40 Amendments of Eero HEINÄLUOMA related to 2022/2062(INI)
Amendment 4 #
Draft opinion
Paragraph 1
Paragraph 1
1. Reiterates its call for a capital increase andto allow the Bank to reinforce its support to long-term finance, inclusive sustainable growth, social and regional cohesion and support key real economy investments, which otherwise would not have taken place; stresses that the European Investment Bank (EIB) must maintain its ‘AAA’ rating and retain the confidence of the capital markets;
Amendment 9 #
Draft opinion
Paragraph 2
Paragraph 2
2. Welcomes the financial assistance provided to Ukraine; believes that the continued Russian war of aggression against Ukraine requires an urgent mobilisation of additional resources for the immediate recovery, as well as, longer term reconstruction of Ukraine, focusing on building back better infrastructure, such as energy, agriculture and transport infrastructure; expects the EIB to work closely with relevant partners to establish a coordinated approach to support Ukraine's long-term reconstruction; expects the EIB to provide an overview detailing how much of the support provided is new financing and how much is financing stemming from reallocations from existing programmes;
Amendment 13 #
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. In the context of a worsening economic outlook and increased global competition, expects the EIB to address constraints to EU competitiveness such as high energy prices, lack of skills and insufficient investments into innovation and new technologies;
Amendment 13 #
Motion for a resolution
Recital C c (new)
Recital C c (new)
C c. whereas current estimates show that the EU must invest an extra EUR 350 billion a year to achieve its 2030 climate targets;
Amendment 16 #
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
Amendment 18 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas the prices of energy commodities, food, and other raw materials have reached unprecedented high levels and continue to be the source of economic instability in the EU’s economy;
Amendment 19 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Amendment 20 #
Motion for a resolution
Recital C d (new)
Recital C d (new)
C d. whereas a more integrated Capital Markets Union would ease the work of the EIB to unlock investment, boosting and diversifying investments in the real economy, in particular in SMEs, and triggering further cross-border equity investment and trade;
Amendment 22 #
Draft opinion
Paragraph 3
Paragraph 3
3. AWelcomes that the Bank has already met its target to devote at least half of its resources to climate action and environmental sustainability reaching €36.5 billion in investments in 2022; awaits the review of the Climate Bank Roadmap ahead of COP28; expects full alignment with the 1.5 degree pathway, including the exclusion of blue hydrogen infrastructure and road and highway financing, and the requirement to conduct a solid assessment of less carbon-intensive alternatives and ‘Scope 3’ emissions;
Amendment 22 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Appreciates the way the EIB is constantly ready to adapt and reinvent itself in line with the constantly changing EU policy requirements while respecting its long-term goals;
Amendment 23 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1 b. Notes the persistent investment gap in the EU and the increased need of countercyclical investment as the EU enters its fourth year of crisis through the pandemic and the subsequent Russian invasion of Ukraine; in this regard, welcomes the EIB’s crucial role as a main tool in the EU’s investment policy to act where private financing is missing; calls on the EIB to assure the maximum level of additionality in real economy investment with the aim of fostering sustainable growth as well as social and regional cohesion when deciding over future financing;
Amendment 24 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the EIB’s investment of EUR 72.4 billion of financing in 2022 and the bank’s focus on the EU’s long-term challenges of competiveness, productivity, climate change, a just transition that leaves nobody behind, sustainability, social cohesion and digital transformation;
Amendment 26 #
Draft opinion
Paragraph 4
Paragraph 4
4. Calls for the EIB’Welcomes the Bank's planned increase of own higher-risk projects, as detailed in the Operational Plan 2023- 2025; invites the EIB to evaluate whether its derisking architecture for green assets toshould be adapted to take account of the mixed records of commercial viability and the risks associated with public finance, with a view to improving the risk-reward ratios for projects with limited bankability1; calls on the EIB to use its derisking activities to steer private finance towards achieving a just transition. _________________ 1 D’Aprile, P., Engel, H., Helmcke, S., Hieronimus, S., Nauclér, T., Pinner, D., Van Gendt, G., Walter, D. and Witteveen, M., How the European Union could achieve net-zero emissions at net-zero cost, McKinsey & Company, December 2020.
