2019/2126(INI) Financial activities of the European Investment Bank - annual report 2019
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | BUDG |
CORMAND David ( Verts/ALE)
|
WINZIG Angelika ( EPP),
HEINÄLUOMA Eero ( S&D),
HOJSÍK Martin ( Renew),
KUHS Joachim ( ID),
VAN OVERTVELDT Johan ( ECR),
PAPADIMOULIS Dimitrios ( GUE/NGL)
|
| Committee Opinion | ECON |
EICKHOUT Bas ( Verts/ALE)
|
Joachim SCHUSTER ( S&D),
Dragoş PÎSLARU ( RE),
Frances FITZGERALD ( PPE),
Jessica STEGRUD ( ECR)
|
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Events
2020/12/08
EC - Commission response to text adopted in plenary
Documents
2020/07/10
EP - Decision by Parliament
Details
The European Parliament adopted by 527 votes to 67, with 91 abstentions, a resolution on the financial activities of the European Investment Bank (EIB) – annual report 2019.
The resolution highlighted the importance of the EIB's activities, as the Union's bank, in raising current levels of investment in the Union in order to fulfil the EU’s sustainability, economic, social and job creation ambitions or to achieve regional cohesion, innovation and competitiveness at EU level as well as financing at the local level.
Members believe that the EU and Member States must invest more in the fight against climate change, in the digital revolution and in public services. They welcomed the coordinated EU response to the COVID-19 pandemic and reiterated the need for urgent action to transform our economies and mitigate the social and economic impact of the crisis.
An EIB more focused on climate and a just transition
Welcoming the fact that in 2018, 29 % of the EIB’s lending was climate-related, Parliament welcomed the fact that the EIB is the world's largest issuer of green bonds and a pioneer in launching the successful green bonds which have raised more than EUR 23 billion over 11 years. It called on the EIB to expand the issuance of green bonds while stressing the importance of establishing common standards for these new bonds to ensure that projects are transparent, verifiable and measurable.
Members called on the EIB: (i) to fulfil its commitment to align all its actions with the EU's objective of achieving climate neutrality by 2050 at the latest; (ii) to play an important role in sustainable finance; and (iii) to prioritise, through its lending activities, the implementation of the Sustainable Development Goals (SDGs) of the UN 2030 UN Sustainable Development Agenda by mobilising additional investment in social, green and sustainable projects.
The EIB is invited to:
- include clauses in financing documentation requiring the beneficiaries of its loans to undertake to fully deliver any decarbonisation objective that may have been included in their loan application;
- implement the principle of energy efficiency in all its energy lending;
- confirm that it will not carry out any assessment of fossil fuel projects not submitted to it before 14 November 2019;
- finance innovation and green technology for aviation in order to decarbonise aviation and achieve the main objective of the Paris agreement;
- further develop biodiversity proofing components in its financial instruments;
- work with small market players and cooperatives to consolidate small-scale renewable energy projects.
Parliament called for new policies in the carbon-intensive industrial sectors in which the EIB is active, such as cement, petrochemicals and steel, focusing on the sustainability of these sectors.
The EIB’s role in the European Green Deal and the Just Transition Mechanism
Members encouraged the EIB to support projects aimed at facilitating a just transition in Member States and supporting the most affected regions (coal-mining regions, carbon-intensive regions, etc.), taking into account the different capacities and economic situations of Member States. They stressed the need for a participatory approach to ensure that all parts of society benefit from this transition.
The EIB is invited to present a fair, coherent and inclusive plan, in consultation with Member States and regions, to effectively mobilise private and public resources and promote the transition to a greener economy.
Small and medium-sized enterprises (SMEs) and mid-caps
The resolution welcomed the EIB's significant financial support for SMEs, with a total investment of EUR 23.27 billion in 2018, benefiting 374 000 companies and 5 million employees.
Members believe that support for SMEs and mid-caps should remain a fundamental objective of the EIB, and called for greater emphasis on SME financing in order to reduce the funding gap for these companies. They also called for an increase in the EIB's capitalisation to allow for longer-term loans and innovative instruments for financing projects that can bring about improvements in the social field, sustainability and innovation.
Parliament suggested that the EIB should make its SME portfolio greener, for example by earmarking higher shares to greener projects.
Lending outside the EU
Members welcomed that the EIB is active in more than 130 countries outside the EU, lending to projects to support EU external cooperation and development policies. They urged the EIB, the largest multilateral lender in the world, to:
- maintain its leading role in future EU financing and to foster sustainable finance outside Europe, maintaining a key role in the establishment of EU financing mechanisms for third countries;
- make full use of contractual clauses enabling it to suspend disbursements in cases of projects' non-compliance with environmental, social, human rights, tax and transparency standards;
- provide more comprehensive and regular information on the redistribution of loans by financial intermediaries.
Governance
Parliament called on the EIB to review its transparency policy in 2020 with a view to the timely publication of more ample information on all its financing activities, so as to ensure that its transparency policy is compliant with its social, climate and environmental commitments. The EIB should strengthen its contractual clauses with its clients, for example regarding fraud and corruption as well as stakeholder engagement and public consultation processes related to the projects it finances.
Documents
2020/07/10
EP - End of procedure in Parliament
2020/07/09
EP - Results of vote in Parliament
Documents
2020/03/10
EP - Committee report tabled for plenary
Details
The Committee on Budgets adopted an own-initiative report by David CORMAND (Greens/EFA, FR) on the financial activities of the European Investment Bank – annual report 2019.
The Economic and Monetary Affairs Committee, exercising its prerogative as an associated committee, also gave its opinion on the report.
The report highlighted the importance of the EIB's activities, as the Union's bank, in raising current levels of investment in the Union in order to fulfil the EU’s sustainability, economic, social and job creation ambitions or to achieve regional cohesion, innovation and competitiveness at EU level as well as financing at the local level.
Members believe that the EU and Member States must invest more in the fight against climate change, in the digital revolution and in public services.
An EIB more focused on climate and a just transition
The report welcomed the fact that in 2018 29 % of the EIB’s lending was climate-related. It invited the ECB to consider tools to support and coordinate with the EIB, including in its role as the EU's climate bank, especially in financing green transition and economic sustainability.
Members welcomed, in particular, the launch in 2018 of the EIB's new Sustainable Awareness Bonds, while stressing the importance of establishing common standards for these new bonds. They called on the EIB to contribute to the development of a green bond market, building on the work carried out under the EU action plan for financing sustainable growth. For its part, the European Investment Fund (EIF) should give greater priority to the innovation needs for the transition to a climate-neutral Europe.
The EIB is called on to:
- include clauses in financing documentation requiring the beneficiaries of its loans to undertake to fully deliver any decarbonisation objective that may have been included in their loan application;
- confirm that the EIB will not initiate any appraisal of any fossil fuel-related project which had not been submitted to it prior to 14 November 2019;
- implement the principle of energy efficiency in all its energy lending, taking into account the impact of energy efficiency on future demand and its contribution to energy security;
- maintain its commitment by financing innovation and green technology for aviation in order to decarbonise aviation and achieve the main objective of the Paris Agreement;
- further develop biodiversity proofing components in its financial instruments.
The EIB’s role in the European Green Deal and the Just Transition Mechanism
Members encouraged the EIB to support projects aimed at facilitating a just transition in Member States and to adopt a participatory approach to ensure that all parts of society benefit from this transition.
Stressing that the EIB should focus its assistance on those Member States with the greatest distance to travel, the report called for support to be given to regions (coal-mining regions, carbon-intensive regions, etc.) and communities concerned, as well as to the workforce in sectors most affected by decarbonation.
The EIB is invited to commit to a fair, coherent and inclusive plan and to present such a plan, in consultation with Member States and regions and in accordance with their social and geographical circumstances, in order to mobilise private and public resources effectively and promote the transition towards a greener economy.
Small and medium-sized enterprises (SMEs) and mid-caps
The report welcomed the EIB's significant financial support for SMEs, with a total investment of EUR 23.27 billion in 2018, benefiting 374 000 companies and 5 million employees.
Members believe that support for SMEs and mid-caps should remain a fundamental objective of the EIB, and called for greater emphasis on SME financing in order to reduce the funding gap for these companies. They also called for an increase in the EIB's capitalisation to allow for longer-term loans and innovative instruments for financing projects that can bring about improvements in the social field, sustainability and innovation.
Lending outside the EU
Members welcomed that the EIB is active in more than 130 countries outside the EU, lending to projects to support EU external cooperation and development policies. They urged the EIB, the largest multilateral lender in the world, to:
- maintain its leading role in future EU financing and to foster sustainable finance outside Europe, maintaining a key role in the establishment of EU financing mechanisms for third countries;
- make full use of contractual clauses enabling it to suspend disbursements in cases of projects' non-compliance with environmental, social, human rights, tax and transparency standards;
- provide more comprehensive and regular information on the redistribution of loans by financial intermediaries.
Governance
Members called on the EIB to review its transparency policy in 2020 with a view to the timely publication of more ample information on all its financing activities, so as to ensure that its transparency policy is compliant with its social, climate and environmental commitments. The EIB should strengthen its contractual clauses with its clients, for example regarding fraud and corruption as well as stakeholder engagement and public consultation processes related to the projects it finances.
Documents
2020/03/02
EP - Vote in committee
2020/02/07
EP - Committee opinion
Documents
2020/01/29
EP - Amendments tabled in committee
Documents
2019/12/17
EP - Committee draft report
Documents
2019/10/24
EP - Committee referral announced in Parliament
2019/10/24
EP - Referral to associated committees announced in Parliament
2019/07/23
EP - CORMAND David (Verts/ALE) appointed as rapporteur in BUDG
2019/07/18
EP - EICKHOUT Bas (Verts/ALE) appointed as rapporteur in ECON
Documents
- Commission response to text adopted in plenary: SP(2020)452
- Decision by Parliament: T9-0190/2020
- Results of vote in Parliament: Results of vote in Parliament
- Committee report tabled for plenary: A9-0081/2020
- Committee opinion: PE643.215
- Amendments tabled in committee: PE646.936
- Committee draft report: PE643.074
- Committee draft report: PE643.074
- Amendments tabled in committee: PE646.936
- Committee opinion: PE643.215
- Commission response to text adopted in plenary: SP(2020)452
Votes
A9-0081/2020 - David Cormand - Am 4 #
2020/07/08 Outcome: -: 560, +: 106, 0: 27
NIA9-0081/2020 - David Cormand - Am 15 #
2020/07/08 Outcome: +: 559, -: 76, 0: 60
A9-0081/2020 - David Cormand - Am 5 #
2020/07/08 Outcome: -: 535, +: 153, 0: 5
A9-0081/2020 - David Cormand - Am 6 #
2020/07/08 Outcome: -: 543, +: 147, 0: 3
A9-0081/2020 - David Cormand - § 32/1 #
2020/07/08 Outcome: +: 625, -: 65, 0: 5
A9-0081/2020 - David Cormand - § 32/2 #
2020/07/08 Outcome: +: 392, -: 299, 0: 3
A9-0081/2020 - David Cormand - § 35 #
2020/07/08 Outcome: +: 375, -: 288, 0: 32
A9-0081/2020 - David Cormand - Am 1 #
2020/07/08 Outcome: +: 379, -: 262, 0: 54
A9-0081/2020 - David Cormand - § 38/1 #
2020/07/08 Outcome: +: 594, -: 65, 0: 36
A9-0081/2020 - David Cormand - § 38/2 #
2020/07/08 Outcome: +: 411, -: 247, 0: 36
A9-0081/2020 - David Cormand - § 41/1 #
2020/07/08 Outcome: +: 660, -: 22, 0: 12
A9-0081/2020 - David Cormand - § 41/2 #
2020/07/08 Outcome: +: 415, -: 267, 0: 12
A9-0081/2020 - David Cormand - Am 3/1 #
2020/07/08 Outcome: +: 653, -: 34, 0: 8
A9-0081/2020 - David Cormand - Am 3/2 #
2020/07/08 Outcome: +: 391, -: 298, 0: 6
A9-0081/2020 - David Cormand - Am 3/3 #
2020/07/08 Outcome: +: 552, -: 106, 0: 37
A9-0081/2020 - David Cormand - § 55 #
2020/07/08 Outcome: +: 434, -: 197, 0: 64
A9-0081/2020 - David Cormand - Am 7 #
2020/07/08 Outcome: -: 605, +: 85, 0: 3
A9-0081/2020 - David Cormand - Am 8 #
2020/07/08 Outcome: -: 542, +: 106, 0: 45
A9-0081/2020 - David Cormand - Am 9 #
2020/07/08 Outcome: -: 553, +: 134, 0: 6
A9-0081/2020 - David Cormand - § 72 #
2020/07/08 Outcome: +: 444, -: 226, 0: 25
A9-0081/2020 - David Cormand - Am 10 #
2020/07/08 Outcome: -: 567, +: 123, 0: 3
A9-0081/2020 - David Cormand - Am 11 #
2020/07/08 Outcome: -: 538, +: 112, 0: 43
A9-0081/2020 - David Cormand - Am 12 #
2020/07/08 Outcome: -: 574, +: 112, 0: 7
A9-0081/2020 - David Cormand - Am 13 #
2020/07/08 Outcome: -: 528, +: 113, 0: 52
A9-0081/2020 - David Cormand - Am 16 #
2020/07/08 Outcome: +: 468, -: 170, 0: 57
A9-0081/2020 - David Cormand - Am 14 #
2020/07/08 Outcome: -: 507, +: 146, 0: 40
A9-0081/2020 - David Cormand - Am 2 #
2020/07/08 Outcome: +: 391, -: 248, 0: 54
A9-0081/2020 - David Cormand - Résolution #
2020/07/09 Outcome: +: 527, 0: 91, -: 73
| Amendments | Dossier |
| 321 |
2019/2126(INI)
2019/12/12
ECON
99 amendments...
