Activities of Sirpa PIETIKÄINEN related to 2020/2058(INI)
Shadow reports (1)
REPORT on the Sustainable Europe Investment Plan - How to finance the Green Deal
Amendments (55)
Amendment 3 #
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the Commission communication on the Sustainable Europe Investment Plan (COM(2020)0021), which aims to enable a just and well-managed transition towards a resilient and sustainable society; emphasises that it is imperative that the EU achieve the revised 2030 and 2050 climate, circular economy and biodiversity goals and reach its commitments under the Paris Agreement, based on the best available science, back- casting approach, life-cycle assessment and Natural Capital Accounting methodology;
Amendment 4 #
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
- having regard to the Regulation on the establishment of a framework to facilitate sustainable investment and the Regulation (EU) 2019/2088,
Amendment 6 #
Motion for a resolution
Citation 13 b (new)
Citation 13 b (new)
Amendment 8 #
Motion for a resolution
Citation 14 a (new)
Citation 14 a (new)
- having regard to the Intergovernmental Panel on Climate Change (IPCC) special reports on climate change, desertification, land degradation, sustainable land management, food security, and greenhouse gas fluxes in terrestrial ecosystems, and on the Ocean and Cryosphere in a Changing Climate, and the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) Global Assessment on Biodiversity and Ecosystem Services report of May 2019,
Amendment 9 #
Motion for a resolution
Citation 14 b (new)
Citation 14 b (new)
- having regard to the European Pillar of Social Rights, the International Bill of Human Rights, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles on Business and Human Rights and the International Labour Organisation’s declaration on Fundamental Rights and Principles at Work and the eight ILO core conventions,
Amendment 10 #
Motion for a resolution
Citation 14 c (new)
Citation 14 c (new)
- having regard to United Nations- supported Principles for Responsible Investment, Principles for Responsible Banking and Principles for Sustainable Insurance,
Amendment 11 #
Motion for a resolution
Citation 14 d (new)
Citation 14 d (new)
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 20 #
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas all sectors of the EU economy will be impacted by the transition towards a sustainable economy,
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 22 #
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas the path to climate neutrality by 2050, with a first milestone of 50 to 55% by 2030 emission reductions compared to 1990, will boost the competitiveness of the Union economy and result in a surplus of sustainable, high quality jobs,
Amendment 26 #
Motion for a resolution
Recital -A (new)
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,
Amendment 27 #
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 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
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 29 #
Motion for a resolution
Recital -A (new)
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,
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 42 #
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, underlining that all public and private finance should adhere to the EU Taxonomy and to the do no significant harm principle. Finance through the EU budget, the European Semester, the EU financial instruments such as the Next Generation EU, the EU Investment Plan, cohesion funds and structural and investment funds, as well as the EIB, ECB and operations should not go to projects and activities that significantly harm social or environmental objectives;
Amendment 50 #
Draft opinion
Paragraph 3
Paragraph 3
3. Commits to a just recovery from the coronavirus crisis that ensures that taxpayers’ money is invested in the future, not the past, ensuring that all recovery finance adheres to the EU Taxonomy and the do no significant harm principle; that conditions fiscal expansion to drive the shift to a green economy and make societies and people more resilient; that employs public funds only to climate proof sectors and projects, with zero Euro to harmful sectors, thereby generating green jobs and sustainable growth; that incorporates climate risks and opportunities into the financial system, as well as all aspects of public policymaking and infrastructureand other environmental indicators into the financial system through systematic legislative reviews, as well as all aspects of public policymaking and public and private finance, including the EU budget, EU Semester, public procurement, ECB operations, project and infrastructure financing and guarantees through EIB and the EU Investment Plan and other EU funding sources such as cohesion funds and structural and investment funds; and that guarantees an end to fossil fuel subsidies and applies the polluter pays principle;
Amendment 57 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. As a compulsory condition for receiving any public funding, companies are required to submit obligatory transition plans based on science-based and timebound sustainability targets. These transition plans have to be monitored and audited by authorities, and a severe breaches of the transition plans shall lead to recovery of the paid allocations;
Amendment 71 #
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 % reduction in greenhouse gas emissions by 2030 compared to 1990 and climate neutrality by 2050latest 2050, while not harming any other environmental objective laid out in EU Taxonomy;
Amendment 78 #
Draft opinion
Paragraph 4
Paragraph 4
4. Insists that all EU-supported investments and finance has to be subject to the EU taxonomy for sustainable activities with all-encompassing sustainability indicators, Life Cycle Assessment and the do no significant harm principle, and the Paris- aligned and Climate Transition Benchmarks; calls on the Commission to propose a ‘brown’ taxonomy and enhanced social sustainability criteria;robust risk approach in the EU taxonomy.
