2020/0108(COD) | [ParlTrack]

Proposal for a regulation
Recital 59

(59) In the context of the InvestEU Fund, there is a need to provide support for project development and capacity building to develop the organisational capacities and market development activities needed to originate quality projects. Such support should also target financial intermediaries that are key to help small and medium companies’ access financing and realise their full potential. Moreover, the aim of the advisory support is to create the conditions for the expansion of the potential number of eligible recipients in nascent market segments, in particular where the small size of individual projects considerably raises the transaction cost at the project level, such as for the social finance ecosystem, including philanthropic organisations, or for the cultural and creative sectors. The capacity-building support should be complementary and in addition to actions taken under other Union programmes that cover specific policy areas. An effort should also be made to support the capacity building of potential project promoters, in particular local organisations and authorities.

Amendment 109 #

Proposal for a regulation
Recital 59

(59) In the context of the InvestEU Fund, there is a need to provide support for project development and capacity building to develop the organisational capacities and market development activities needed to originate quality projects. Such support should also target financial intermediaries that are key to help small companies’ access financing and realise their full potential. Moreover, the aim of the advisory support is to create the conditions for the expansion of the potential number of eligible recipients in nascent market segments, in particular where the small size of individual projects considerably raises the transaction cost at the project level, such as for the social finance ecosystem, ~~including philanthropic organisations,~~ or for the cultural and creative sectors. The capacity-building support should be complementary and in addition to actions taken under other Union programmes that cover specific policy areas. An effort should also be made to support the capacity building of potential project promoters, in particular local organisations and authorities.

Amendment 110 #

Proposal for a regulation
Recital 59 a (new)

(59a) Moreover, any attempt to mobilise national public funding to project initiation is considered as instrumental and a positive incentive for the further aggregation of capital - especially in infrastructure and cross border projects. To incentivise further contributions from Member States in infrastructure and cross-border projects, it could be strategically important to allow the exclusion of the amounts invested by the Member States to InvestEU projects, from their reporting in the Stability and Growth Pact calculations - in a spirit similar to the fiscal adjustments already made since the outbreak of the pandemic.

Amendment 111 #

Proposal for a regulation
Recital 61

(61) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under the InvestEU should be carried out to address the unprecedented impact of the Covid-19 crisis and provide European citizen with long-term environmental and societal benefits such as high quality long-term jobs and public infrastructure, including through supporting companies' sustainable and digital transitions. Such additional resources should be used in such a way as to ensure compliance with the time limits provided for in Regulation [EURI].

Amendment 112 #

(61) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under the InvestEU should be carried out to address the unprecedented impact of the Covid-19 crisis and in line with the objectives of the strategic European Investment Window, support long-term growth, quality jobs and global competitiveness. Such additional resources should be used in such a way as to ensure compliance with the time limits provided for in Regulation [EURI].

Amendment 113 #

Proposal for a regulation
Article 2 – paragraph 1 – point 15

(15) ‘Important Project of Common European Interest’ means a project that fulfils all the criteria laid down in Commission Communication on Criteria for the analysis of the compatibility with the internal market of State aid to promote the execution of important projects of common European interest (OJ C 188, 20.6.2014, p. 4) or any subsequent revision; , in compliance with the Union’s climate and environmental goals, with specific consideration of the Regulation (EU) 2020/8521a and increased transparency in their implementation; _________________ 1a Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 114 #

Proposal for a regulation
Article 2 – paragraph 1 – point 15 a (new)

(15a) The ‘do no significant harm’ principle means refraining from inflicting ‘significant harm to environmental objectives’ as defined in Article 17 of the Regulation (EU) 2020/8521a; _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 115 #

Proposal for a regulation
Article 3 – paragraph 1 – introductory part

1. The general objective of the 1. InvestEU Programme is to support the policy objectives of the Union by means of financing and investment operations that ~~contribute to:~~are fully compliant with Union climate objectives, in particular the European Climate Law 1a, the climate neutrality target, with the criteria laid down in Regulation (EU) 2020/8521b and the Green Deal objectives, as well as the biodiversity goals and contribute to: _________________ 1aRegulation (EU)2020/XXX establishing the framework for achieving climate neutrality 1bRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 116 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) growth and employment in the Union economy, the sustainability of the Union economy and ~~its environmental and climate dimension contributing to the achievement of the SDGs and the objectives of the Paris Agreement on Climate Change and~~ to the creation of high-quality jobs;