Amendment 1 #
Draft opinion Paragraph 1 1. Highlights the importance of the activities of the European Investment Bank (EIB) to
Amendment 10 #
Draft opinion Paragraph 1 1. Highlights the importance of the activities of the European Investment Bank (EIB) to increase the current levels of investment in the EU, which are below historical averages and insufficient to fulfil the EU’s sustainability, social and innovation ambitions; stresses that in order to achieve these ambitions,
Amendment 11 #
Draft opinion Paragraph 1 a (new) 1 a. Stresses the need to minimise the risk of crowding out the private sector by focusing on long-term financing otherwise unavailable to EIB clients on the markets, or by greater risk-taking while preserving the high credit standing of the EIB, namely by supporting the financing of projects that would not be financed otherwise, in particular innovative start-ups and SMEs; supports the EIB’s approach of helping to mobilise private capital by means of loans and guarantees; points out furthermore that the added value of EIB financing also consists in providing technical advice and capacity-building in order to help projects to become investment-ready;
Amendment 12 #
Draft opinion Paragraph 1 a (new) 1 a. Welcomes the fact that in 2018 the EIB Group invested €23.3 billion in SMEs and mid-caps and supported 374 000 smaller companies; considers that supporting SMEs must remain a fundamental objective for the EIB and urges to place greater emphasis on financing SMEs in order to reduce the funding gap for these companies;
Amendment 13 #
1 b. Notes that the EIB’s Investment Report for 2019 highlighted the fact that Infrastructure investment is stuck at 1.7% of EU GDP, the lowest in 15 years in Europe; strongly encourages the EIB to continue in its efforts to further support investment for a more sustainable and competitive European economy;
Amendment 14 #
Draft opinion Paragraph 1 b (new) 1 b. Emphasises that the EIB’s financing activities are no substitute for productivity-enhancing structural reforms and sustainable fiscal polies in the Member States;
Amendment 15 #
Draft opinion Paragraph 2 2.
Amendment 16 #
Draft opinion Paragraph 2 2.
Amendment 17 #
Draft opinion Paragraph 2 2. Welcomes the commitment by the Commission President-elect to turn sections of the EIB into a climate bank, and the commitments from the EIB President to increase the share of EIB financing for climate action and environmental sustainability to at least 50 % by 2025 and to align all EIB financing activities with the goals of the Paris Agreement by the end of 2020; calls on the Commission to present an ambitious new European Sustainable Investment Plan, including additional financial commitments, as soon as possible, and to fully support the EIB in its sustainability ambitions; calls on the Commission to consider the different economic situation and capacity ofthe Member States and work out some kind of preferential treatment or an extended transitional period for the Cohesion countries, so that the transition to aclimate neutral economy does not result in an unbearable burden for them;
Amendment 18 #
Draft opinion Paragraph 2 2. Welcomes the commitment by the Commission President-elect to turn sections of the EIB into a climate bank, and
Amendment 19 #
Draft opinion Paragraph 2 2. Welcomes the commitment by the Commission President-elect to turn sections of the EIB into a climate bank, and the
Amendment 2 #
Draft opinion Paragraph 1 1. Highlights the importance of the activities of the European Investment Bank (EIB) to increase the current levels of investment in the EU, which are below historical averages and insufficient to fulfil the EU’s sustainability, social and innovation ambitions; notes the European Fiscal Board in its review of the two and six pack legislation stressed that the current EU fiscal rules do not prevent severe cutbacks in public investment; welcomes the Commission’s commitment to review those rules; calls on the Commission to pay special attention in its legislative proposal to this issue raised by the European Fiscal Board and to make sure the EU fiscal rules supports the future efforts of the EIB to increase the levels of public investment in the EU; moreover stresses that in order to achieve these ambitions, more risk-
Amendment 20 #
Draft opinion Paragraph 2 2.
Amendment 21 #
Draft opinion Paragraph 2 2. Welcomes the commitment by the Commission President-elect to turn sections of the EIB into a climate bank, and the commitments from the EIB President to increase the share of EIB financing for
Amendment 22 #
Draft opinion Paragraph 2 2. Welcomes the commitment by the Commission President-elect to turn sections of the EIB into a climate bank, and the commitments from the EIB President to increase the share of EIB financing for climate action and environmental sustainability to at least 50 % by 2025 and to align all EIB financing activities with the goals of the Paris Agreement by the end of 2020 and the principles of the upcoming EU Green Deal; calls on the Commission to present an ambitious new European Sustainable Investment Plan, including additional financial commitments, as soon as possible, and to fully support the EIB in its sustainability ambitions;
Amendment 23 #
Draft opinion Paragraph 2 a (new) 2 a. Underlines the important role of the public sector in delivering on the investment targets announced by the new European Commission to unleash €1 trillion of funding for investment in green transition over the next decade; calls, therefore on the EIB to increase technical support and long-term financing for municipalities and public enterprises and increase the funding quota of the EIB for all eligible public projects supporting the green transition up to 75%;
Amendment 24 #
Draft opinion Paragraph 2 a (new) 2a. Stresses that the EU and its Member States do not invest sufficiently in combating climate change, nor in the digital revolution and public services, a fact that represents a threat to ecological transition and income inequality in Europe;
Amendment 25 #
Draft opinion Paragraph 2 b (new) 2 b. Calls on the Member States to create a ‘golden rule’ on public spending for investment on the social and environmental transition towards a sustainable, carbon-neutral economy, including on projects co-financed by the EIB, thereby excluding these from the calculation of national public deficits;
Amendment 26 #
Draft opinion Paragraph 2 c (new) 2 c. Welcomes the decision taken by the Board of Directors of the EIB to end financing for most fossil fuel energy projects from the end of 2021 and to gradually increase the share of its financing dedicated to climate action and environmental sustainability, to reach 50 % of its operations as of 2025; highlights, that, in line with the EIB's future lending policy, exceptional financing for gas as transitional energy can be possible if it is used in combination with renewables, as a bridging technology to replace coal, where no other alternatives exist, when safeguards to avoid lock-in effects are put in place, and when steps are taken to ensure that the emissions trajectory remains in line with the goals of the Paris Agreement; stresses that financing for renewable energies has to be the priority;
Amendment 27 #
Draft opinion Paragraph 3 Amendment 28 #
Draft opinion Paragraph 3 3. Stresses that in order for the EIB to be co
Amendment 29 #
Draft opinion Paragraph 3 3. Stresses that in order for the EIB to become the EU’s climate bank, it should stop all financial support to fossil fuel projects by the end of 2020, and align all its activities, including EIF operations, with the Paris Agreement’s goals; calls on the EIB to make decarbonisation commitments a condition for companies to receive EIB support; calls on the EIB to apply the EU taxonomy framework, once it has been formally adopted, as a benchmark for its climate and environmental investments; calls on the EIB to develop a credible methodology to measure, disclose and achieve ‘Paris alignment’ of its financing operations; stresses the importance of the projects planned to be financed or cofinanced by the EIB being compatible with the national climate targets linked to the implementation of COP21;
Amendment 3 #
Draft opinion Paragraph 1 1. Highlights the importance of the activities of the European Investment Bank (EIB) to increase the current levels of investment in the EU, which are below historical averages and insufficient to fulfil the EU’s sustainability,
Amendment 30 #
Draft opinion Paragraph 3 3.
Amendment 31 #
Draft opinion Paragraph 3 3. Stresses that in order for the EIB to become the EU’s climate bank, it should stop all financial support to fossil fuel projects by the end of 2020, and align all its activities, including EIF operations and energy strategy, with the Paris Agreement’s goals and the EU Green Deal; calls on the EIB to make decarbonisation commitments a condition for companies to receive EIB support; calls on the EIB to apply the EU taxonomy framework, once it has been formally adopted, as a benchmark for its climate and environmental investments; calls on the EIB to develop a credible methodology to measure, disclose and achieve ‘Paris alignment’ of its financing operations;
Amendment 32 #
Draft opinion Paragraph 3 3. Stresses that in order for the EIB to become the EU’s climate bank, it should
Amendment 33 #
Draft opinion Paragraph 3 3. Stresses that in order for the EIB to become the EU’s climate bank, it should stop all financial support to fossil fuel projects, including investment in gas, by the end of 2020, and align all its activities, including EIF operations, with the Paris Agreement’s goals; calls on the EIB to make decarbonisation commitments a condition for companies to receive EIB support; calls on the EIB to apply the EU taxonomy framework, once it has been formally adopted, as a benchmark for its climate and environmental investments; calls on the EIB to develop a
Amendment 34 #
Draft opinion Paragraph 3 3.
