Activities of Sirpa PIETIKÄINEN related to 2020/2122(INI)
Plenary speeches (1)
Banking Union - annual report 2020 (debate)
Amendments (2)
Amendment 281 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Reminds that the tragedy of the horizon means private actors, including banks, do not sufficiently take into account long-term risks, such as climate change; recalls that a recent International Energy Agency study concluded that, to reach the Paris goals, no new oil and gas projects should be developed, meaning that the EU's legal obligations under the climate law means that all investments in new fossil fuel projects will become stranded assets1a; therefore supports an update of the Capital Requirements Regulation to apply a risk weight of 1250% to new fossil fuel exposures, ensuring such investments are fully equity-funded; _________________ 1aInternational Energy Agency (2021) Net Zero by 2050 A Roadmap for the Global Energy Sector
Amendment 282 #
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24 b. Warns that companies with high exposures to fossil fuels frequently have high external credit ratings, even though they have significant exposures on their balance sheets that risk becoming stranded assets; underlines that this represents a market failure to integrate the long-term in decision making which merits government intervention; calls for a risk-based re-evaluation of the risk- weights attributed to existing fossil fuel exposures under the Capital Requirements Regulation; suggests a risk weight of 150% for such assets;