Verbatim report of proceedings

Thursday, 18 April 2019 - Strasbourg

Disclosures relating to sustainable investments and sustainability risks (debate)

  Molly Scott Cato, on behalf of the Verts/ALE Group. – Mr President, Matt is very welcome to join. It was a joy to hear the global climate hero, Greta Thunberg, speak here on Tuesday. She was electrifying. But she also condemned the hypocrisy of politicians who express concern about the climate while voting against action. Although it has been a political battle to make the progress we have, I hope she would be pleased by the EU’s agenda on sustainable finance, one of the most important tools to ensure the promise of systemic change to halt climate breakdown.

I’m proud that, once again, the EU leads the world on environmental standards; this time by agreeing the world’s first mandatory disclosure regime for a major financial market. Citizens should expect the same transparency when buying financial products as when we buy food. When people found horsemeat in their lasagne, it was a scandal, but we have not had the right to know whether our pension fund was invested in a windfarm or cutting down a rainforest to plant a palm oil plantation.

I deeply regret that the Council did not match Parliament’s level of ambition and continued to insist that some of the sustainability risks and impacts of investments can be concealed from citizens. The inclusion of a regrettable comply and explain exemption means that companies can continue to choose to hide dirty and destructive investments, thus undermining the power of the sustainable finance agenda.

With thousands of climate demonstrators out on our streets, we call on our Parliamentary colleagues and Member States to listen to the will of the citizens, calling for a truly sustainable transition and to use our financial system to facilitate this.