Amendment 35 #
Draft opinion Paragraph 3 a (new) 3 a. Urges the EIB and the Member States to ensure that, throughout the phase-out process, regions where the local economy and employment are highly connected to fossil fuels and lacking adequate financing are compensated with substantial investment in training and alternative economic opportunities which guarantee high quality clean jobs, thereby ensuring a smooth transition, where no one is left behind; takes the view that consistency and coordination with other EU financing instruments in this regard will be crucial;
Amendment 36 #
Draft opinion Paragraph 3 a (new) 3 a. Highlights the need to proactively support areas where jobs are currently dependent on high emitting industries, where new green jobs are needed; calls on the EIB to support a just transition for high carbon emissions regions and communities;
Amendment 37 #
Draft opinion Paragraph 4 4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobilising EUR 500 billion of additional private and public investment should be
Amendment 38 #
Draft opinion Paragraph 4 4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobilising EUR 500 billion of additional private and public investment should
Amendment 39 #
Draft opinion Paragraph 4 4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobili
Amendment 4 #
Draft opinion Paragraph 1 1. Highlights the importance of the activities of the European Investment Bank (EIB) to increase the current levels of investment in the EU, which are below historical averages and insufficient to fulfil the EU’s sustainability, social and innovation ambitions; stresses that in order to achieve these ambitions, more risk- taking by the EIB may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the EIB to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability, social and innovation gains; calls on the EIB to intervene when there are specific market failures, such as the financial crisis and difficulties in accessing finance for SMEs and innovators;
Amendment 40 #
Draft opinion Paragraph 4 4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobilising EUR 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the EIB to increase the share of EFSI and InvestEU financing to projects that substantially contribute to the EU’s sustainability and social objectives; calls on the Commission to ensure that InvestEU’s sustainability-proofing methodologies are fully consistent with the EU’s sustainability objectives; regrets the EIB has been funding projects that resulted in human rights violations; stresses some weaknesses have been identified in how the EIB handled complaints filed with the Complaints Mechanism; calls on the EIB to undertake systematic human rights impact assessment prior to funding a project;
Amendment 41 #
Draft opinion Paragraph 4 4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobilising EUR 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the EIB to increase the share of EFSI and InvestEU financing to projects that substantially contribute to the EU’s sustainability
Amendment 42 #
Draft opinion Paragraph 4 4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobilising EUR 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the EIB to increase the share of EFSI and InvestEU financing to projects that substantially contribute to the EU’s sustainability and social objectives; calls on the Commission to ensure that InvestEU’s sustainability-proofing methodologies are fully consistent with the EU’s sustainability objectives; points in this context to the importance of carrying out thorough ex-ante and ex-post assessments in order to ascertain that works are sustainable and will provide real added value in economic, social, and environmental terms;
Amendment 43 #
Draft opinion Paragraph 4 4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobilising EUR 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the EIB to increase the share of EFSI and InvestEU financing to projects that substantially contribute to the EU’s sustainability and social objectives;
Amendment 44 #
Draft opinion Paragraph 4 4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobilising EUR 500 billion of additional private and public investment should be replaced by measurable targets on sustainability, geographical coverage and social impact in future investment strategies; calls on the EIB to increase the share of EFSI and InvestEU financing to projects that substantially contribute to the EU’s sustainability and social objectives; calls on the Commission to ensure that InvestEU’s sustainability-proofing methodologies are fully consistent with the EU’s sustainability objectives;
Amendment 45 #
Draft opinion Paragraph 4 Amendment 46 #
Draft opinion Paragraph 4 4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobilising EUR 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the EIB to increase the share of EFSI and InvestEU financing to projects that substantially contribute to the EU’s sustainability and social objectives; calls on the Commission to ensure that InvestEU’s sustainability-proofing methodologies
Amendment 47 #
Draft opinion Paragraph 4 a (new) 4 a. Calls the EIB to commit to strengthen its policy against tax fraud, tax evasion and tax avoidance; welcomes the new non-cooperative jurisdiction and tax good governance Policy and the use of the EU list of non-cooperative jurisdictions as one of the list of reference; however stresses some weaknesses remains in the NJC policy and do not prevent the EIB to fund again projects that are related to tax havens and contributing to unfair taxation; urges the EIB to develop mechanisms to avoid fuelling tax dodging; calls the EIB to not finance or to use its mandatory relocation clause for any operation that uses entities either subject to zerotaxation or less than 50% taxation rate compared to the country of implementation of the project, including hybrid entities; urges the EIB to no tmake any use of entities for which a hybrid mismatch is possible especially if it can benefit from preferential tax regimes, including intellectual property transfers or license agreements in low-tax jurisdictions or if the entities arenot covered by Controlled foreign corporation rules and/or withholding taxes;
Amendment 48 #
Draft opinion Paragraph 4 a (new) 4 a. Is concerned by the conclusions of the EU Court of Auditor’s special report 03/2019; highlights that the special report found that some EFSI support just replaced other EIB and EU financing, and that part of the finance went to projects that could have used other sources of public or private finance; further notes that it estimates that additional investment attracted by EFSI were sometimes overstated and most investments went to a few larger EU 15 Member States with well-established national promotional banks; calls on the EIB to follow up on the conclusions of the special report;
Amendment 49 #
Draft opinion Paragraph 4 a (new) 4 a. Emphasizes the key role that EIB plays in EU’s objective to compete in global economy through enhanced innovation and further adoption of digital technologies; calls on the EIB to further promote and provide financial support for investment in digital technologies, digital skills of employees and entrepreneurs, digital infrastructure and capacity- building for entities that require support throughout the digitalization process;
Amendment 5 #
1. Highlights the importance of the activities of the European Investment Bank (EIB)
Amendment 50 #
Draft opinion Paragraph 4 a (new) 4a. Welcomes the EIB's decision to continue to support cohesion and convergence policy objectives, including in the form of structural projects aimed at mitigating the effects of inequality, for example in countries and regions still facing development difficulties, including those resulting from the EU's new climate policy; calls for the EIB's priorities to be broadened to include effective cohesion policy;
Amendment 51 #
Draft opinion Paragraph 4 a (new) 4a. Calls on the EIB to reduce its financing for projects such as hub airports, as these investments run counter to the planned greening of the EIB;
Amendment 52 #
Draft opinion Paragraph 4 b (new) 4 b. Takes note of the results of the EIB investment report 2019/2020 with regards to the SMEs and mid-caps finance; stresses the need to develop increased efforts and methods to facilitate access to finance for SMEs and mid-caps across the EU territory and welcomes in this sense the EIB role in the SMEs window budget guarantee of the InvestEU Fund; calls on the EIB to continue and improve its work to tackle barriers to the entry and growth of young SMEs, mid- caps, start-ups and scale-ups and the disparities across countries in the external financing for EU small businesses;
Amendment 53 #
Draft opinion Paragraph 4 b (new) 4 b. Recalls that EIB funding should provide additionality to projects that would otherwise not be financed and support projects in line with EU goals in areas where markets fail to invest, to provide long-term financing as well as to encourage investments especially in regions and sectors where it is most needed;
Amendment 54 #
Draft opinion Paragraph 4 c (new) 4 c. Points out further that additionality of EIB financing also consists in providing technical advice and capacity-building in order to help projects to become investment-ready and ensure quick mobilization of resources, often faster than in the private sector;
Amendment 55 #
Draft opinion Paragraph 4 d (new) 4 d. Insists on the need to reduce the uneven geographical distribution of the EIB’s financing and guarantee a strong focus on less developed regions that are not properly reached by EIB financing, since economic and social cohesion in the EU is one of the EIB’s objectives; welcomes in this regard the EIB’s announcement to establish an Energy Transition package to provide extra support to those Member States presenting more challenging transition problems;
Amendment 56 #
Draft opinion Paragraph 4 e (new) 4 e. Calls on the Commission to ensure that InvestEU’s sustainability-proofing methodologies are fully consistent with the EU’s sustainability objectives;
Amendment 57 #
Draft opinion Paragraph 4 f (new) 4 f. Calls on Member States to proceed with reforms of the EIB governance structure in order to ensure more democratic scrutiny of its operations, allow the European Parliament to have a substantial say in its investment strategy and ensure adequate oversight, where appropriate, by national parliaments;
Amendment 58 #
Draft opinion Paragraph 4 g (new) 4 g. Takes the view that, for the EIB to become the EU’s Climate Bank and play a role in the just transition, it needs to advance mechanisms to better incorporate the input from various stakeholders, such as climate experts, trade unions and NGOs along its investment strategy;
Amendment 59 #
Draft opinion Paragraph 5 5. Calls on the EIB group to be more
Amendment 6 #
Draft opinion Paragraph 1 1. Highlights the importance of the activities of the European Investment Bank (EIB) to increase the current levels of investment in the EU, which
Amendment 60 #
Draft opinion Paragraph 5 5. Calls on the EIB group to be more transparent about its economic operations, its use of the EU budget guarantee, the additionality of EIB operations and on possible future plans for a development subsidiary at the EIB, and for the EIB group to improve its accountability on these issues; calls for a memorandum of understanding between the EIB and Parliament to improve access to EIB documents and data related to strategic orientation and financing policies in the future in order to strengthen the Bank’s accountability; calls for making the EIB more accountable towards the European Parliament by creating a dedicated sub- committee to monitor EIB operations and provide political guidance to the EIB; calls for the EIB to participate to the ECON dialogues with a mandatory series of hearings.
Amendment 61 #
Draft opinion Paragraph 5 5. Calls on the EIB group to
Amendment 62 #
Draft opinion Paragraph 5 5. Calls on the EIB group to be more transparent about its economic operations, its use of the EU budget guarantee, the additionality of EIB operations and on possible future plans for a development
Amendment 63 #
Draft opinion Paragraph 5 5. Calls on the EIB group to be more transparent about its economic operations, its use of the EU budget guarantee, the additionality of EIB operations and on possible future plans for a development subsidiary at the EIB, and for the EIB group to improve its accountability on these issues; calls the EIB to review its framework for anti-corruption fight to improve cooperation with European authorities, especially OLAF and the European Public Prosecutor’s Office and to make it mandatory for the EIB to report potential fraud cases to national authorities; calls for a memorandum of understanding between the EIB and Parliament to improve access to EIB documents and data related to strategic orientation and financing policies in the future in order to strengthen the Bank’s accountability.
Amendment 64 #
Draft opinion Paragraph 5 5. Calls on the EIB group to be more transparent about its economic operations including to develop a responsible tax policy to avoid the non-transparent and unintended use of tax havens via investments in private equity funds as has been documented by the 2016 Counter Balance report1a, its use of the EU budget guarantee, the additionality of EIB operations and on possible future plans for a development subsidiary at the EIB, and for the EIB group to improve its accountability on these issues; calls for a memorandum of understanding between the EIB and Parliament to improve access to EIB documents and data related to strategic orientation and financing policies in the future in order to strengthen the Bank’s accountability. _________________ 1aCounter Balance 2016: The dark side of EIB funds: How the EU’s bank supports non-transparent investment funds based in tax havens.
Amendment 65 #
Draft opinion Paragraph 5 5. Calls on the EIB group to be more transparent about its economic operations, its use of the EU budget guarantee, the additionality of EIB operations and on possible future plans for a development subsidiary at the EIB, and for the EIB group to improve its accountability on these issues; calls on the EIB to further communicate and promote through their liaison offices in the Member States its instruments to national and local public and private actors; calls for a memorandum of understanding between the EIB and Parliament to improve access to EIB documents and data related to strategic orientation and financing policies in the future in order to strengthen the Bank’s accountability.
Amendment 66 #
Draft opinion Paragraph 5 5. Calls on the EIB group to be more transparent about its economic operations, its use of the EU budget guarantee, the additionality of EIB operations and on possible future plans for a development subsidiary at the EIB, and for the EIB group to improve its accountability on these issues; calls for a memorandum of understanding between the EIB and Parliament to improve access to EIB documents and data related to strategic orientation and financing policies in the future in order to strengthen the Bank’s accountability; calls the EIB to require a public country by country reporting to its clients without waiting for the outcome of ongoing discussion at the EU level.
Amendment 67 #
Draft opinion Paragraph 5 5. Calls on the EIB group to be more transparent about its economic operations, its use of the EU budget guarantee, the additionality of EIB operations and on possible future plans for a development subsidiary at the EIB, and for the EIB group to improve its accountability on these issues; calls for a memorandum of understanding between the EIB and Parliament to improve access to EIB documents and data related to strategic orientation and financing policies in the future in order to strengthen the Bank’s accountability. Calls for funding for the EIB to be conditional on the EIB taking appropriate measures to improve transparency and accountability;
Amendment 68 #
Draft opinion Paragraph 5 5. Calls on the EIB group to be more transparent about its economic operations, which operations are contributing to achieve the Paris Agreement’s goals, the EU Green Deal objectives and the SDGs; its use of the EU budget guarantee, the additionality of EIB operations and on possible future plans for a development subsidiary at the EIB, and for the EIB
Amendment 69 #
Draft opinion Paragraph 5 5. Calls on the EIB group to be more transparent about its economic operations, its use of the EU budget guarantee, the additionality of EIB operations
Amendment 7 #
Draft opinion Paragraph 1 1. Highlights the importance of the activities of the European Investment Bank (EIB) to increase the current levels of investment in the EU, which are below historical averages and insufficient to fulfil the EU’s sustainability, social, economic and innovation ambitions; stresses that in order to achieve these ambitions, more risk-
Amendment 70 #
Draft opinion Paragraph 5 a (new) 5 a. Calls for a memorandum of understanding between the EIB and Parliament to improve access to EIB documents and data related to strategic orientation and financing policies in the future in order to strengthen the Bank’s accountability;
Amendment 71 #
Draft opinion Paragraph 5 a (new) 5 a. Welcomes the signing of a Memorandum of Understanding by the EIB and the Japanese International Cooperation Agency(JICA) on 26 September 2019, which will allow for further co-financing and co-investment to be undertaken in developing countries. This collaboration reinforces the important strategic partnership between the EIB and JICA in supporting projects in third countries, which address global issues;
Amendment 72 #
Draft opinion Paragraph 5 a (new) 5 a. Supports the commitment made by the EIB, under the third Diversity and Inclusion (D&I)strategy, which covers the period 2018-2021, to increase women in senior officer level to 50% by 2021; and calls on the EIB to ensure they meet their objective of obtaining the Economic Dividends for Gender Equality (EDGE)Certification in the next 12 months;
Amendment 73 #
Draft opinion Paragraph 5 a (new) 5 a. Calls on the EIB to continue working in collaboration with like-minded partners to address global issues;
Amendment 74 #
Draft opinion Paragraph 5 a (new) 5 a. Requests additionally that an outside review of the cost effectiveness of the EIB’s investment efforts during the last ten years be carried out, not least from the perspective of whether and how the EIB’s operations created significant value added that was directly relevant to the European Union’s growth and consolidation policies.
