Activities of Johan VAN OVERTVELDT related to 2023/2229(INI)
Shadow reports (1)
REPORT on the financial activities of the European Investment Bank - annual report 2023
Amendments (20)
Amendment 13 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Reiterates its call for a capital increase; expects the EIB to ensure that its financing contributes to addressing market failures and avoids crowding-out effects, without increasing its overall financing costs;
Amendment 37 #
Motion for a resolution
Subheading 1
Subheading 1
Amendment 38 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. CRecalls on the EIB to develop a method of assessing the green funding gap inthat SMEs are the backbone of Europe’s economy; recalls that the EU’s 23 million SMEs account for 99 % of all businesses and provide around three quarters of all jobs; points out that the energy crisis and the consequences of Russia’s war in Ukraine pose further challenges for the EUm;
Amendment 41 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Reminds that in 2022, the EIB provided financing amounting to a total investment of EUR 16.35 billion for SMEs and mid-caps; notes that according to the EIB’s assessment, EIB Group operations providing debt support to SMEs totalled almost EUR 20 billion in annual net signatures between 2010 and 2020; calls on the EIB to reflect on ways to further facilitate its support to SMEs, in particular for smaller financing projects;
Amendment 43 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7 b. Highlights the fact that support to SMEs and mid-caps must be increased further from current levels, particularly in the context of high energy prices and rising raw material and interest rate costs; stresses that SMEs often have limited administrative resources and pay more than large companies to borrow money since they must accept bank loans with poorer terms, and would thus benefit from having financing channels that are easy to access; calls on the EIB, therefore, to design its programmes in a way that avoids unnecessary red tape and regulatory burdens, thus making them as accessible as possible to SMEs;
Amendment 45 #
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7 c. Points out that stable energy supply is the cornerstone of a successful industrial policy, particularly for SMEs; highlights the merits of and the innovation in nuclear power in this regard;
Amendment 46 #
Motion for a resolution
Paragraph 7 d (new)
Paragraph 7 d (new)
7 d. Reiterates its call on the EIB to complement efforts to build data-driven solutions, with a particular focus on SMEs’ competitiveness, and to focus its investment in this field on bridging digital divides both within the EU and between the EU and other technologically more advanced regions of the world; urges the EIB to increase support directed at scaling up European start-ups, including by taking greater risks in disbursing venture capital to ensure that European start-ups can scale up in the EU rather than outside it;
Amendment 49 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Expects the review of the Climate Bank Roadmap in 2024 to bring the EIB fully inWelcomes the 2022-2023 EIB Investment report that analyses the investment climate across the EU; invites the EIB to evaluate what additional efforts could be undertaken in its next review of the Climate Bank Roadmap to aligne with the 1.5 degree pathway and the target of climate neutrality by 2050 at the latest; bwelieves that the benchmark should be the most ambitious public banking practices; reiterates its call to include a solid assessment of less carbon- intensive alternatives and ‘scope 3’ emissions for each projectcomes the EIB's ambitious public banking practices;
Amendment 51 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for the full implementation of the Paris Alignment for Counterparties; expects the exemptions granted under the Paris Alignment’s framework inInvites the EIB to look into the economic and decarbonisation potential of new nuclear technologies; reminds that cleantech start-ups have massive capital needs from day one; highly welcomes the EIB's contribution to support ofthe REPowerEU to be exceptional, temporary and fully justifiedPlan with an additional EUR 30 billion in loans and equity financing over the next five years; notes that these additional funds will be directed to renewables, energy efficiency, grids and storage, electric-vehicle charging infrastructure, and breakthrough technologies, such as low-carbon hydrogen;
Amendment 54 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. ReiteraNotes that corporate clients are contractually required to create and publish credible decarbonisation plans; is concerned that the EIB has signed contracts with corporate clients regardless of whether they have published these plans; expects the EIB to systematically evaluate the credibility of these plans, applying decarbonisation criteria compatible with the 1.5 degree target before signing any new financial commitmentsthe Paris Alignment for Counterparties (PATH) framework in support of REPowerEU provides an exception for the EIB to work with companies still involved in activities deemed incompatible with the Paris Agreement, such as oil and gas majors, in the context of highly innovative green projects; welcomes the decision of the EIB to extend these exemptions to all renewable energy projects and electric- vehicle charging in response to the emergency energy situation in the EU following the war of aggression against Ukraine and the objective of ending dependency on Russian fossil-fuel imports; reminds that all recipients of EIB financing are contractually required to create and publish a credible Paris- alignment strategy (“decarbonisation plans”), which will include mid-term, rolling, quantitative emission reduction targets and options over a longer time horizon to achieve carbon neutrality towards mid-century;
Amendment 59 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the EIB to adapt its de- risking activities in order to steer private finance towards projects that have a high level of additionality and contribute to a just transition without jeopardising the commercial viability of its portfolio; invites the EIB to learn lessons from the implementation of products such as the climate and infrastructure funds, including the relevance of intermediated equity and the necessity of improving the risk-reward ratios in smaller-scale green infrastructure projectsfinance viable projects that align with the EU taxonomy; invites the EIB to adapt its energy lending policy accordingly in order to fully support investment in EU Small Modular Reactors (SMRs);
