BETA


2019/2126(INI) Financial activities of the European Investment Bank - annual report 2019

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead BUDG CORMAND David (icon: Verts/ALE Verts/ALE) WINZIG Angelika (icon: EPP EPP), HEINÄLUOMA Eero (icon: S&D S&D), HOJSÍK Martin (icon: Renew Renew), KUHS Joachim (icon: ID ID), VAN OVERTVELDT Johan (icon: ECR ECR), PAPADIMOULIS Dimitrios (icon: GUE/NGL GUE/NGL)
Committee Opinion ECON EICKHOUT Bas (icon: Verts/ALE Verts/ALE) Joachim SCHUSTER (icon: S&D S&D), Manon AUBRY (icon: GUE/NGL GUE/NGL), Dragoş PÎSLARU (icon: RE RE), Frances FITZGERALD (icon: PPE PPE), Jessica STEGRUD (icon: ECR ECR)
Lead committee dossier:
Legal Basis:
RoP 54

Events

2020/07/10
   EP - Text adopted by Parliament, single reading
Documents
2020/07/10
   EP - Decision by Parliament, 1st reading/single reading
Documents
2020/03/10
   EP - Committee report tabled for plenary, single reading
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, 1st reading/single reading
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, 1st reading/single reading
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

Votes

A9-0081/2020 - David Cormand - Am 4

2020/07/08 Outcome: -: 560, +: 106, 0: 27
IT EE CY MT LU HR LV SI FI SK LT AT IE DK EL SE BE CZ BG HU NL PT PL RO FR ES DE
Total
75
7
6
6
6
11
8
8
14
14
11
19
13
14
18
21
21
21
17
20
29
21
51
32
79
58
93
icon: ID ID
76

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1

Finland ID

2
3

Denmark ID

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1

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2

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icon: NI NI
26

Croatia NI

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2

Slovakia NI

2

Greece NI

1

Hungary NI

1

Netherlands NI

1

Germany NI

2
icon: ECR ECR
62

Croatia ECR

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1

Latvia ECR

2

Slovakia ECR

2

Lithuania ECR

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1

Greece ECR

1

Bulgaria ECR

2

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4

Romania ECR

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1

Germany ECR

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1
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39

Cyprus GUE/NGL

2

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1

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1

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1

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4
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65

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3

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2

Austria Verts/ALE

3

Ireland Verts/ALE

2

Denmark Verts/ALE

2

Sweden Verts/ALE

3

Belgium Verts/ALE

3

Czechia Verts/ALE

3

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3

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1

Spain Verts/ALE

2
icon: Renew Renew
98

Italy Renew

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1

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2

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3

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1

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2

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3

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2
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144

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3
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Against (1)

1

A9-0081/2020 - David Cormand - Am 15

2020/07/08 Outcome: +: 559, -: 76, 0: 60
DE PL ES FR RO HU PT NL EL SE AT DK BG IE IT SK BE FI LT HR SI CZ CY MT LU LV EE
Total
93
51
58
79
32
20
21
29
20
21
19
14
17
13
75
14
21
14
11
11
8
21
6
6
6
8
7
icon: PPE PPE
183

Denmark PPE

For (1)

1
2

Malta PPE

2

Luxembourg PPE

2

Latvia PPE

2

Estonia PPE

For (1)

1
icon: S&D S&D
144

Greece S&D

2

Lithuania S&D

2

Slovenia S&D

2

Cyprus S&D

2

Luxembourg S&D

For (1)

1

Latvia S&D

2

Estonia S&D

2
icon: Renew Renew
98

Hungary Renew

2

Austria Renew

For (1)

1

Ireland Renew

2

Italy Renew

For (1)