Amendment 75 #
Draft opinion Paragraph 5 a (new) 5a. Maintains that the EIB should ensure that local communities and citizens affected by its operations are properly consulted and have access to an independent, efficient complaint procedure;
Amendment 76 #
Draft opinion Paragraph 5 a (new) 5a. Calls for monitoring of established projects to be fundamentally reformed to make the EIB more accountable, democratic and transparent, and for the establishment of a system to monitor the intermediaries through which the EIB passes;
Amendment 77 #
Draft opinion Paragraph 5 a (new) Amendment 78 #
Draft opinion Paragraph 5 b (new) 5 b. Is appalled by recent reports linking EIB-financed projects in infrastructure, energy, and other development activities with human rights abuses and threats to the safety and wellbeing of human rights defenders; welcomes the attention that the EIB has devoted to integrating human rights into its operations, but calls on the EIB to step up this approach by putting in place robust human rights due diligence, ensure consultation of affected communities, grant information and enable a safe and participatory process, namely through contractual clauses;
Amendment 79 #
Draft opinion Paragraph 5 b (new) 5b. Calls for mechanisms to be put in place to ensure that public money cannot enrich corrupt systems either within or outside of the European Union, as happened with the MOSE project; calls for the establishment of a better framework for the EIB's anti-corruption work and for stronger internal anti- corruption mechanisms; declares this is particularly necessary given the EIB is likely to play a major role in the European Green Deal;
Amendment 8 #
Draft opinion Paragraph 1 1. Highlights the importance of the activities of the European Investment Bank (EIB) to increase the current levels of investment in the EU, which are below historical averages and insufficient to fulfil the EU’s sustainability, social and innovation ambitions; stresses that in order to achieve these ambitions, more risk- taking by the EIB may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for a
Amendment 80 #
Draft opinion Paragraph 5 b (new) 5b. Reiterates its call for the EIB to apply more stringent tax transparency standards; points to the need to make the granting of direct and indirect loans subject to publication 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, with no possibility of exemption.
Amendment 81 #
Draft opinion Paragraph 5 b (new) 5 b. Considers that the EIB should maintain its leading role in the establishment of EU financing mechanisms for third countries and specifically developing countries, while ensuring that the interests of local entrepreneurs who wish to establish local companies, often small companies primarily aimed at contributing to the local economy, are given priority in EIB lending decisions;
Amendment 82 #
Draft opinion Paragraph 5 b (new) 5 b. Acknowledges that the EIB has lent over €118 billion to projects based in the United Kingdom since its accession in 1973; however notes that during 2019, the EIB approved €395million in loans to projects in the United Kingdom, a steep decline from €7.7billion in 2015;
Amendment 83 #
Draft opinion Paragraph 5 c (new) 5 c. Is concerned about reports linking EIB investment with fraud and corruption in Member States, despite zero tolerance policy of bank; calls on the EIB needs to devise an anti-corruption action plan to enable stronger controls by the Board and ensure that adequate resources are destined to independently monitor and control projects, assess and mitigate risks;
Amendment 84 #
Draft opinion Paragraph 5 c (new) 5 c. Calls on the EIB and the European Investment Fund to increase their investment in breakthrough innovations in order to bring out and promote European companies working on the subject, while having recourse to ringfencing measures to limit exposures to these risks;
Amendment 85 #
Draft opinion Paragraph 5 d (new) 5 d. Calls on the EIB to step up its due diligence obligations in line with EU Anti- Money Laundering legislation, and provide a complete regulatory framework to allow the Bank to effectively prevent involvement in illegal activity and ensure a proper sanctioning regime for failure to comply with EU law;
Amendment 86 #
Draft opinion Paragraph 5 d (new) 5 d. Underlines the important role played by the EIB, which, as the Union's bank, is the only international financial institution fully owned by the Union's Member States and guided by its policies and standards;
Amendment 87 #
Draft opinion Paragraph 5 e (new) 5 e. Requests the EIB to strengthen its advisory activities and, in collaboration with the Commission, Member States and official national financial institutions, to address systemic weaknesses that prevent some regions or countries from taking full advantage of its financial activities;
Amendment 88 #
Draft opinion Paragraph 5 e (new) 5 e. Takes the view that project contracts should clearly foresee pull-out possibilities in case of serious mismanagement and/or corruption claims;
Amendment 89 #
Draft opinion Paragraph 5 f (new) 5 f. Notes that the capital increase coming from the increased contributions by Romania and Poland compensates only marginally the reduction in the capital of the EIB due to the departure of the United Kingdom; underlines that to preserve the EIB’s ability to achieve its policy objectives, the aforementioned capital shortfall should be fully compensated;
Amendment 9 #
Draft opinion Paragraph 1 1. Highlights the importance of the activities of the European Investment Bank (EIB) to increase the current levels of investment in the EU, which are below historical averages and insufficient to fulfil the EU’s sustainability, social and innovation ambitions; stresses that in order to achieve these ambitions, more risk- taking by the EIB may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate
Amendment 90 #
Draft opinion Paragraph 5 f (new) 5 f. Takes the view that European Public Prosecutor's Office (EPPO) should in the future have the mandate to prosecute criminal activity with regards to EIB funds in the EU Member States which are members of the EPPO;
Amendment 91 #
Draft opinion Paragraph 5 g (new) Amendment 92 #
Draft opinion Paragraph 5 g (new) 5 g. Stresses that the EIB must pay particular attention to financing in the innovation and infrastructure sectors, where the investment gap is particularly high;
Amendment 93 #
Draft opinion Paragraph 5 h (new) 5 h. Notes that almost one third of the EIB's financing is denominated in US dollars, which exposes the EIB to possible sanctions from the United States; calls on the EIB to start phasing out its dollar- denominated financing;
Amendment 94 #
Draft opinion Paragraph 5 h (new) 5 h. Calls on the EIB to enact stringent standards on financial intermediaries by determining specific benchmarks to select intermediaries in light of tax, transparency, environmental and social concerns;
Amendment 95 #
Draft opinion Paragraph 5 i (new) 5 i. Invites the EIB to work with small market players and community cooperatives to consolidate small renewable energy projects and thus enable them to meet the conditions for EIB financing;
Amendment 96 #
Draft opinion Paragraph 5 j (new) Amendment 97 #
Draft opinion Paragraph 5 k (new) 5 k. Stresses the need to speed up work on the establishment of a capital markets union, which would allow the EIB to focus on gaps that need to be filled in the event of market failures or to provide financing for high-risk projects;
Amendment 98 #
Draft opinion Paragraph 5 l (new) 5 l. Calls on the EIB to step up its communication efforts; considers it essential that it engage in dialogue with EU citizens in order to better explain the objectives of its policies and thus provide a concrete example of the Union's contribution to the daily lives of its citizens;
Amendment 99 #
Draft opinion Paragraph 5 m (new) 5 m. Wishes that a person appointed by Parliament may sit as an observer member on the EIB's Board of Directors in order to ensure a better transmission of information and needs between these two institutions;
source: 644.953
2020/01/29
BUDG
222 amendments...
Amendment 1 #
Motion for a resolution Citation 1 — having regard to Articles 15, 126, 175, 174, 177, 208, 209, 271, 308 and 309 of the Treaty on the Functioning of the European Union (TFEU) and to Protocol No 5 thereto on the Statute of the European Investment Bank (EIB),
Amendment 10 #
Motion for a resolution Citation 14 d (new) - having regard to the report by the High-Level Group of Wise Persons on the European financial architecture for development,
Amendment 100 #
Motion for a resolution Paragraph 14 14. Welcomes the new EIB energy lending policy
Amendment 101 #
Motion for a resolution Paragraph 14 14. Welcomes the new EIB energy lending policy and the example it sets for other banks; regrets that exceptions are applicable to the approval of gas projects until the end of 2021 and that support for gas projects planned for the transport of low-carbon gases is set to continue; calls for this policy to be reviewed in the medium term (by the start of 2022) to close the gaps in gas infrastructure to bring it in line with the European
Amendment 102 #
Motion for a resolution Paragraph 14 14.
Amendment 103 #
Motion for a resolution Paragraph 14 14. Welcomes the new EIB energy lending policy and the example it sets for other banks;
Amendment 104 #
Motion for a resolution Paragraph 14 14. Welcomes the new EIB energy lending policy and the example it sets for other banks;
Amendment 105 #
Motion for a resolution Paragraph 14 14. Welcomes the new EIB energy lending policy and the example it sets for other banks;
Amendment 106 #
Motion for a resolution Paragraph 15 15. Insists that the EIB
Amendment 107 #
Motion for a resolution Paragraph 15 15. Insists that the EIB urgently
Amendment 108 #
Motion for a resolution Paragraph 15 15. Insists that the EIB urgently and fully implement the principle of energy efficiency first in all its energy lending, taking into account the impact of energy efficiency on future demand and its contribution to energy security;
Amendment 109 #
Motion for a resolution Paragraph 16 16. Calls on the EIB to make the review of its transport policy a key priority; calls for a new transport financing policy to decarbonise the EU transport sector by 2050; underlines that the EIB should continue its engagement in financing innovation and green technology for aviation, including the development of sustainable biofuels, electrification and hybrid technology, in order to decarbonise aviation and achieving the primary goal of the Paris Agreement;
Amendment 11 #
Motion for a resolution Citation 14 e (new) - having regard to the Commission evaluation Decision No 466/2014/EU of the European Parliament and the Council of 16 April 2014 granting an EU guarantee to the European Investment Bank against losses under financing operations supporting investment projects outside the Union,
Amendment 110 #
Motion for a resolution Paragraph 16 16.
Amendment 111 #
Motion for a resolution Paragraph 16 16.
