42 Amendments of Fredrick FEDERLEY related to 2018/0229(COD)
Amendment 20 #
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 underinvestment. More importantly, the current 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, research, skills, infrastructure, small and medium- sized enterprises ('SMEs'), start- ups, 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 to reduce the investment gap in targeted sectors to achieve the Union's policy objectives.
Amendment 23 #
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 growth and jobs, such as the Capital Markets Union, the Digital Single Market Strategy, the Clean Energy for all Europeans package, the Union Action Plan for the Circular Economy, Horizon 2020, the Low- Emission Mobility Strategy, the Defence and the Space Strategy for Europe. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.
Amendment 26 #
Proposal for a regulation
Recital 5
Recital 5
(5) The InvestEU Fund should contribute to improving the competitiveness of the Union, including in the field of innovation and digitisation, scientific excellence, the sustainability of the Union's economic growth, the social resilience and inclusiveness and the integration of the Union capital markets, including solutions addressing their fragmentation and diversifying sources of financing for the Union enterprises. To that end, it should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments underpinned by a guarantee from the Union's budget and by contributions from implementing partners. It should be demand-driven while support under the InvestEU Fund should at the same time focus on contributing to meeting policy objectives of the Union.
Amendment 31 #
Proposal for a regulation
Recital 7
Recital 7
(7) The Union endorsed the objectives set out in the United Nations Agenda 2030 and its Sustainable Development Goals and the Paris Agreement in 2015 as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve the agreed objectives, including those embedded in the environmental policies of the Union, action pursuing sustainable development is to be stepped up significantly and environmentally harmful subsidies to be phased-out. Therefore, the principles of sustainable development should feature prominently in the design of the InvestEU Fund.
Amendment 33 #
Proposal for a regulation
Recital 9
Recital 9
(9) Reflecting the importance of tackling climate change in line with the Union's commitments to implement the Paris Agreement and the United Nations Sustainable Development Goals, the InvestEU Programme will contribute to mainstream climate actions and to the achievement of an overall target of 2530 % of the Union budget expenditures supporting climate objectives. Actions under the InvestEU Programme are expected toshall contribute 340 % of the overall financial envelope of the InvestEU Programme to climate and environmental objectives. Relevant actions will be identified during the InvestEU Programme's preparation and implementation and reassessed in the context of the relevant evaluations and review processes. The Climate tracking methodology used shall be in line with international standards of multilateral development banks and the EIB.
Amendment 49 #
Proposal for a regulation
Recital 15
Recital 15
(15) A significant effort is urgently needed to invest in digital transformation and to distribute the benefits of it to all Union citizens and businesses in urban and rural areas. The strong policy framework of the Digital Single Market Strategy should now be matched by investment of a similar ambition, including in artificial intelligence.
Amendment 50 #
Proposal for a regulation
Recital 16
Recital 16
(16) Small and medium-sized enterprises (SMEs) play a crucial role in the Union. However, they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral. Additional challenges arise from SMEs' need to stay competitive by engaging in digitisation, internationalisation and innovation activities and skilling up their workforce. Moreover, compared to larger enterprises, they have access to a more limited set of financing sources: they typically do not issue bonds, have only limited access to stock exchanges or large institutional investors. The challenge in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges by simplifying their access to finance and providing more diversified sources of funding is necessary for increasing the ability of SMEs to finance their creation, growth and development, withstand economic downturns, and for making the economy and the financial system more resilient during economic downturn or shocks. This is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. Programmes such as COSME and H2020 have been important for SMEs in that they facilitated access to finance in all phases of their lifecycle, and that this was added to by EFSI for which there was a quick SME uptake. The InvestEU Fund should provide an opportunity to focus on specific, more targeted financial products.
Amendment 50 #
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 underinvestment. More importantly, the current 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, research, skills, infrastructure, small and medium- sized enterprises ('SMEs'), start- ups, 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 to reduce the investment gap in targeted sectors to achieve the Union's policy objectives.
