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Interims study by BlackRock on the integration of ESG factors into EU banking rule

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Dear Financial Stability, Financial Services and Capital Markets Union,

Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:

1. The interims study by BlackRock that is due regarding the contract on "Development of Tools and Mechanisms for the Integration of ESG Factors into the EU Banking Prudential Framework and into Banks' Business Strategies and Investment Policies".
The tender specifications state that "the interim study shall be submitted by the contractor to the contracting authority within 6 months after the date on which the contract entered into force." as the contract award notice was published in April 2020, the interim study should be out in October 2020.

2. The comments by DG FISMA and if relevant other directorates in the European Commission on the interim study as soon as they are out.
The tender specifications state that "the contracting authority will comment on the document submitted within 30 days after the date of its reception."

Thank you and kind regards
Jana Leutner
(I shared my full address with DG FISMA in a former request to documents)

Financial Stability, Financial Services and Capital Markets Union

Your message has been received by the Transparency Unit of the
Secretariat-General of the European Commission.
Requests for public access to documents are treated on the basis of
[1]Regulation (EC) No 1049/2001 of 30 May 2001 regarding public access to
European Parliament, Council and Commission documents.
The Secretariat-General will reply to your request within 15 working days
upon registration of your request and will duly inform you of the
registration of the request (or of any additional information to be
provided in view of its registration and/or treatment).
 
 
L’unité «Transparence» du secrétariat général de la Commission européenne
a bien reçu votre message.
Les demandes d’accès du public aux documents sont traitées sur la base du
[2]règlement (CE) n° 1049/2001 du 30 mai 2001 relatif à l’accès du public
aux documents du Parlement européen, du Conseil et de la Commission.
Le secrétariat général répondra à votre demande dans un délai de 15 jours
ouvrables à compter de la date d’enregistrement de votre demande, et vous
informera de cet enregistrement (ou vous indiquera toute information
supplémentaire à fournir en vue de l'enregistrement et/ou du traitement de
votre demande).
 
 
Ihre Nachricht ist beim Referat „Transparenz“ des Generalsekretariats der
Europäischen Kommission eingegangen.
Anträge auf Zugang zu Dokumenten werden auf der Grundlage der
[3]Verordnung (EG) Nr. 1049/2001 vom 30. Mai 2001 über den Zugang der
Öffentlichkeit zu Dokumenten des Europäischen Parlaments, des Rates und
der Kommission behandelt.
Das Generalsekretariat beantwortet Ihre Anfrage innerhalb von
15 Arbeitstagen nach deren Registrierung und wird Sie über die
Registrierung Ihres Antrags (oder die Notwendigkeit weiterer Informationen
im Hinblick auf dessen Registrierung und/oder Bearbeitung) unterrichten.
 
 

References

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2. https://eur-lex.europa.eu/legal-content/...
3. https://eur-lex.europa.eu/legal-content/...

ve_sg.accessdoc (SG), Financial Stability, Financial Services and Capital Markets Union

1 Attachment

Link: [1]File-List
Link: [2]Edit-Time-Data
Link: [3]themeData
Link: [4]colorSchemeMapping

[5]Ares(2020)5338972 - Your request for access to documents - Gestdem
2020/5968

Sent by ve_sg.accessdoc (SG) <[DG FISMA request email]>. All responses have
to be sent to this email address.
Envoyé par ve_sg.accessdoc (SG) <[DG FISMA request email]>. Toutes les
réponses doivent être effectuées à cette adresse électronique.

Dear Madam,

 

Thank you for your e-mail of 7 October 2020. We hereby acknowledge receipt
of your application for access to documents, which was registered on 8
October 2020 under reference number GESTDEM 2020/5968.

 

In accordance with Regulation (EC) No 1049/2001 regarding public access to
European Parliament, Council and Commission documents, your application
will be handled within 15 working days.

 

The time limit will expire on 29 October 2020. In case this time limit
needs to be extended, you will be informed in due course.

 

You have lodged your application via a private third-party website, which
has no link with any institution of the European Union.

Therefore, the European Commission cannot be held accountable for any
technical issues or problems linked to the use of this system.

 

Please note that the private third party running the AsktheEU.org website
is responsible and accountable for the processing of your personal data
via that website, and not the Commission.

For further information on your rights, please refer to the third party’s
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We understand that the third party running the AsktheEU.org website
usually publishes the content of applicants’ correspondence with the
Commission on that website. This includes the personal data that you may
have communicated to the Commission (e.g. your private postal address).