Amendment 112 #
Motion for a resolution Paragraph 17 17. Calls for
Amendment 113 #
Motion for a resolution Paragraph 17 17. Calls for rigorous policies to be implemented in carbon-intensive industrial sectors in which the EIB is active, such as cement, petrochemicals and steel, with a view to phasing out all ‘brown’ loans and aligning all sectoral loans, focusing on the promotion of a circular economy based on non-toxic material cycles;
Amendment 114 #
Motion for a resolution Paragraph 17 17. Calls for
Amendment 115 #
Motion for a resolution Paragraph 17 17. Calls for rigorous policies to be
Amendment 116 #
Motion for a resolution Paragraph 17 a (new) 17 a. Notes that the climate problem cannot be solved without support of the industry, a large scale change can only be achieved if the industry is taken on board and the necessary incentives are given for innovative climate solutions;
Amendment 117 #
Motion for a resolution Paragraph 18 18. Reminds the EIB that biodiversity protection is a key element of adaptation to climate change and that the restoration of ecosystems is the only proven technology when it comes to negative emissions; calls on the EIB to include biodiversity- proofing components in their financial instruments in order to avoid adverse effects on biodiversity; invites the EIB to update its environmental and social standards; calls on the EIB to commit to ending the financing of projects which contribute to the loss and degradation of biodiversity and ecosystems, and to increase substantially its funding to achieve the EU’s objectives in this area, in particular the objective of zero net deforestation and
Amendment 118 #
Motion for a resolution Paragraph 18 18. Reminds the EIB that biodiversity protection is a key element of adaptation to climate change and that the restoration of ecosystems is the only proven technology when it comes to negative emissions; calls on the EIB to
Amendment 119 #
Motion for a resolution Paragraph 18 18. Reminds the EIB that biodiversity protection is a key element of adaptation to climate change and that the restoration of
Amendment 12 #
Motion for a resolution Citation 18 a (new) - having regard to the Statute of the ECB, Article 2 of which lays down that, if the objective of price stability is achieved and is not called into question, its monetary policy must be placed at the service of the EU's objectives as defined in Article 3 of the Treaty on European Union, which mentions explicitly 'improvement of the quality of the environment' as a Union objective, and that the ECB's stated desire to contribute actively to the success of the Green Deal in no way runs counter to the Treaties,
Amendment 120 #
Motion for a resolution Paragraph 18 18. Reminds the EIB that biodiversity protection is a key element of adaptation to climate change and that the restoration of ecosystems is the only proven technology when it comes to negative emissions; calls on the EIB to commit to ending the financing of projects which contribute to the loss and degradation of biodiversity and ecosystems and illegal deforestation, and to increase substantially its funding to achieve the EU’s objectives in this area, in particular the objective of zero net deforestation and the objectives of marine and coastal protection;
Amendment 121 #
Motion for a resolution Paragraph 18 18. Reminds the EIB that biodiversity protection is a key element of adaptation to climate change and that the restoration of ecosystems is the only proven technology when it comes to negative emissions;
Amendment 122 #
Motion for a resolution Paragraph 19 19. Welcomes the hydropower guidelines adopted in 20184 and calls for the extension of the transparency requirements to all infrastructure projects including those financed by financial intermediaries; _________________ 4EIB, ‘Environmental, Climate and Social Guidelines on Hydropower Development’, October 2019.
Amendment 123 #
Motion for a resolution Paragraph 19 a (new) 19 a. Urges the EIB and Member States to ensure a just transition towards a climate neutral economy; encourages the EIB to play an active role in supporting projects that contribute to a just transition, such as research, innovation and digitalisation, SMEs’ access to finance, and social investment and skills; calls for the EIB investment policy to provide targeted financing for European Green Deal initiatives as a matter of priority, while taking into account the additionality that EIB financing can provide in combination with other sources; stresses that coordination with other financing instruments is crucial given that the EIB alone cannot finance all of the European Green Deal initiatives;
Amendment 124 #
Motion for a resolution Paragraph 19 a (new) 19 a. Calls on the EIB to further align its activities with the Paris Agreement requirements and the 17 Sustainable Development Goals of the UN 2030 Agenda for Sustainable Development;
Amendment 125 #
Motion for a resolution Paragraph 19 b (new) 19 b. Stresses the need for an anticipatory and participatory approach to ensure that all parts of society benefit from the transition; calls for support to regions, such as coal mining regions and carbon intensive regions, communities and workforces of sectors most affected by decarbonisation, also fostering the development of new joint projects and technologies for and with those communities and regions;
Amendment 127 #
Motion for a resolution Paragraph 19 b (new) Amendment 128 #
Motion for a resolution Paragraph 19 c (new) 19 c. Considers that for the EIB to become the EU's climate bank and play a role in the just transition, it needs to advance mechanisms to better incorporate the input from various stakeholders, such as local and regional authorities, trade unions, NGOs and relevant experts in its investment strategy;
Amendment 129 #
Motion for a resolution Paragraph 19 d (new) 19 d. Notes that the EIB was a pioneer in launching the successful green bonds, which have raised more than EUR 23 billion over 11 years, with the global green bond market now worth more than EUR 400 billion; notes that a major challenge has been to set common standards so as to avoid green-washing; welcomes the EIB's new Sustainability Awareness Bonds, launched in 2018, designed to support investment in the UN Sustainable Development Goals; underlines the importance of setting common standards regarding these new bonds to ensure that projects are transparent, verifiable and measurable;
Amendment 13 #
Motion for a resolution Recital B B. whereas the main credit rating agencies have given EIB bonds a AAA rating due, inter alia, to the fact that it belongs to the Member States and to its prudent risk management; whereas the EIB should maintain its high credit rating, in order to be able to secure the most preferential financial conditions in the capital markets;
Amendment 130 #
Motion for a resolution Paragraph 19 c (new) 19 c. Points out that Member States and regions have different starting points when it comes to the transition to a greener economy and that some of them will be much more exposed to economic and social risks; points out that the EIB, as part of the Just Transition Mechanism, must ensure an adequate, inclusive and fair transition for all;
Amendment 131 #
Motion for a resolution Paragraph 19 e (new) 19 e. Notes that as the associated risks tend to be higher, sustainable investments normally have higher yields than standard ones and volumes therefore tend to be subdued; considers that the liquidity of sustainable financial products' markets must be deepened and this can only be done by increasing the number of products on the market; highlights that the private sector alone cannot be expected to reach the critical mass and the public sector must be more present in the sustainable financial assets' markets and increase its market share hence allowing for lower risks, lower yields, higher market participation and higher liquidity; calls on the EIB to further help develop the green bonds market, using the forthcoming EU taxonomy framework for sustainable financing;
Amendment 132 #
Motion for a resolution Paragraph 19 d (new) 19 d. Calls on the EIB to commit itself and present a fair, coherent and inclusive plan, in consultation with the Member States and regions and in accordance with their social and geographic circumstances, in order to effectively leverage the necessary private and public resources and promote the transition towards a greener economy; emphasises, to this regard, that special attention must be paid to the protection of the citizens and workers that will be most affected by the transition, inter alia, by providing access to re-skilling programmes and by promoting investments in new economic sectors that will create new and high- quality jobs;
Amendment 133 #
Motion for a resolution Paragraph 20 20. Welcomes the strong financial support of the EIB for SMEs with a total investment, in 2018, of EUR 23.27 billion, which has benefitted 374 000 companies employing 5 million people;
Amendment 134 #
Motion for a resolution Paragraph 20 a (new) 20 a. Underlines that irrespective of the strong involvement of the EIB towards achieving the climate neutrality objectives, the institution remains an investment bank and should maintain its focus on supporting projects that deliver growth and job creation;
Amendment 135 #
Motion for a resolution Paragraph 20 a (new) Amendment 136 #
Motion for a resolution Paragraph 20 b (new) 20 b. Notes that external financing for all firms across the EU accounts for just over one-third of their investment funding;
Amendment 137 #
Motion for a resolution Paragraph 21 21. Considers that, given the strategic role of SMEs, the EIB should continue its financial support and reinforce its administrative and advisory capacities to provide information and technical support to SMEs with a view to facilitating their access to finance; considers that financing directed to innovative enterprises is especially needed;
Amendment 138 #
Motion for a resolution Paragraph 21 21. Considers that, given the strategic role of SMEs, the EIB should reinforce its administrative and advisory capacities to provide information and technical support to SMEs with a view to facilitating their access to finance, particularly in less- developed countries and countries in post- financial assistance phase;
Amendment 139 #
Motion for a resolution Paragraph 21 21. Considers that, given the strategic role of SMEs, the EIB should reinforce its administrative and advisory capacities to provide information and technical support to SMEs with a view to facilitating their access to finance; with a special focus on the less developed regions;
Amendment 14 #
C. whereas EIB maintained profitability in 2018, with a net surplus of EUR 2.3 bn; whereas the EIB Group should maintain its high level of creditworthiness as well as a portfolio of solid and good-
Amendment 140 #
Motion for a resolution Paragraph 22 22. Stresses that, in order to achieve these ambitions, the EIB may need to take further risks, in addition to increasing its own funds and building expertise in
Amendment 141 #
Motion for a resolution Paragraph 22 22. Stresses that, in order to achieve these ambitions, the EIB may need to take further risks, in addition to increasing its own funds and building expertise in innovative financing instruments; calls
Amendment 142 #
Motion for a resolution Paragraph 22 22. Stresses that, in order to achieve these ambitions, the EIB may need to take further risks, in addition to increasing its own funds and building expertise in innovative financing instruments; calls
Amendment 143 #
Motion for a resolution Paragraph 22 a (new) 22a. Notes that SMEs are finding it difficult to access financing as a result of the conditions for granting appropriations becoming more stringent under the Basel III regulations; therefore asks to EIB to step up its efforts, focusing these on SMEs in order to reduce bank anxiety and the shortcomings of the financial markets;
Amendment 144 #
Motion for a resolution Paragraph 22 a (new) 22 a. Suggests that the EIB further green its SME portfolio, for example, by earmarking higher shares to greener projects and by providing support to intermediary banks for setting up products that incentivise energy efficiency or renewable energy investments;
Amendment 145 #
Motion for a resolution Paragraph 22 a (new) 22 a. In this context questions the EIB’s investment appeal towards small businesses and asks whether it is being too restricted by its limitations on funding projects with a significant risk component;
Amendment 146 #
Motion for a resolution Paragraph 22 a (new) 22 a. Calls on the EIB to provide the necessary growth capital to enable SMEs to scale up their operations;
Amendment 147 #
Motion for a resolution Paragraph 22 b (new) 22 b. Suggests that the EIB support SME digitalisation to close the digital divide, which is growing between larger and younger firms and smaller and older firms in Europe;
Amendment 148 #
Motion for a resolution Subheading 4 Amendment 149 #
Motion for a resolution Subheading 4 Amendment 15 #
Motion for a resolution Recital D D. whereas the EIB, being the world’s largest multilateral borrower and lender, and jointly owned by EU Member States, is the EU’s natural partner for the implementation of financial instruments, in close cooperation with national and multilateral financial institutions;
Amendment 150 #
Motion for a resolution Paragraph 22 a (new) 22 a. Welcomes that the EIB is active in more than 130 countries outside the EU, lending to projects to support EU external cooperation and development policies;
Amendment 151 #
Motion for a resolution Paragraph 22 b (new) 22 b. Notes that in 2018 the EIB signed financing contracts for 101 new projects outside the EU with a total of approved financing of EUR 9.05 billion aiming at enabling total investments of EUR 41 billion, with a record lending for climate and social and economic infrastructure;
Amendment 152 #
Motion for a resolution Paragraph 23 23.