Amendment 54 #
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 or regional 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.
Amendment 55 #
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 growth and jobs, such as the Capital Markets Union, the Digital Single Market Strategy, the Clean Energy for all Europeans package, the Union Action Plan for the Circular Economy, Horizon 2020, the Low- Emission Mobility Strategy, the Defence and the Space Strategy for Europe. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.
Amendment 58 #
Proposal for a regulation
Article 2 – paragraph 1 – point 15 a (new)
Article 2 – paragraph 1 – point 15 a (new)
(15 a) 'start up' means an entreprise that is often tech-enabled, in general combines fast growth, high reliance on innovation of product, processes and financing, utmost attention to new technological developments and extensive use of innovative business models, and, often, collaborative platforms1a. _________________ 1a COM (2016) 733
Amendment 60 #
Proposal for a regulation
Recital 5
Recital 5
(5) The InvestEU Fund should contribute to improving the competitiveness of the Union, including in the field of innovation and digitisation, scientific excellence, the sustainability of the Union's economic growth, the social resilience and inclusiveness and the integration of the Union capital markets, including solutions addressing their fragmentation and diversifying sources of financing for the Union enterprises. To that end, it should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments underpinned by a guarantee from the Union's budget and by contributions from implementing partners. It should be demand-driven while support under the InvestEU Fund should at the same time focus on contributing to meeting policy objectives of the Union.
Amendment 65 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) to increase and simplify the access to and the availability of finance for SMEs and, in duly justified cases, for small mid- cap companies;
Amendment 74 #
Proposal for a regulation
Article 7 – paragraph 1 – point c
Article 7 – paragraph 1 – point c
(c) SMEs policy window: simplified access to and availability of finance for SMEs and, in duly justified cases, for small mid-cap companies;
Amendment 77 #
Proposal for a regulation
Article 7 – paragraph 1 – point d
Article 7 – paragraph 1 – point d
(d) social investment and skills policy window: comprises microfinance, social enterprise finance, female entrepreneurship and social economy; skills, education, training and related services; social infrastructure (including social and student housing); social innovation; health and long-term care; inclusion and accessibility; cultural activities with a social goal; integration of vulnerable people, including third country nationals.
Amendment 80 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1
Article 7 – paragraph 3 – subparagraph 1
Financing and investment operations under the sustainable infrastructure policy windows referred to in point (a), (b), (c), (d) of paragraph (1) shall be subject to climate, environmental, economical and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate, environment, economical and social dimensions. For that purpose, promoters requesting financing shall provide adequate information based on guidance to be developed by the Commission in close cooperation with implementing partners. Projects below a certain size defined in the guidance shall be excluded from the proofing.
Amendment 83 #
Proposal for a regulation
Recital 11
Recital 11
(11) According to the 2018 Global Risks Report issued by the World Economic Forum, half of the ten most critical risks threatening the global economy relate to the environment. Such risks include air, soil , inland water and ocean pollution, extreme weather events, biodiversity losses and failures of climate-change mitigation and adaptation. Environmental principles are strongly embedded in the Treaties and many of the Union's policies. Therefore, the mainstreaming of environmental objectives should be promoted in the InvestEU Fund related operations. Environmental protection and related risk prevention and management should be integrated in the preparation and implementation of investments. The EU should also track its biodiversity-related and air pollution control-related expenditure in order to fulfil the reporting obligations under the Convention on Biological Diversity and Directive (EU) 2016/2284 of the European Parliament and of the Council15 Investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies coherent with that developed under other Union programmes applying to climate, biodiversity and air pollution management in order to allow assessing the individual and combined impact of investments on the key components of the natural capital, including air, water, land and biodiversity. __________________ 15 Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (OJ L 344, 17.12.2016, p. 1).
