Activities of Pierre LARROUTUROU related to 2020/2058(INI)
Plenary speeches (1)
Sustainable Europe Investment Plan - How to finance the Green Deal (debate)
Shadow reports (1)
REPORT on the Sustainable Europe Investment Plan - How to finance the Green Deal
Amendments (65)
Amendment 15 #
Motion for a resolution
Citation 20 a (new)
Citation 20 a (new)
- having regards the statutes of the ECB,
Amendment 16 #
Motion for a resolution
Citation 20 a (new)
Citation 20 a (new)
- having regard to the 5 June report of the European Copernicus service which states that May 2020 was the hottest May ever measured (with temperatures of 35°C in Siberia!),
Amendment 21 #
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas the 5 June report of the NOAA, National Oceanic Atmospheric Administration, indicates that the concentration of CO2 in the atmosphere exceeded 417 ppm on average in May 2020 for the first time in more than 3 million years and that, despite the very strong economic slowdown linked to COVID-19, the concentration increased by 2.4 ppm in one year, that being an increase three times faster than in the 1970s or 1980s,
Amendment 23 #
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas the most recent report from the IPCC make clear that policies adopted so far are insufficient to prevent global warming from exceeding 1.5°C,to prevent biodiversity loss, and the disturbance of biogeochemical flows,
Amendment 28 #
-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”,
Amendment 30 #
Motion for a resolution
Recital -A (new)
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 100 bn EUR/year for Europe’s wider transport infrastructure, for a total of at least 662 bn EUR of investment needs per year; whereas these figures are based on 2030 climate objectives of only -40% GHG emissions, and therefore, now that the Parliament agreed on more ambitious objectives of -55%, the investment gap is even higher; 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
Amendment 31 #
Motion for a resolution
Recital -A (new)
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,
Amendment 33 #
Motion for a resolution
Recital -A (new)
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,
Amendment 34 #
Motion for a resolution
Recital -A (new)
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,
Amendment 39 #
Motion for a resolution
Recital -A a (new)
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,
Amendment 50 #
Motion for a resolution
Paragraph 1
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;
Amendment 77 #
Motion for a resolution
Paragraph 2
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 %be based on the objectives of a reduction to 55% in greenhouse gas emissions by 2030 compared to 1990 and climate neutrality by 2050;
Amendment 82 #
Motion for a resolution
Paragraph 3
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;
Amendment 118 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Questions whether the SEIP, as currently constitutproposed, will enable the mobilisation of EUR 1 trillion by 2030, given the negative economic outlook following the COVID-19 crisis and the technical inconsistency with the 7 years length of the upcoming MFF; 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;
Amendment 122 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that the Commission in the SEIP Communication of 14 January, has estimated the investment needs at EU level in order to achieve the current 2030 climate objectives at 260 bn EUR/year, plus additional amounts ranging from 100 to 150 bn EUR/year for environmental protection and resource management and 142 bn EUR/year for social investments; considers that additional efforts will have to be made by the EU and the Member States, in line with their current ambition with regard to the fight against climate change; requests the Commission to put into place all necessary measures to ensure the effective mobilization of the required financial means to accomplish the successful implementation of the SEIP, in line with the climate change objectives declared at EU level; underlines that the Commission had already estimated that the investment gap would be as high as 529 billion Euros per year starting in 2021 (public and private), based on a scenario implying -47% of Greenhouse Gas for 20302a; underlines that, now that the Parliament agreed on a more ambitious target of -55%, the investment gap is even higher; stresses that, on 10 June 2020, the European Economic and Social Committee has called on the EU institutions to swiftly increase its budget to fight climate change by 300 bn EUR/year10a; __________________ 2a2016, Commission Staff Working Document, Impact Assessment, accompanying the document “Proposal for a Directive of the European Parliament and of the Council amending Directive 2012/27/EU on Energy Efficiency”. 10ahttps://www.eesc.europa.eu/en/news- media/news/investment-plan-must-live- green-deals-ambitions#related-content
Amendment 125 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
Amendment 128 #
Motion for a resolution
Paragraph 5
