Az ülések szó szerinti jegyzőkönyve

2018. május 28., Hétfő - Strasbourg

30. Fenntartható finanszírozás (rövid ismertetés)

  Presidente. – L'ordine del giorno reca la breve presentazione della relazione di Molly Scott Cato, a nome della commissione per i problemi economici e monetari, sulla finanza sostenibile (2018/2007(INI)) (A8-0164/2018).

  Molly Scott Cato, Rapporteur. – Mr President, I must begin my remarks by thanking my colleagues for their engagement and for the way they entered thoroughly into the spirit of compromise that has enabled us to have such a positive and wide-ranging report to vote on tomorrow.

As a former professor of green economics, I am delighted to see that this agenda now has almost universal support, not only in Parliament, but also from the Commission, who have made this a priority agenda, as well as from world leaders, especially President Macron of France. This indicates that the sustainable finance agenda has moved beyond the realm of partisan discussion. It is not the property of any political faction. It also shows that protecting the health and vitality of the planet we depend on is a cause that transcends normal political differences. While we may continue to debate about how banks should be regulated and what is the appropriate level of profits for enterprises, there is no longer any argument about the fact that we need to embark urgently on a transition to a sustainable economy and that finance offers a powerful tool to accelerate that transition.

The urgent need to respond to the threat from climate change has led to innovation in the field of sustainable finance in different EU Member States: the French law of disclosure, German leadership in the field of public investment in the energy transition, the Bank of England’s timely action in encompassing the threat of financial stability from stranded assets, the Swedish FSA’s ambitious agenda to integrate sustainability into its daily work, and the consideration of the threat to pensions and insurance from the tragedy of horizons by the Netherlands. The aim of the European Parliament should be to encourage a race to the top on sustainable development, to take the best from this innovation across our Union and to combine it into minimum standards for all, guiding investment to ensure a just and rapid transition towards a sustainable economy and society. The sustainability transition is, as its name suggests, a dynamic environment. This is true of the hugely exciting technological innovation as engineers and designers respond to the sustainability imperative, and so it needs to be in terms of how we define and measure sustainability.

This is why our report takes a different stance from the somewhat static taxonomy proposed by the Commission. Our proposal would be for something that time limits the value of different assets, based on their sustainability potential measured by already existing indicators. This would allow investors to shift their asset holdings gradually through time and would enable an orderly transition away from unsustainable investments. The systemic risk posed by stranded carbon assets could thus be avoided, an important first step towards sustainable finance, but we also need to eliminate other stranded assets from investment portfolios. My report recommends extending the stranded assets concept to include fundamental ecological systems and services, so if an investment in intensive agriculture causes soil loss or the death of pollinators, it too should be considered a stranded asset.

When it comes to sustainable finance, my report makes clear that we look to our own institutions, particularly the ECB and the European Investment Bank, to set an example and to rise to the challenge of the Paris Agreement. This must mean an end to any investment that locks us into fossil fuel infrastructure and the inclusion of ESG (environmental, social and governance) goals in the ECB’s investment policy.

We welcome the excellent work of the Commission’s Expert Group on Sustainable Finance and applaud its level of ambition. Our report lends political support to their recommendations and we seek to convey to the Commission and Council our firm belief that the citizens of the EU look to them to show global leadership on this agenda.

Finally, but crucially, we need to hold the line as politicians as those who will lose value as we move towards sustainability seek to undermine our resolve. Oil will always be able to move vehicles and coal will always be able to drive turbines. For this reason we, the politicians, are deciding that these fossil fuels will lose their value – because the survival of our planet depends upon it. Future generations require us to stand firm and united to ensure that we use the power of finance to protect their future.

(Applause)

Procedura "catch-the-eye"

  Sirpa Pietikäinen (PPE). – Mr President, the question of sustainable finance is not the cherries on top of the cake. It is not primarily having 8% or 10% of the financial resources geared to green bonds and green investment. I dare say that this is the biggest change in financial markets since the application of general accounting and auditing principles, and indeed the auditing should take place in integrated reporting based on those indicators that go in parallel with financial reporting, having all the major environmental impacts taken into account. As our rapporteur has already mentioned, those kinds of indicators do exist, and it is only a question of putting them in place.

It is a question of having a review of financial regulation and the pervasive incentives sometimes, be it in fiduciary duty of investors, be it MiFIDs, be it the duty for credit raters to grade the environmental risks and in Basel for the banks to reserve higher capital buffers for environmentally-risky investments.

To conclude, I would just like to thank my colleagues for their excellent work. I think that this is the first step, and I hope the Commission will have the courage to follow these guidelines.

  Julie Ward (S&D). – Mr President, thank you to the rapporteur. We must build a financing system that works for people and planet and not just for the market players. Sustainability, responsibility and ethics should be at the core of our finances, as should all EU policies and actions, in line with the sustainable development goals. I therefore welcome the focus of this report on green finances and the call to encourage the financing of projects which contribute to the fight against climate change. I also want to highlight the key role of collaborative economy actors such as cooperatives and social businesses, which are particularly important for women. These alternative economic models must be able to access finances in order to contribute fully to the economic development of our countries and our communities. We should not simply talk about entrepreneurship but always about social enterprise, if we want to build a fairer world.

