Activities of Marco VALLI related to 2018/0229(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council establishing the InvestEU Programme PDF (1 MB) DOC (351 KB)
Amendments (63)
Amendment 140 #
Proposal for a regulation
Recital 1
Recital 1
(1) With 1.8% of EU GDP, down from 2.2% in 2009, infrastructure investment activities in the Union in 2016 were about 20% below investment rates before the global financial crisis. Thus, while a recovery in investment-to-GDP ratios in the Union can be observed, it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestmentfiscal austerity which led to severe cuts in public investment and had strong contractionary effects on aggregate demand and GDP. More importantly, the current public and private investment levels and forecasts do not cover the Union’s structural investment needs in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises ('SMEs') and the need to address key societal challenges such as sustainability or population ageing. Consequently, continued support is necessary to address market failures and sub-optimal investment situations in the Union or in specific Member States to reduce the investment gap in targeted sectors to achieve the Union's policy objectives.
Amendment 152 #
Proposal for a regulation
Recital 3
Recital 3
(3) In the last years, the Union has adopted ambitious strategies to complete the Single Market and to stimulate sustainable and inclusive growth and jobs, such as the Capital Markets UnionEurope 2020 Strategy, the Digital Single Market Strategy, the Clean Energy for all Europeans package, the Union Action Plan for the Circular Economy, the Low- Emission Mobility Strategy, the Defence and the Space Strategy for Europe and the European Pillar of Social Rights. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.
Amendment 173 #
(6) The InvestEU Fund should support investments in tangible and intangible assets to foster growth,sustainable and inclusive growth, long-term sustainable investment and quality employment, and therebywith the aim to contributing to improved well-being and, fairer income distribution and strengthened economic, social and territorial cohesion in the Union. Intervention through the InvestEU Fund should complement Union support delivered through grants.
Amendment 183 #
Proposal for a regulation
Recital 8
Recital 8
(8) The InvestEU Programme should contribute to building a sustainable finance system in the Union which supports the re- orientation of private capital towards sustainable investments fully integrating environmental, social and governance factors, in accordance with the objectives set out in the Commission Action Plan for Financing Sustainable Growth13 . _________________ 13 COM(2018)97 final. COM(2018)97 final.
Amendment 221 #
Proposal for a regulation
Recital 17
Recital 17
(17) As set out in the reflection paper on the social dimension of Europe16 and the European Pillar of Social Rights17 and the EU Framework on the UN Convention on the Rights of Persons with Disabilities, building a more inclusive and fairer Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to employment, education, training and health. Investment in the social, skills and human capital- related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, help increase employment, in particular among the unskilled and long- term unemployed, and improve the situation with regard to intergenerational solidarity, the health, sectorocial services, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people, including third country nationals. The InvestEU Programme should also contribute to the support of European culture and creativity. To counter the profound transformations of societies in the Union and of the labour market in the coming decade, it is necessary to invest in human capital, microfinance, social enterpriseethical finance and newthe social economy business models, including social impact investment and social outcomes contracting. The InvestEU Programme should strengthen nascent social market eco-system, increasing the supply of and access to finance to micro- and social enterprises, to meet the demand of those who need it the most. The report of the High-Level Task- Force on Investing in Social Infrastructure in Europe18 has identified an investment gaps of at least 100-150 billion per year and a total gap of over EUR 1.5 trillion in the period between 2018 and 2030 in social infrastructure and services, both public and private, including for education, training, health and housing, which call for support, including at the Union level. Therefore, the collective power of public, commercial and philanthropicsocial capital, as well as support from foundaethical and social financial institutions, should be harnessed to support the social market value chain development and a more resilient Union. _________________ 16 COM(2017) 206. 17 COM(2017) 250. 18 Published as European Economy Discussion Paper 074 in January 2018.