1

Slovakia Renew

2

Finland Renew

3

Lithuania Renew

2

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1

Slovenia Renew

2

Luxembourg Renew

2

Latvia Renew

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1

Estonia Renew

3
icon: Verts/ALE Verts/ALE
65

Spain Verts/ALE

2

Portugal Verts/ALE

1

Netherlands Verts/ALE

3

Sweden Verts/ALE

3

Austria Verts/ALE

3

Denmark Verts/ALE

2

Ireland Verts/ALE

2

Belgium Verts/ALE

3

Finland Verts/ALE

3

Lithuania Verts/ALE

2

Czechia Verts/ALE

3

Luxembourg Verts/ALE

For (1)

1

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1
icon: GUE/NGL GUE/NGL
39

Portugal GUE/NGL

4

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1

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1

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1

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4

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1

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2
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28

Germany NI

2

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1

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1

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2

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2
icon: ECR ECR
62

Germany ECR

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1

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1

Netherlands ECR

4

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1
3

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2

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2

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1

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1

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2
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76

Netherlands ID

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1

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3

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Finland ID

2

Czechia ID

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2

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1

A9-0081/2020 - David Cormand - Am 5

2020/07/08 Outcome: -: 535, +: 153, 0: 5
IT MT PL EE FR CY LU FI LV SI HR SK PT IE LT DK AT EL BE BG CZ HU NL SE RO ES DE
Total
75
6
51
7
79
6
6
14
8
8
11
14
21
13
11
14
19
18
21
17
21
20
29
21
32
58
93
icon: ID ID
76

Estonia ID

For (1)

1

Finland ID

2

Denmark ID

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1
3

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2

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1
icon: NI NI
26

Croatia NI

2

Slovakia NI

2

Greece NI

1

Hungary NI

1

Netherlands NI

1

Germany NI

2
icon: ECR ECR
62

Latvia ECR

2

Croatia ECR

Against (1)

1

Slovakia ECR

2

Lithuania ECR

Against (1)

1

Greece ECR

1

Bulgaria ECR

2

Netherlands ECR

Against (1)

4
3

Romania ECR

1

Germany ECR

Against (1)

1
icon: GUE/NGL GUE/NGL
39

Cyprus GUE/NGL

2

Finland GUE/NGL

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1

Portugal GUE/NGL

4

Ireland GUE/NGL

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4

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1

Belgium GUE/NGL

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1

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1

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1

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1
icon: Verts/ALE Verts/ALE
65

Luxembourg Verts/ALE

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1

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3

Latvia Verts/ALE

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1

Portugal Verts/ALE

Against (1)

1

Ireland Verts/ALE

2

Lithuania Verts/ALE

2

Denmark Verts/ALE

2

Austria Verts/ALE

3

Belgium Verts/ALE

3

Czechia Verts/ALE

3

Netherlands Verts/ALE

3

Sweden Verts/ALE

3

Spain Verts/ALE

2
icon: Renew Renew
98

Italy Renew

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1

Estonia Renew

3

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2

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3

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1

Slovenia Renew

2

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1

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2

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2

Lithuania Renew

2

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1

Bulgaria Renew

3

Hungary Renew

2

Sweden Renew

3
icon: S&D S&D
144

Estonia S&D

2

Cyprus S&D

2

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1

Finland S&D

2

Latvia S&D

2

Slovenia S&D

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2

Slovakia S&D

3

Lithuania S&D

2

Greece S&D

2

Belgium S&D

3
icon: PPE PPE
183

Malta PPE

2

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1

Cyprus PPE

2

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2

Latvia PPE

2

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4

Croatia PPE

3

Denmark PPE

Against (1)

1

A9-0081/2020 - David Cormand - Am 6

2020/07/08 Outcome: -: 543, +: 147, 0: 3
IT PL EE DK CY MT LU CZ FI HR LV SI SK IE LT AT EL BE BG HU FR NL SE PT RO ES DE
Total
75
51
7
14
6
6
6
21
14
11
8
8
14
13
11
19
18
21
17
20
79
29
21
21
32
58
93
icon: ID ID
76

Estonia ID

For (1)

1

Denmark ID

For (1)