Amendment 117 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Article 3 – paragraph 1 – point c

(c) the Union's sovereignty and strategic autonomy, the social resilience, inclusiveness and innovativeness of the Union;

Amendment 118 #

Proposal for a regulation
Article 3 – paragraph 1 – point d

(d) the promotion of scientific and technological advances, of culture, education ~~and~~, training and skills development;

Amendment 119 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic~~, upholding~~ fully compliant with Union climate objectives, in particular the European Climate Law 1a, the climate neutrality target, with the criteria laid down in Regulation (EU) 2020/8521b and the Green Deal objectives, as well as the biodiversity goals, so as to uphold and strengthen~~ing~~ its strategic value chains, the climate and digital transitions, investments increasing resilience as defined in Annex Va (new), and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game- changing innovations and inputs ~~to businesses and consumers~~. _________________ 1a Regulation (EU) 2020/XXX establishing the framework for achieving climate neutrality 1b Regulation(EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 120 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, upholding and strengthening its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, including cybersecurity technology and research and risk prevention with reference to the deployment of 5G networks, transformative technologies, game- changing innovations and inputs to businesses and consumers.

Amendment 121 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, upholding and strengthening its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, ~~transformative technologies~~innovation ecosystems for technological entrepreneurship development in building transformative technologies and accelerating tech-transfer, game-changing innovations and inputs to businesses and consumers.

Amendment 122 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy, and in particular of the SMEs, after the crisis caused by the Covid-19 pandemic, upholding and strengthening its industrial eco-systems and strategic value chains and creating, maintaining and reinforcing activities of strategic importance to the Union in relation to raw materials, critical infrastructure, transformative technologies, game-changing innovations and inputs to businesses and consumers.

Amendment 123 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable, proportional and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, upholding and strengthening its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game-changing innovations and inputs to businesses and consumers.

Amendment 124 #

Proposal for a regulation
Article 3 – paragraph 2 – point c

(c) increasing the access to and the availability of finance for SMEs and for small mid-cap companies and to enhance the global competitiveness of such SMEs, in the areas referred to in point (c) of Article 7(1);

Amendment 125 #

Proposal for a regulation
Article 3 – paragraph 2 – point c

(c) increasing the access to and the availability of finance for start-ups, SMEs and for small mid-cap companies and to enhance the global competitiveness of such ~~SME~~start-ups, SMEs and small mid-cap companies;

Amendment 126 #

Proposal for a regulation
Article 3 – paragraph 2 – point c

(c) increasing the access to and the availability of finance for SMEs and ~~for small mid-cap companies and~~ to enhance the global competitiveness of such SMEs;

Amendment 127 #

Proposal for a regulation
Article 3 – paragraph 2 – point e

(e) to support financing and investment operations in sectors referred to in point (e) of Article 7(1) in order to maintain and reinforce the strategic autonomy and sustainability of the Union and of its economy consistent with the energy and climate legislation and the 2030 and 2050 energy and climate targets, the European Pillar of Social Rights, the objectives of green and digital transitions, technological autonomy, sustainable and inclusive growth, economic, social and territorial cohesion, quality job creation as well as research and innovation.

Amendment 128 #

Proposal for a regulation
Article 3 – paragraph 2 – point e

(e) to support financing and investment operations, including private equity and venture capital funding, in sectors referred to in point (e) of Article 7(1) in order to maintain and reinforce the strategic autonomy and global competitiveness of the Union and of its economy.

Amendment 129 #

Proposal for a regulation
Article 3 – paragraph 2 – point e

(e) to support financing and investment operations in sectors referred to in point (e) of Article 7(1) in order to maintain and reinforce the ~~strategic autonomy~~resilience of the Union and of its economy.

Amendment 130 #

Proposal for a regulation
Article 3 – paragraph 2 – point e a (new)

(ea) to increase the access to and the availability of finance for companies and SMEs that contribute to climate and energy targets or that comply with Taxonomy and endorse the climate neutrality objective by 2050.