Amendment 240 #
Proposal for a regulation
Recital 20
Recital 20
(20) The Member State compartment should be specifically designed to allow the use of funds under shared management to provision a guarantee issued by the Union. That combination aims at mobilising the high credit rating of the Union to promote national and regional investments while ensuring a consistent risk management of the contingent liabilities by implementing the guarantee given by the Commission under indirect management. The Union should guarantee the financing and investment operations foreseen by the guarantee agreements concluded between the Commission and implementing partners under the Member State compartment, the Funds under shared management should provide the provisioning of the guarantee, following a provisioning rate determined by the Commission in agreement with the Member State based on the nature of the operations and the resulting expected losses, and the Member State would assume losses above the expected losses by issuing a back-to-back guarantee in favour of the Union. Such arrangements should be concluded in a single contribution agreement with each Member State that voluntarily chooses such option. The contribution agreement should encompass the one or more specific guarantee agreements to be implemented within the Member State concerned. The setting out of the provisioning rate on a case by case basis requires a derogation from [Article 211(1)] of Regulation (EU, Euratom) No XXXX19 (the 'Financial Regulation'). This design provides also a single set of rules for budgetary guarantees supported by funds managed centrally or by funds under shared management, which would facilitate their combination. _________________ 19
Amendment 288 #
Proposal for a regulation
Recital 29
Recital 29
(29) In selecting implementing partners for the deployment of the InvestEU Fund, the Commission should consider the counterpart's capacity to fulfil the objectives of the InvestEU Fund and contribute its own resources, in order to ensure adequate geographical coverage and diversification, to crowd-in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub-optimal investment situations. Given its role under the Treaties, its capacity to operate in all Member States and the existing experience under the current financial instruments and the EFSI, the European Investment Bank (‘EIB’) Group should remain a privileged implementing partner under the InvestEU Fund's EU compartment. In addition to the EIB Group, national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the Union. Moreover, it should be possible to have other international financial institutions as implementing partners, in particular when they present a comparative advantage in terms of specific expertise and experience in certain Member States. It should also be possible for other entities fulfilling the criteria laid down in the Financial Regulation to act as implementing partners, including ethical and social banks, especially under the social investment and skills policy window.
Amendment 305 #
Proposal for a regulation
Recital 33
Recital 33
(33) The InvestEU Fund should, where appropriate, allow for allow for and support a smooth and efficient blending of grants or financial instruments, or both, funded by the Union budget or by othe EU Emissions Trading System (ETS) Innovation Fund with that guaranteer sources in situations where this is necessary to best underpin investments to address particular market failures or sub- optimal investment situations.
Amendment 315 #
Proposal for a regulation
Recital 37
Recital 37
(37) In the context of the InvestEU Fund, there is a need forto provide project development and capacity building support to develop the organisational capacities and market making activities needed to originate quality projects. MoreovThe support should be especially targeted to support the capacity building of project promoters, tin particular public authorities and local and regional service provides. The aim is to create the conditions for the expansion of the potential number of eligible recipients also in nascent and local market segments, in particular where the small size of individual projects raises considerably the transaction cost at the project level, such as for the social finance ecosystem. The capacity building support should therefore be complementary and additional to actions undertaken under other Union programmes that cover a specific policy area.
Amendment 342 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) 'investment platforms' means special purpose vehicles, managed accounts, contract-based co-financing or risk-sharing arrangements or arrangements established by any other means by which entities channel a financial contribution in order to finance a number of investment projects, and which may include: (a) national or sub- national platforms that group together several investment projects on the territory of a given Member State; (b) multi-country or regional platforms that group together partners from several Member States or third countries interested in projects in a given geographic area; (c) thematic platforms that group together investment projects in a given sector;
Amendment 361 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) the sustainabilprosperity of the Union economy and its growthsustainable development;
Amendment 365 #
Proposal for a regulation
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the social protection, resilience and inclusiveness ofsocial inclusion across the Union;
Amendment 368 #
Proposal for a regulation
Article 3 – paragraph 1 – point c a (new)
Article 3 – paragraph 1 – point c a (new)
(ca) the economic, territorial and social cohesion;
Amendment 370 #
Proposal for a regulation
Article 3 – paragraph 1 – point d
Article 3 – paragraph 1 – point d
(d) the integration of the Union capital markets and the strengthening of the Single Market, including solutions addressing the fragmentation of the Union capital markets, diversifying sources of financing for Union enterprises and promoting sustainable finance.