1

Czechia ID

For (1)

Abstain (1)

2

Finland ID

2
3

Netherlands ID

Against (1)

1
icon: ECR ECR
62

Croatia ECR

Against (1)

1

Latvia ECR

2

Slovakia ECR

2

Lithuania ECR

Against (1)

1

Greece ECR

1

Bulgaria ECR

2

Netherlands ECR

Against (1)

4
3

Romania ECR

Abstain (1)

1

Germany ECR

Against (1)

1
icon: NI NI
26

Croatia NI

Abstain (1)

2

Slovakia NI

2

Greece NI

1

Hungary NI

1

Netherlands NI

1

Germany NI

2
icon: GUE/NGL GUE/NGL
39

Denmark GUE/NGL

Against (1)

1

Cyprus GUE/NGL

2

Czechia GUE/NGL

1

Finland GUE/NGL

For (1)

1

Ireland GUE/NGL

For (1)

4

Belgium GUE/NGL

Against (1)

1

Netherlands GUE/NGL

Against (1)

1

Sweden GUE/NGL

Against (1)

1

Portugal GUE/NGL

4
icon: Verts/ALE Verts/ALE
65

Denmark Verts/ALE

2

Luxembourg Verts/ALE

Against (1)

1

Czechia Verts/ALE

3

Finland Verts/ALE

3

Latvia Verts/ALE

Against (1)

1

Ireland Verts/ALE

2

Lithuania Verts/ALE

2

Austria Verts/ALE

3

Belgium Verts/ALE

3

Netherlands Verts/ALE

3

Sweden Verts/ALE

3

Portugal Verts/ALE

Against (1)

1

Spain Verts/ALE

2
icon: Renew Renew
98

Italy Renew

Against (1)

1

Estonia Renew

3

Luxembourg Renew

2

Finland Renew

3

Croatia Renew

Against (1)

1

Latvia Renew

Against (1)

1

Slovenia Renew

2

Slovakia Renew

2

Ireland Renew

2

Lithuania Renew

2

Austria Renew

Against (1)

1

Bulgaria Renew

3

Hungary Renew

2

Sweden Renew

3
icon: S&D S&D
144

Estonia S&D

2

Cyprus S&D

2

Luxembourg S&D

Against (1)

1

Finland S&D

2

Latvia S&D

2

Slovenia S&D

Against (2)

2

Slovakia S&D

3

Lithuania S&D

2

Greece S&D

2

Belgium S&D

3
icon: PPE PPE
183

Estonia PPE

Against (1)

1

Denmark PPE

Against (1)

1

Cyprus PPE

2

Malta PPE

2

Luxembourg PPE

2

Croatia PPE

3

Latvia PPE

2

Slovenia PPE

4

A9-0081/2020 - David Cormand - § 32/1

2020/07/08 Outcome: +: 625, -: 65, 0: 5
FR DE PL ES RO NL PT HU IT BG EL CZ BE SE DK SK IE AT LT HR FI LV SI CY MT LU EE
Total
79
93
51
58
32
29
21
20
75
17
20
21
21
21
14
14
13
19
11
11
14
8
8
6
6
6
7
icon: PPE PPE
183

Denmark PPE

For (1)

1

Latvia PPE

2
2

Malta PPE

2

Luxembourg PPE

2

Estonia PPE

For (1)

1
icon: S&D S&D
144

Greece S&D

2

Lithuania S&D

2

Latvia S&D

2

Slovenia S&D

2

Cyprus S&D

2

Luxembourg S&D

For (1)

1

Estonia S&D

2
icon: Renew Renew
98

Hungary Renew

2

Italy Renew

For (1)

1

Slovakia Renew

2

Ireland Renew

2

Austria Renew

For (1)

1

Lithuania Renew

2

Croatia Renew

For (1)

1

Finland Renew

3

Latvia Renew

For (1)