Amendment 153 #
Motion for a resolution Paragraph 23 23. Urges the EIB, the largest multilateral lender in the world, to maintain its leading role in future EU financing mechanisms for third countries;
Amendment 154 #
Motion for a resolution Paragraph 23 23. Urges the EIB, the largest multilateral lender in the world, to maintain its leading role in future EU financing mechanisms for third countries;
Amendment 155 #
Motion for a resolution Paragraph 23 23. Urges the EIB, the largest multilateral lender in the world, to maintain its leading role in future EU financing mechanisms for third countries;
Amendment 156 #
Motion for a resolution Paragraph 23 23. Urges the EIB, the largest multilateral lender in the world, to maintain and further enhance its leading role in future EU financing mechanisms for third countries; calls on the EIB to pay special attention to third countries and regions suffering from conflict and extreme poverty in order to reduce the development gap between the EU and those countries and regions, with a special focus on the Southern Mediterranean and Eastern European Neighbourhood countries, while respecting the legislation of the beneficiary countries and increasing the efficiency of the Results Measurement (ReM) Framework; opposes the recent initiatives to encourage the EIB to be more active in defence and security, migration management and border control;
Amendment 157 #
Motion for a resolution Paragraph 23 23. Urges the EIB, the largest multilateral lender in the world, to maintain
Amendment 158 #
Motion for a resolution Paragraph 23 23. Urges the EIB, the largest multilateral lender in the world, to maintain its leading role in future EU financing mechanisms for third countries;
Amendment 159 #
Motion for a resolution Paragraph 23 23. Urges the EIB, the largest multilateral lender in the world, to maintain its leading role in future EU financing mechanisms for third countries;
Amendment 16 #
Motion for a resolution Recital D a (new) D a. whereas the Green Deal is one of the key policies of EU; whereas the European Investment Bank (EIB) plays an important role in financing the shift to a carbon-neutral, sustainable economy;
Amendment 160 #
Motion for a resolution Paragraph 23 a (new) 23 a. Notes that around 10% of EIB lending goes to external countries; notes that most support is allocated in Upper Middle Income Countries with only a few operations financed by the EIB in the Least Developed Countries;
Amendment 161 #
Motion for a resolution Paragraph 23 b (new) 23 b. Notes the recent statements by the EIB President Werner Hoyer on the EIB's focus on development; notes that the EIB has proposed a dedicated development subsidiary, the European Bank for Sustainable Development;
Amendment 162 #
Motion for a resolution Paragraph 23 c (new) Amendment 163 #
Motion for a resolution Paragraph 23 d (new) 23 d. Encourages the EIB to improve its expertise on development projects, particularly projects involving direct loans to the private sector;
Amendment 164 #
Motion for a resolution Paragraph 23 e (new) 23 e. Encourages the EIB to enhance local cooperation, including before and during the implementation of projects, and to improve cooperation with EU delegations;
Amendment 165 #
23 f. Considers that the EIB should enhance monitoring of projects and improve reporting and evaluation of actual results achieved and analysis of actual economic, social and environmental impacts; suggests therefore an increase of numbers of its local staff in partner countries;
Amendment 166 #
Motion for a resolution Paragraph 23 g (new) 23 g. Notes that climate related financing signed in 2014-2018 is above the ELM target of 25%;
Amendment 167 #
Motion for a resolution Paragraph 23 h (new) 23 h. Asks the EIB to make full use of contractual clauses enabling it to suspend disbursements in cases of projects' non- compliance with environmental, social, human rights, tax and transparency standards;
Amendment 168 #
Motion for a resolution Paragraph 24 24. Notes that around 40% of ELM operations go through financial intermediaries and asks the EIB to provide more comprehensive and more regular information on the redistribution of loans by financial intermediaries; asks the EIB to maintain its checks on loans allocated via non-local financial intermediaries; highlights, in relation to NPBIs, the importance of, on the one hand, rethinking their relationships with the EIB, the European Bank for Reconstruction and Development (EBRD) and the development banks, in order to ensure coherence between their respective mandates and, on the other hand, of strengthening their cooperation with the Commission, the EIB and national, regional and local authorities, to create more synergies between the ESI Funds and EIB financing instruments and loans, reduce administrative burdens, simplify procedures, increase administrative capacity, boost territorial development and cohesion and improve the visibility of ESI Funds and EIB financing;
Amendment 169 #
Motion for a resolution Paragraph 25 25. Takes note of the EIB evaluation report of July 2017 on intermediated lending in ACP countries (Africa- Caribbean-Pacific region)5; is concerned about the visible lack of control over the funds managed by financial intermediaries and the difficulty of monitoring the benefits of the loans; stresses, in particular, that between 2015 and 2018 some 30% of intermediated lending was not specifically earmarked6; recommends that the EIB implement a more effective system of controls; _________________ 5 EIB, ‘Evaluation of the EIB Intermediated Lending through the Investment Facility in ACP’, July 2017. 6Report
Amendment 17 #
Motion for a resolution Recital D b (new) D b. whereas the EIB Group is treaty- bound to contribute to EU integration, economic and social cohesion and regional development through various investment instruments such as loans, equities, guarantees, risk-sharing facilities and advisory services;
Amendment 170 #
Motion for a resolution Paragraph 25 a (new) 25 a. Stresses the importance of the EIB’s financing activities in the Eastern and Southern Neighbourhood; asks the EIB to increase its lending mandate towards the Eastern Neighbourhood in order to address both urgent needs and longer term challenges such as rebuilding infrastructure, ensuring adequate housing and emergency response infrastructure as well as combating youth unemployment;
Amendment 171 #
Motion for a resolution Paragraph 26 Amendment 172 #
Motion for a resolution Paragraph 26 26.
Amendment 173 #
Motion for a resolution Paragraph 26 26. Urges the EIB to adopt a comprehensive and coherent human rights strategy, which includes the risk of reprisals against human rights defenders; recommends that this strategy include the systematic and through assessment of human rights risks
Amendment 174 #
Motion for a resolution Paragraph 26 26. Urges the EIB
Amendment 175 #
Motion for a resolution Paragraph 26 26. Urges the EIB to adopt a comprehensive and coherent human rights strategy, which includes the risk of reprisals against human rights defenders; protects whistle-blowers, and respects the due information and consultation of local communities, recommends that this strategy include the systematic assessment of human rights risks, including an ex-ante evaluation, and continuous monitoring on the ground; calls on the EIB to include in its contracts clauses allowing for the suspension of disbursements in the case of serious violations of human rights or environmental and social standards;
Amendment 176 #
Motion for a resolution Paragraph 26 a (new) 26 a. Welcomes the EIB's strong dedication to restrict its financing to projects that respect human rights; strongly supports the EIB's commitments in its Environmental and Social Framework not to tolerate any reprisals, threats, intimidation, harassment, or violence against any human rights defenders, environmental activists or indigenous people advocates voicing their opinion regarding a project financed by the EIB;
Amendment 177 #
Motion for a resolution Paragraph 27 27.
Amendment 178 #
Motion for a resolution Paragraph 27 27.
Amendment 179 #
Motion for a resolution Paragraph 27 27. Recommends that the EIB recruit human rights specialists in local partner countries so that it has a better understanding of local situations and can monitor any abuses;
Amendment 18 #
Motion for a resolution Recital E E. whereas the Commission estimates the annual investment needed to achieve the EU’s 2030 targets at EUR 1 115 billion2
Amendment 180 #
Motion for a resolution Paragraph 27 a (new) Amendment 181 #
Motion for a resolution Paragraph 27 a (new) 27 a. Regrets the fact that in 2018 EIB loans to Turkey, a country that does not respect several of the basic principles of freedom and democracy, reached EUR 385.8 million and notes with concern that more than EUR 28.9 billion has been lent to Turkey since 2000;
Amendment 182 #
Motion for a resolution Paragraph 27 a (new) 27 a. Calls on the EIB to follow best practices and extend the principle of free, prior, and informed consent to all affected communities in case of land and natural resource-based investments, as distinct from only addressing indigenous peoples;
Amendment 184 #
Motion for a resolution Paragraph 28 28. Recalls that the same principles of accountability and transparency should apply to all EU bodies7; insists that the heightened economic role of the EIB Group, the increase in its investment capacity and use of the EU budget to guarantee its operations must go hand in hand with increased transparency and responsibility; _________________ 7As recalled by the European Court of Auditors in 2018.
Amendment 185 #
Motion for a resolution Paragraph 28 28. Recalls that the same principles of accountability and transparency should
Amendment 186 #
Motion for a resolution Paragraph 28 28. Recalls that the same principles of accountability and transparency should apply to all EU bodies7
Amendment 187 #
Motion for a resolution Paragraph 29 29. Welcomes the fact that, as
Amendment 188 #
Motion for a resolution Paragraph 29 29. Welcomes the fact that, as recommended in the latest Parliament reports, public summaries are now to be made of Management Board meetings; stresses the need to publish the content of meetings of all the EIB’s governing bodies systematically, including the annual meeting of the Council of Governors and the meetings of the Management Committee;
Amendment 189 #
Motion for a resolution Paragraph 29 29. Welcomes the fact that, as recommended in the latest Parliament reports, public summaries are now to be made of Management Board meetings;
Amendment 19 #
Motion for a resolution Recital E a (new) E a. whereas the Commission has set its commitment to tackle climate and environmental-related challenges as this generation’s defining task in the European Green Deal aiming at making Europe climate-neutral and protecting EU's natural capital;
Amendment 190 #
Motion for a resolution Paragraph 30 Amendment 191 #
Motion for a resolution Paragraph 30 Amendment 192 #
Motion for a resolution Paragraph 30 30. Asks the EIB to publish all information relating to direct loans subject to the approval of the Management Board, including by publishing for each project the opinion of the Commission and that of the Member State in which the project is located, as well as the Results Measurement (ReM) sheets;
Amendment 193 #
Motion for a resolution Paragraph 30 30. Asks the EIB, whilst respecting applicable EU legislation, to publish
Amendment 194 #
Motion for a resolution Paragraph 30 a (new) 30a. Expresses its dissatisfaction at the excessively burdensome terms imposed by the EIB in loan contracts for borrowers such as Greece, where it is making loan payments for the construction of the New Heraklion Airport in Crete conditional on the redevelopment of the old airport site (85% of which belongs to the Greek Defence Ministry), bypassing the local community and the competent authorities;
Amendment 195 #
Motion for a resolution Paragraph 30 a (new) 30 a. Requests additionally that an outside review of the cost effectiveness of the EIB’s investment efforts during the last ten years be carried out, not least from the perspective of whether and how the EIB’s operations created significant value added that was directly relevant to the European Union’s growth and consolidation policies;
Amendment 196 #
Motion for a resolution Paragraph 30 a (new) 30 a. Underlines the importance of coherence of the EIB activities with the EU Polices, notes however that there are limitations for the Commission to fully exercise its right to veto a project, due to the lack of insufficient information; therefore recommends the EIB to increase its transparency;
Amendment 197 #
Motion for a resolution Paragraph 30 a (new) 30 a. Notes with concern the continued increase in general administrative expenses, primarily driven by the increase in staff-related costs; asks the EIB to maintain cost discipline and to keep its management structure lean and efficient;
Amendment 198 #
Motion for a resolution Paragraph 31 31. Calls on the EIB to propose a broad transparency strategy covering all the activities of the EIB Group and to review its transparency policy in 2020 in order to ensure the timely publication of more ample information on its financing activities, so as to ensure that its transparency policy is compliant with its climate and environmental commitments;
Amendment 199 #
Motion for a resolution Paragraph 31 31. Calls on the EIB to review its transparency policy in 2020 in order to ensure the timely publication of more ample information on all its financing activities, so as to ensure that its transparency policy is compliant with its social, climate and environmental commitments;
Amendment 2 #
Motion for a resolution Citation 9 a (new) - having regard to the EIB report entitled ‘Investment Report 2019/2020: Accelerating Europe's Transformation’, published in 2019,
Amendment 20 #
Motion for a resolution Recital E a (new) Ea. whereas, in its Communication of 14 January 2020, the Commission states that, if the Green Deal is to succeed, there is an annual shortfall of between EUR 260 and 500 billion in investment to be made up;
Amendment 200 #
Motion for a resolution Paragraph 31 a (new) 31 a. Calls on the EIB to further enhance transparency and access to information especially regarding the contracting and subcontracting system, the results of internal investigations and the selection, monitoring and evaluation of its activities and programmes;
Amendment 201 #
Motion for a resolution Paragraph 32 32.
