(61)Directive 2014/23/EU of the European Parliament and of the Council of 26 February 2014 on the award of concession contracts (OJ L 94, 28.3.2014, p. 1). An economic activity can contribute substantially to the environmental objective of the protection and restoration of biodiversity and ecosystems, in several ways, including by protecting, conserving or restoring biodiversity and ecosystems, and thereby enhancing ecosystem services. (49)Directive 2012/27/EU of the European Parliament and of the Council of 25 October 2012 on energy efficiency, amending Directives 2009/125/EC and 2010/30/EU and repealing Directives 2004/8/EC and 2006/32/EC(OJ L 315, 14.11.2012, p. 1). Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010.; 4a. 3. A Member State Expert Group on Sustainable Finance (the Member State Expert Group) shall advise the Commission on the appropriateness of the technical screening criteria and the approach taken by the Platform regarding the development of those criteria in accordance with Article 19. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! 5. does not lead to a lock-in of carbon-intensive assets, considering the economic lifetime of those assets. The real demand for oil is believed to be much more higher. (51)Directive 2009/125/EC of the European Parliament and of the Council of 21 October 2009 establishing a framework for the setting of ecodesign requirements for energy-related products (OJ L 285, 31.10.2009, p. 10). Before adopting a delegated act, the Commission shall act in accordance with the principles and procedures laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. 3. Plastic packaging helps to dramatically extend the shelf life of fresh foods and beverages while allowing us to ship more product with less packaging materialreducing both food and packaging waste. Transparency of financial products that promote environmental characteristics in pre-contractual disclosures and in periodic reports. Information used for this study was mainly obtained from secondary sources such as books, online databases, U.N. publications, and other useful websites. As the population gets older it gets more affluent too, thereby demanding higher living standards to satisfy their wants. 4. Achieving the SDGs in the Union requires the channelling of capital flows towards sustainable investments. Where the investments underlying the financial product are in economic activities that contribute to an environmental objective, the information to be disclosed should specify the environmental objective or objectives to which the investment underlying the financial product contributes, as well as how and to what extent the investments underlying the financial product fund environmentally sustainable economic activities, and should include details on the respective proportions of enabling and transitional activities. Appropriate technical screening criteria should be established for the transport sector, including for mobile assets. For that purpose, the Commission should set up a Platform on Sustainable Finance (the Platform). Scopus CiteScore (Elseview B.V.). Even though the growth rate is gradually slowing, the U.N. population Division still expect the worldwide population to very much hit 9.1 billion by 2050. Regulation (EU) 2019/2088 is amended as follows: 1. The Commission shall publish the minutes of the meetings of the Platform and other relevant documents on the Commission website. 4. If water can carry away soil, it can also cause the runoff of pesticides and fertilizers that are applied in abundance to commercial crops, and of course the wastes of cattle and livestock. Energy enters the system through photosynthesis and is incorporated into plant tissue. The technical screening criteria referred to in paragraph 1 shall also include criteria for activities related to the clean energy transition consistent with a pathway to limit the temperature increase to 1,5 0C above pre-industrial levels, in particular energy efficiency and renewable energy, to the extent that those activities substantially contribute to any of the environmental objectives. By 31 December 2021, the Commission shall publish a report describing the provisions that would be required to extend the scope of this Regulation beyond environmentally sustainable economic activities and describing the provisions that would be required to cover: economic activities that do not have a significant impact on environmental sustainability and economic activities that significantly harm environmental sustainability, as well as a review of the appropriateness of specific disclosure requirements related to transitional and enabling activities; and. The following is a graph (Figure 1.0) that highlighted the increasing gap between the production rate and discoverage rate of oil supplies. That information will not only help financial market participants and other relevant actors on the financial markets to easily identify which economic operators carry out environmentally sustainable economic activities, but will also make it easier for those economic operators to raise funding for their environmentally sustainable activities. The Platform should advise the Commission on the development, analysis and review of technical screening criteria, including the potential impact of such criteria on the valuation of assets that qualify as environmentally sustainable assets under existing market practices. increases the durability, reparability, upgradability or reusability of products, in particular in designing and manufacturing activities; increases the recyclability of products, including the recyclability of individual materials contained in those products, inter alia, by substitution or reduced use of products and materials that are not recyclable, in particular in designing and manufacturing activities; substantially reduces the content of hazardous substances and substitutes substances of very high concern in materials and products throughout their life cycle, in line with the objectives set out in Union law, including by replacing such substances with safer alternatives and ensuring traceability; prolongs the use of products, including through reuse, design for longevity, repurposing, disassembly, remanufacturing, upgrades and repair, and sharing products; increases the use of secondary raw materials and their quality, including by high-quality recycling of waste; prevents or reduces waste generation, including the generation of waste from the extraction of minerals and waste from the construction and demolition of buildings; increases preparing for the re-use and recycling of waste; increases the development of the waste