Amendment 131 #

Proposal for a regulation
Article 3 – paragraph 2 – point e b (new)

(eb) to increase the access to and the availability of finance for companies and SMEs that commit to maintaining or creating sustainable and quality jobs within their Union-based activities, whilst maintaining and expanding employment opportunities in order to avoid social exclusion;

Amendment 132 #

Proposal for a regulation
Article 3 – paragraph 2 – point e c (new)

(ec) companies registered in countries included on the Union list of non- cooperative jurisdictions for tax purposes shall not be eligible for financial support.

Amendment 133 #

Proposal for a regulation
Article 4 – paragraph 1 – introductory part

1. The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR 75 153 8560 000 (current prices). It shall be provisioned at the rate of 45 %. The amount referred to in point (a) of the first subparagraph of Article 34(3) shall be also taken into account for contributing to the provisioning resulting from this provisioning rate. (Necessary to maintain consistency with the numbers provided in Annex 1.)

Amendment 134 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1

An amount of EUR 31 153 850 000 (current prices) of the amount referred to in the first subparagraph of paragraph 1 shall be allocated for operations implementing measures referred to in Article 2 of Regulation [EURI] for the objectives referred to in point (e) of Article 3(2). That amount should prioritize initiatives contributing to saving lives in the short, mid- and long term, and dedicate a share of at least 25% to energy efficiency and renewable energy projects to trigger a EU Renovation Wave, a Solar Rooftop initiative and to support the offshore renewable energy strategy, as well as ensure adequate support to the challenges of climate emergency and digitalization.

Amendment 135 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1

An amount of EUR 31 153 850 000 (current prices) of the amount referred to in the first subparagraph of paragraph 1 shall be allocated for operations implementing measures referred to in Article 2 of Regulation [EURI] for the objectives referred to in point (e) of Article 3(2). This amount should be distributed among initiatives underpinning the resilience, security and competitiveness of the Union economy, whilst ensuring adequate support to the climate and digital transitions.

Amendment 136 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1

Amendment 137 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2

An amount of EUR 41 500 000 000 (current prices) of the amount referred to in the first subparagraph of paragraph 1 shall be allocated for operations implementing measures referred to in Article 2 of Regulation [EURI] for the objectives referred to in points (a)-(d) of Article 3(2), while dedicating a share of at least 25% to energy efficiency and renewable energy projects.

Amendment 138 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2

An amount of EUR 41 500 0010 000 (current prices) of the amount referred to in the first subparagraph of paragraph 1 shall be allocated for operations implementing measures referred to in Article 2 of Regulation [EURI] for the objectives referred to in points (a)-(d) of Article 3(2). (Necessary to maintain consistency with the numbers provided in Annex 1.)

Amendment 139 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 5

The indicative distribution of the EU guarantee for the purpose of the EU compartment is set out in Annex I to this Regulation, while dedicating a share of at least 25% to energy efficiency and renewable energy projects per policy window. Where appropriate, the Commission may modify the amounts referred to in Annex I ~~and increase the amount referred to in the first subparagraph~~ by up to 15 % for each objective. The Commission shall inform the European Parliament and the Council of any such modification.

Amendment 140 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, energy, ~~in particular renewable energy,~~ energy efficiency in accordance with the 2030 energy framework, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the ~~environmental or climate resilience or~~ social sustainability objectives of the Union and that meet the ~~environmental or~~ social sustainability standards of the Union;

Amendment 141 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access~~, including in rural areas~~ with a view to addressing the urban-rural digital divide, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 142 #

(c) an SME policy window which comprises access to and the availability of finance primarily for SMEs, including for innovative SMEs and SMEs operating in the cultural ~~and~~, creative and tourism sectors, as well as for small mid-cap companies;

Amendment 143 #

Proposal for a regulation
Article 7 – paragraph 1 – point c

(c) an SME policy window which comprises access to and the availability of finance primarily for SMEs, including for innovative SMEs and SMEs operating in the cultural and creative sectors~~, as well as for small mid-cap companies~~;

Amendment 144 #

Proposal for a regulation
Article 7 – paragraph 1 – point d

(d) a social investment and skills policy window, which comprises microfinance, social enterprise finance, social economy and measures to promote gender equality, skills, education, training and related services, social infrastructure, including health and educational infrastructure and social and student housing, social innovation, health and long-term care, inclusion and accessibility, cultural and creative activities with a social goal, and the integration of vulnerable people~~, including third country nationals~~;

