Activities of David CORMAND related to 2021/2203(INI)
Plenary speeches (2)
Financial activities of the European Investment Bank – annual report 2021 - Control of the financial activities of the European Investment Bank – annual report 2020 (debate)
Financial activities of the European Investment Bank – annual report 2021 - Control of the financial activities of the European Investment Bank – annual report 2020 (debate)
Reports (1)
REPORT on the financial activities of the European Investment Bank – annual report 2021
Amendments (39)
Amendment 10 #
Motion for a resolution
Recital A
Recital A
A. whereas the EIB signed loans for EUR 95 billion in 2021;, of which EUR 75 billion were linked to the EIB group operations and the remaining loans were in the framework of the European Guarantee Fund (EGF).
Amendment 31 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 34 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Reiterates its call on the EIB to prioritise investments in greater resilience of the public health sector and strengthen the European industrial sector, especially via financing green innovation;
Amendment 37 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Applauds the timeliness of the European Guarantee Fund to help mitigate the negative social and economic impacts of the COVID-19 pandemic; calls for a detailed analysis of its impact, its role in the recovery, and its additionality, transparency and adequacy, including geographical coverage, as the instrument is phased out;
Amendment 40 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Takes note of the new Environmental and Social Sustainability Framework (ESSF); calls for its swift implementationwelcomes the adoption of sustainable finance as an operating model; calls for its swift implementation and to establish clear and stringent procedures to carry out its due diligence, and to ensure that all provisions in the ESSF are properly reflected in contracts;
Amendment 44 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Welcomes the signature of the InvestEU agreement between the EIB and the Commission on 9th March, and that the EIF is a separate implementing partner and calls for a swift implementation of the new InvestEU Advisory Hub, as well as for the need to speed up negotiations with other implementing partners;
Amendment 49 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Reiterates its call for adequate support to strengthen the arrangements for providing technical assistance, financial expertise and capacity-building to local and regional authorities before project approval, in order to improve accessibility and involve all Member States; in this regard also calls for increased support for advisory services such as Jaspers, Elena and Fi-compass
Amendment 50 #
Motion for a resolution
Subheading 2 a (new)
Subheading 2 a (new)
War in Ukraine
Amendment 51 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 c. Welcomes the role the EIB is currently playing in providing financial assistance to Ukraine, in the context of the war launched by Russia; welcomes the Ukraine Solidarity Urgent Response approved by the EIB Board of Directors on 4 March, comprising a commitment of 668 million € committed, and welcomes the 229 million€ already delivered; calls for adequate funding to be made available whenever necessary; calls on the EIB to align its operations along the sanctions and prohibition imposed by the EU on Russia;
Amendment 53 #
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5 d. Reiterates its support to the EIB’s decision to stop all funding for fossil fuel, including gas, and to fund renewable energy investments and, energy efficiency and security, that will increase the EU’s independence towards third countries; calls on the EIB to scale up lending for such projects to help quickly reduce dependence on Russian energy and raw material imports;
Amendment 56 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the fact that 43 % of lending in 2021 was climate and environment related and applauds the intention to meet the climate leanding target in 2022; reiterates that all financial flows of the Bank should be fully consistent with net zero emissions by 2050 at the latest, and with the Union’s increased climate objective for 2030; stresses that the Climate Bank Roadmap (CBR) alone is not enough to ensure alignment with the Paris objective tof the Paris Agreement of limiting global warming to 1.5°C; calls for an immediate halt to carbon markets and offsetting and for all aAction pPlans for theits implementation of the CBR to be made public in order to provide an overview of the actions planned to achieve the targets, and to assess their adequacy;;
Amendment 62 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Looks forward to the CBR’s mid- term review; expects all lending to be harmonized with the 1.5 degree objective and the EU climate and environmental commitments; calls for it to include a solid assessment of less carbon-intensive alternatives and ‘“Scope 3’” emissions for each project; expects detailed annual progress reports on the CBR, including the degree to which it is aligned with the Paris Agreementof Paris alignment and the GHG emissions reduction linked to all operations as of 2023;