Amendment 60 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes note ofWelcomes the upscaled investment in hydrogen; insists that the role of hydrogen is to reduce emissions from hard-to-abate industrial sectors; expects additionality to be ensured so as to avoid diverting resources from existing renewable electricity; is concerned about the significant impacts of hydrogen projects on the water supply in a context of increasing drought, as well as its impact on biodiversity; is concerned about de-risking private investments for large- scale green hydrogen projects, in particular in view of their limited commercial viabilityvites the EIB to offer its advisory expertise to the EU hydrogen ecosystem and to assist the development of the renewable and low-carbon hydrogen market;
Amendment 68 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Expects the EIB to engage more actively in nature-positive and biodiversity-enhancing investments and in sectors with the greatest biodiversity co- benefits, such as water, sanitation, forestry and the ocean, with the highest level of integrity and assurances and, integrating the lessons learned from the Natural Capital Financing Facility and respecting the demand-driven nature of EIB financing operations;
Amendment 72 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Expects enhanced efforts to mainstream nature in analyses and operations assessing the financial risk of biodiversity loss at counterparty level; expects nature-positive elements to be systematically required forincorporated in large-scale infrastructure projects, especially for urban investments; warns against projects contributing to climate objectives that do not take into account impacts on biodiversity;
Amendment 74 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Expects the EIB to continue to apply stringent EU animal welfare standards, including for breeding activities and feed in fish farming, based on the highest standard set by multilateral financial institutionsthe EU;
Amendment 80 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the new EU for Ukraine initiative launched by the EIB in March 2023 to finance reconstruction and recovery in Ukraine and conceived as a temporary scheme which will enable continued EIB engagement in the country while expected medium term EU support is put in place; welcomes the fact that all EIB actions in Ukraine are guided by the priorities for reconstruction and will be fully aligned with the upcoming Ukraine plan; welcomes the technical assistance component to ensure optimal project preparation and implementation, as well as capacity building measures; welcomes the EIB’s efforts to prevent, deter and investigate fraud and corruption in relation to its projects in Ukraine;
Amendment 84 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Welcomes the EIB's support for the EU’s security and defence agenda and the decision to provide both more financing and a broader range of support for security and defence; expresses its support for the decision by the EIB's Board of Directors in June 2023 to increase its financing for security and defence up to EUR 8 billion due to the new geopolitical environment and rising financing needs in the sector;
Amendment 88 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19 b. Invites the EIB to expand the Strategic European Security Initiative (SESI) programme and further step up its investments in European security and defence; requests the EIB to assess where it can contribute to closing the investment gap and play a role in safeguarding the security of the EU, taking into account relevant international law considerations;
Amendment 104 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Reiterates its call for clear and binding rules to complement the information note summarising EIB Global’s approach to human rights, in particular on assessment and disengagement; expresses particular concern that, since 2015, the EIB has not required project promoters to carry out any standalone human rights impact assessmentsWelcomes the EIB's commitments to respecting and promoting human rights in the projects it supports, thus contributing to the objectives of the UN Guiding Principles on Business and Human Rights; notes that the EIB screens human rights risks at project level by integrating human rights considerations into its environmental and social due diligence;
Amendment 111 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Is concerned that the EIB is falling behind other public financial institutions in terms of tWelcomes the launch of the Development Finance Institutions Transparency aIndex in ensuring that no harm is done by its intermediated investments, as it rated only ‘fair’ on the 2023 Foreign Direct Investment Transparency Index; recalls that the EIB’s transparency policy runs counter to the presumption of disclosure and is not aligned with the applicable exceptions listed in Regulation (EC) No 1049/20013 and Regulation (EC) No 1367/20064 ; urges the EIB to implement the European Ombudsman’s recommendations of 20 November 2023 from Case 2252/2022/OAM and of 21 April 2022 from Case 1251/2020/PB to allow for a meaningful assessment of the2023 and the fact that the associated report ranks the EIB at a similar level to peer development finance institutions in a number of areas, including financial intermediaries and environmental and, social aspects of projects it is considering for funding; _________________ 3 Regulation (EC) No 1049/2001 of the European Parliament and of the Council of 30 May 2001 regarding public access to European Parliament, Council and Commission documents (OJ L 145, 31.5.2001, p. 43). 4 Regulation (EC) No 1367/2006 of the European Parliament and of the Council of 6 September 2006 on the application ofnd governance and accountability to communities; calls for clear and comprehensive information to be shared with the EU institutions, in particular Parliament; underlines that the provistections of the Aarhus Convention on Access to Information, Public Participation in Decision-making and Access to Justice in Environmental Matters to Community institutions and bodies (OJ L 264, 25.9.2006, p. 13).commercially sensitive information from clients needs to be ensured at all times, in line with applicable Regulation (EC) No 1049/2001;