Amendment 145 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

Amendment 146 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

(e) ~~a strategic European investment policy window which com~~that have not been involved, investigated or priose~~s strategic investment to support final recipients that are established in a Member State and that operate in the Un~~cuted for money laundering, terrorism financing, tax avoidance, or tax evasion, and whose activities are of strategic importance to the Union~~, in particul~~ and that are in ~~view of the green and~~line with the Union climate neutrality goal, and the 2030 target as enshrined in the European climate law1a and the Regulation (EU) 2020/8521b, as well as foster the digital transitions and of enhanced resilience~~, in one of the following areas:~~ of the European society and economy as defined in Annex Va (new), in one of the following areas: _________________ 1a Regulation (EU) 2020/XXX establishing the framework for achieving climate neutrality. 1bRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 147 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

(e) a strategic European investment policy window which comprises strategic investment to support final recipients, including SMEs, that are established in a Member State and that operate in the Union, and whose activities are of strategic importance to the Union, in particular in view of the green and digital transitions ~~and~~, of enhanced resilience and of the security of the Union, in one of the following areas:

Amendment 148 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

Amendment 149 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point i

i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals~~, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system;~~ fostering the sustainable and ethical production, procurement, management and non-exclusive licensing of crisis relevant products ensuring their affordability in complementarity with other Union instruments, medical devices, medical supplies, protective equipment and the strengthening of health crisis response capacity and of the civil protection system based on the principles of wide availability and affordability of products vital in health emergencies;

Amendment 150 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, environment, health, secure digital communication, 5G and very high-speed electronic communication networks, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 151 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, environment, health, secure digital communication, 5G, internet of things, online service platforms, secure cloud computing, data processing or storage, public administration, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, security, housing, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 152 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, public transport and active mobility, environment, water, health, secure digital communication~~, 5G~~ and networks, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, ~~defence~~security, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 153 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical ~~or virtu~~, analogue or digital, including infrastructure elements identified as critical in the fields of energy, transport, environment, health, secure digital communication, 5G, internet of things, online service platforms, secure edge and cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 154 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii a (new)

iia) critical early detection and coordinated institutional and economic response capabilities to react in case of crisis risks, as well as on advancing business and service continuity solutions for essential public and private institutions and sector;

Amendment 155 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii a (new)

iia) investment in New Space activities, both upstream and downstream, in order to bring the most promising technologies and applications to the market, thus ensuring the competitiveness of the Union space industry.

Amendment 156 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii a (new)

iia) investment and technical assistance to companies, in particular SMEs, and communities, to increase the resilience of their value chains and business models;

Amendment 157 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii b (new)

iib) crucial investments in renovation and integrating innovative solutions in the building sector, in order to achieve the net-zero greenhouse gas emissions objective and a highly energy efficient and climate neutral building sector by 2025. Investments contributing to creation of up to2 million jobs in the construction sector and leading to a clean economy as part of the European Green Deal;

Amendment 158 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii b (new)

iib) strategic investment in renewable energy projects with a high potential to significantly contribute to meeting the targets set out in Directive (EU) 2018/2001 and its subsequent revision, given that all Union regions have significant potential of abundant renewable resources identified;

Amendment 159 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii c (new)

iic) supporting the conditions for boosting entrepreneurship, financing private sector development including start-ups and SMEs, and the expansion of networks of clusters and digital innovation hubs, privatisation processes, adaptation to technological development and sustainable sectoral development;

Amendment 160 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii d (new)

iid) investment and technical assistance for fostering entrepreneurial skills, for the creation of new start-ups, SMEs and family businesses, that will diversify and expand the entrepreneurial market; investment and technical assistance for the development of networks of clusters and digital innovation hubs across the continent;

Amendment 161 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iii

iii) the provision of ~~good~~know-how, goods, technologies and services instrumental to the operation and maintenance of the critical infrastructure under point ii);

Amendment 162 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iii a (new)

iiia) investment in New Space activities, both upstream and downstream, in order to bring the most promising technologies and applications to the market, thus ensuring the competitiveness of the European Space industry;

Amendment 163 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

Amendment 164 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

iv) key enabling, transformative, green and digital technologies and needed game- changing innovations where the investment is strategically important for the Union’s ~~industrial future~~sustainability and economy including its industrial future and with broad societal benefits, including