Amendment 202 #
Motion for a resolution Paragraph 32 32. Calls for the EIB to ensure the highest level of integrity of its financial intermediaries, and that their loans be subject to the same transparency requirements as other types of loan; calls on the EIB to cease working with financial intermediaries with a negative track record of transparency, fraud, corruption, organised crime or money laundering and the respect of human rights;
Amendment 203 #
Motion for a resolution Paragraph 33 33. Calls for the regulatory framework governing the EIB’s duty of care obligations to be revised, in particular to
Amendment 204 #
Motion for a resolution Paragraph 33 a (new) 33 a. Calls on the EIB to improve stakeholder engagement and public consultation processes related to projects it finances; requests the EIB to better oversee and monitor the various stages of stakeholder engagement and ensure that project promoters have robust safeguards in place through binding requirements;
Amendment 205 #
Motion for a resolution Paragraph 33 a (new) 33 a. Calls on the EIB to strengthen its anti-fraud and anti-corruption policies and ensure adequate resources to better protect EU financial interests;
Amendment 206 #
33 b. Calls on the EIB to step up its due diligence obligations in line with the EU Anti-Money Laundering legislation, and provide a complete regulatory framework to allow the Bank to effectively prevent involvement in illegal activity and ensure a proper sanctioning regime for failure to comply with EU law;
Amendment 207 #
Motion for a resolution Paragraph 34 34. Expects the EIB to adapt its internal policies to take account of the new legal framework put in place to combat not only tax fraud but also tax evasion; Encourages the EIB to work with the European Anti- Fraud Office (OLAF) and national authorities to prevent fraud and money laundering, and to ensure that the European Public Prosecutor (EPPO) takes a proactive interest in the EIB’s activities; takes the view that EPPO should in the future have a mandate to prosecute criminal activity with regards to EIB funds in the EU Member States, which are members of EPPO; calls for adequate financial resources to be allocated for such a new task;
Amendment 208 #
Motion for a resolution Paragraph 34 34. Expects the EIB to adapt its internal policies to take account of the new legal framework put in place to combat not only tax fraud but also tax evasion; Encourages
Amendment 209 #
Motion for a resolution Paragraph 34 34. Expects the EIB to adapt its internal policies to take account of the new legal framework put in place to combat not only tax fraud but also tax evasion and tax avoidance;
Amendment 21 #
Motion for a resolution Recital E a (new) E a. whereas ensuring additionality of EIB lending is important for the EIB leverage of public investments and support to sectors and regions attracting less investment;
Amendment 210 #
Motion for a resolution Paragraph 35 35. Welcomes the adoption of the revised EIB Group policy towards weakly regulated, non-transparent and non- cooperative jurisdictions8
Amendment 211 #
Motion for a resolution Paragraph 35 35. Welcomes the adoption of the revised EIB Group policy towards weakly regulated, non-transparent and non- cooperative jurisdictions8 ;
Amendment 212 #
Motion for a resolution Paragraph 35 a (new) 35 a. Calls on the EIB to present a list of outstanding EIB transactions, especially those featuring in the list of international tax havens;
Amendment 213 #
Motion for a resolution Paragraph 36 36. Takes note of the review of the EIB complaints mechanism policy and procedures; calls on the EIB to ensure the independence and effectiveness of that mechanism; encourages the implementation of the recommendations made by the European Ombudsman;
Amendment 214 #
Motion for a resolution Paragraph 36 a (new) 36 a. Calls on the EIB to enhance its cooperation with the European Ombudsman;
Amendment 215 #
Motion for a resolution Paragraph 36 b (new) 36 b. Calls on the EIB to enhance gender representation, especially in its senior positions;
Amendment 216 #
Motion for a resolution Paragraph 36 c (new) 36 c. Calls on the EIB to take further steps to reduce bureaucracy and increase its capacity for macroeconomic analysis;
Amendment 217 #
Motion for a resolution Paragraph 37 37. Calls
Amendment 218 #
Motion for a resolution Paragraph 37 37. Calls for the European Court of Auditors to be fully empowered to audit all EIB operations and for it to draw up an annual report with recommendations on the results of its
Amendment 219 #
Amendment 22 #
Motion for a resolution Recital E b (new) Eb. whereas, in order to contribute to financing the Green Deal, the European Investment Bank has announced its intention to halt investment in fossil fuels and to double green lending in order to bring the latter up to 50% of its balance sheet, but whereas this highly praiseworthy initiative will result in only EUR 16 billion in additional loans;
Amendment 220 #
Motion for a resolution Paragraph 39 Amendment 221 #
Motion for a resolution Paragraph 39 39. Calls as a matter of urgency for Parliament’s powers be strengthened as regards the strategic direction and policies of the EIB, in order to ensure democratic scrutiny of investments, including the ability to submit questions for written answer to the EIB as already provided for the ECB;
Amendment 222 #
Motion for a resolution Paragraph 39 a (new) 39a. Asks the President of the EIB to present this Resolution to the Directors and Governors of the EIB and calls for it to be debated in the Management Committee;
Amendment 23 #
Motion for a resolution Recital E b (new) E b. whereas continuous attention should be focused on the development of best practices related to the EIB Group's performance policy and management, governance and transparency;
Amendment 24 #
Motion for a resolution Recital E c (new) Ec. whereas, in order for the EIB- Climate Bank significantly to increase its loans, it needs to have fresh capital, but whereas many Member States do not want to increase their contributions to its capital;
Amendment 25 #
Motion for a resolution Recital E d (new) Ed. whereas the ECB has stated its intention to green its balance sheet and take an active part in the success of the Green Deal;
Amendment 26 #
Motion for a resolution Recital E e (new) Ee. whereas the ECB does not have the right to become a shareholder of the EIB, but whereas there is nothing to stop it making quasi-equity investments in the EIB by means of subrogated loans; whereas over the past four years, the ECB has increased its balance sheet by 2 600 billion and will increase it by a further 240 billion in 2020; whereas, if it provided 100 billion in quasi-equity investments, the ECB would boost the EIB's capital to 50 billion, which would enable the EIB- Climate Bank to pursue a much more ambitious lending policy;
Amendment 27 #
Motion for a resolution Paragraph -1 (new) -1. Notes the worsening world economic climate, where real GDP growth has slowed and global challenges are contributing to uncertainty; notes the weak levels of investment in the EU in the past decade; calls for more public and private investment in the EU at national, regional and local levels;
Amendment 28 #
Motion for a resolution Paragraph -1 a (new) -1 a. Notes the EIB's investment report 2019-2020, which highlights the challenges that the EU is facing in terms of competitiveness, such as, rising inequalities and insufficient levels of investment, especially in climate related R&D and digitalisation, which threaten Europe's economic future; urges the EIB to do its utmost to address these issues in its activities;
Amendment 29 #
Motion for a resolution Paragraph -1 b (new) -1 b. Welcomes the EIB Group's willingness to enhance EU competitiveness and provide support for growth and job creation, through support for innovation, SMEs, infrastructure, social cohesion and the climate and environment;
Amendment 3 #
Motion for a resolution Citation 9 b (new) Amendment 30 #
Motion for a resolution Paragraph -1 c (new) -1 c. Supports the plans for a Sustainable Investment Plan to help close the investment gap and finance the transition to a carbon-neutral economy and ensure a just transition across the EU; underlines that the plan should take account of the experiences of previous programmes (the ‘Juncker Plan’) and place a special emphasis on truly additional investments of European added value; calls for coordinated actions to tackle the investment gap across the EU, including through the EU budget, financing from the EIB and other financial institutions and EU programmes, for example through InvestEU;
Amendment 31 #
Motion for a resolution Paragraph -1 d (new) -1 d. Considers that the EIB as the 'EU bank' incorporated and governed by the Treaties and the relevant Protocol annexed thereto, must live up to this unique status, which brings with it unique rights and responsibilities; notes that the role of the EIB in implementing EU policies is increasing with new responsibilities foreseen in the next MFF 2021-2027, for example in financing the Green Deal through involvement in InvestEU and the Just Transition Mechanism; underlines that increased responsibilities should mean increased accountability and external scrutiny, such as expanding the mandate of the Court of Auditors in assessing EIB activities, working closely with OLAF and EPPO, and increasing dialogue with the European Parliament;
Amendment 32 #
Motion for a resolution Paragraph -1 e (new) -1 e. Calls on the EIB to prioritise support through its lending activities to the achievement of the UN Sustainable Development Goals;
Amendment 33 #
Motion for a resolution Paragraph 1 1. Notes that in 2018 the EIB invested EUR 64 billion in 854 projects; notes that the EIB adheres to the prudential principle with only 0.3% non-performing loans;
Amendment 34 #
Motion for a resolution Paragraph 2 2. Reiterates the need to
Amendment 35 #
Motion for a resolution Paragraph 2 2. Reiterates the need to reduce the
Amendment 36 #
Motion for a resolution Paragraph 2 2.
Amendment 37 #
Motion for a resolution Paragraph 2 2. Reiterates the need to reduce the inequalities in the geographical distribution of EIB financing, given that 57% went to six Member States in 2018; calls for the facilitating of a fair and transparent geographical distribution of projects and investment, with a special focus on less- developed regions;
Amendment 38 #
Motion for a resolution Paragraph 2 a (new) 2 a. Urges the EIB to address inequalities and disparities between Member States and regions by supporting direct public investments and the development plans of public authorities, particularly in less-developed countries and countries in post financial assistance phase, as well as by advising on the development of new private and public projects, especially in innovation, digitalisation and infrastructure, with the view to promote inclusive growth and economic, social and territorial convergence and cohesion;
Amendment 39 #
Motion for a resolution Paragraph 2 a (new) 2 a. Calls on the EIB to continue to strengthen its efforts to expand its loan activities by providing technical assistance and advisory support, especially in regions with low investment capacity, in order to address regional discrepancies;
Amendment 4 #
Motion for a resolution Citation 11 a (new) - having regard to the recommendation of the European Ombudsman in case 146/2017/DR on how the European Investment Bank handled a complaint about breaches of environmental, health and safety requirements in a project it financed,
Amendment 40 #
Motion for a resolution Paragraph 2 b (new) 2 b. Calls on the EIB to adopt a key role in sustainable finance both in and outside Europe and to prioritise through its lending activities the implementation of the 17 Sustainable Development Goals (SDGs) of the UN 2030 Agenda for Sustainable Development by further unlocking investment in social, green and sustainable projects; underlines that the SDGs call for action to promote prosperity and build fair and inclusive economic growth while protecting the planet, ending poverty and addressing a range of fundamental social needs such as education, health, childcare, social protection and job opportunities;
Amendment 41 #
Motion for a resolution Paragraph 3 3. Calls on the EIB to greatly strengthen the arrangements for providing technical assistance
Amendment 42 #
Motion for a resolution Paragraph 3 3. Calls on the EIB to greatly strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval, in order to improve accessibility and involve all Member States; is of the opinion that the next MFF provisions should include the necessary allocations for such advisory services at least at the level foreseen in the European Commission´s proposal from May 2018;
Amendment 43 #
Motion for a resolution Paragraph 3 3. Calls
Amendment 44 #
Motion for a resolution Paragraph 3 3. Calls on the EIB to greatly strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval, in order to improve accessibility and involve all Member States; in this regard also calls for the increase of provisioning under the MFF to be dedicated to advisory services such as the Advisory Hub, Jaspers, Elena and Fi-compass;
Amendment 45 #
Motion for a resolution Paragraph 3 3. Calls for the increase of provisioning under the Multiannual Financial Framework to be dedicated to advisory services and on the EIB to greatly strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval, in order to improve accessibility and involve all Member States;
Amendment 46 #
Motion for a resolution Paragraph 3 a (new) 3a. Welcomes the EIB's timely efforts to support the projects it is financing in their implementation stage (by providing experts and support instruments and by producing preparatory studies); asks the EIB and the Commission to work together to draw up proposals for more systematic involvement of the EIB's teams in project implementation in countries which request this, particularly in areas requiring advanced expertise or which are of strategic importance to the Union, such as the fight against climate change;
Amendment 47 #
Motion for a resolution Paragraph 3 a (new) Amendment 48 #
