51 Amendments of Piernicola PEDICINI related to 2015/0009(COD)
Amendment 25 #
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through initiatives set out in the Europe 2020 strategy that put in place an approach for smart, environmentally sustainable and socially inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. Further action is required to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable and environmentally sustainable investment projects.
Amendment 29 #
Proposal for a regulation
Recital 5
Recital 5
Amendment 31 #
Proposal for a regulation
Recital 6
Recital 6
Amendment 32 #
Proposal for a regulation
Recital 7
Recital 7
Amendment 37 #
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing. It is intended that increased access to financing should be of particular benefit to small and medium enterprises. It is also appropriate to extend the benefit of such increased access to financing to mid- cap companies, which are companies having up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion and to achieving the EUʼs 2050 goals on climate change, reducing and optimising use of natural resources, and protecting biodiversity.
Amendment 51 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high environmental and economic value added contributing to achieving Union policy objectives in support of the green economy.
Amendment 61 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many micro, small and medium enterprises, as well as mid-cap companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of riskwith greater environmental and societal value added. The EFSI should help these businesses to overcome capital shortages by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 62 #
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to micro, small and medium enterprises and small mid-cap compancommitted to environmentally and socially sustainable and inclusive activities should be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.
Amendment 74 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and economic value. In particular, the EFSI should target projects that promote green job creation, long- termsustainable growth and competitivenessthe green economy. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 86 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instrumentsclear environmental and societal value added to ensure additionality over existing operations. The EFSI should finance sustainable projects across the Union, including in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 88 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economicnvironmentally, socially and technically viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing provided these are clearly intended to support the green and circular economy.
Amendment 95 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made by an Investment Committee. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects in the green and circular economy. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cap companies with high environmental and societal value added.
Amendment 99 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to allow for further increase in its resources, participation in the EFSI should be open to third parties, including Member States, national promotional banks or public agencies owned or controlled by Member States, private sector entities and entities outside the Union subject to the consent of existing contributors. Third parties may contribute directly to the EFSI and take part in the EFSI governance structure.
Amendment 102 #
Proposal for a regulation
Recital 21
Recital 21
Amendment 111 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB should regularly evaluate activities supported by the EFSI with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations should contribute to accountability and analysis of environmental, social and economic sustainability.
Amendment 113 #
Proposal for a regulation
Recital 26
Recital 26
Amendment 122 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of the European Parliament and of the Council2, and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3, should be reduced. Those programmes serve purposes that are not replicated by the EFSIvised to aid only high environmental and societal value added research and development projects. However, the reductvision of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their respective mandates green and circular economy than is possible through the existing programmes. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and environmental innovation and sustainable transport, telecommunications and, energy saving and efficiency and renewable energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 2 Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104). 3 Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129).
Amendment 126 #
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects capable of promoting the green and circular economy that are not being financed due to a lack of certainty and transparency with respect to such projectsinformation. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, should promote the creation of a transparent pipeline of current and future investment projects in the Union and areas of the green and circular economy suitable for investment. This 'project pipeline' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 129 #
Proposal for a regulation
Recital 32
Recital 32
(32) Member States have also begun work at national level on establishing and promoting project pipelines for environmentally innovative projects of national significance. The information prepared by the Commission and the EIB should provide links to the accompanying national project pipelines.
Amendment 131 #
Proposal for a regulation
Recital 33
Recital 33
(33) Although the projects identified under the project pipeline may be used by the EIB in the identification and selection of environmentally sustainable EFSI supported projects, the project pipeline should have a broader scope of identifying environmentally sustainable projects across the Union. This scope may include projects that are capable of being fully financed by the private sector or with the assistance of other instruments provided at European or national level. The EFSI should be able to support financing and investment to environmentally sustainable projects identified by the project pipeline, but there should be no automaticity between inclusion on the list and access to EFSI support and the EFSI be conferred with discretion to select and support projects that are not included on the list.
Amendment 135 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should ensure that there is a public consultation and participation process similar to the one in force for the disbursement of Structural and Investment Funds and regularly report to the European Parliament and the Council on the progress and impact of the EFSI.