Amendment 165 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

iv) key enabling, transformative, green ~~and~~, digital and space technologies and game- changing innovations where the investment is strategically important for the Union’s industrial future, including

Amendment 166 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

iv) key enabling, transformative, ~~green and~~ digital technologies and game- changing innovations where the investment is strategically important for the Union’s industrial future, including

Amendment 167 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point a

(a) ethical artificial intelligence, ~~blockchain~~distributed ledger technologies, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, ~~quantum technologies,~~ photonics, industrial biotechnology,

Amendment 168 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies, and, where necessary to achieve Union climate transition objectives, nuclear energy technologies,

Amendment 169 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable and low-carbon energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies and supply chains,

Amendment 170 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, ~~clean~~blue hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies,

Amendment 171 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, ~~clean~~ hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies,

Amendment 172 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including sustainable batteries, sustainable transport technologies, ~~clea~~green hydrogen and fuel cell applications, ~~decarbonisat~~zero emission technologies for industry, ~~carbon capture and storage,~~ circular economy technologies,

Amendment 173 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b a (new)

(ba) space systems and technologies including critical space components, as well as space-based services and applications;

Amendment 174 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b b (new)

(bb) technologies that contribute to minimising and ultimately phasing out the use of, and therefore the Union dependency on, fossil fuels in a timeframe consistent with the objectives set out in [Climate Law], while taking into account the bridging role of natural gas in the transition to a carbon neutral economy;

Amendment 175 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point c a (new)

(ca) space systems and technologies including critical space components, as well as space-based services and applications;

Amendment 176 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point v

v) recycling and manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU;

Amendment 177 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vi

vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the EU, including energy or raw materials or food security, support of industry’s transition from non-renewable and fossil-based materials to renewable and environmentally-friendly raw materials, support of transition of industrial processes towards low emission and emission-free forms of production, having regard to resource efficiency and circularity in strategic value chains and strategic eco-systems;

Amendment 178 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vi

vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the EU, including energy or raw materials except if already covered by legislative requirements, or food security, having regard to resource reduction and efficiency and circularity in strategic value chains;

Amendment 179 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – subparagraph 1

vii) critical technologies and inputs for the security of the Union and its Member States, such as ~~defence~~security and space sectors and cybersecurity, and civilian components of dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009 or any subsequent revision and related legislation.

Amendment 180 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – subparagraph 1

vii) critical technologies ~~and input~~, inputs and applications for the security of the Union and its Member States, such as defence and space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009.

Amendment 181 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – subparagraph 1a

The financing and investment under this window should be distributed among initiatives underpinning the resilience, security and competitiveness of the Union economy, while ensuring adequate support to the climate and digital transitions.

Amendment 182 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – subparagraph 2

In addition, in the case of investments in space, defence and cybersecurity, and in specific types of projects with actual and direct security implications in critical sectors, the final recipients shall not be controlled by a third country or third country entities and shall have their executive management in the Union with a view to protect the security of the Union and its Member States. Moreover, final recipients should not export defence- related technology to third countries that threaten the territorial integrity of the Member States or systematically violate the rule of International Law or inhibit the regional or global security and stability.

Amendment 183 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – subparagraph 2

In addition, ~~in the case of investments in~~all final recipients that receive funding under the strategic investment window, in particular those receiving funding in the areas of space, defence and cybersecurity, and in specific types of projects with actual and direct security implications in critical sectors, the final recipients shall not be controlled by a third country or third country entities and shall have their executive management in the Union with a view to protect the security of the Union and its Member States.

Amendment 184 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – subparagraph 2

In addition, in the case of investments in space, ~~defence~~security and cybersecurity, and in specific types of projects with actual and direct security implications in critical sectors, the final recipients shall not be controlled by a third country or third country entities and shall have their executive management in the Union with a view to protect the security of the Union and its Member States.

Amendment 185 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii a (new)

viia) the financing and investment under this window shall prioritize initiatives contributing to saving lives in the short, mid- and long term, and dedicate a share of at least 25% to energy efficiency and renewable energy projects, as well as ensure adequate support to the challenges of climate emergency and digitalisation.