Motion for a resolution Paragraph 3 a (new) 3 a. Calls on the EIB to emphasise on the consultations with all interested stakeholders affected by its projects, in particular local communities, civil society and population;
Amendment 49 #
Motion for a resolution Paragraph 3 a (new) 3 a. Welcomes that the EIB in 2009- 2018 supported cohesion objectives within the EU for more than EUR 200 billion;
Amendment 5 #
Motion for a resolution Citation 14 a (new) - having regard to the Commission communication on the Sustainable Investment Plan, European Green Deal Investment Plan,
Amendment 50 #
Motion for a resolution Paragraph 3 b (new) 3 b. Considers that innovation and skills are fundamental elements for ensuring sustainable growth and creating high-quality jobs and driving long-term competitiveness. Welcomes that in 2018, the EIB supported innovation and skills with EUR 13.5 billion; expects continuing support by the EIB in innovation and skills;
Amendment 51 #
Motion for a resolution Paragraph 3 b (new) 3 b. Urges the EIB to further enhance its commitment to tackle unemployment, in particular youth unemployment, by supporting direct pubic investment and providing the unemployed with skills, training and access to finance, aiming at high-quality employment;
Amendment 52 #
Motion for a resolution Paragraph 3 c (new) 3 c. Welcomes the EIB Group's Strategy on Gender Equality and the Gender Action Plan and looks forward to the Action Plan's second phase of implementation;
Amendment 53 #
Motion for a resolution Paragraph 3 d (new) 3 d. Considers that Europe needs to accelerate the adoption of digital technologies and investment in digital infrastructure and skills to stay competitive; calls on the EIB to address the technological transition with enhanced support for digitalisation;
Amendment 54 #
Motion for a resolution Paragraph 4 4. Regards the 10 standards laid down in the EIB’s social and environmental manual as of paramount importance and as a precondition for participation in its lending operations, including in the areas of pollution prevention and abatement, biodiversity and ecosystems, climate- related standards, cultural heritage, involuntary resettlement, rights and interests of vulnerable groups, labour standards, occupational and public health, safety and security and stakeholder engagement;
Amendment 55 #
Motion for a resolution Paragraph 4 a (new) 4 a. Regards that social projects' evaluation criteria should take into account the principles of the European Pillar of Social Rights; underlines, in this context, the importance of carrying out ex-ante and ex-post evaluations on the sustainability, competitiveness and economic, social and environmental impacts of projects;
Amendment 56 #
Motion for a resolution Paragraph 4 a (new) 4a. Points out that the EIB is not a European institution but a public bank in the service of the Member States; stresses that as a result, no European institution, either the Commission or Parliament, may interfere in its management;
Amendment 57 #
Motion for a resolution Paragraph 4 a (new) 4 a. Calls for the exclusion of the EIB programmes from public debt;
Amendment 58 #
Motion for a resolution Paragraph 4 b (new) 4 b. Welcomes the steps the EIB has taken so far; calls on the EIB to improve reporting and evaluation of actual results achieved and analysis of actual economic, social and environmental impacts of its investments;
Amendment 59 #
Motion for a resolution Paragraph 4 c (new) 4 c. Recalls that EIB funding should provide additionality to projects that would otherwise not be financed and support projects in line with EU goals in areas where markets fail to invest, to provide long-term financing as well as to encourage investments especially in regions and sectors where it is most needed;
Amendment 6 #
Motion for a resolution Citation 14 a (new) - having regard to the Commission communication of 11 December 2019 on ‘The European Green Deal’ (COM(2019)0640),
Amendment 60 #
Motion for a resolution Paragraph 4 d (new) 4 d. Calls on the EIB to follow up on the conclusions of the Court of Auditors special report 03/2019, which assessed whether EFSI was effective in raising finance to support additional investments within the whole EU; notes that the report concluded that some EFSI operations simply replaced other EIB operations and that part of the finance went to projects that could have used other sources of public or private finance, and in some cases, overstated the extent to which EFSI support actually induced additional investments;
Amendment 61 #
Motion for a resolution Paragraph 4 e (new) 4 e. Considers that further external evaluation of the additional nature of the EIB lending policy is needed, and that the results of the evaluation should be made available to the public;
Amendment 62 #
Motion for a resolution Paragraph 4 f (new) 4 f. Is of the opinion that following the publication of results of the external evaluation, it should be considered whether there is a need for a general increase of the EIB's capitalisation to allow for more long-term loans and innovative instruments in the financing of projects, with substantial potential for sustainability, social and innovation gains, including projects creating sustainable growth and reducing inequalities;
Amendment 63 #
Motion for a resolution Paragraph 4 g (new) 4 g. Calls for the EIB to ensure good coordination, coherence and consistency between EU policies, funding instruments and investments, with a view to avoiding overlaps and enhancing synergies of their funding;
Amendment 65 #
Motion for a resolution Paragraph 5 5. Welcomes the decisions taken on 14 November 2019 by the EIB’s Management Board to align the EIB’s policies with the goal of limiting global warming to a maximum of 1.5°C above pre-industrial levels; recalls that the transformation of the EIB into a Climate Bank can only be achieved if the EIB aligns all its operations with the objectives of the Paris Agreement;
Amendment 66 #
Motion for a resolution Paragraph 5 5. Welcomes the decisions taken on 14 November 2019 by the EIB’s Management Board to align the EIB’s policies with the goal of limiting global warming to a maximum of 1.5°C above pre-industrial levels; welcomes the new energy lending policy and the new strategy for climate action and environmental sustainability adopted as a positive contribution towards the achievement of the European Green Deal; welcomes the fact that the EIB is to be transformed into the EU’s new Climate Bank with 50 % of its operations to be dedicated to climate action and environmental sustainability by 2025, with an end to its support for fossil fuel projects by 2021, and with all its financing activities aligned with the principles and goals of the Paris Agreement by 2020;
Amendment 67 #
Motion for a resolution Paragraph 5 a (new) 5a. Welcomes the fact that the EIB is the world's largest issuer of green bonds and welcomes the first issue of climate awareness bonds to the value of EUR 500 million, which will be dedicated to projects aimed at supporting sustainable development objectives; calls on the EIB to continue to issue these bonds;
Amendment 68 #
Motion for a resolution Paragraph 6 6. Calls for the European Investment Fund (EIF) to be fully integrated into all EIB climate measures; calls on the EIF to give greater priority to innovation needs for the transition to a climate-neutral Europe; calls for the EIF to ensure that in all its investment it is actively engaging with investee companies on enhancing their climate-related disclosures, reducing their emissions, and steering investment towards cost- effective alternatives, (e.g. energy efficiency, or climate-proofing for resilience);
Amendment 69 #
Motion for a resolution Paragraph 6 6. Calls for the European Investment Fund (EIF) to be fully integrated into all EIB climate measures; calls on the EIF to give greater priority to innovation needs for the transition to a climate-neutral Europe; further requests the EIB to clarify whether it has the required expertise in the area of green investment;
Amendment 7 #
Motion for a resolution Citation 14 a (new) - having regard to the Commission’s proposal for the European Green Deal, published on 11 December 2019,
Amendment 70 #
Motion for a resolution Paragraph 7 – point 1 (new) 1. Plans to work with the Commission to foster joint reflection by investigating the possibility of the ECB boosting the EIB's quasi-equity investments (or a subsidiary of the EIB dedicated specifically to the climate) to enable the EIB-Climate Bank to make a much bigger contribution to meeting the need for investment, which is estimated at between 260 and 500 billion;
Amendment 71 #
Motion for a resolution Paragraph 7 a (new) 7 a. Encourages the EIB to prioritise projects aiming at supporting a just transition in the Member States; takes the view that due to the different level of preparedness of the Member States in terms of achieving EU climate goals, the EIB should focus its support to the Member States which will be most affected by this transition;
Amendment 72 #
Motion for a resolution Paragraph 7 b (new) 7 b. Underlines the crucial role of the EIB in meeting the objectives set out in the Sustainable Europe Investment Plan; is of the opinion that the EIB should focus its lending on bridging the gaps between Member States as regards the achievement of the climate objectives;
Amendment 73 #
Motion for a resolution Paragraph 8 8.
Amendment 74 #
Motion for a resolution Paragraph 8 8. Calls for
Amendment 75 #
Motion for a resolution Paragraph 8 8. Calls for a detailed roadmap to be
Amendment 76 #
Motion for a resolution Paragraph 8 8. Calls for a detailed roadmap to be drawn up in 2020 to reach the overall target of 50% climate lending by 2025, as well as guarantees regarding the climate neutrality of the remaining loans, following an open and transparent public consultation process; stresses that green investments must be viable;
Amendment 77 #
Motion for a resolution Paragraph 9 9. Calls for a consist
Amendment 78 #
Motion for a resolution Paragraph 9 9. Calls for
Amendment 79 #
Motion for a resolution Paragraph 9 9. Calls for a strengthening of the eligibility criteria for climate action in
Amendment 8 #
Motion for a resolution Citation 14 b (new) - having regard to the Commission communication The European Green Deal,
Amendment 80 #
Motion for a resolution Paragraph 9 a (new) 9 a. Underlines the important role of the EIB in the achievement of the objectives set by the European Green Deal and the crucial implication of EIB in financing the just transition for the most vulnerable regions towards a neutral economy; therefore calls for an appropriate technical assistance provided for the regions dependent on coal;
Amendment 81 #
Motion for a resolution Paragraph 10 Amendment 82 #
Motion for a resolution Paragraph 10 Amendment 83 #
Motion for a resolution Paragraph 10 Amendment 84 #
Motion for a resolution Paragraph 10 10. Is alarmed that of the 20 largest
Amendment 85 #
Motion for a resolution Paragraph 11 11. Welcomes the new EIB carbon footprint evaluation methodology and calls for its systematic implementation, with a particular focus on marginal demand emissions and indirect emissions (‘type 3’)
Amendment 86 #
Motion for a resolution Paragraph 11 11. Welcomes the new EIB carbon footprint evaluation methodology and calls for its systematic implementation
Amendment 87 #
Motion for a resolution Paragraph 11 11. Welcomes the new EIB carbon footprint evaluation methodology and calls for
Amendment 88 #
Motion for a resolution Paragraph 12 Amendment 89 #
Motion for a resolution Paragraph 12 12. Is of the opinion that the EIB should
Amendment 9 #
Motion for a resolution Citation 14 c (new) - having regard to the Commission proposal for a Regulation establishing the Just Transition Fund,
Amendment 90 #
Motion for a resolution Paragraph 12 12. Is of the opinion that the EIB should
Amendment 91 #
Motion for a resolution Paragraph 12 12. Is of the opinion that the EIB should require its intermediary clients to disclose their exposure to fossil fuels, and should gradually apply restrictions to heavily exposed intermediaries; expects that, by the end of 202
Amendment 92 #
Motion for a resolution Paragraph 12 12. Is of the opinion that the EIB should require its intermediary clients to disclose their exposure to fossil fuels, and should apply restrictions to heavily exposed intermediaries; expects that
Amendment 93 #
Motion for a resolution Paragraph 12 a (new) 12 a. Believes that, in order to ensure that the European Green Deal is sufficiently financed to meet the ambitions of European citizens, the EIB should initiate a programme of green bond issuance and that these bonds should be purchased by the European Central Bank;
Amendment 94 #
Motion for a resolution Paragraph 13 13. Is of the opinion that, in line with best practices in the commercial banking sector3 , EIB financing should be subject to ambitious scientific objectives and commitments
Amendment 95 #
Motion for a resolution Paragraph 13 13. Is of the opinion that, in line with best practices in the commercial banking sector3 , EIB financing should be subject to a
Amendment 96 #
Motion for a resolution Paragraph 13 13.
Amendment 97 #
Motion for a resolution Paragraph 13 13.
Amendment 98 #
Motion for a resolution Paragraph 13 13. Is
Amendment 99 #
Motion for a resolution Paragraph 13 a (new) 13 a. Calls on the EIB to include clauses in financing documentation requiring the beneficiary of the EIB loans to undertake to fully deliver any decarbonisation objective that may have been included in its loan application and that such clauses should provide that disbursements shall be conditional to the satisfactory performance of these undertakings and that in the case where disbursements are to be made prior to the delivery of the decarbonisation objectives including an efficient ex-post indemnity regime;
source: 646.936
|
History
(these mark the time of scraping, not the official date of the change)
2021-12-18Show (15) Changes | Timetravel
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2020-07-15Show (5) Changes | Timetravel
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2020-05-07Show (1) Changes | Timetravel
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2020-03-26Show (2) Changes | Timetravel
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