transition plan 1. Issuers of European green bonds and issuers of sustainability-linked bonds shall develop a transition plan outlining how they will adhere to a 1,5° C global warming scenario and reach climate neutrality by 2050. The transition plan shall include annual and verifiable targets. 2. ESMA shall develop draft regulatory technical standards specifying minimum requirements for the transition plans referred to in paragraph 1. ESMA shall submit those draft regulatory standards to the Commission by ... [18 months after the date of entry into force of this Regulation]. The Commission is empowered to adopt delegated acts in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph.
Amendment 139 #
Proposal for a regulation
Article 7 c (new)
Article 7 c (new)
Article 7c Use of the European green bond standard by Union institutions and bodies Union institutions and bodies shall use the European green bond standard and apply the criteria set out in Articles 4 to 7a for any issuance of use of proceeds bond that has environmental sustainability as its objective
Amendment 140 #
Proposal for a regulation
Article 7 d (new)
Article 7 d (new)
Article 7d Green and just transition In order to ensure a predictable green and just transition in the financial sector, the Commission shall, by 31 January 2023, conduct an impact assessment on making the EuGB standard mandatory within a feasible and reasonable period of three to five years and report to the European Parliament and the Council as well as make a legislative proposal if appropriate.
Amendment 158 #
Proposal for a regulation
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
Amendment 186 #
Proposal for a regulation
Article 63 a (new)
Article 63 a (new)
Article 63 a Review 1. By 31 December 2023, and every three years thereafter, the Commission shall, based on the input from the Platform on Sustainable Finance, submit a report to the European Parliament and to the Council on the application of this Regulation. That report shall evaluate at least the following: (a) the uptake of the European green bond standard and its market share, both in the Union and globally; (b) the impact of this Regulation on the transition to a sustainable economy; (c) the functioning of the market of external reviewers, specifying market concentration and the impartiality of external reviewers; (d) the ability of ESMA and national competent authorities to exercise their supervisory duties; (e) the appropriateness of funding of ESMA through recognition, endorsement and supervisory fees; (f) the appropriateness of third country regimes foreseen in Title III, Chapter IV; (g) the continued existence of greenwashing in the sustainable bond market. The first time that a report is submitted in accordance with the first subparagraph, it shall include a section on the deadline for, and the practicalities of, making the European green bond label mandatory for bonds marketed as environmentally sustainable, between 2025 and 2028. Subsequent reports shall propose a revision of this Regulation to make the European green bond label mandatory for bonds marketed as environmentally sustainable by that deadline. 2. Accompanying any proposed revision of Regulation (EU) 2020/852, the Commission shall assess whether the proposed revision merits a review of this Regulation, specifically when such revisions are related to an extension of the scope of Regulation (EU) 2020/852 to other sustainability objectives, such as social objectives, or to other categories of environmental objectives.