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 a Framework Regulation laying down a new stringent and comprehensive climate and biodiversity tracking methodology using appropriately the criteria established by the EU taxonomy, defining and tracking relevant expenditure together with a comprehensive proofing mechanism to identify potential harmful impacts of EU actions to biodiversity and climate in line with the EU’s commitments under the Paris Agreement and a roadmap for the rapid phasing-out of direct and indirect fossil fuel subsidies and all other harmful subsidies from the EU budget; recalls in this context that 112 bn EUR/year have been spent by 11 countries and the European Union to subsidise fossil fuels between 2014 and 201613a; __________________ 13a http://www.caneurope.org/publications/bl ogs/1471-report-phase-out-2020- monitoring-europe-s-fossil-fuel-subsidies
Amendment 145 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
Amendment 148 #
Motion for a resolution
Paragraph 5 b (new)
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;
Amendment 155 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Believes that public and private finance should adhere to the EU taxonomy and to the Do Not Significantly Harm (DNSH) principle, 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, by stopping all fossil fuel subsidies and investments; demands that all private and public banks, as well as insurance companies adhere to the same objective by implementing a transparent and progressive termination of fossil investments;
Amendment 161 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
Amendment 165 #
Motion for a resolution
Paragraph 7
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 mixunderlining 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;
Amendment 207 #
Motion for a resolution
Paragraph 9
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 20272021, 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;
Amendment 222 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the proposal to top up the Just Transition Fund (JTF), including with additional funds from Next Generation EU, and the two additional pillars of the Just Transition Mechanism, namely a dedicated scheme under InvestEU and a public sector loan facility, which will contribute to alleviating the economic effects of the transition to climate neutrality on the most vulnerable regions in the EUbut underlines that additional funds will be needed in order to make sure it reaches all the workers who will be affected, directly and indirectly, by the transition, which accounts to around 11 million workers; insists that the amount must reach at least 10 billion € per year in the short term (Next Generation EU) but also in the longer term (MFF); welcomes also the two additional pillars of the Just Transition Mechanism, namely a dedicated scheme under InvestEU and a public sector loan facility, which will contribute to alleviating the economic effects of the transition to climate neutrality on the most vulnerable regions and citizens in the EU; notes that more clarity as to the eligibility criteria for funding should be made by ensuring delivery of the climate-neutrality target by the beneficiary of the funds by a set timeline aligned with Paris Agreement goals, as well as compliance with other environmental protection acquis objectives;
Amendment 246 #
Motion for a resolution
Paragraph 10 a (new)
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;
Amendment 256 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the role of InvestEU in the implementation and functioning of the SEIP and considers that it should be at the heart of the Union’s green, fair and resilient recovery; welcomes, therefore, the Commission’s proposal to increase the programme’s size and scope; welcomes the proposal to create a Strategic Investment Facility within InvestEU to promote sustainable investments in key technologies and value chains; calls for the InvestEU programme legal basis to include the highest standards regarding climate and sustainability proofing of the projects financed, at least at the level applicable to direct EU budget financing;
Amendment 275 #
Motion for a resolution
Paragraph 12 a (new)
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;
Amendment 278 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Stresses that cohesion policy, as the main EU investment policy, will play a crucial role in supporting the transition to climate neutrality; notes, however, 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; insists that this cohesion policy should be reinforced to cope with its main objectives and contributing to the success of the European Green Deal;
Amendment 280 #
Motion for a resolution
Paragraph 12 c (new)
Paragraph 12 c (new)
12c. Stresses the key role that the Common Agricultural Policy and the common fisheries policy will have to play in achieving the objectives of the SEIP; notes that the EU agricultural and fisheries sectors will have to become sustainable and ensure a sustainable management of natural resources and preservation of biodiversity together with its objectives on supporting the provision of high-quality food supply, guaranteeing food sovereignty for Europeans, contributing to stable and acceptable earnings for farmers and fisherwomen/men and contributing to the sustainable development of rural areas;
Amendment 281 #
Motion for a resolution
Paragraph 13
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 sideUnderlines that in order to support each and every family, school and business to insulate their buildings, in order to support every farmer to transition to a climate neutral agriculture, loans will not suffice and grants will have to play an important role, in which the EU budget must take a significant part, which will be possible if significant new own resources are adopted; supports the Commission’s innovative approach in stating that the EU budget will contribute to achieving climate objectives also through its revenue side; recalls that the adoption of a basket of new genuine own resources will allow for an ambitious funding of the transition without any increase in the Member States’ GNI contributions;