 

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For information on how we process your personal data visit our page
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Yours faithfully,

 

 

ACCESS TO DOCUMENTS TEAM (GD)

 

[7]cid:image001.png@01D45409.F767C980

European Commission

Secretariat-General

SG C.1

[8][email address]

 

 

 

 

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Dear DG FISMA,

I would like to kindly remind you of my request registered on 8
October 2020 under reference number GESTDEM 2020/5968.

Looking forward to your reply.

Yours sincerely,
Jana Leutner

Financial Stability, Financial Services and Capital Markets Union

Your message has been received by the Transparency Unit of the
Secretariat-General of the European Commission.
Requests for public access to documents are treated on the basis of
[1]Regulation (EC) No 1049/2001 of 30 May 2001 regarding public access to
European Parliament, Council and Commission documents.
The Secretariat-General will reply to your request within 15 working days
upon registration of your request and will duly inform you of the
registration of the request (or of any additional information to be
provided in view of its registration and/or treatment).
 
 
L’unité «Transparence» du secrétariat général de la Commission européenne
a bien reçu votre message.
Les demandes d’accès du public aux documents sont traitées sur la base du
[2]règlement (CE) n° 1049/2001 du 30 mai 2001 relatif à l’accès du public
aux documents du Parlement européen, du Conseil et de la Commission.
Le secrétariat général répondra à votre demande dans un délai de 15 jours
ouvrables à compter de la date d’enregistrement de votre demande, et vous
informera de cet enregistrement (ou vous indiquera toute information
supplémentaire à fournir en vue de l'enregistrement et/ou du traitement de
votre demande).
 
 
Ihre Nachricht ist beim Referat „Transparenz“ des Generalsekretariats der
Europäischen Kommission eingegangen.
Anträge auf Zugang zu Dokumenten werden auf der Grundlage der
[3]Verordnung (EG) Nr. 1049/2001 vom 30. Mai 2001 über den Zugang der
Öffentlichkeit zu Dokumenten des Europäischen Parlaments, des Rates und
der Kommission behandelt.
Das Generalsekretariat beantwortet Ihre Anfrage innerhalb von
15 Arbeitstagen nach deren Registrierung und wird Sie über die
Registrierung Ihres Antrags (oder die Notwendigkeit weiterer Informationen
im Hinblick auf dessen Registrierung und/oder Bearbeitung) unterrichten.
 
 

References

Visible links
1. https://eur-lex.europa.eu/legal-content/...
2. https://eur-lex.europa.eu/legal-content/...
3. https://eur-lex.europa.eu/legal-content/...

ve_fisma.dossiersacces (FISMA), Financial Stability, Financial Services and Capital Markets Union

[1]Ares(2020)6290551 - - Interims study by BlackRock on the integration of
ESG factors into EU banking rule Subject: Your application for access to
documents – Ref GestDem No 2020/5968

Sent by ve_fisma.dossiersacces (FISMA)
<[email address]>. All responses have to be sent to
this email address.
Envoyé par ve_fisma.dossiersacces (FISMA)
<[email address]>. Toutes les réponses doivent être
effectuées à cette adresse électronique.

Dear Ms Leutner,
Subject:        Your application for access to documents – Ref GestDem No
2020/5968
We refer to your e-mail dated 7 October in which you make a request for
access to documents, registered on 8 Ocotber under the above mentioned
reference number and to your reminder.
Your application is currently being handled. However, we will not be in a
position to complete the handling of your application within the time
limit of 15 working days, which expired on 29/10/2020.
An extended time limit is needed as we are finalising the asessment of
your application

Therefore, we have to extend the time limit with 15 working days in
accordance with Article 7(3) of Regulation (EC) No 1049/2001 regarding
public access to documents. The new time limit expires on 20/11/2020.
But you will receive our answer this week or azt the bef-ginning of next
week.
We apologise for this delay and for any inconvenience this may cause.
Yours faithfully
Didier Boulouque

European Commission
Directorate-General for Financial Stability, Financial Services and
Capital Markets Union 
Unit 02 " Unit 02 "Inter-institutional Relations, planning and
stakeholders' relations"
1049 Brussels, Belgium

office: SPA2 9/22, tel.: +32-2-29.50814
email: [email address]
web: [2]http://ec.europa.eu/finance

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ve_fisma.d.1(FISMA), Financial Stability, Financial Services and Capital Markets Union

1 Attachment

Please find attached document Ares(2020)6509876 from BERRIGAN John (FISMA) dated 09/11/2020.