Amendment 377 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) to increase the access to and the availability of finance for SMEs and, in duly justified cases, for small mid-cap companies;
Amendment 393 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 2
Article 4 – paragraph 1 – subparagraph 2
An additional amount of the EU guarantee may be provided for the purposes of the Member State compartment referred to in point (b) of Article 8(1), subject to the allocation by Member States, pursuant to [Article 10(1)] of Regulation [[CPR] number]28 and Article [75(1)] of Regulation [[CAP plan] number]29 , of the corresponding amounts. Member States may also provide a contribution to the Member State compartment in the form of cash or a guarantees. _________________ 28 29
Amendment 395 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 2 a (new)
Article 4 – paragraph 1 – subparagraph 2 a (new)
Financial contributions by Member States under the Member State compartment, including contributions in the form of guarantees and cash or any contributions to investment platforms, shall be fully deducted from the relevant deficit targets of the Stability and Growth Pact.
Amendment 396 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The indicative distribution of the amount referred to in the first subparagraph of paragraph 1 is set out in Annex I to this Regulation. The Commission, by means of delegated acts, may modify the amounts referred to in that Annex I, where appropriate, by up to 150 % for each objective. It shall inform the European Parliament and the Council of any modification.
Amendment 429 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2 – point a
Article 7 – paragraph 3 – subparagraph 2 – point a
(a) as regards adaptation, ensure the resilience to the potential adverse impacts of climate change through a climate vulnerability and risk assessment, including relevant adaptation measures, and, as regards mitigation, integrate the cost of greenhouse gas emissions and the positive effects of climate mitigation measures in the cost-benefit analysis and ensure compliance with EU environmental objectives and standards;
Amendment 432 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2 – point b a (new)
Article 7 – paragraph 3 – subparagraph 2 – point b a (new)
Amendment 449 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Additionality For the purposes of this Regulation 'additionality' means the support by the InvestEU Fund to financing and investment operations which address market failures or sub-optimal investment situations and which could not have been carried out during the period in which the EU guarantee can be used, or not to the same extent, by implementing partners without the InvestEU Fund.
Amendment 474 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Amounts allocated by a Member State under Article [10(1)] of Regulation [[CPR] number] or Article [75(1)] of Regulation [[CAP plan] numbMember States or regions of Member States may request to allocate a share of their resources of Funds under] shall be used forred management to the provisioning of the part of the EU guarantee under the Member State compartment covering financing and investment operations in the Member State concerned. for the benefit of the region concerned of the Member State. The resources reallocated shall be used to address market failures or sub-optimal investment situations in the territory or region concerned and deliver the same objectives of the programme from which the resources are to be transferred.
Amendment 489 #
Proposal for a regulation
Article 9 – paragraph 3 – point d
Article 9 – paragraph 3 – point d
(d) the possible contribution from Funds under shared management to investment platforms and the InvestEU Advisory Hub;
Amendment 494 #
Proposal for a regulation
Article 9 – paragraph 5 – point d
Article 9 – paragraph 5 – point d
Amendment 500 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The EU guarantee shall be granted to the implementing partners in accordance with [Article 219(1)] of the [Financial Regulation] and managed in accordance with [Title X] of the [Financial Regulation]. The guarantee shall be irrevocable, unconditional and on first demand to any eligible implementing partner for the financing and investment operation.
Amendment 510 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. A portion of 75% of the EU guarantee under the EU compartment should be allocated to implementing partners that are offer financial products under the InvestEU Fund in all Member States. The remaining part of the guarantee should be allocated to other eligible implementing partners.
Amendment 537 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
For the EU compartment, the eligible counterparts shall have expressed their interest and shall be able to cover financing and investment operations in at least threewo Member States. The implementing partners, while their contractual responsibility remains limited by their respective mandates, may also cover together financing and investment operations in at least three Member States by forming a group.