Amendment 289 #
Motion for a resolution
Paragraph 14
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”
Amendment 298 #
Motion for a resolution
Paragraph 14
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;
Amendment 313 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Underlines that both types of revenues, environmental and non- specifically environmental, will be indispensable for the establishment of a reliable basket of new genuine own resources, since the amount of income produced by environmental revenues will proportionally decrease over the time with the adoption of green practices by contributors and will therefore need to be compensated by resources generated by single market revenues; stresses the emergency to agree on the own resources with the highest potential revenues;
Amendment 321 #
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Warns that the European Parliament will stand firm on its position to demand all the new own resources mentioned in this report, in order to at least cover the interests and capital of the Next Generation EU package as well as bridging the funding gap of the Green Deal in the short and long term;
Amendment 323 #
Motion for a resolution
Paragraph 14 c (new)
Paragraph 14 c (new)
Amendment 324 #
Motion for a resolution
Paragraph 14 d (new)
Paragraph 14 d (new)
14d. Notes that the conditions that applied to the UK for supporting the introduction of rebates, as set in the European Council conclusions of Fontainebleau in 1984, are no longer in place; asks therefore for the elimination of all the remaining correction mechanisms granted to Germany, Austria, Denmark, Sweden and the Netherlands, making therefore the structure of the EU budget more transparent and generating additional funding for the investment plan;
Amendment 325 #
Motion for a resolution
Paragraph 14 e (new)
Paragraph 14 e (new)
Amendment 329 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the efforts ofadoption by the European Investment Bank (EIB) to revise itsof 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;
Amendment 343 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
Amendment 347 #
Motion for a resolution
Paragraph 15 a (new)
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;
Amendment 350 #
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Recalls that since 2015 more than 2 600 billion EUR have been created by the ECB with no condition that this money feeds the real economy, creates jobs or finances climate action or contributes to achieve the sustainable development goals, resulting in only 11% of these sums arriving in the real economy; recalls that in 2008, technical solutions were found in less than a week in several countries to make sure that the 1000 bn EUR created by the ECB would be channelled to save the banks; recalls, that in 2020, even before the launch of the PEPP in the context of the covid-19 outbreak (1350 bn EUR announced between 18 March and 19 June), the ECB decided to increase its balance sheet by additional 240 bn EUR24a; recalls that on the 18th of June, the ECB lended additional 1 308 bn EUR at negative interest rate (-1%) in the context of its TLTRO program; insists that the monetary creation by the ECB could be halved and have a better impact on the stability of the economy, and limit the leaks towards speculation, if these volumes were channelled towards investments for climate and jobs through the Climate Bank; __________________ 24a https://www.lalibre.be/economie/placemen ts/la-bce-va-racheter-20-milliards-d- euros-de-dettes-chaque-mois- 5d7a30ecd8ad5847dc99577d
Amendment 353 #
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15c. Recalls that, in order for the EIB - Climate Bank to be able to increase its lending substantially, it must have new equities, but that a large number of Member States do not wish to increase their holdings in the EIB's capital; recalls that, while the ECB is not entitled to become a shareholder of the EIB, there is nothing to prevent it from providing the EIB with quasi-equity through subordinated loans; points out that if it were to provide 100 billion of quasi- equity, the ECB would increase the EIB's equities by 50 billion, enabling the EIB - Climate Bank to develop a much more ambitious lending policy, gradually increasing to an interest-free lending capacity of 300 billion per year, which would make a much more significant contribution to meeting the investment need estimated at at least 660 billion per year; invites the European Commission, the ECB and the EIB to study the possibility for the ECB to strengthen the quasi-equity capital of the EIB - Climate Bank (or of an EIB subsidiary specifically dedicated to the climate); and any other technical solution that would allow to achieve such lending volumes;
Amendment 355 #
Motion for a resolution
Paragraph 15 d (new)
Paragraph 15 d (new)
15d. Calls as a matter of urgency for Parliament’s powers to be strengthened as regards the strategic direction and policies of the EIB to ensure democratic scrutiny of investments;
Amendment 362 #
Motion for a resolution
Paragraph 16