Amendment 91 #
Proposal for a regulation
Article 7 – paragraph 5
Article 7 – paragraph 5
5. At least 40 % of the investments under the Invest EU shall contribute to meeting the climate and environmental objectives of the union. Implementing partners shall targetensure that at least 50 % of the investment under the sustainable infrastructure policy window contribute to meeting the Union objectives on climate and environment.
Amendment 101 #
Proposal for a regulation
Recital 15
Recital 15
(15) A significant effort is urgently needed to invest in digital transformation and to distribute the benefits of it to all Union citizens and businesses, in urban and rural areas. The strong policy framework of the Digital Single Market Strategy should now be matched by investment of a similar ambition, including in artificial intelligence.
Amendment 106 #
Proposal for a regulation
Recital 16
Recital 16
(16) Small and medium-sized enterprises (SMEs) play a crucial role in the Union. However, they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral. Additional challenges arise from SMEs' need to stay competitive by engaging in digitisation, internationalisation and innovation activities and skilling up their workforce. Moreover, compared to larger enterprises, they have access to a more limited set of financing sources: they typically do not issue bonds, have only limited access to stock exchanges or large institutional investors. The challenge in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges by simplifying their access to finance and providing more diversified sources of funding is necessary for increasing the ability of SMEs to finance their creation, growth and development, withstand economic downturns, and for making the economy and the financial system more resilient during economic downturn or shocks. This is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. Programmes such as COSME and H2020 have been important for SMEs in that they facilitated access to finance in all phases of their lifecycle, and that this was added to by EFSI for which there was a quick SME uptake. The InvestEU Fund should provide an opportunity to focus on specific, more targeted financial products.
Amendment 130 #
Proposal for a regulation
Annex II – paragraph 1 – point 1 – point d
Annex II – paragraph 1 – point 1 – point d
(d) production and supply of synthetic fuels from renewable/carbon-neutral non- fossil sources; alternative fuels;
Amendment 131 #
Proposal for a regulation
Annex II – paragraph 1 – point 1 – point e
Annex II – paragraph 1 – point 1 – point e
(e) bio-carbon-capture and -storage infrastructure.
Amendment 133 #
Proposal for a regulation
Annex II – paragraph 1 – point 1 – point e a (new)
Annex II – paragraph 1 – point 1 – point e a (new)
(e a) Local and regional renewable energy production especially through energy communities.
Amendment 135 #
Proposal for a regulation
Annex II – paragraph 1 – point 2 – point d
Annex II – paragraph 1 – point 2 – point d
(d) railway infrastructure, other rail projects, inland waterway infrastructure and maritime ports;
Amendment 144 #
Proposal for a regulation
Annex II – paragraph 1 – point 3 – point h a (new)
Annex II – paragraph 1 – point 3 – point h a (new)
(h a) antimicrobial resistance, and notably reducing the use of antibiotics in humans and animals with the ’One health approach’ by preventative measures;
Amendment 146 #
Proposal for a regulation
Annex II – paragraph 1 – point 3 a (new)
Annex II – paragraph 1 – point 3 a (new)
3 a. promote substitution of products that are chemically hazardous with more sustainable alternatives.
Amendment 147 #
Proposal for a regulation
Annex II – paragraph 1 – point 4
Annex II – paragraph 1 – point 4
4. Development of digital connectivity infrastructure, in particular through projects supporting deployment of very high capacity digital networks in urban and rural areas.
Amendment 148 #
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 or regional 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.