Amendment 186 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment 3. operations shall be screened to determine whether they ~~have an environmental, climate or~~are cost-effective and have a social impact. If those operations have such an impact they shall be subject to ~~climate, environmental~~an economic and social sustainability proofing with a view to minimising detrimental impacts and to maximising ~~benefits to the climate, environment and~~cost-effectiveness and the social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. ~~Projects that are inconsistent with the climate objectives shall not be eligible for support under this Regulation.~~ In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee.

Amendment 187 #

Proposal for a regulation
Article 7 – paragraph 4 – introductory part

4. The Commission shall develop sustainability guidance that, in accordance with Union ~~environmental and~~ social objectives and standards, allows to:

Amendment 188 #

Proposal for a regulation
Article 7 – paragraph 4 – point a

(a) as regards adaptation, ensure resilience to the potential adverse impacts of climate change through a climate vulnerability and risk assessment, including through relevant adaptation measures, and, as regards mitigation, integrate the cost of greenhouse gas emissions and the positive effects of climate mitigation measures in the cost- benefit analysis;deleted

Amendment 189 #

Proposal for a regulation
Article 7 – paragraph 4 – point c

(c) estimate the social impact of projects, including on gender equality, on the social inclusion of certain areas or populations and on the economic development of areas and sectors affected by structural challenges such as the need to decarbonise the economy; the Commission may approve investments related to the production, processing, distribution, storage, transmission or use of natural gas provided that it is used as a bridging technology and under the following duly justified circumstances: (a) the investments are retrofitting and/or replacing existing more carbon-intensive infrastructure; (b) the supported infrastructure is synergistic with renewable and other carbon-neutral energy production capacity.

Amendment 190 #

Proposal for a regulation
Article 7 – paragraph 4 – point c

Amendment 191 #

Proposal for a regulation
Article 7 – paragraph 4 – point d

~~(d) identify projects that are inconsistent with the achievement of climate objectives;~~deleted

Amendment 192 #

Proposal for a regulation
Article 7 – paragraph 5

5. Implementing partners shall provide the information necessary to allow the tracking of investment that contributes to meeting the Union objectives on climate and environment, on the basis of guidance to be provided by the Commission.deleted

Amendment 193 #

Proposal for a regulation
Article 7 – paragraph 6 – subparagraph 1

Implementing partners shall apply a target of at least 680 % of the investment under the sustainable infrastructure policy window and at least 65% under the strategic European investment policy window contributing to meeting the Union objectives on climate and environment.

Amendment 194 #

Proposal for a regulation
Article 7 – paragraph 6 – subparagraph 1

Implementing partners shall apply a target of at least 650 % of the investment under the sustainable infrastructure policy window contributing to meeting the Union objectives on climate and environment.

Amendment 195 #

Proposal for a regulation
Article 7 – paragraph 6 – subparagraph 1

Amendment 196 #

Proposal for a regulation
Article 7 – paragraph 6 a (new)

6a. The contribution of the InvestEU Fund to the achievement of the Union objectives on climate and environment will be tracked using the criteria laid down in the Regulation (EU) 2020/8521a. _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 197 #

Proposal for a regulation
Article 7 – paragraph 8

8. For financing and investment operations under the strategic European investment window in defence and space sectors and in cybersecurity, the investment guidelines may set out limitations with respect to transfer and licensing of intellectual property rights to critical technologies and technologies instrumental to safeguarding the security of the Union and its Member States, especially when the final recipients commercialize defence-, space- and cybersecurity-related products with third countries that threaten the territorial integrity of Member States, violate the international law and systematically distort regional security and peace.

Amendment 198 #

Proposal for a regulation
Article 7 – paragraph 8

8. For financing and investment 8. operations under the strategic European investment window in ~~defence~~security and space sectors and in cybersecurity, the investment guidelines may set out limitations with respect to transfer and licensing of intellectual property rights to critical technologies and technologies instrumental to safeguarding the security of the Union and its Member States.

Amendment 199 #

Proposal for a regulation
Article 10 – paragraph 3 – point a – point ii

(ii) separate guarantee agreements between the Commission and the EIB and ~~its~~/or a subsidiar~~ies~~y or other entit~~ies~~y established in accordance with Article 28(1) of the EIB Statute, as applicable;

Amendment 200 #

Proposal for a regulation
Article 12 – paragraph 6

6. Best efforts shall be made to ensure that, at the end of the investment period, a wide range of sectors and regions are covered and ~~excessive~~ sectoral or geographical concentration is avoided. Those efforts shall include incentives for smaller or less sophisticated NPBIs that have a comparative advantage due to their local presence, knowledge and investment competencies. The Commission shall develop a coherent approach to support these efforts.