Amendment 32 #
Draft opinion
Paragraph 5
Paragraph 5
5. Reiterates its call to work only with clients andthat have credible decarbonisation plans and for corporate clients, as well as, financial intermediaries thato have credible decarbonisation plans; opposesdecarbonisation plans, as soon as possible, and by 2025 at the latest; underlines that rapid, large scale investment is needed for the EU to transition to a climate neutral economy; in this context, welcomes EIB support to REPowerEU of 30 billion euros; believes, however, that the exemptions granted under the Paris Alignment for Counterparties (PATH) framework, in support of REPowerEU; calls for a halt to fossil fuel financing, must be temporary and well justified; calls on the EIB to ensure that EIB support does not become a subsidy to fossil fuel companies, which have made immense profits on the back of high energy prices; therefore, calls on the Bank to prioritise projects with non-fossil fuel companies, wherever possible; welcomes the Bank's halt to fossil fuel financing and considers that the EIB should limit to a minimum the indirect financing of fossil fuels through its support to REPowerEU;
Amendment 32 #
Motion for a resolution
Paragraph 4 d (new)
Paragraph 4 d (new)
Amendment 36 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Highlights that the security of supply of critical raw materials is crucial both for the green and digital transitions, as well as, for the defence sector and for the EU industrial base in general; emphasises a circular economy approach to critical raw materials, based on the recycling and re-use of materials, to reduce EU dependence on third countries; calls, therefore, on the EIB to invest more in the critical raw materials sector to help diversify the supply of both primary and secondary raw materials and to develop circular economy solutions, in particular R&D for alternative materials, such as bio-based materials;
Amendment 44 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Stresses that public budgets and public banks will not be able to bridge the investment gap in the energy sector alone especially when considering the deplorable fact that large EU banks are still exposed to EUR 223 billion in fossil fuel assets, and that the EU is still lagging behind its established climate goals;
Amendment 45 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Notes the ongoing levels of high inflation and in this regard asks the EIB to assess the possible increased financial needs of ongoing projects;
Amendment 48 #
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on EIB Global to devise a strategy centred on development additionality, to deliver concrete positive outcomes on the ground, while ensuring additionality of EIB finance; highlights that EIB Global activities should be aligned with EU strategic interests and external policy objectives; asks the EIB to ensure a coordinated approach with other actors contributing to the European financial architecture for development, in order to deliver a stronger development impact; recalls furthermore that the successful implementation of EIB global requires an adequate level of in-house staff based on the ground, including local workers;
Amendment 50 #
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8 c. Reiterates the remarks by EIB Vice President Kris Peeters that commercial banks across the EU will be prone to court cases due to failing due diligence processes and climate transition plans; calls for a level playing field and legal certainty on EU due diligence requirements through the swift adoption of the corporate sustainability due diligence directive; calls on the EIB to commit to incorporating due diligence standards to address and mitigate adverse impacts of its investment decisions on human rights and the environment;
Amendment 51 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
Amendment 56 #
Draft opinion
Paragraph 7
Paragraph 7
7. Is concerned thatNotes that allegedly the EIB has, at least once, failed to conduct a full inquiry into allegations of bribery and misuse of funds involving a financial intermediary outside the EU; calls on the EIB to reopen all such casenotes that the EIB has assessed the case three times and that the case has been referred to OLAF twice, with the case being dismissed; however, calls on the EIB to strengthen its internal mechanisms to fight fraud and corruption, and improve transparency and control over intermediated operations;
Amendment 72 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. 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 costs and growing borrowing costs; stresses that SMEs often have limited administrative resources and so benefit from having financing channels that are easy to access;
Amendment 73 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Reiterates its call on the EIB to complement efforts to build a data-driven society, with a particular focus on SMEs’ competitiveness and to focus its investment in this field towards bridging digital divides both within the EU, as well as between the EU and other technologically more advanced world regions;
Amendment 77 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the need for the EIB to have a strong focus on start-ups and projects directed at tackling the growing problem of youth unemployment in the context of creating secure and high- quality jobs;
Amendment 83 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18 a. Notes the Commission’s proposal to work with the European Investment Bank and other InvestEU implementing partners to seek ways to scale up support to investment in the net-zero industry supply chain, including via the setting up of blending operations;
Amendment 103 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes the introduction of the EIB’s new transport lending policy in July 2022 and calls for its swift implementation; recalls the need for a higher level of investment towards the decarbonisation of the maritime and aviation system;