1

Slovenia Renew

2

Luxembourg Renew

2

Estonia Renew

3
icon: Verts/ALE Verts/ALE
65

Spain Verts/ALE

2

Netherlands Verts/ALE

3

Portugal Verts/ALE

1

Czechia Verts/ALE

3

Belgium Verts/ALE

3

Sweden Verts/ALE

3

Denmark Verts/ALE

2

Ireland Verts/ALE

2

Austria Verts/ALE

3

Lithuania Verts/ALE

2

Finland Verts/ALE

3

Latvia Verts/ALE

1

Luxembourg Verts/ALE

For (1)

1
icon: ECR ECR
62

Germany ECR

For (1)

1

Romania ECR

Against (1)

1

Netherlands ECR

4

Bulgaria ECR

2

Greece ECR

1
3

Lithuania ECR

1

Croatia ECR

For (1)

1

Latvia ECR

2
icon: GUE/NGL GUE/NGL
39

Netherlands GUE/NGL

For (1)

1

Czechia GUE/NGL

Abstain (1)

1

Belgium GUE/NGL

For (1)

1

Sweden GUE/NGL

For (1)

1

Denmark GUE/NGL

1

Finland GUE/NGL

For (1)

1

Cyprus GUE/NGL

2
icon: NI NI
28

Germany NI

2

Netherlands NI

1

Hungary NI

1

Slovakia NI

Abstain (1)

2

Croatia NI

Abstain (1)

2
icon: ID ID
76

Netherlands ID

Against (1)

1

Czechia ID

Against (2)

2

Denmark ID

For (1)

1

Austria ID

3

Finland ID

2

Estonia ID

Against (1)

1

A9-0081/2020 - David Cormand - § 32/2

2020/07/08 Outcome: +: 392, -: 299, 0: 3
FR ES DK PT FI LU BE NL DE SE IE LT EE CY HR RO MT SI LV SK BG AT EL CZ HU IT PL
Total
79
58
14
21
14
6
21
29
92
21
13
11
7
6
11
32
6
8
8
14
17
19
20
21
20
75
51
icon: S&D S&D
144

Luxembourg S&D

For (1)

1

Lithuania S&D

2

Estonia S&D

2

Cyprus S&D

2

Slovenia S&D

2

Latvia S&D

2

Greece S&D

2
icon: Renew Renew
98

Finland Renew

3

Luxembourg Renew

2

Ireland Renew

2

Lithuania Renew

2

Estonia Renew

3

Croatia Renew

For (1)

1

Slovenia Renew

2

Latvia Renew

For (1)

1

Slovakia Renew

2

Austria Renew

For (1)

1

Hungary Renew

2

Italy Renew

For (1)

1
icon: Verts/ALE Verts/ALE
64

Spain Verts/ALE

2

Denmark Verts/ALE

2

Portugal Verts/ALE

1

Finland Verts/ALE

3

Luxembourg Verts/ALE

For (1)

1

Belgium Verts/ALE

3

Netherlands Verts/ALE

3

Sweden Verts/ALE

3

Ireland Verts/ALE

2

Lithuania Verts/ALE

2

Latvia Verts/ALE

1

Austria Verts/ALE

3

Czechia Verts/ALE

3
icon: GUE/NGL GUE/NGL
39

Denmark GUE/NGL

1

Finland GUE/NGL

For (1)

1

Belgium GUE/NGL

For (1)

1

Netherlands GUE/NGL

For (1)

1

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1

Cyprus GUE/NGL

2

Czechia GUE/NGL

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1
icon: NI NI
28

Netherlands NI

Against (1)

1

Germany NI

2

Croatia NI

Abstain (1)

2

Slovakia NI

Against (1)

Abstain (1)

2

Hungary NI

1
icon: ID ID
76

Denmark ID

Abstain (1)

1

Finland ID

2

Netherlands ID

Against (1)

1

Estonia ID

Against (1)

1

Austria ID

3

Czechia ID

Against (2)

2