Amendment 83 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the success of the EU’s aim to achieve climate neutrality by latest 2050 and circular economy will depend on the adequacy of the financing and coherence in the integration of sustainability in public and private finance; Calls for matching the policy objectives with science-based and time- bound targets through a back-casting approach to ensure these objectives are on a credible transition path; welcomes the European Commission's commitment to introduce a sustainability proofing and tracking in all public policy;
Amendment 94 #
Draft opinion
Paragraph 5
Paragraph 5
5. Emphasises the European Parliament’s demand that at least 40 % of investments under the InvestEU programme should contribute to climate objectives; believes that the green finance gap is surmountable while all investment should be in line with the Paris agreement and the EU Taxonomy do no significant harm principle; believes that the green finance gap is surmountable, yet reminds that sufficient public and private finance already exists if correctly reoriented from harmful to sustainable activities; underlines the importance of ensuring local technical support for project promoters and innovations, and the role of project nurseries helping projects mature to receive financing;
Amendment 110 #
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the Commission to ensure that any future EU backed recovery bonds are issued in accordance with the EU Green Bond Standard, the EU Taxonomy and the do no significant harm principle;
Amendment 112 #
Motion for a resolution
Paragraph 4
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;
Amendment 118 #
Draft opinion
Paragraph 7
Paragraph 7
7. Urges the Commission to come forward with an EU taxonomy for the public sector and a green public procurement regulation, and develop integrated corporate reporting and accounting standards to integrate sustainability indicators and the EU Taxonomy, and an appropriate verification and auditing mechanism;
Amendment 125 #
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls for the Commission and Member States to introduce a Pan- European Tax Transparency Register where it can be verified whether companies have paid their tax and social security liabilities in EU Member States and whether or not they have taken part in aggressive tax planning. Companies not fulfilling these requirements should not be eligible for any EU or Member State funding, nor receive recovery finance or participate in public procurement tenders in the EU area.
Amendment 132 #
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 or other environmental objectives, and looks forward to the Commission’s upcoming climate tracking methodology using appropriately, the Life Cycle Analysis and the Natural Capital Accounting methodology using appropriately the harmonised sustainability indicators and the criteria established by the EU taxonomy;
Amendment 150 #
Draft opinion
Paragraph 9
Paragraph 9
Amendment 159 #
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 and Member State policies and financing, including the EU budget, public procurement, the programmes financed through Next Generation EU, the European Semester and EIB financing and the ECB operations do not contribute to objectives, projects and activities that significantly harm social or environmental objectives;
Amendment 181 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for the phasing-out of all subsidies and public and private investments in fossil fuel based and highly polluting and harmful industries for which economically feasible alternaeconomic activitives are available, while fullywhile respecting the rights of Member States to choose their energy mix;
Amendment 192 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the central role of the EU budget in delivering the SEIP; reiterates its long-standing position that new initiatives should always be subject to sustainability assessment and proofing, and be financed through additional appropriations and should not negatively affect other policies;
Amendment 203 #
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 30% as soon as possible and at the latest by 2027; while all EU spending should be in line with EU Taxonomy and the do no significant harm principle;
Amendment 223 #
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 allevifacilitating the economic effects of the transition to climate neutrality on the most vulnerable regions in the EUtransition to climate neutrality and circular economy in all regions in the EU; The programmes financed by JTF shall be assessed ex ante and ex post by climate tracking, natural capital accounting and life cycle methodologies to measure their sustainability impact based on harmonised indicators and LCA. A method for ‘sustainability proofing’ shall be put in place, in line with the Sustainable Europe Investment Plan, on the basis of which promoters of projects above a certain size will be required to assess the environmental, climate and social impact of those projects;
Amendment 260 #
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, while its overall financing should adhere to the do no significant harm principle;
Amendment 283 #
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 and other environmental objectives also through its revenue side, particularly through exploring new own resources from levies from environmentally harmful activities to disincentivise harmful activities and respecting the polluter pays principle;