Amendment 105 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23 a. Asks the EIB to give particular attention when it comes to funding decisions relevant to insular and peripheral regions in view of their struggle to comply with requirements relevant to the green deal while simultaneously maintaining and increasing their connectivity with the rest of the EU;
Amendment 107 #
Motion for a resolution
Subheading 4 a (new)
Subheading 4 a (new)
Social Elements
Amendment 108 #
Motion for a resolution
Paragraph 23 b (new)
Paragraph 23 b (new)
23 b. In line with the principles established in the European Pillar of Social Rights, and in view of the current EU housing crisis, expects an increase in EIB financed operations in the area of social housing; furthermore asks the EIB to keep up its focus on women economic empowerment and gender equality when targeting new financing;
Amendment 109 #
Motion for a resolution
Paragraph 23 c (new)
Paragraph 23 c (new)
23 c. Notes the shortage in specialised labour in most of the EU and in this vein believes that the areas of education and skills are not provided the needed priority;
Amendment 110 #
Motion for a resolution
Paragraph 23 d (new)
Paragraph 23 d (new)
23 d. Is concerned about the systemic weakening of healthcare systems in many Member States of the EU and the ongoing medicine shortage in the EU which includes basic medicine such as paracetamol and antibiotics; further recalls the general scarcity of medicine products and medical equipment experienced during the COVID pandemic; in this context calls on the EIB to evaluate the possibilities to further invest in this sector with the aim to tackle the structural European deficiency in the health sector;
Amendment 127 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Underlines that enhancing local presence and increasing cooperation with the EU delegations was a key driver in the establishment of EIB Global; reiterates its calls for additional staff on the ground, particularly in view of contracting more employees from the countries where the financing is taking place; supports the EIB’s approach to open regional offices in Africa and employ local applicants in these offices with the aim of adapting its requirements to local needs;
Amendment 128 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26 a. Asks the EIB to evaluate better its effectiveness when it comes to financing for SMEs and mid-caps in Africa whereby the relatively small size of projects seems to be often a hurdle towards access to finance; calls for an evaluation of a possible design of instruments that facilitate investment by EU SMEs in third countries, and increase their access to finance, including with respect to smaller projects; notes the importance of the EIB’s role in creating a level playing field for SMEs based in Member States whose national development banks do not have the capacity to promote investment in third countries;
Amendment 132 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27 a. Points out to the essential role of direct financing in countries from where the bulk of irregular migration into Europe originates in the perspective of slowing down forced economic immigration from these regions and of contributing further to the development and economic empowerment of these communities;
Amendment 136 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the launch of the Development Finance Institutions Transparency Index in 2023 and that 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, social and governance and accountability to communities; calls for clear and comprehensive information to be shared with other EU institutions, the European Parliament in particular;
Amendment 137 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Regrets the fact that women remain underrepresented in senior positions and in the core areas of activity at the EIB; recalls its position that more needs to be done to improve both its gender and geographical balance in this context;
Amendment 140 #
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31 a. Queries whether the EIB has the needed human resources in light of the ongoing expansion of its functions and responsibilities;
Amendment 141 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Expresses once more its serious concerns about allegations regarding harassment, the working environment and working conditions at the EIB; notes the March 2022 ruling by the General Court on a harassment case in the EIB [KF vs EIB (T-299/20)] in which the decision of the EIB President that no harassment took place was annulled; recognises that efforts have been made by the EIB to address these and other relevant staff issues; urges the EIB to ensure that a policy of zero-tolerance towards all types of harassment is effectively implemented, including preventive and protective measures and proper and reliable complaint and victim support mechanisms; urges the EIB’s management to engage in genuine dialogue with staff representatives in order to address their concerns; deplores the fact that no trade union is recognised at the EIB and that the staff delegation has no power to act in the case of negotiations; calls on the EIB management to observe at the very least core ILO values such as freedom of association and the right to collective bargaining; is concerned that the apparent dysfunctional relationship between the EIB’s management and its staff might have a negative impact on the Bank’s operations;
Amendment 143 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. Takes note of the EIB’s new anti- fraud policy and underlines the importance of inclusive cooperation when developing key anti-fraud policy tools; notwelcomes that the EIB has adopted and published the EIB Group Policy towards weakly regulated, non-transparent and non-cooperative jurisdictions and tax good governance, which is complimentary to the EIB Group Anti-Money Laundering and Combatting the Financing of Terrorism Policy;