Amendment 549 #
Proposal for a regulation
Article 12 – paragraph 2 – point f a (new)
Article 12 – paragraph 2 – point f a (new)
(fa) facilitates and supports access to finance for small-scale projects;
Amendment 554 #
Proposal for a regulation
Article 12 – paragraph 3 – point b a (new)
Article 12 – paragraph 3 – point b a (new)
(ba) the capacity of implementing partners to integrate the analysis of environmental, social and governance factors in the evaluation of financing and investment operations;
Amendment 555 #
Proposal for a regulation
Article 12 – paragraph 3 – point b b (new)
Article 12 – paragraph 3 – point b b (new)
(bb) the capacity of implementing partners to effectively ensure transparency and public access to information concerning each financing and investment operations;
Amendment 556 #
Proposal for a regulation
Article 12 – paragraph 3 – point b c (new)
Article 12 – paragraph 3 – point b c (new)
(bc) for operations carried out under the sustainable infrastructure policy window, the past experience of implementing partners in the sectors of social economy and microfinance;
Amendment 565 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. The remuneration for risk-taking shall be allocated between the Union and an implementing partner in proportion to their respective share in the risk-taking of a portfolio of financing and investment operations or, where relevant, of individual operations, and shall be related to the risk profile and the qualitative characteristics of the underlying operations, taking into account their impact and the achievement of the InvestEU policy objectives. Specific concessional terms and incentives shall be provided to reflect the need to support SMEs financing and social investment as well the viability of projects in circumstances of financial stress or asymmetric shocks in a Member State. The implementing partner shall have an appropriate exposure at its own risk to financing and investment operations supported by the EU guarantee, unless exceptionally the policy objectives targeted by the financial product to be implemented are of such nature that the implementing partner could not reasonably contribute its own risk-bearing capacity to it.
Amendment 572 #
Proposal for a regulation
Article -17 (new)
Article -17 (new)
Article -17 European Commission 1. The Commission shall be a single point of entry for all financing and investment operations submitted by the implementing partners. 2. The Commission shall conduct a qualitative assessment to verify: (a) the compatibility of investment and financing operations with EU law and policies; (b) the expected contribution to the policy objectives and compliance with the requirements laid down in this Regulation, including additionality; 3. In case of a positive assessment, the Commission forwards the proposal to the Project Team for a technical evaluation and a banking risk assessment. 4. The Commission shall lay down detailed rules for the functioning of the Project Team and for the verification of conflict of interest situations.
Amendment 580 #
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The CommissionOne independent expert for each policy window shall be represented within both configurations of the advisory board. The independent experts shall be selected by the Commission through an open call for applications.
Amendment 581 #
Proposal for a regulation
Article 17 – paragraph 4 – subparagraph 1
Article 17 – paragraph 4 – subparagraph 1
The advisory board meeting of the representatives of the implementing partnerin both configurations shall be co-chaired by a representative of the Commission and the representative nominated by the European Investment Bank.;
Amendment 583 #
Proposal for a regulation
Article 17 – paragraph 4 – subparagraph 2
Article 17 – paragraph 4 – subparagraph 2
Amendment 584 #
Proposal for a regulation
Article 17 – paragraph 4 – subparagraph 3 a (new)
Article 17 – paragraph 4 – subparagraph 3 a (new)
The Advisory Board shall propose to the Commission modification to the distribution of the amounts referred to in Annex I.
Amendment 585 #
Proposal for a regulation
Article 17 – paragraph 4 – subparagraph 3 b (new)
Article 17 – paragraph 4 – subparagraph 3 b (new)
The Advisory Board shall regularly organise a consultation of relevant stakeholders, in particular representatives of civil society, social partners, public authorities, co-investors, independent experts and education, training and research institutions to discuss the strategic orientation and implementation of the investment policy carried out under this Regulation.