management infrastructure needed for prevention, for preparing for re-use and for recycling, while ensuring that the recovered materials are recycled as high-quality secondary raw material input in production, thereby avoiding downcycling; minimises the incineration of waste and avoids the disposal of waste, including landfilling, in accordance with the principles of the waste hierarchy; enables any of the activities listed in points (a) to (k) of this paragraph in accordance with Article 16. supplement paragraph 1 of this Article by establishing technical screening criteria for determining the conditions under which a specific economic activity qualifies as contributing substantially to the transition to a circular economy; and. 1. Establishing criteria for environmentally sustainable economic activities may encourage economic operators not covered by this Regulation, on a voluntary basis, to publish and disclose information on their websites regarding the environmentally sustainable economic activities they carry out. The United Nations project suggested that 60% of the worlds population would live in urban areas at the end of 2030. (26)Directive 2010/75/EU of the European Parliament and of the Council of 24 November 2010 on industrial emissions (integrated pollution prevention and control) (OJ L 334, 17.12.2010, p. 17). As the human population rises, human activities such as urban sprawl, resource extraction, manufacturing, and agricultural production are expected to increase too. Where scientific evaluation does not allow for a risk to be determined with sufficient certainty, the precautionary principle should apply in accordance with Article 191 TFEU. the protection and restoration of biodiversity and ecosystems, where that activity is: significantly detrimental to the good condition and resilience of ecosystems; or. Serve with AmeriCorps Seniors. As a first step, clear guidance on activities that qualify as contributing to environmental objectives would help inform investors about the investments that fund environmentally sustainable economic activities. Currently, a few Member States have labelling schemes in place. To avoid harming investor interests, fund managers and institutional investors that make available financial products should disclose how and to what extent they use the criteria for environmentally sustainable economic activities to determine the environmental sustainability of their investments. Use of the criteria for environmentally sustainable economic activities in public measures, in standards and in labels. 1. Some economic activities have a negative impact on the environment, and reducing such negative impact can make a substantial contribution to one or more environmental objectives. complies with technical screening criteria that have been established by the Commission in accordance with Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2). the potential adverse impact of climate change on the environment within which the economic activity takes place. Requirements for marketing financial products or corporate bonds as environmentally sustainable investments, including requirements set by Member States and the Union to allow financial market participants and issuers to use national labels, aim to enhance investor confidence and awareness of the environmental impact of those financial products or corporate bonds, to create visibility and to address concerns about greenwashing. We will in the following paragraphs look into what this is all about. Prior to adopting the delegated act referred to in paragraph 3 of this Article, the Commission shall consult the Platform referred to in Article 20 regarding the technical screening criteria referred to in paragraph 3 of this Article. When establishing and updating the technical screening criteria, the Commission should ensure that those criteria are based on available scientific evidence, are developed by taking into account life-cycle considerations, including existing life-cycle assessments, and are updated regularly. The Platform shall be chaired by the Commission and constituted in accordance with the horizontal rules on the creation and operation of Commission expert groups. (47)Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources (OJ L 328, 21.12.2018, p. 82). The Commission shall adopt a delegated act in accordance with Article 23 to: supplement paragraphs 1 and 2 of this Article by establishing technical screening criteria for determining the conditions under which a specific economic activity qualifies as contributing substantially to climate change mitigation; and. This expansion of urban areas across the landscape is something also being defined as urban sprawl. Acting in accordance with the ordinary legislative procedure(2). The Platform should be composed of experts representing both the public and private sectors. WebCUSTOMER SERVICE: Change of address (except Japan): 14700 Citicorp Drive, Bldg. ABOUT US; SPONSORED CONTENT; If financial market participants do not provide any explanation to investors about how the activities in which they invest contribute to environmental objectives, or if financial market participants use different concepts in their explanations of what an environmentally sustainable economic activity is, investors will find it disproportionately burdensome to check and compare different financial products. (21)Regulation (EU) 2019/1021 of the European Parliament and of the Council of 20 June 2019 on persistent organic pollutants (OJ L 169, 25.6.2019, p. 45). The ESAs shall, through the Joint Committee, develop draft regulatory technical standards to specify the details of the content and presentation of the information to be disclosed pursuant to paragraphs 1 to 4 of this Article.; 6. 