Veuillez trouver ci-joint le document Ares(2020)6509876 de BERRIGAN John (FISMA) daté du 09/11/2020.

Financial Stability, Financial Services and Capital Markets Union

3 Attachments

Dear Mr Leutner,

 

Please find attached a reply to your request for access to documents,
registered under the reference GestDem 2020/5968.

 

According to the standard procedure, a reply is usually also sent to you
by registered post. Please note, however, that due to the extraordinary
health and security measures currently in force during the COVID-19
pandemics, which include the requirement for all Commission non-critical
staff to telework, we are unfortunately not in a position to follow this
procedure until further notice.

 

We would therefore appreciate if you could confirm receipt of the present
e-mail by replying to [1][email address].

 

Yours sincerely,

 

 

DG FISMA - Unit D.1

 

   

 

[2]EC logo

European Commission
Directorate General for Financial Stability, Financial Services and
Capital Markets Union
Unit D1 – Bank regulation and supervision
Office: Rue de SPA 2, 04/020

B-1049 Brussels/Belgium
Tel.: (+32) 2 297 26 97

[3][email address]  
web: [4]http://ec.europa.eu/finance

[5]Finance Newsletter - Susbcribe now

------------------------------------------------------------------------
The views expressed in this e-mail are my own and may not,
under any circumstances, be interpreted as stating an official
position of the European Commission.

 

 

 

 

References

Visible links
1. mailto:[email address]
3. mailto:[email address]
4. http://ec.europa.eu/finance/
5. http://ec.europa.eu/finance/newsletter/s...

Dear Financial Stability, Financial Services and Capital Markets Union,
Please pass this on to the person who reviews confirmatory applications.

I am filing the following confirmatory application with regards to my access to documents request 'Interims study by BlackRock on the integration of ESG factors into EU banking rule'.

The argument: There is an overriding public interest in disclosure of the interim study by BlackRock and the Commission´s comments on it.

Elaboration of the argument:

The topic of the study and how it will feed into the EU sustainable finance strategy:
The interim study has, according to the contract and tender specifications, the purpose to provide the Commission with an analysis on: 1) the incorporation of ESG (environment, social, government) risks into EU banks risk management; 2) the integration of ESG risks into prudential supervision; and 3) the integration of ESG objectives into banks´ business strategies and investment policies. The results will feed into the Commission's Action Plan on Sustainable Finance. This shows clearly that the study will be a crucial piece of advice on how the EU will integrate sustainability risks in its banking rules. The elaboration of this study is a topic of major public interest, as I will elaborate in the following paragraph.

Why sustainability in banking rules is of public interest:
Banks are at the core of financing fossil fuel companies. In fact, 35 leading investment banks have invested $2.7 trillion into fossil fuel industries between 2016 and 2019. According to these numbers, the Paris Agreement did not have any impact on these bank's lending and investment policies and the voluntary approaches by banks to reduce financing for fossil fuels have not shown the desired results. They are not only financing existing oil, gas and coal projects but also financially support new fossil fuel projects, thus deteriorating the climate crisis further. A strong regulation of banks with the goal to redirect finance to sustainable projects and firms is therefore of essential public interest.

Why the interim results of the study in question are of public interest:
The asset manager BlackRock has been awarded by the Commission with the elaboration of a study that will define best practices on how to integrate ESG risks into banking rules. At the same time, BlackRock is a major investor in fossil fuel companies as well as in European banks still financing fossil fuel companies in huge amounts. If BlackRock would advise to integrate strong ESG criteria in EU banking rules it would negatively affect those banks and companies heavily engaged in fossil fuel projects and therefore it would damage its own investments in these firms. It follows that the Commission and all EU citizens are clearly running the risk of getting very biased advice by BlackRock that is not likely to support the required, ambitious efforts of the sustainable finance strategy of the EU. To avoid a biased result is hence of vital public interest. Disclosing the methodology as well as the interim results of the study will help the public to understand if impartial results can be expected.