Amendment 65 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the Paris aAlignment for Cof counterparties and expects its full implementation; reiterates its call for financial intermediaries and not only corporate clients to have decarbonisation plans as soon as possible and by the end of 2025 at the latest; calls for a focus on the credibility of short-term decarbonisation plans and their full alignment with the 1.5°C target; calls for stringent implementation of these plans and GHG emissions reduction targets, and calls for them to be included in contract clauses between the EIB and its clients; expects the EIB to systematically check and ensure compliance, in particular as regards ESSF implementation;
Amendment 68 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the EIB’s climate aAdaptation pPlan and the commitment to grow the share of spending on climate action for adaptation to 15 % of the overall climate target by 2025; reiterates its call for harmonized screening methods to assess physical climate risk for all its lending activities, including those through financial intermediaries;
Amendment 71 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Expresses, in view of the upcoming review of the energy lending policy, its full support for the statement of President Hoyer: ‘We believe that we have a mission to concentrate on sustainability and achieving the Paris goals with the means of a long-term investor institution.[...] Therefore I don’t see a change in our energy lending policy’; calls for the EIB to retain the possibility to apply stricter criteria than the EU taxonomy and finance fossil-free energy only, and in particular to exclude financing for so-called low-carbon gas, especially for district heating, grey or blue hydrogen and forest biomass, as they are bound to be stranded assets;
Amendment 76 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Regrets the delays in the transport lending policy review; expects a proposal fully aligned with the 1.5°C target of the Paris Agreement; expects no new loans to be granted that hinder transport decarbonisation or the transition towards zero emission mobility; , including a vision for the EIB’s role in decarbonising mobility with a specific focus on company level transition; expects no new loans to be granted that hinder transport decarbonisation or the transition towards a more sustainable and affordable zero emission mobility with rail as the backbone; expects, in particular, no new financing to be awarded for the expansion of airports or an increase in air traffic, for increased road capacity, and in particular no highways nor motorways, for portexpansions in Europe and related infrastructure, including the creation of special economic zones, or for the shipping of liquefied natural gas, including vessels; warns against the high risk of stranded assets in the transport sector; believes that more funding should be directed at zero emission mobility, especially cycling and public transport development and modernisation, multimodal services, also in the context of sustainable urban design projects, better transport services for underserved communities and localities, and electrification of transport; calls for more funding to decarbonise the maritime sector, especially developing wind- powered vessels both for commercial and passenger shipping.
Amendment 81 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11 a. Calls on the Bank to step up its lending activities on the Just Transition and focus on ensuring that reaching our climate goals leave no-one behind;
Amendment 83 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the updated ESSF standard 4, namely the inclusion of “halt and reverse biodiversity loss” as a principle, and limiting offsetting, in particular in high biodiversity areas, and calls for its diligent implementation; welcomes the efforts made to strengthen biodiversity risk assessment and due diligence through the Integrated Biodiversity Assessment Tool; is concerned, however, at the use of outdated data provided by project promoters and used in the modelling; expects the EIB to comply with Articles 11 and 191 TFUE by diligently applying the precautionary principle and to stop disbursing funds, and, if necessary, to withdraw them, if there is evidence or a serious risk of adverse impacts on climate and/or the environment and/or local communities;
Amendment 87 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Acknowledges the challenges and progress achieved during the implementation of the Natural Capital Financing Facility reiterates its call for a grant component to be provided under the Facility or any successor instrument to support initial scaling up of local projects and facilitate revenue generation; calls for an independent evaluation embedded in a broader assessment of supporting ecosystem and biodiversity restoration;
Amendment 89 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Notes that new instruments are due to replace the Natural Capital Financing Facility under the 2021-2027 Multiannual Financial Framework (MFF) of the European Commission. Urges therefore the EIB to exclude biodiversity offset projects from new instruments, since they enable the continued destruction of biodiversity, while giving companies the opportunity to greenwash their actions.