Amendment 590 #
Proposal for a regulation
Article 17 – paragraph 5 – point b – point i
Article 17 – paragraph 5 – point b – point i
(i) inform Members States about implementation of the InvestEU Fund under each window;
Amendment 591 #
Proposal for a regulation
Article 17 – paragraph 5 a (new)
Article 17 – paragraph 5 a (new)
5a. The detailed minutes of the meetings of the Advisory Board shall be made publicly available on a dedicated webpage.
Amendment 610 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. A project team consisting of remunerated qualified experts, put at the disposal of the Commission on a full-time basis by the implementing partners free of charge for the Union budget,or selected through an open call for applications shall be established.
Amendment 613 #
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. Each implementing partner shall assign experts to the project team. The number of the experts shall be established in the guarantee agreement.
Amendment 615 #
Proposal for a regulation
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
2a. The Commission may select additional qualified independent experts with a relevant proven experience in risk portfolio management and guarantees though an open call for application.
Amendment 618 #
Proposal for a regulation
Article 18 – paragraph 4 – subparagraph 1
Article 18 – paragraph 4 – subparagraph 1
Subject to the confirmation by the Commission referred to in paragraph 3Article 17a (new), the project team shall perform an independent and impartial quality control of the due diligence of the proposed financing and investment operations carried out by the implementing partners. Financing and investment operations shall be then submitted to the Investment Committee for approval of the coverage by the EU guarantee.
Amendment 621 #
Proposal for a regulation
Article 18 – paragraph 4 – subparagraph 3 – point c a (new)
Article 18 – paragraph 4 – subparagraph 3 – point c a (new)
(ca) the design and evaluation of the banking-related aspects of impact and results assessment; – the structuring of the guarantees and contracting arrangements with implementing partners;
Amendment 668 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 1
Article 19 – paragraph 5 – subparagraph 1
Conclusions of the Investment Committee shall be adopted by simple majority of all members, where such simple majority includes at least one of the two experts for each policy window. In case of a draw, the chair of the Investment Committee has the casting vote.
Amendment 672 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 2
Article 19 – paragraph 5 – subparagraph 2
Conclusions of the Investment Committee approving the support of the EU guarantee to a financing or investment operation shall be publicly accessible and shall include the rationale for the approval. The publication shall not contain commercially sensitive information. Conclusions leading to refusing the support of the EU guarantee shall be made available to the concerned implementing partner.
Amendment 676 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 3
Article 19 – paragraph 5 – subparagraph 3
The scoreboard shall be publicly available after the signaturebefore approval of the support of a financing or investment operation or sub- project, if applicable. The publication shall not contain commercially sensitive information or personal data not to be disclosed under the Union data protection rules.
Amendment 693 #
Proposal for a regulation
Article 20 – paragraph 2 – point e
Article 20 – paragraph 2 – point e
(e) providing proactive advisory support on the establishment of investment platforms, in particular cross-border investment platforms involving several Member Statesbundling small and medium- size projects in one or more Member States by theme or by region;
Amendment 695 #
Proposal for a regulation
Article 20 – paragraph 2 – point e a (new)
Article 20 – paragraph 2 – point e a (new)
(ea) facilitate and support the use of blending with grants or financial instruments funded by the Union budget or by other sources in order to strengthen synergies and complementarity between EU instruments and maximise the leverage and impact of the InvestEU Programme;
Amendment 699 #
Proposal for a regulation
Article 20 – paragraph 3
Article 20 – paragraph 3
3. The InvestEU Advisory Hub shall be available for public and private project promoters, including national promotional banks, investment platforms, SMEs and start-ups, to public authorities and to financial and other intermediaries.
Amendment 700 #
Proposal for a regulation
Article 20 – paragraph 4
Article 20 – paragraph 4
4. Fees may be charged for the services referred to in paragraph 2 to cover part of the costs for providing those services, except for the services provided to public project promoters and non-profit organisations, which shall be free of charge. Fees charged for the technical assistance to SMEs shall be capped at one third of the effective cost of the services provided to them.