Amendment 336 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the efforts of the European Investment Bank (EIB) to revise its energy lending policy and to devote 50 % of its operations to climate action and environmental sustainability, while calling on sustainability and the do no significant harm principle to be adhered to in all EIB activities; calls on the EIB to commit to the sustainable transition towards climate neutrality and circular economy 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;
Amendment 359 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the important role of the national promotional banks and institutions and of international financial institutions (IFIs) in the financing of sustainable projects, thereby contributing to the achievement of the goals of the Paris Agreement and EU's other environmental objectives; 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 361 #
Motion for a resolution
Paragraph 16
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;
Amendment 366 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Notes that public investment can help sustainable recovery and resilience where finance is directed to green investments, such as electricity grids, super and smart grids, railway networks and railroads, energy efficiency, circular economy projects;
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 381 #
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 includinge sustainability criteria in its collateral framework and its annual stress testing exercise, while assessing ways to guide lending towards energy transition and circular economy investments and to rebuild a sustainable economy in the aftermath of the COVID- 19 crisis;
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 389 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Supports a renewed sustainable finance strategy in mainstreaming sustainability within all financial regulation through legislative reviews, particularly incorporating sustainability risks within credit rating methodologies, stress tests and capital requirements; underlines the need for an EU eco-label for financial products, for an EU Green Bond Standard (EU GBS), and for more reliable, comparable and accessible sustainability data obtained by harmonising sustainability indicators and creating a public sustainability data registerwith sector-specific Key Performance Indicators, a revision of the current corporate reporting framework into integrated reporting and accounting standards with independent auditing and a verification mechanism, and creating public electronic EU sustainability data register that allows for a comparison of companies based on their sustainability impact and performance against scientific climate and environmental targets; simplified reporting standards should be developed for SMEs to allow them to fully participate in capital markets;
Amendment 398 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
Amendment 432 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Recalls that investments and lending in unsustainable economic activities maywill lead to stranded assets or sunk investments with lock-in effects; considers this risk to be insufficiently integrated in credit ratings and prudential frameworks including Basel III;
Amendment 488 #
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 Rights and the UN Sustainable Development Goals (SDGs) and welcomes the commitment of the Commission in this regard in their Communication on a Sustainable Europe Investment Plan; believes that the SDGs should be at the heart of EU’s policy making process;
Amendment 500 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. NotWelcomes that recovery and resilience plans will be based on shared EU priorities and calls on the Commission and Member States to ensure that recovery finance is not directed to activities that do not adhere to the Taxonomy Regulation and the do no significant harm principle ; 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;
Amendment 511 #
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
Amendment 512 #
Motion for a resolution
Paragraph 24 c (new)
Paragraph 24 c (new)
24c. Calls on the Commission to revise State aid rules to set common minimum sustainability standards and to require large companies asking for support in high -carbon sectors to set and publish climate science-based targets and time- bound net-zero transition plans to align their operations with the Paris Agreement;
Amendment 521 #
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 quo when providing support to companies; believes that transition plans should be obligatory for companies seeking state aid or EU-level support unless it is clearthey can demonstrate 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 539 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Invites the Commission to revise the Energy Tax Directive, environmental VAT, Single-Use Plastic Levy and coordinate a kerosene tax that could also feed into the EU budget;
Amendment 567 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Calls for companies benefitting from public support to commit to public country-by-country reporting, to respect their non-financial reporting obligations and disclose any beneficial treatment received; calls for the Commission to revise the Accounting Directive accordingly.
Amendment 571 #
Motion for a resolution
Paragraph 27 b (new)
Paragraph 27 b (new)
27b. Asks the Commission and Member States to introduce a Pan-European Tax Transparency Register where it can be verified whether companies have paid their tax and social security liabilities in EU Member States and whether they are or have taken part in aggressive tax planning. Companies not fulfilling these requirements should not be eligible to any EU or Member State funding, nor be able to participate recovery finance or public procurement tenders in EU area.