18 Amendments of Dimitrios PAPADIMOULIS related to 2018/2007(INI)
Amendment 13 #
Motion for a resolution
Citation 20
Citation 20
— having regard to China’s dominancesignificant advancement in the issuance of green bonds and to the need for a European definition of a green bond that includes social as well as ecological criteria,
Amendment 22 #
Motion for a resolution
Citation 31 a (new)
Citation 31 a (new)
- having regard to the European Investment Bank (EIB) extensive experience on green bonds through mainly the Climate Awareness Bond, which contributed to green bonds of 18 billion Euro and 160 projects related to renewable energy, which unfortunately were distributed regionally in an uneven way without the appropriate long-term and regionally balanced planning.
Amendment 44 #
A. whereas the power of finance can and should be used to facilitate the transition to a sustainable economy in the EU which extends beyond the climate transition into other areas of ecologicalnvironmental, social and governance crisis;
Amendment 66 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses the potential of a faster, green and sustainable transition as an opportunity for orienting capital markets and banks towards long- term, innovative, socially friendly and efficient investments; notes that environmental, social and governance (ESG) benefits and risks are not reflected in prices and that this provides a market advantage to unsustainable and short-termist geared finance; stresses that a more strict political and regulatory framework to govern sustainable finance is overdue;
Amendment 76 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. stresses the importance of maintaining a balance between environmental, social and governance (ESG) dimensions of sustainable finance, taking very much into consideration the social dimension by prioritising the fight against social and regional inequalities and poverty, enforcing a real sustainable, environmentally-sensitive and inclusive growth;
Amendment 89 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that the financial sector as a whole and its core function of allocating capital tocore function should benefit society should, must be governed by the values of equity and sustainability and inclusiveness; emphasises in that respect the instrumental role of economic, fiscal and monetary policy in fostering sustainable finance by facilitating capital allocation to decarbonised and resource- efficient economic activities which are able to reduce the current need for future resources and thereby capable of meeting EU sustainability and Paris Agreement goals; insists that a substantial price for greenhouse gas emissions is a key component of a functioning and efficient environmental and social market economy;
Amendment 111 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls on the Member States, in coordination with the Commission and the EIB, to evaluate their national and collective public investment needs to ensure that the EU is on track to meet its climate change goals and sustainability goals within the next five years; based on this evaluation and planning, each member-state under an EU strategy should issue a national investment plan for sustainable finance.
Amendment 125 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to lead a multi-stakeholder, inclusive and credible process to establish by the end of 2019 a robust and credible green sustainability taxonomy, including a ‘Green Finance Mark’, providing the necessary legal framework through a legislative initiative;;
Amendment 138 #
Motion for a resolution
Paragraph 6 – point 1
Paragraph 6 – point 1
1. a minimum standard aligned with the Paris Agreement and the do-no-harm principle in accordance with ESG risk analysis;, the SDGs, Agenda 2030 and in line with international human rights and international humanitarian, labour and environmental laws and the do-no-harm principle in accordance with ESG risk analysis including at a minimum: a) Environmental factors – climate change risks, bio-diversity ,waste, pollution, water security and deforestation b) Social factors – human rights, workers rights, women’s rights, health and safety c) Governance factors – measures to tackle corruption, tax evasion and money laundering
Amendment 140 #
Motion for a resolution
Paragraph 6 – point 1 a (new)
Paragraph 6 – point 1 a (new)
1 a. Calls on the European Commission to introduce an mandatory framework of due diligence as a mean through which investors will be required to identify, prevent, mitigate and account for ESG factors and risks based on the 2017 OECD Guidelines for Responsible Business Conduct for Institutional Investors;
Amendment 172 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. AskUrges the Commission to adopt a regulatory strategy aimed inter alia at measuring sustainability risks within the framework of capital adequacy rules; stresses that capital adequacy rules must be based on and fully reflect demonstrated sustainability risks; aims to initiate an EU pilot project within the next annual budget to begin developing methodological benchmarks for that purpose;
Amendment 200 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Insists that fiduciary duty should be extended to encompass a mandatory ‘two- way’ integration process whereby asset managers are obliged to consider ESG factors and clients are asked about their timeframe and sustainability preferences; recommends that such guidance should clarify that asset owners have a duty to pay attention to long-term factors including ESG factors and may consider non-financially material ESG preferences of clients and beneficiaries;
Amendment 216 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Asks that active and accountable stewardship form an integral part of the legal duties of investors to be reflected throughand that an account of stewardship activities be made available to beneficiaries and public through, inter alia, the disclosure of major holdings, engagement activities, the use of proxy advisers and the use of passive investment vehicles;
Amendment 221 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 245 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Encourages the creation of a proactive green credit guidance, which already exists in some member-states, with well-defined rules of the minimum percentage allocated to renewable energy;
Amendment 272 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Intends to further clarify the mandate of the ESAs so that it includes ESG risks; calls on ESMA to update its ‘suitability’ guidelines to include ESG issues and on the three ESAs to introduce a monitoring system to assess material ESG risks beginning in 2018 and with a forward-looking climate scenario analysis; favours the extension of the ESAs’ mandate to include checking portfolio alignment with the Paris Agreement and to ensure consistency with the TCFD recommendations; encourages ESAs to enforce coordination with relevant agencies and international organisations;
Amendment 284 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Notes that the EIB has a mixed record on climate action; insists that the EIB should only agree to future lending that is compatible with a 1.5 °C climate limit and calls the EIB to redesign its programme planning in a more balanced way, both environmentally and regionally, to enforce climate actions and social and regional convergence always within a context of respect to working rights while having a positive environmental and social impacts;
Amendment 305 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the ECB to redesign its purchase programmes in order to rebalance and align its portfolio with an investment policy that is consistent with the Paris Agreement and ESG goals; being also more transparent, given that up to date ECB programmes benefited mainly big corporations with at least questionable environmental approaches; underlines that such redesign may act as a pilot for establishing a future sustainability taxonomy;