1. Soil erosion renders an area barren and unsuitable for plants that were initially growing there. (10)Directive 2000/60/EC of the European Parliament and of the Council of 23 October 2000 establishing a framework for Community action in the field of water policy (OJ L 327, 22.12.2000, p. 1). The selection process should aim to ensure a high level of expertise, geographical and gender balance, as well as a balanced representation of relevant know-how, taking into account the specific tasks of the Platform. After transmission of the draft legislative act to the national parliaments. be easy to use and be set in a manner that facilitates the verification of their compliance. Use quotation marks to search for an "exact phrase". The criteria for determining whether an economic activity qualifies as environmentally sustainable should be harmonised at Union level in order to remove barriers to the functioning of the internal market with regard to raising funds for sustainability projects, and to prevent the future emergence of barriers to such projects. In particular, information on the proportion of the turnover, capital expenditure (CapEx) or operating expenditure (OpEx) of such large non-financial companies that is associated with environmentally sustainable economic activities, as well as KPIs that are tailored for large financial companies, is useful to investors who are interested in companies whose products and services contribute substantially to any one of the environmental objectives set out in this Regulation. (44)Council Regulation (EC) No 338/97 of 9 December 1996 on the protection of species of wild fauna and flora by regulating trade therein (OJ L 61, 3.3.1997, p. 1). With the population expected to rise by that phenomenal amount, environmentalist and the others are getting more concerned with whether the Earth is still able to withstand that loads of demand. The Platform should be constituted in accordance with the applicable horizontal rules on the creation and operation of Commission expert groups, including with regard to the selection process. (4)Decision No 1386/2013/EU of the European Parliament and of the Council of 20 November 2013 on a General Union Environment Action Programme to 2020 Living well, within the limits of our planet (OJ L 354, 28.12.2013, p. 171). From the relationship between the human population and humans industrial activities, it is undisputed that any increase in the human population will lead to an increase of greenhouse emissions, which will eventually accelerates the rate of global climate change. For the purposes of this Regulation, the term sustainable forest management should be construed by taking into account practices and uses of forests and forest land that contribute to enhancing biodiversity or to halting or preventing the degradation of ecosystems, deforestation and habitat loss, by taking into account the stewardship and use of forests and forest land in a way, and at a rate, that maintains their biodiversity, productivity, regeneration capacity, vitality and their potential to fulfil, now and in the future, relevant ecological, economic and social functions, at local, national, and global levels, and that does not cause damage to other ecosystems, as set out in Resolution H1 of the Second Ministerial Conference on the Protection of Forests in Europe of 1617 June 1993 in Helsinki on General Guidelines for the Sustainable Management of Forests in Europe as well as by taking into account Regulations (EU) No 995/2010 and (EU) 2018/841(46) of the European Parliament and of the Council and Directive (EU) 2018/2001 of the European Parliament and of the Council(47) and the communication of the Commission of 20 September 2013 on A new EU Forest Strategy: for forests and the forest-based sector. Federal government websites often end in .gov or .mil. This model represents how the total impact on the enviroment results from the interaction among population, affluence and technoloy. It not only erodes the living standards of the world population, results in poverty in already poor countries, affect a countrys economy, but most importantly has a negative impact on the Ecosystem. WebObesity is typically defined as a substantial accumulation of body fat that could impact health. Global climate change refers to the change in global temperatures and precipitation over time due to natural variability or to human activity. Article 3(3) of the Treaty on European Union aims to establish an internal market that works for the sustainable development of Europe, based, among other things, on balanced economic growth and a high level of protection and the improvement of the quality of the environment. Transparency of other financial products in pre-contractual disclosures and in periodic reports. It is estimated that between 1871 and 1991, the Canadian population living in urban centers have increased from19% to77%. Where the economic activity belongs to one of the categories referred to in point (h), the technical screening criteria shall clearly indicate that fact. We will in this chapter, look in depth how the rising global human population develops into a problem, and the various environmental impacts it has on the Earth. (29)Directive (EU) 2019/883 of the European Parliament and of the Council of 17 April 2019 on port reception facilities for the delivery of waste from ships, amending Directive 2010/65/EU and repealing Directive 2000/59/EC (OJ L 151, 7.6.2019, p. 116). The explaination for this reasoning is simple and rather fundamental. The ESAs shall submit the draft regulatory technical standards referred to in paragraph 1 to the Commission by 30 December 2020. Steffen et al. (67)Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP) (OJ L 198, 25.7.2019, p. 1). A remarkable increase from the current figure of 700 millions people. We're here to answer any questions you have about our services. The definition of sustainable investment in Regulation (EU) 2019/2088 includes investments in economic activities that contribute to an environmental objective which, amongst others, should include investments into environmentally sustainable economic activities within the meaning of this Regulation. (41)Regulation (EU) No 511/2014 of the European Parliament and of the Council of 16 April 2014 on compliance measures for users from the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization in the Union (OJ L 150, 20.5.2014, p. 59). The Commission shall establish a Platform on Sustainable Finance (the Platform). the long-term disposal of waste may cause significant and long-term harm to the environment; pollution prevention and control, where that activity leads to a significant increase in the emissions of pollutants into air, water or land, as compared with the situation before the activity started; or. The technical screening criteria for such transitional economic activities should ensure that those transitional activities have a credible path towards climate-neutrality, and should be adjusted accordingly at regular intervals. When complying with those minimum safeguards, undertakings should adhere to the principle of do no significant harm referred to in Regulation (EU) 2019/2088, and take into account the regulatory technical standards adopted pursuant to that Regulation that further specify that principle. Where a financial product as referred to in Article 8(1) of Regulation (EU) 2019/2088 promotes environmental characteristics, Article 5 of this Regulation shall apply mutatis mutandis. 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