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;
Amendment 364 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Underlines as well the NPBIs’ advantages in the conception, management and financing of relatively smaller projects, from their experience in this field; welcomes therefore their involvement in different aspects of the Sustainable Europe Investment Plan, as the most adequate bodies to channel European level investments towards to the ground at local scale;
Amendment 371 #
Motion for a resolution
Paragraph 17
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;
Amendment 385 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Supports the calls from the European Central Bank and the Central Banks and Regulators’ Network for Greening the Financial System (NGFS) to extend the EU taxonomy to unsustainable activities as soon as possible, enabling financial regulators to better assess sustainability-related financial risks;
Amendment 388 #
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
Amendment 398 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
Amendment 407 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Insists on the integration of social objectives in the sustainability framework, including through an evaluation of extending the scope of taxonomy and the development of an EU Social Bond Standard; Calls for the “Do Not Significantly Harm” principle to look at concrete social objectives including employee absenteeism, percentage of full- time employees and employees on long- term contracts, the percentage of salaries above living-wage, gender and ethnic pay gap, ratio in salary and variable remuneration between CEOs and average employees, tax compliance and corruption practices; calls for the activities pursued by companies who fail to achieve a sufficient score on any one of the above parameters to not qualify as sustainable economic activities as defined by the Disclosure Regulation and the Taxonomy Regulation;
Amendment 422 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Favours the extension of the sustainability framework to the corporate sector; calls for mandatory sustainability reporting and due diligence for both financial institutions and large corporates, for stricter corporate liability regarding sustainability risks and for better quality data reporting, including by introducing verification mechanism and independent auditing;
Amendment 423 #
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
Amendment 425 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Recalls that investments in unsustainable economic activities may lead to stranded assets with lock-in effects; considers this risk to be insufficiently integrated in credit ratings and prudential frameworks including the Basel framework; calls for a review of the Credit Ratings Regulation to promote transparency in sustainability rating and an assessment of the possibility of inclusion of sustainability factors in prudential legislation; calls for the development of a brown taxonomy indicating investments facing increased exposure to climate risks and for the use of this brown taxonomy in the prudential framework;
Amendment 449 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. CHighlights the risk of reduced public spending on the sustainable transition in the context of the covid-19 crisis; calls for the introduction of an enabling framework for public sustainable investments to achieve the goals set out in the European Green Deal, but stresses that whatever financing model is chosen must not undermine the sustainability of public finance in the EU; supports the commitment by EVP Dombrovskis to explore how taxonomy can be used in the public sector; calls for public support for airlines to be used in a sustainable and efficient manneradvocates for the creation of a Sustainable Green Golden Rule to exclude sustainable investments from the EU’s economic governance framework; calls for a sustainable development pact to survey the implementation of the sustainability objectives and the green investment gap in each Member State; welcomes that EU Taxonomy will guide investment in Europe’s recovery to ensure it is in line with the EU-long term ambitions ; calls for a greater transparency of the degree of sustainability of public investment at EU and Member State level; supports the commitment by EVP Dombrovskis to explore how taxonomy can be used in the public sector; calls for public support for airlines to be used in a sustainable and efficient manner; supports the pledge by the Commission to explore how the EU Green Bond Standard, as well as other enabling frameworks, can increase public and private finance for sustainable investments;
Amendment 466 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Calls for the general escape clause of the Stability and Growth Pact (SGP) to last throughout the current economic and sanitary crisis; highlights that high debt levels following the reactivation of the budgetary rules may result in excessive deficit procedures for many EU Member States; calls for the reform of the SGP with an expenditure rule that facilitates net public investments, allows for counter-cyclical action and takes into consideration the EU fiscal stance as a whole, so as to reduce the risk of severe austerity imposed following the reactivation of the SGP, and enable the investment needed for the recovery and the sustainable and just transition;