Amendment 92 #
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13 b. Encourages the EIB to facilitate by its operations the implementation of goals set within the European Green Deal, its Farm to Fork strategy and Biodiversity Strategy to 2030, and all relevant EU regulations on deforestation- free products and restoration stemming from these strategies
Amendment 96 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Welcomes the ongoing multi- currency issuance of Climate Awareness Bonds and Sustainability Awareness Bonds, and the commitment to align with the EU Green Bonds Standard and any future “Social Bond Standard” and in particular increasing transparency, and the commitment to improve the allocation and impact reporting; insists that any such steps taken cannot lead to lowering the standards;
Amendment 97 #
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14 b. Reiterates its call for the EIB to support by its new operations the goals of the EU Chemical Strategy for Sustainability, by boosting innovation for safe and sustainable-by-design chemicals, materials and products, the Circular Economy Action Plan based on non-toxic material cycles and the Zero Pollution Action Plan for water, air and soil;
Amendment 98 #
Motion for a resolution
Paragraph 14 c (new)
Paragraph 14 c (new)
14 c. Welcomes the doubling of the Clean ocean initiative (from EUR 2 to 4 billion by 2025) to reduce plastic waste; underlines that an emphasis should be put on projects aiming at stopping plastic production and encouraging the circular economy; calls on the EIB to not fund nor contribute in any way to the development of deep sea mining;
Amendment 102 #
15. Welcomes the inclusion of labour rights in ESSF standard 8 covering all supply chains linked to EIB operations; calls for its stringent implementation;
Amendment 106 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the EIB to collect gender- disaggregated data; urges the EIB to assess the gender impact of projects in order to assess and address gender inequality in lending; considers that data should be collected on projects to demonstrate how they are contributing to gender equality and women’s empowerment; urges the EIB to assess the gender impact of projects and to liaise with independent experts to this end;
Amendment 118 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Expresses its support for EIB Global; recalls that the EIB’s geographical scope is aligned with that of the World Bank; expects full alignment of investments in non-EUthird countries with EU climate, biodiversity and social standards in intra-EU lending and EU external action; calls for public consultation on the strategies linked to EIB Global with a particular focus on the role of recipient countries and specific chapters on human rights due diligence; calls for full accountability and transparency of the EIB Global governing body and its advisory council; calls for upscaling expertise and staff for development to implement EU Global and team Europe initiatives;
Amendment 124 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. Recalls the existence of the Nairobi regional headquarters since 2019, as on-site expertise and follow-up of projects is key towards supporting local communities; asks for a reinforcement of staff on the ground, especially local workers, to meet the local needs;
Amendment 127 #
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17 b. Expects the EIB to regularly send detailed reports to the Parliament on its role and operations under the EFSD+ and in the implementation of the Global Gateway Initiative;
Amendment 133 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Regrets that the new ESSF includes no significant improvement in human rights protection or procedures to prevent human rights violations; calls for this to be addressed in the statement on human rights; is very concerned that in some cases, the EIB has continued to disburse loans despite clear human rights abuses; , despite repeated calls, inter alia from the European Parliament; regrets the lack of a clear system of human rights due diligence and explicit requirements for clients to conduct human rights impact assessments as well as an explicit statement that the responsibility to respect of the human rights also applies to financial institutions and that the EIB approach requires further clarification as to human rights are integrated into EIB’s due diligence in the contribution by the United Nations Human Rights High Commissioner1a; calls for this to be addressed in the statement on human rights; is very concerned that in some cases, the EIB continued to disburse loans despite clear human rights retaliations; calls for the EIB to make every effort to protect local communities, including by withdrawing funding, where appropriate; expects furthermore immediate action where a client or a beneficial owner is involved in reprisals against a human rights or environment defender; expects the EIB to implement Parliament’s longstanding requests for it to avoid such situations, in particular via establishing contractual requirements, including onensuring free prior informed consent with local communities, also for projects financed via financial intermediaries; expects the EIB to request clients to conduct Human Rights Impact Assessments at project level, as well as to continuously monitor the implementation of projects on the ground, in order to prevent any abuse, unfair expropriation or violence against local populations; calls in this regard to engage actively with local communities, and to inform them accordingly of their rights, with a special focus on implementing free, prior and informed consent, including their access to the Complaints Mechanism; _________________ 1a https://www.ohchr.org/sites/default/files/D ocuments/Issues/Development/DFI/Consu ltation_OHCHR_comments_081321.pdf
