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Oral explanations of vote

听听Se谩n Kelly (PPE). 鈥� Mr President, green bonds play a vital role in making the objectives of the European Green Deal a reality. Financial markets have the power to address climate challenges by meeting the demand for low-carbon projects. The issuing of green bonds allows for the financing of green projects, while also allowing investors to diversify their portfolios with green investments. I would particularly highlight the role of green finance in enabling the development and innovation of social housing. Public grants and revolving funds are central to the viability of sustainability plans and key in increasing housing affordability.

By supporting a strong, regulated green bond market, we also support the EU鈥檚 battle against climate change. This is why I voted in favour of this report, as it supports a harmonised standard for European green bonds. This will all streamline the process of investing in green bonds, as well as improve the functioning of the single market.

听听Clare Daly (The Left). 鈥� Mr President, I voted for this file because the intention is clearly to stop greenwashing and speed up decarbonisation, which we support. But we have to be honest about it. Climate change, social inequality, and the democratic crisis are all linked to an economic system dominated by financial markets. Global financing is causing a lot of the dispossession of rural and urban communities, destroying lands, rivers and homes. But for the EU, big finance is the solution. And as the president of Colombia, Gustavo Petro, made the point at a meeting in Brussels in the summer, it鈥檚 naive to think that a problem caused by capitalism is going to be solved by it. And that鈥檚 the problem with these bonds. They鈥檙e designed to finance investments that contribute and address climate and environmental problems. But it鈥檚 within the framework of taxonomy where there are problems with clearly including gas and nuclear as environmentally sustainable activities and, crucially, entrusting responsibility for supervision to external auditors. It鈥檚 not good enough. The planet is burning, but we鈥檙e given the keys to the arsonist.