26 Amendments of Sirpa PIETIKÄINEN related to 2018/2007(INI)
Amendment 12 #
Motion for a resolution
Citation 20
Citation 20
Amendment 20 #
Motion for a resolution
Citation 30 a (new)
Citation 30 a (new)
- having regard to the Sendai Framework for Disaster Risk Reduction and ‘Priority 3: Investing in disaster risk reductionfor resilience’ including Article 30 (m) to ‘to promote, as appropriate, the integration of disaster risk reduction considerations and measures in financial and fiscal instruments;
Amendment 21 #
Motion for a resolution
Citation 30 b (new)
Citation 30 b (new)
Amendment 37 #
Motion for a resolution
Citation 34 a (new)
Citation 34 a (new)
- having regard to the European Commission Circular Economy Package of 2015 and the European Parliament Resolution of 9 July2015 on resource efficiency: moving towards a circular economy (2014/2208(INI)),
Amendment 72 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses the potential of a faster green transition as an opportunity for orienting capital markets towards long- term, innovative and efficient investments; notes that environmental, social and governance (ESG) benefits and risks are often not reflected in prices and that this provides a market advantage to unsustainable and short-termist geared finance; stresses that a political and regulatory framework to govern sustainable finance is overdue;
Amendment 85 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that the financial sector as a whole and its core function of allocating capital to benefit society should be governed by the values of equity and sustainability; emphasises in that respect the instrumental role of economic, fiscal and monetary policy in fostering sustainable finance by facilitating capital allocation to decarbonisedzed, disaster resilient and resource- efficient economic activities which are able to reduce the current need for future resources and thereby capable of meeting EU sustainability goals; insists that a substantial price for greenhouse gas emissions is a key component of a functioning and efficient environmental and social market economy, correcting current market failure;
Amendment 115 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls on the Member States, in coordination with the Commission, the ESAs 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 within the next five years;
Amendment 117 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Calls on the Commission and Member States to work towards phasing out direct and indirect subsidies to fossil fuels.
Amendment 118 #
Putting ESG facindicators at the heart of EU financial decision-making and establishing an EU sustainability taxonomy
Amendment 120 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to lead a multi-stakeholder process, including both experts in climate science and financial sector participants, to establish by the end of 2019 a robust and, credible green taxonomy, including a ‘Green Finance Mark’, through a legislative initiative;and technology- neutral sustainability taxonomy based on indicators that disclose the full impact of investments on sustainability and allow for comparison of investments and companies; emphasises the need to develop such sustainability indicators as a first step in the process of developing a EU sustainability taxonomy and to incorporate these indicators in integrated reporting.
Amendment 130 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Notes that sustainability indicators already exist, but that the current voluntary reporting frameworks lack harmonisation; hence calls for the Commission to develop a harmonised list of sustainability indicators based on the existing work by, among others, GRI, UN PRI, the European Commission, the OECD, and the private sector, particularly the existing Eurostat resource efficiency indicators;
Amendment 131 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 148 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the recent inclusion of sustainability issues in the PRIIPs and STS Regulations, as well as in Shareholders Rights Directive and the NFRD; applauds the inclusion in the IORPs Directive of recognition of stranded assets; asks for the transversal integration of sustainable finance criteria inindicators in the review of all legislation related to the financial sector; Welcomes the recommendation of the European Commission High-Level Expert Group on Sustainable Finance to embed the ‘Think Sustainability First’ principle throughout the EU’s decision-making implementation and enforcement process.
Amendment 167 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Asks the Commission to adopt a regulatory strategy aimed inter alia at measuring sustainability risks within the framework of capital adequacy rules, and promote the inclusion of sustainability risks in the Basel IV framework to ensure sufficient capital reserves; stresses that capital adequacy rules must be based on and fully reflect demonstrated risks; aims to initiate an EU pilot project within the next annual budget to begin developing methodological benchmarks for that purpose;
Amendment 177 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Calls for the Commission to incorporate sustainability indicators in a mandatory and audited integrated reporting framework, and notes the upcoming review of the NFRD as an opportunity for this.
Amendment 192 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Calls on the EU to actively promote the inclusion of the sustainability indicators in the IFRS framework at the international level.
Amendment 194 #
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9 b. Calls for incorporating the cost of non-action on climate and other sustainability risks in all EU legislation and funding impact assessments.
Amendment 196 #
Motion for a resolution
Paragraph 9 c (new)
Paragraph 9 c (new)
9 c. Calls for incorporating the cost of non-action on climate and other sustainability risks as part of the risk management and due diligence assessment of company boards and public authorities, and as part of the fiduciary duty of investors.
Amendment 202 #
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 material ESG factors, including the cost of non- action on climate and sustainability risks, and clients are proactively asked about their timeframe and sustainability preferences;
Amendment 205 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Calls for the introduction of a mandatory environmental liability insurance for all commercial and public activities as a precondition for authorisation permit;
Amendment 222 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes the lack of a robust, reliable and uniform definition for reporting in the framework of the NFRD and the need to define the most strategic ESG metrics for each sector or sub-secusing sustainability indicators; calls on the Commission to create EU-wide multi- stakeholder groups to establish a list of metrics covering the most significant sustainability risks and a list of indicators measuring the sustainability impact as part of a pilot project on this matter;
Amendment 248 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes that existing credit-rating agencies do not sufficiently integrate the influencempact of disruptive ESG trends in issuers’ future credit-worthiness; calls for clear EU standards and supervision regarding, over, the integration of ESG facindicators in ratings for all credit-rating agencies operating in the EU; calls for the establishment of an accreditation process for a ‘Green Finance Mark’ by certifying agents supervised by the European Securities and Markets Authority (ESMA);
Amendment 276 #
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 supervisory 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;
Amendment 285 #
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 limitAcknowledging that 26% of the overall EIB financing has targeted climate action, calls on the EIB lending and the EFSI regulation to be strengthened so that only operations that promote resource efficient and decarbonising projects are financed;
Amendment 311 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Calls on the Commission and Member States to ensure policy coherence with financial and non-financial sectors; Reminds that sustainable financial policy needs to be accompanied by coherent policy choices in other sectors such as energy, transport, industry, and agriculture.
Amendment 314 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19 b. Calls on the Commission and Member States to use the EU’s influence to demonstrate leadership on sustainable finance and raise sustainability standards in finance at the global level, including through bilateral agreements with third countries, at multilateral political fora such as the UN, G7 and G20 and in international standard-setters such as the International Organization of Securities Commissions (IOSCO);