Amendment 143 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Is very concerned by the decline offall in transparency at the EIB: in 2010, 96.1 % of all projects were published three3 weeks before Board approval, falling to only 60 % in 2020; calls for more transparency and accountability, also towards EU institutions, in particular Parliament, as transparency is one of the cornerstones of democracy; recalls that EIB funds are public money and should always be subject to public scrutiny and accountability, highlights furthermore, that even the projects requiring a strategic environmental impact assessment have been published after approval recently ; furthermore, reminds that the industry best standard with private investors is publication of all its projects at least 30 days before approval;
Amendment 151 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Considers the new tTransparency pPolicy (TP) a major setback; regrets that the EIB has totally ignored Parliament’s very clear demands to improve its TP in line with other financial institutions’ best practices and standards; calls fregrets that the new policy makes only minor advances for proactive publication, including for projects of more the TP to be aligned with that of the European Bank for Reconstruction and Development on mandatory disclosure for intermediaries of projects with high environmental risks; an 50 million implemented by financial intermediaries, despite the need for the EIB to operate on the basis of the ‘presumption of disclosure’ to fulfil its mission as the EU’s public bank; is particularly concerned that the new policy does not create an obligation for the EIB to proactively publish information on project selection, in particular due diligence information, before the decision by the EIB Board, in line with IFI practices as well as about the creation of new exceptions for access to document based on third party commercial interests and the Market Abuse Directive; in addition, regrets that the policy fails to provide for timely disclosure of the minutes of the Board and Management Committee; calls for these shortcomings to be addressed urgently; calls for the TP to be aligned with that of the EBRD on mandatory disclosure for intermediaries of projects with high environmental risks and reiterates its calls for the extension of the transparency requirements aligned with those for hydropower to all infrastructure projects, including those financed by financial intermediaries;
Amendment 158 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Takes note of the updated code of conduct; regrets that and welcomes the more stringent rules on conflicts of interest and the commitment for periodic review; regrets that, despite repeated requests, there is no provision excluding vVice-presidents from overseeing operations in their countries of origin and insists that this be addressed in the next review;
Amendment 170 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Takes note of the new anti-fraud policy; is concerned about the opaque way in which it was adopted; is highly concerned that the policy fails to address major shortcomings, namely the inclusion of the requirements from the EU directive on the fight against money laundering, in particular publication of ‘Know Your Customer’ checks before approval of any project; also deplores the lack of improvement of transparency standards, namely making the granting of direct and indirect loans subject to publication by the beneficiaries of tax and accounting data country by country, and to the sharing of beneficial ownership data on the beneficiaries and financial intermediaries involved in financing operations; regrets the lack of commitment for independent audits to reveal any shortcomings in the application of Anti-Money Laundering standards;
Amendment 177 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Reiterates its call for the suspension of funding where local authorities have been notified and/or engaged in legal procedures against possible violations of the relevant legislation, at least until investigations and judicial processes at national level are concluded;
Amendment 178 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. ERecalls that the Commission asked the EIB to share more information on the effective application of contractual clauses enabling the EIB to halt or withdraw funding and expects Parliament to have full access to this information; expects thorough monitoring that fully takes into account concerns expressed by relevant parties and stakeholders, in particular for human rights and rRule of lLaw violations;
Amendment 182 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Is very concerned that, at least once, the EIB disbursed funding despite a Reiterates its demand to strengthen the autonomy and efficiency of the Complaint Mechanism Office and the Fraud Investigation Division; is very concerned that, at least on one occasion, following a very clear EIB Complaints Mechanism report concluding that ithe EIB’s environmental and social standards had been breached in a project that might involve conflict of interest, it still remains unclear how the caused harm will be mitigated ; calls for any such project to be halted immediately, and for immediate remedial actions where possible;
Amendment 186 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Welcomes the wWorking aArrangement with the European Public Prosecutor’s OfficeEPPO and calls for its full and diligent implementation, in particular as regards reporting; reiterates its call on the EIB to enhance its cooperation with the European Ombudsman and the European Anti- Fraud Office (OLAF)
Amendment 190 #
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Welcomes the Tripartite Agreement with the EC and ECA giving wider access to documents to ECA; regrets that the new Tripartite Agreement does not provide full auditing rights for the ECA on all EIB operations;