Debate: European green bonds
Date: WEDNESDAY, 4 OCTOBER 2023
Speaker: Mairead McGuinness
Language: EN

I would also remind ourselves when we are having a nice debate that we have done an awful lot together – this Parliament, the Council and the Commission – in the area of sustainable finance initiatives and we should value what we have done. For me, the real moment of success is that we make sure all of these fit together and work well together. And I think we have work to do in that area. So it’s really important that we keep discussing sustainable finance and how EU initiatives can best contribute. I want to address some of the issues raised in the debate. So, firstly, raised by some colleagues in relation to the funding of nuclear projects, we have had our discussion on this. Nuclear is included in the Taxonomy Complementary Delegated Act so these nuclear projects can be funded using the green bond standard. But it is very, very important to stress that this will be clearly indicated in disclosure documents. So, should people want to invest in nuclear, it will be clear, and should investors not want to, that is also very clear. It goes to the point of the rapporteur, who’s behind me now. I thought you’d left the Chamber, but never. You always stay for all debates, Mr Tang. But just to say: your word on transparency is absolutely key. Another point raised – I think the Member has left the Chamber, but there is a colleague who has remained – in the area of the taxonomy. The taxonomy does not cover, yet, all activities. This is absolutely true. But I think you have heard me say on many occasions that the taxonomy is a work in progress. It will be expanded to include many more activities. I know colleagues mentioned agriculture, forestry, fishery. I know that these are topics we will have to deal with in the future. In relation to a comment made by the Member to my left around polluting companies continuing to pollute. No, no, no. The idea of us having standards and using this label is that not only will we have more sustainable economic activities, but those that are not sustainable today can use this if they have literally clear transition plans, and this shows their intent towards sustainability. And remember things are audited now and will be in the future. On the question of speculation and markets raised by another colleague and about socially damaging: our work on sustainable finance is just beginning. Because in a very short period of months, we will have companies being judged not just on return on investment and profit. Profit is important, but we will equally be judging companies on their addressing sustainability issues. So investors can see very clearly those companies that are working towards this green and more digital future than we have today. That is a remarkable development and I hope we understand fully that we are all part of something that is unique that Europe is leading on. And we can – and I’m sure Paul Tang will encourage me – do much, much more. So, our green bond standard is not here to replace existing standards. Indeed, it’s our intention that this standard will compete with those that are already in the marketplace and win over issuers and investors. Again, my sincere thanks to this House for putting the European green bond standard into the very best starting position and also for your continued commitment to this agenda, which is key in terms of achieving the green and digital transition. And, as Paul will rightly have the last word, our rapporteur, can I just say thank you for your opening remarks focusing on trust, transparency and –what was the third one? – transition. How could I forget? Thank you for reminding me. It’s always good to have somebody behind you.