Activities of Corina CREȚU related to 2019/2127(INI)
Shadow reports (1)
REPORT on control of the financial activities of the European Investment Bank - annual report 2018
Amendments (20)
Amendment 1 #
Motion for a resolution
Citation 17
Citation 17
— having regard to the to the Court of Auditors special report on EFSI inuropean Fund for Strategic Investment (EFSI) of January 20195 ), No 03/2019, _________________ 5 https://www.eca.europa.eu/en/Pages/DocIt em.aspx?did=49051
Amendment 3 #
Motion for a resolution
Recital H
Recital H
H. whereas public policy goals such as social cohesion, sustainable development and environmental goal should be at the core focus and targets of the Bank;
Amendment 4 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that the EIB Group provided more than 64,19 billion euros of financing in 2018 and that 854 projects were signed,
Amendment 5 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes the EIB’s two over-arching policy goals related to EU social and economic cohesion and to climate action plus the four primary public policy goals of innovation, SMEs and Mid-cap financing, infrastructure and environment; stresses that these primary public policy goals should be fully aligned with the recent update of the EU’s policy priorities to reflect the transition towards a new sustainable economic model that respects planetary boundaries, social fairness and shared prosperity;
Amendment 11 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Takes note that Council agreed to sustain the bank’s capital base by replacing the UK contribution to the EIB’s paid-in capital by the Bank’s reserves and callable capital by proportional increases of contingent liabilities; takes note that Council agreed to an asymmetric capital increase leading to increases of the capital shares of Poland and Romania; calls for further increases of the EIB’s capitalisation to allow for more investment and more risk-taking to finance the necessary projects for the sustainable and digital transformation of the economy as well as to projects that contribute at the same time to social and territorial cohesion within the EU while preserving the EIB’s triple A rating;
Amendment 14 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the EIB’s mission is to invest in viable projects that deliver on the EU’s policy objectives according to article 309 of the TFUE; stresses that prioritisation within the EIB’s lending activities should rest on sustainable projects with clear deliverables, added value and broader positive impacts including measures for developing less- developed regions;
Amendment 18 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses its firm believe that there is a political momentum around turning an ever growing share of EIB’s funding for climate and environmental sustainability or so called ‘European climate bank’; calls on this opportunity to be seized by civil society, Commission, Parliament and shareholders of the bank; stresses that there is a genuine risk of greenwashing and continuing business as usual if urgent action is not undertaken in 2020 to fully align EIB’s operations with Paris Agreement; Stresses furthermore that under the new developments, the EIB has to continue to support the regional development and EU social and economic cohesion objectives as provided in Protocol 28 to the TFEU.
Amendment 23 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Reiterates its cCalls on the EIB to take into account and follow up onthe opinions, positions and suggestions from local stakeholders including civil society on the impact of investments on the local environment in order to limit avoid or address potentially harmful impacts of projects financed by the EIB;
Amendment 28 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Is of the opinion that the EIB should systematically report on mid and long-term economic, social and environmental impacts when defining the rationale of its investment, as well as to report on the results achieved based on its investment especially within the EU;
Amendment 36 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses that the EIB’s ambition to be a key financial pillar in the Green Deal means the bank needs to step up its efforts to become a genuine “Climate Bank”; calls on the bank for a detailed roadmap to be drawn up in 2020 following a public consultation process to fully align with the Paris Agreement; further calls on the bank that such a roadmap defines specific, measurable, attainable, realistic and time- defined targets which take into consideration the potential risk of increase in the differences between EU regions and Member States; Underlines the necessity of EIB’s activities to align the support of economic and social cohesion with the climate targets;
Amendment 41 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses that it is of utmost importance that all EIB investments and sectoral portfolios are aligned with Paris Agreement - including the 50% of the EIB’s financing which won’t be focusing on climate and environmental sustainability as such, especially in the economic and financial appraisal of EIB projects;
Amendment 43 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. DeplorNotes that the EIB in 2018 approved financing for large gas infrastructure projects including gas pipelines to the EU from Turkmenistan and Azerbaijan (Trans Anatolia Natural Gas Pipeline) and from Greece to Italy via Albania and the Adriatic Sea (Trans- Adriatic Pipeline); stresses that these investments will exacerbate the EU’s large excess of gas import capacities, contain a high risk of assets to become stranded and are inconsistent with the emission reductions required by the Paris Agreement;
Amendment 47 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Considers the new EIB Energy Lending Policy a major improvement, in particular the decision to stop lending to fossil-fuel energy projects by the end of 2021 and the example it sets for other banks; regrets that gas projects can benefit from EIB financing until the end of 2021 and that support for gas projects planned for the transport of low-carbon gases is set to continue; calls on the EIB to avoid that the provisions on low-carbon gases lead to any approval of lending to projects with carbon intensive lock-in effects using loopholes and calls on the EIB to refrain from signing contracts for new gas projects before the fossil fuels ban enters into force; calls for the Energy Lending Policy to be reviewed at the start of 2022 to remove existing exemptions to the fossil-fuel ban and fully align it to the Paris Agreement
Amendment 56 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Calls on the Commission to supplement the framework on sustainable investment with criteria for economic activities with a significant negative environmental impact which could be applied by the EIB; Acknowledges the EIB efforts to contribute to sustainable development goals
Amendment 70 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. Reiterates that poverty eradication, domestic resource mobilisation and human rights are core topics within the EU development finance architecture with an increased visibility of the actions funded; Believes that Implementation of the SDGs should be on the focus of the EU in the next years.
Amendment 82 #
Motion for a resolution
Paragraph 46
Paragraph 46
46. NoteRecalls that the EFSI is not a separate legal entity from the EIB but it has a distinct governance structure than the EIB and its investment operations take place within two thematic areas i.e. the Infrastructure and Innovation Window managed by the EIB and the SME Window managed by the EIF;
Amendment 83 #
Motion for a resolution
Paragraph 48 a (new)
Paragraph 48 a (new)
48 a. Notes with concern the Court's observations that the reported estimate of investment mobilised does not take account of the fact that some EFSI operations replaced other EIB operations and EU financial instruments and the fact that a part of the EFSI support went to projects that could have been financed from other sources of public or private finance under different conditions;
Amendment 92 #
Motion for a resolution
Paragraph 59
Paragraph 59
59. RecallBelieves with regards to the review of the responsibilities of the EIB governance bodies that Members of the Management Committee should not be allowed to oversee lending or projects’ implementation in their home countries in order to avoid possible conflict of interests; believes that this should be reflected in the Code of Conduct of the ManagementCommittee and the Board of Directors be reviewedavoid possible conflict of interests in any circumstances;
Amendment 98 #
Motion for a resolution
Paragraph 66
Paragraph 66
66. Recalls that public participation in the policy-making of the EIB is a way to improved accountability; believes that public/stakeholders participation should be strengthened, in particular effort should concern the involvement of local communities and citizens affected by EIB operations to guarantee their meaningful consultation;
Amendment 108 #
Motion for a resolution
Paragraph 75
Paragraph 75
75. Takes note of the agreement between the EIB and Volkswagen with the consequences to exclude Volkswagen from participating in any EIB project during 18 months and with the Volkswagen’s commitment to contribute to sustainability initiative including environmental protection; calls on the EIB to make an even longer period of exclusion from participating in any of EIB projects a standard practice for beneficiaries or financial intermediaries tainted by corruption as the EIB should also impose in cases like Passante di Mestre and MOSE infrastructure projects in Italy or Sostanj coal power plant in Slovenia;