Amendment 149 #
Proposal for a regulation
Annex II – paragraph 1 – point 11 – point a
Annex II – paragraph 1 – point 11 – point a
(a) microfinance, social enterprise finance, female entrepreneurship and social economy;
Amendment 152 #
Proposal for a regulation
Annex II – paragraph 1 a (new)
Annex II – paragraph 1 a (new)
13 a. Seas and Oceans, through the development of a sustainable blue economy in line with the objectives of the Integrated Maritime Policy in particular through (a) maritime entrepreneurship (b) an innovative and competitive maritime industry (c) ocean literacy and blue careers (d) the International Ocean Governance agenda (e) maritime surveillance and security (f) cross-border cooperation (g) the implementation of the Sustainable Development Goals, in particular SDG 14 (Life Below Water)
Amendment 153 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to ensure that interventions under the EU compartment of the InvestEU Fund focus on market failures and sub- optimal investment situations at Union level, but, at the same time, satisfy the objectives of best possible geographic outreach, the EU guarantee should be allocated to implementing partners, which alone or together with other implementing partners, can cover at least threewo Member States. However, it is expected that around 75 % of the EU guarantee under the EU compartment would be allocated to implementing partner or partners that can offer financial products under the InvestEU Fund in all Member States.
Amendment 179 #
Proposal for a regulation
Article 2 – paragraph 1 – point 15 a (new)
Article 2 – paragraph 1 – point 15 a (new)
(15a) 'start up' means an enterprise that is often tech-enabled, in general combines fast growth, high reliance on innovation of product, processes and financing, utmost attention to new technological developments and extensive use of innovative business models, and, often, collaborative platforms 1a __________________ 1a COM (2016) 733
Amendment 196 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) to increase and simplify the access to and the availability of finance for SMEs and, in duly justified cases, for small mid- cap companies;
Amendment 221 #
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) sustainable infrastructure policy window: comprises sustainable investment in the areas of transport, energy, digital connectivity, supply and processing of raw materials, space, oceans , inland water, waste, nature and other environment infrastructure, equipment, mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the Union, or to both, or meet the environmental or social sustainability standards of the Union;
Amendment 231 #
Proposal for a regulation
Article 7 – paragraph 1 – point c
Article 7 – paragraph 1 – point c
(c) SMEs policy window: simplified access to and availability of finance for SMEs and, in duly justified cases, for small mid-cap companies;
Amendment 236 #
Proposal for a regulation
Article 7 – paragraph 1 – point d
Article 7 – paragraph 1 – point d
(d) social investment and skills policy window: comprises microfinance, social enterprise finance, female entrepreneurship and social economy; skills, education, training and related services; social infrastructure (including social and student housing); social innovation; health and long-term care; inclusion and accessibility; cultural activities with a social goal; integration of vulnerable people, including third country nationals.
Amendment 290 #
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 may also cover together financing and investment operations in at least threewo Member States by forming a group.
Amendment 363 #
Proposal for a regulation
Article 20 – paragraph 6
Article 20 – paragraph 6
6. The InvestEU Advisory Hub shall have locala presence, where necessary. It shall be established in particular in Member State in every member state, with a special focus orn regions that face difficulties in developing projects under the InvestEU Fund. The InvestEU Advisory Hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1.
Amendment 377 #
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. The Commission shall implementlaunch an effective, informationve and EU-wide communication actions relating tostrategy to accompany the InvestEU Programme and its actions and resulin order increase the visibility of this programme, especially for SMEs, and therefore to attract the best potential projects. Financial resources allocated to the InvestEU Programme shall also contribute to the corporate communication of the political priorities of the Union, as far as they are related to the objectives referred to in Article 3.
Amendment 411 #
Proposal for a regulation
Annex II – paragraph 1 – point 2 – point d
Annex II – paragraph 1 – point 2 – point d
(d) railway infrastructure, other rail projects, inland waterway infrastructure and maritime ports;
Amendment 425 #
Proposal for a regulation
Annex II – paragraph 1 – point 4
Annex II – paragraph 1 – point 4
4. Development of digital connectivity infrastructure, in particular through projects supporting deployment of very high capacity digital networks., in urban and rural areas
Amendment 455 #
Proposal for a regulation
Annex II – paragraph 1 – point 11 – point a
Annex II – paragraph 1 – point 11 – point a
(a) microfinance, social enterprise finance, female entrepreneurship and social economy;