Amendment 712 #
Proposal for a regulation
Chapter 7 – title
Chapter 7 – title
Accountability, monitoring and reporting, evaluation and control
Amendment 714 #
Proposal for a regulation
Article -22 (new)
Article -22 (new)
Article -22 Accountability 1. At the request of the European Parliament or of the Council, the Chairperson of the Advisory Board shall report on the performance of the InvestEU Fund to the requesting institution, including by participating in a hearing before the European Parliament. 2. The Chairperson of the Advisory Board shall reply orally or in writing to questions addressed to the InvestEU Fund by the European Parliament or by the Council, in any event within five weeks of the date of receipt of a question. 3. At the request of the European Parliament or of the Council, the Commission shall submit a report on the application of this Regulation. 4. At the request of the European Parliament, the President of the EIB shall participate in a hearing of the European Parliament that concerns EIB financing and investment operations covered by this Regulation. The President of the EIB shall, within five weeks of the date of receipt, reply orally or in writing to questions addressed to the EIB by the European Parliament or the Council concerning EIB financing and investment operations covered by this Regulation.
Amendment 720 #
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. In addition, each implementing partner shall submit every six months a report to the Commission and the European Parliament on the financing and investment operations covered by this Regulation, broken down by the EU compartment and the Member State compartment by Member State, as appropriate. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance indicators laid down in Annex III to this Regulation. The report shall also include operational, statistical, financial and accounting data on each financing and investment operation and at the compartment, policy window and the InvestEU Fund level. One of those reports shall contain the information the implementing partners shall provide in accordance with [Article 155(1)(a)] of the [Financial Regulation].
Amendment 727 #
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
2. By 30 September 20254, the Commission shall carry out anan independent interim evaluation on the InvestEU Programme, in particular on the use of the EU guarantee, shall be carried out.
Amendment 734 #
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
3. At the end of the implementation of the InvestEU Programme, but no later than four years after the end of the period specified in Article 1, the Commission shall carry out aan independent final evaluation of the InvestEU Programme, in particular on the use of the EU guarantee, shall be carried out.
Amendment 741 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
The external audit of the activities undertaken in accordance with this Regulation are carried out by the European Court of Auditors in accordance with Article 287 TFEU. The Commission and the implementing partners shall ensure that the Court of Auditors has full access to all information which it considers necessary to carry out its audits.
Amendment 768 #
Proposal for a regulation
Annex II – paragraph 1 – point 1 – introductory part
Annex II – paragraph 1 – point 1 – introductory part
1. Development of the energy sector, excluding fossil fuel-related activities, such as production, exploration, processing, transmission, distribution, storage or combustion of oil, coal and natural gas, and nuclear energy, in accordance with the Energy Union priorities, including security of energy supply, and the commitments taken under the Agenda 2030 and the Paris Agreement, in particular through:
Amendment 782 #
Proposal for a regulation
Annex II – paragraph 1 – point 2 – point e a (new)
Annex II – paragraph 1 – point 2 – point e a (new)
(ea) maintenance, repair, rehabilitation or upgrade of existing infrastructures in transport and energy sectors to improve their safety as well as their resilience against anticipated climate and extreme weather events;
Amendment 785 #
Proposal for a regulation
Annex II – paragraph 1 – point 2 a (new)
Annex II – paragraph 1 – point 2 a (new)
2a. InvestEU support to carbon- intensive infrastructures, such as motorways and airports, and nuclear energy, shall be avoided, unless directly targeted to climate change mitigation and adaptation or to the maintenance and safety of existing infrastructures.
Amendment 815 #
Proposal for a regulation
Annex III – point 3 – point 3.2
Annex III – point 3 – point 3.2
3.2 Investment supporting climate objectives, including impact on absolute and relative greenhouse gas emissions;
Amendment 816 #
Proposal for a regulation
Annex III – point 3 – point 3.3 a (new)
Annex III – point 3 – point 3.3 a (new)
3.3a Investment supporting the social economy and social enterprises;