  Νότης Μαριάς (ECR). – Κύριε Πρόεδρε, η βιώσιμη χρηματοδότηση είναι καθοριστική, φυσικά, για την προστασία του περιβάλλοντος. Για τον λόγο αυτό, πρέπει οπωσδήποτε να υπάρξει στήριξη της πράσινης χρηματοδότησης. Φυσικά, πρέπει να αναθεωρηθούν οι όροι υπό τους οποίους γίνεται αυτή η χρηματοδότηση, ο ίδιος ο σχεδιασμός. Επιτρέψτε μου, όμως, να θέσω ένα σοβαρό θέμα που έχει σχέση με την περίφημη ποσοτική χαλάρωση, από την οποία η Ελλάδα έχει εντελώς αποκλεισθεί. Όλες οι άλλες χώρες συμμετέχουν πλην της Ελλάδος. Ταυτόχρονα, η Τράπεζα της Ελλάδος, ως μέρος του ευρωσυστήματος, συμμετέχει στην ποσοτική χαλάρωση και αγοράζει ομόλογα ξένων εταιρειών, μη ελληνικών, και έχει δαπανήσει, για το 2015 και το 2016, 42 δισεκατομμύρια ευρώ. Το βλέπετε αυτό λογικό; Να επενδύει η Τράπεζα της Ελλάδος σε ομόλογα επιχειρήσεων μη ελληνικών και, ταυτόχρονα, η Ελλάδα να είναι εκτός ποσοτικής χαλάρωσης; Μπορεί να προχωρήσει έτσι αυτή η διαδικασία;

  Heidi Hautala (Verts/ALE). – Mr President, there can be no sustainable finance unless there is transparency of the supply chains of the companies and here, one of the very interesting actions in the action plan on sustainable finance was to assess the need for due diligence reporting. This report of Molly Scott Cato shows that we are getting closer to a tipping point and the time has indeed come for a mandatory due diligence legislation at the European level. That legislation would finally give all companies a level playing field. It would make sure that good companies are rewarded for their actions, and that the unsustainable ones cannot just escape their responsibilities as they do now. Indeed, sustainable finance and responsible business conduct are possible, but if we want it, we just need to make decisions that are ambitious enough and we have no time to waste.

  Paul Tang (S&D). – Voorzitter, 180 miljard per jaar is er nodig voor de omslag naar een duurzame economie. Ja, dat is veel geld, maar dat geld is er, alleen op de verkeerde plek. Eén miljoen verstrekken banken als lening aan de fossiele sector, nog los van de vele miljarden die verdwijnen naar de wapenindustrie, landroof en andere praktijken.

Het moet duurzaam. Dat gaat niet met kwartaalkapitalisme, waarbij alleen de winst in het volgende kwartaal telt en banken en andere financiële instellingen niet verder kijken dan hun neus lang is. Het moet anders en het kan ook anders, door spelregels radicaal te verbeteren, door goed gedrag te belonen en slecht gedrag af te straffen en door duidelijke verantwoordelijkheid te geven aan handelaren, investeerders en banken.

Ik hoop daarom dat de Commissie en de lidstaten de aanbevelingen in het verslag overnemen. Dan hebben we die 180 miljard zo bij elkaar en dan voorkomen we dat we nog eens de crisis van 2008 op een net andere manier nog een keer meemaken.

Tot slot zou ik graag de rapporteur en de schaduwrapporteurs bedanken voor de goede samenwerking en voor dit mooie verslag.

  Reinhard Bütikofer (Verts/ALE). – Mr President, thank you to Molly Scott Cato. The environmental, climate and biodiversity challenges we are facing are so momentous and radical that we do, indeed, need the race to the top that you are talking about. It is a basic experience of human civilization that, at times, without radical innovation there is no survival. Today is such a time. We need social and political creativity and we must battle firmly against old thinking and old habits that tend to block the emergence of new perspectives. This is why we pursue carbon divestment together with promoting green finance. While we cherish Molly’s report and applaud the work of the Commission, we also cherish the fact that a green finance leadership programme is presently being set up in China, led by academics from Tsinghua University. This is the kind of competition that we should all savour. On this front, Europe has an obligation to the whole world and in particular to future generations. Let us not fall short.