Amendment 201 #

Proposal for a regulation
Article 18 – paragraph 2 – point a – point i

(i) the principal and all interest and amounts due to the implementing partner but not received by it in accordance with the terms of the financing operations ~~prior to~~until the event of default;

Amendment 202 #

Proposal for a regulation
Article 23 – paragraph 8

8. From the date of its constitution, the Investment Committee shall also be in charge of approving the use of the EU guarantee under Regulation (EU) 2015/1017 for the remainder of the investment period under that Regulation. They shall be assessed in accordance with the criteria laid down in that Regulation. The configurations of the Investment Committee responsible for the sustainable infrastructure window and the strategic European investment window shall assess those proposals. A~~rticle 22 shall not apply to such submissions.~~ ll bodies participating in the decision-making and selection of projects shall act according to the principles of transparency, accountability, and guaranteed stakeholder participation, including from civil society organisations. They should be composed of independent experts from various technical backgrounds, including climate experts, and aim for regional and gender balance. Information on projects, selection procedure and decision making shall be published, while respecting commercially sensitive information.

Amendment 203 #

Proposal for a regulation
Article 24 – paragraph 1 a (new)

1a. The InvestEU Advisory Hub shall promote and provide technical assistance to eligible companies as well as procedures for simplification of excessive administrative burdens.

Amendment 204 #

Proposal for a regulation
Article 24 – paragraph 2 – point c

(c) where appropriate, assist project promoters in developing their projects so that they fulfil the objectives set out in Articles 3 and 7 and the eligibility criteria set out in Article 13, and facilitate the development of Important Projects of Common European Interest in compliance with the Union’s climate and environmental goals, with specific consideration of the Regulation (EU) 2020/8521a, and increased transparency in their implementation and aggregators for small-sized projects, including through investment platforms as referred to in point (f) of this paragraph, provided that such assistance does not prejudge the conclusions of the Investment Committee with respect to the coverage of the EU guarantee with respect to such projects; _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 205 #

Proposal for a regulation
Article 24 – paragraph 2 – point c

(c) where appropriate, provide technical assistance when requested by the initiators of the projects, and assist project promoters in developing their projects as well as in the creation of investment platforms so that they fulfil the objectives set out in Articles 3 and 7 and the eligibility criteria set out in Article 13, and facilitate the development of Important Projects of Common European Interest and aggregators for small-sized projects, including through investment platforms as referred to in point (f) of this paragraph, provided that such assistance does not prejudge the conclusions of the Investment Committee with respect to the coverage of the EU guarantee with respect to such projects;

Amendment 206 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Article 24 – paragraph 2 – point c

Amendment 207 #

Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1

Implementing partners and advisory partners shall acknowledge the origin and ensure the visibility of the Union funding (in particular when promoting the actions and their results), by providing coherent, effective and targeted information to multiple audiences, including the media and the public. Potential beneficiaries, beneficiaries, participants and final recipients of financial instruments must be disclosed with full transparency. They need to be listed in a digital monitoring system for Union funds to be introduced by the Commission.

Amendment 208 #

Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 2

The application of the requirements under the first subparagraph to projects in the defence and space sectors shall be subject to respect for any confidentiality or secrecy obligations. Potential beneficiaries, beneficiaries, participants, final recipients of financial instruments must be disclosed with full transparency. They need to be listed in a digital monitoring system for Union funds to be introduced by the Commission.

Amendment 209 #

Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 2

The application of the requirements under the first subparagraph to projects in the defence and space sectors shall be subject to respect for any confidentiality or secrecy obligations, except where there are allegations or evidence that the projects could benefit third countries who threaten the territorial integrity of the Member States, violate the rule of International Law and distort the regional peace and security.

Amendment 210 #

Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 2

The application of the requirements under the first subparagraph to projects in the ~~defence~~security and space sectors shall be subject to respect for any confidentiality or secrecy obligations.