Amendment 483 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Recalls that the European Semester is a framework for EU Member States to coordinate their budgetary and economic policies; believes that it could facilitate the implementation of the European Green Deal, the European Pillar of Social Rightsrecalls that this process should be improved to incentive sustainable and inclusive public investments of the Member States and their local authorities, promote the necessary economic and social measures to accompany the transition, contribute to the implementation of the European Green Deal, the European Pillar of Social Rights, the commitments made by the EU and of its Members States undertaken under the Paris Agreement and the UN Sustainable Development Goals (SDGs); believes that the SDGs should be at the heart of EU’s policy making process;
Amendment 497 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Notes that recovery and resilience plans will be based on shared EU priorities; highlights in this context the European Green Deal and the European Pillar of Social Rights; seeks the inclusion of priorities in areas such as employment, skills, education, research and innovation and health, but also in areas related to the business environment, including public administration and the financial sector; considers that the sustainability provisions in the current Recovery and Resilience Facility Regulation are insufficient; deems essential the incorporation of the EU Taxonomy in recovery and resilience plans through an ambitious minimum spending target on environmentally sustainable economic activities and the application of the Do Not Significantly Harm principle to all spending through these plans; deems the Commission responsible for monitoring adherence to these plans and for re- appropriating funds not spent in accordance with the plans;
Amendment 510 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Calls for companies benefitting from public support to commit to public country-by-country reporting, to respect their non-financial reporting obligations and to guarantee jobs, and disclose any beneficial treatment received; urges that such companies should fairly contribute to the recovery efforts by paying their fair share of taxes; seeks in this context a new social contract for corporates, harmonizing aims for profit with considerations for people and planet;
Amendment 511 #
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
Amendment 517 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Supports the Solvency Support Instrument to level the playing field in the single market, and the introduction of ‘transition plans’ for certain companies to increase the sustainability of their activities; considers that society can ask for a quid pro quosomething in return when providing support to companies; sees transition plans including science-based and time- bound sustainability targets as a way of ensuring that public funding is spent in line with public interests; believes that transition plans should be obligatory for companies seeking state aid or EU-level support unless it is clear that they do not engage in environmentally or socially harmful activities; urges the Commission to only approve transition plans that set businesses on the path to the climate- neutral and circular economy without significantly harming any other environmental or social objectives;
Amendment 524 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Underlines the role of National Promotional Banks in creating a sustainable economy; calls for state aid reforms to enable NPBs to provide preferential loans below market rates to promote sustainability; underlines the importance of ensuring local technical support for project promoters and innovation and the role of project nurseries helping projects to mature to receive financing;
Amendment 545 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Recalls that tax evasion and tax avoidance cause potential lost resources for national and EU budgets quantified as ranging from €50-70 billion to€160-190 billion;1a therefore seeks an intensified fight against tax fraud, tax evasion and tax avoidance and aggressive tax planning ; calls on the Commission to establish criteria on which it assesses EU Member State that would result in a black-list of EU Member States facilitating tax avoidance and to draft binding tax compliance plans for these Member States; __________________ 1aEuropean Parliament, EPRS, Bringing transparency, coordination and convergence to corporate tax policies in the European Union: I - Assessment of the magnitude of aggressive corporate tax planning, Study, 2015
Amendment 566 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Reiterates its call for phasing out of fossil fuel subsidies including in the form of a tax advantage, while fully respecting of the rights of Member State to choose their energy mix; supports, however, tax measures that would incentivise investment in cleaner energy and mode of transportation;
Amendment 570 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Believes that all these funding proposals combined (climate bank, climate budget and FATCA-Climate law) can raise at least 660 bn EUR/year to win the battle for climate and jobs;
Amendment 572 #
Motion for a resolution
Paragraph 27 b (new)
Paragraph 27 b (new)
27b. Welcomes the support of these three solutions by 1 million citizens25a; __________________ 25a http://www.climateandjobs.eu/