  Κώστας Μαυρίδης (S&D). – Κύριε Πρόεδρε, θα ήθελα και εγώ με τη σειρά μου να συγχαρώ την εισηγήτρια. Θα ήθελα να σας συγχαρώ ειλικρινά, μαζί με τους σκιώδεις εισηγητές, για αυτή την έκθεση. Θα ήθελα να τονίσω, και ως μέλος της Επιτροπής Οικονομικής και Νομισματικής Πολιτικής, ότι η βιώσιμη χρηματοδότηση δεν αφορά μόνο οικονομικά θέματα, αλλά αφορά την ποιότητα της ευημερίας του συνόλου της Ευρωπαϊκής Ένωσης, και κατ’ επέκταση, της ανθρωπότητας. Περιβάλλον, πράσινη οικονομία, κλιματικές αλλαγές. Μένω στο τελευταίο, κλιματικές αλλαγές. Οι φοβερές επιπτώσεις τους μπορούν να αντιμετωπιστούν αποτελεσματικά μόνο με μακροπρόθεσμο σχεδιασμό. Δυστυχώς, έχει λεχθεί μια μεγάλη αλήθεια: δεν μπορεί να αφεθεί ελεύθερη η οικονομία, ως έχει, να λειτουργήσει και να διασφαλίσει ότι η ποιότητα της ευημερίας θα γίνει με τον σωστό τρόπο. Για αυτό απαιτείται ρύθμιση μέσα από τον δικό μας τον σχεδιασμό. Και πάλι συγχαρητήρια!

(Fine della procedura "catch-the-eye")

  Violeta Bulc, Member of the Commission. – Mr President, I would like to congratulate the rapporteur, Ms Scott Cato, for taking the initiative to present this report. I welcome the support that the report gives to the work on sustainable finance. I also welcome the large consensus among political groups on the best way forward. This is encouraging in view of our future work and discussions on the legislative proposals on sustainable finance that the Commission presented last week. These proposals already address some of your concerns.

First, we will start the process of designing an EU classification system for sustainable economic activities which can inform future EU standards and labels for green financial products such as green bonds or investment funds. We are looking forward to the European Parliament support on this important proposal.

Second, for those who manage investments on behalf of others, we propose to clarify that their duty towards their clients includes the systemic incorporation of sustainability risks into their investment processes. They will also have to disclose how they take this risk into account and what impact they expect these risks to have on returns. In addition, for investment products that actively pursue sustainable objectives, the way these objectives are incorporated into investment decisions would also need to be disclosed.

Third, we propose to create a new category of benchmarks consisting of two specific types of benchmarks: low carbon benchmarks and positive carbon impact benchmarks. We also propose to establish minimum standards for the methodology of these benchmarks. This will increase transparency towards investors on how these benchmarks select and weigh their underlying assets and measure their carbon footprint. In addition, providers of low carbon benchmarks will have to disclose how their methodology takes into account the ESG factors.

Finally, we propose that investment firms and insurance distributors consider the sustainability preferences of retail investors when giving investment advice.

In the coming weeks we will establish a technical expert group (we’re going to call it TEG) that will further work on developing an EU classification for sustainable activities or taxonomy standards for green bonds and sustainable matrix.

These are the first steps towards a more sustainable financial system. There is still some work ahead to address other concerns stated in your own initiative report. For instance, the Commission is evaluating the mandatory reporting requirements to make sure they provided the right information to market participants, enabling them to assess companies’ long-term value creation and their sustainability-risk management. Of course, further clarification of the role of European supervisory authorities in this process is really important.

Let me conclude by stressing again my appreciation of the work of the European Parliament in this field. Now we count on you to move as fast as possible in the coming months to adopt these measures that will encourage sustainable and green investments in Europe.

  Presidente. – La discussione è chiusa.

La votazione si svolgerà domani 29 maggio 2018.

Dichiarazioni scritte (articolo 162)

  Barbara Kappel (ENF), schriftlich. – Dem Bericht zufolge müssen europäische Investoren ihre Investitionen in umweltfreundliche Technologien erhöhen, um international vereinbarte Klimaziele zu erreichen. Schätzungen der Kommission zufolge sind zur Verwirklichung der Ziele für nachhaltige Entwicklung jährliche Investitionen in nachhaltige Infrastruktur in Höhe von 4,7 bis 6,7 Billionen EUR erforderlich. Derzeit ist es nicht sehr profitabel und eher risikoreich, in umweltfreundliche Technologien zu investieren. Dem Bericht zufolge unterbewerten Investoren den Lohn- und Sozialvorteil einer entkarbonisierten, grünen und nachhaltigen Wirtschaft. Der Bericht fordert die EU auf, von „Best Practices“ wie der deutschen Energiewende zu lernen und sie zu Mindeststandards für alle Mitgliedstaaten zu machen, um Investitionen zu lenken, und einen gerechten und raschen Übergang zu einer nachhaltigen Wirtschaft zu gewährleisten. Zu den Investitionsanreizen gehören Marktmechanismen wie die Offenlegung von Klimarisiken, aber auch starke öffentliche Investitionen und die Emission von grünen Anleihen. Obwohl ich einen Investitionsschub für eine grünere und nachhaltigere Wirtschaft völlig unterstütze, halte ich es für eher riskant, sich in Prognosen zur Kreditwürdigkeit und Rentabilität grüner Anlagemöglichkeiten politisch einzumischen. Solche interventionistischen Maßnahmen sind anfällig für Marktblasen. Ich teile voll und ganz die Warnungen von Dr. Elke König, Vorsitzende der Systemic Risk Boards, die sagt, dass nachhaltig nicht unbedingt risikofrei heißt.