Why the comments of the Commission on the interim study are of crucial public interest:
In 2019, the Commission published its Green Deal with the ambition to reach carbon neutrality by 2050. One work stream to support the Green Deal is the sustainable finance strategy, which is being revised at the moment. The study by BlackRock on ESG risks in banking rules constitutes a crucial piece of advice on the renewed sustainable finance strategy as it will feed into the Commission's Action Plan on Sustainable Finance. Recalling the huge importance the success of the Green Deal has for citizens in Europe and worldwide, the Commission's position on how to integrate ESG risks into banking rules should be transparent. It is of major public interest to know where the Commission stands when it comes to implement the ambitious sustainability goals it set for itself with the announcement of the Green Deal. Granting access to the Commission´s comments on the interim study by BlackRock is a question of respect towards EU citizens, as well as a basic element of democratic transparency.

A full history of my request and all correspondence is available on the Internet at this address: https://www.asktheeu.org/en/request/inte...

Yours faithfully,
Jana Leutner

Financial Stability, Financial Services and Capital Markets Union

Your message has been received by the Transparency Unit of the
Secretariat-General of the European Commission.
Requests for public access to documents are treated on the basis of
[1]Regulation (EC) No 1049/2001 of 30 May 2001 regarding public access to
European Parliament, Council and Commission documents.
The Secretariat-General will reply to your request within 15 working days
upon registration of your request and will duly inform you of the
registration of the request (or of any additional information to be
provided in view of its registration and/or treatment).
 
 
L’unité «Transparence» du secrétariat général de la Commission européenne
a bien reçu votre message.
Les demandes d’accès du public aux documents sont traitées sur la base du
[2]règlement (CE) n° 1049/2001 du 30 mai 2001 relatif à l’accès du public
aux documents du Parlement européen, du Conseil et de la Commission.
Le secrétariat général répondra à votre demande dans un délai de 15 jours
ouvrables à compter de la date d’enregistrement de votre demande, et vous
informera de cet enregistrement (ou vous indiquera toute information
supplémentaire à fournir en vue de l'enregistrement et/ou du traitement de
votre demande).
 
 
Ihre Nachricht ist beim Referat „Transparenz“ des Generalsekretariats der
Europäischen Kommission eingegangen.
Anträge auf Zugang zu Dokumenten werden auf der Grundlage der
[3]Verordnung (EG) Nr. 1049/2001 vom 30. Mai 2001 über den Zugang der
Öffentlichkeit zu Dokumenten des Europäischen Parlaments, des Rates und
der Kommission behandelt.
Das Generalsekretariat beantwortet Ihre Anfrage innerhalb von
15 Arbeitstagen nach deren Registrierung und wird Sie über die
Registrierung Ihres Antrags (oder die Notwendigkeit weiterer Informationen
im Hinblick auf dessen Registrierung und/oder Bearbeitung) unterrichten.
 
 

References

Visible links
1. https://eur-lex.europa.eu/legal-content/...
2. https://eur-lex.europa.eu/legal-content/...
3. https://eur-lex.europa.eu/legal-content/...

ve_sg.accessdoc (SG), Financial Stability, Financial Services and Capital Markets Union

[1]Ares(2020)6998122 - RE: Internal review of access to documents request
- Interims study by BlackRock on the integration of ESG factors into EU
banking rule

Sent by ve_sg.accessdoc (SG) <[DG FISMA request email]>. All responses have
to be sent to this email address.
Envoyé par ve_sg.accessdoc (SG) <[DG FISMA request email]>. Toutes les
réponses doivent être effectuées à cette adresse électronique.

Dear Madam,

Thank you for your email dated 20/11/2020 by which you request, pursuant
to Regulation No 1049/2001 regarding public access to European Parliament,
Council and Commission documents, a review of the position taken by DG
FISMA in reply to your initial application GESTDEM 2020/5968.

We hereby acknowledge receipt of your confirmatory application for access
to documents which was registered on 21/11/2020 (Ares(2020)6998097).

Your application will be handled within 15 working days (14/12/2020). In
case this time limit needs to be extended, you will be informed in due
course.

Please be informed that the answer to your confirmatory application is a
formal Commission decision that will be notified to you by express
delivery. Thank you for providing your contact phone number, so that the
external delivery service can contact you in case of absence.

Please note that the Commission will not use your phone number for any
other purpose than for informing the delivery service, and that it will
delete it immediately thereafter.

Yours faithfully,

Access to documents team (RC)

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We don't know whether the most recent response to this request contains information or not – if you are Jana Leutner please sign in and let everyone know.