Amendment 136 #
Proposal for a regulation
Recital 35
Recital 35
Amendment 139 #
Proposal for a regulation
Recital 36
Recital 36
Amendment 144 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
The Commission shall conclude an agreement with the European Investment Bank (EIB) on the establishment of a European Fund for Strategic Investments ('EFSI') that are environmentally sustainable.
Amendment 147 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support green and circular economy investments in the Union and to ensure increased access to financing for companies having up to 300250 employees, with a particular focus on micro, small and medium enterprises capable of developing projects with high environmental and social content, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 158 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h
Article 2 – paragraph 1 – subparagraph 1 – point h
Amendment 161 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
Amendment 169 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
Amendment 172 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 3
Article 2 – paragraph 2 – subparagraph 3
Amendment 177 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
Amendment 183 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 3
Article 3 – paragraph 3 – subparagraph 3
Amendment 195 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Green and Circular Economy Investment Committee shall be composed of six independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in high environmental and societal value added project finance and be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 214 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of green infrastructure, including in the areas of sustainable transport, particularly in industrial centres; energy, in particular energy interconnectiondevelopment of smart grids; and digital infrastructure;
Amendment 219 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in education and training, health, research and development of sustainable technology, goods and services, information and communications technology, and innovation aimed at achieving the 2050 goals on climate change, protection of biodiversity and efficient use of natural resources;
Amendment 226 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energy and, energy and resource efficiencysavings and efficiency and natural resources;
Amendment 234 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
(d) sustainable infrastructure projects in the fields of environmental, natural resources, improvement and protection, biodiversity protection, sustainable use of natural resources and sustainable, high societal value added urban development and social fieldsmobility;
Amendment 245 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of green and circular economy development dedicated investment platforms and national promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms.
Amendment 249 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 267 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States, shall promote the creation of a transparent pipeline of environmentally sustainable current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5).
Amendment 271 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The Commission and the EIB shall develop, update and disseminate, on a regular and structured basis, information on current and future investments which significantly contribute to achieving EU 2050 policy objectives on climate change, protection of the environment and biodiversity, and sustainable use of natural resources.
Amendment 275 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall develop, update and disseminate, on a regular and structured basis, information on current and future green and circular economy investment projects in their territory.
Amendment 281 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added environmental and societal value, the mobilisation of private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis;
Amendment 286 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
Amendment 290 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations, the EIB shall not support any activities to develop airport infrastructure, produce thermoelectric or thermonuclear power, build new motorways, or transport gas over long distances. Nor shall any activities carried out for illegal purposes be funded, including money laundering, financing of terrorism, tax fraud and tax evasion, corruption, or fraud affecting the financial interests of the Union. In particular the EIB shall not participate in any financing or investment operation through a vehicle located in a non- cooperative jurisdiction, in line with its policy towards weakly regulated or non- cooperative jurisdictions based on policies of the Union, the Organisation for Economic Cooperation and Development or the Financial Action Task Force.
Amendment 291 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
Amendment 292 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 296 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 1291/2013
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
a) Excellent science, to protect the environment and biodiversity, develop low-carbon technologies, reduce and optimise natural resources and protect biodiversity EUR 23 897,0 million in current prices;
Amendment 297 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 1291/2013
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
b) IndustrialGreen and circular economy leadership, EUR 16 430,5 million in current prices;
Amendment 299 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1
Article 18 – paragraph 1 – point 1
Regulation (EU) No 1291/2013
Article 6 – paragraph 2 – point i
Article 6 – paragraph 2 – point i
i) Spreading excellence to mitigate and adapt climate change, protect biodiversity and reduce and optimise natural resources, and widening public participation in all stages of the process, EUR 782,3 million in current prices;
Amendment 305 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1316/2013
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
a) sustainable transport sector: EUR 23 550 582 000, of which EUR 11 305 500 000 shall be transferred from the Cohesion Fund to be spent in line with this Regulation exclusively in Member States eligible for funding from the Cohesion Fund;
Amendment 306 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1316/2013
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
c) energy saving and efficiency and promotion of renewable energy sector: EUR 5 350 075 000.