Amendment 211 #

Proposal for a regulation
Annex I – paragraph 1 – introductory part

The indicative distribution referred to in the fifth subparagraph of Article 4(2) towards financial and investment operations shall be as follows, while dedicating a share of at least 25% to energy efficiency and renewable energy projects per policy window to boost European SMEs, communities and the economy as a whole through a building renovation wave and a Solar rooftop campaign alongside the offshore renewable energy strategy:

Amendment 212 #

Proposal for a regulation
Annex II – paragraph 1

The financing and investment operations under other windows than the strategic European investment window ~~may fall under~~shall be limited to one or more of the following areas:

Amendment 213 #

Proposal for a regulation
Annex II – point 1 – point a

(a) the expansion of the generation, supply or use of clean and sustainable renewable and safe and sustainable other zero ~~and low-~~emission energy sources and solutions;

Amendment 214 #

Proposal for a regulation
Annex II – point 1 – point d

(d) the development of innovative zero- ~~and low-~~emission heat supply systems and the combined production of electricity and heat;

Amendment 215 #

Proposal for a regulation
Annex II – point 1 – point e

(e) the production and supply of sustainable synthetic fuels from renewable~~/carbon-neutral~~ sources and other safe and sustainable zero- ~~and low-~~ emission sources, biofuels, biomass and alternative fuels, including fuels for all modes of transport, in accordance with the objectives of Directive 2018/2001 of the European Parliament and of the Council1 and within the limits of sustainable availability; and _________________ 1Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources (OJ L 328, 21.12.2018, p. 82).

Amendment 216 #

Proposal for a regulation
Annex II – point 1 – point f

(f) technologies and infrastructure for ~~carbon capture, and storage in~~emission free industrial processes, bioenergy plants and manufacturing facilities ~~towards the energ~~as part of the sustainable economy transition.

Amendment 217 #

Proposal for a regulation
Annex II – point 2 – introductory part

Amendment 218 #

Proposal for a regulation
Annex II – point 2 – point a

(a) projects that support the development of the trans-European transport network (TEN-T) infrastructure, ~~includ~~prioritising infrastructure maintenance and safety, the urban nodes of TEN-T, maritime and inland ports, ~~airports,~~ multimodal terminals and the connection of such multimodal terminals to the TEN-T networks, and the telematic applications referred to in Regulation (EU) No 1315/2013 of the European Parliament and of the Council2; _________________ 2 Regulation (EU) No 1315/2013 of the European Parliament and of the Council of 11 December 2013 on Union guidelines for the development of the trans-European transport network and repealing Decision No 661/2010/EU (OJ L 348, 20.12.2013, p.1).

Amendment 219 #

(c) smart and sustainable urban mobility projects that target ~~low~~zero-emission urban transport modes, including inland waterway solutions and innovative mobility solutions, non-discriminatory accessibility, reduced air pollution and noise, energy consumption, networks of smart cities, maintenance, and increasing safety levels and decreasing the frequency of accidents, including for cyclists and pedestrians);

Amendment 220 #

Proposal for a regulation
Annex II – point 2 – point d

(d) supporting the renewal and retrofitting of transport mobile assets with the view of deploying ~~low and~~ zero- emission mobility solutions, including through the use of alternative fuels in vehicles of all transport modes;

Amendment 221 #

Proposal for a regulation
Annex II – point 2 – point g – point iii

(iii) emission reduction with a clear pathway to zero emissions; or

Amendment 222 #

Proposal for a regulation
Annex II – point 3 – point h

(h) the decarbonisation of energy- intensive industries and the substantial reduction of emissions in such industries, including the demonstration of innovative ~~low~~zero-emission technologies and their deployment;

Amendment 223 #

Proposal for a regulation
Annex II – point 3 – point i

(i) the decarbonisation of the energy production and distribution chain by phasing out the use of coal, gas and oil; and

Amendment 224 #

Proposal for a regulation
Annex II – point 6 – point a

(a) ethical artificial intelligence;

Amendment 225 #

Proposal for a regulation
Annex II – point 6 – point b

~~(b) quantum technology;~~deleted

Amendment 226 #

Proposal for a regulation
Annex II – point 9

9. TSustainable tourism.

Amendment 227 #

Proposal for a regulation
Annex II – point 10

10. The rehabilitation of industrial sites (including contaminated sites) and the restoration of such sites for sustainable use, excluding rehabilitations and restorations that are part of corporate liabilities.

Amendment 228 #

Proposal for a regulation
Annex II – point 12 – point d – point ii

(ii) affordable, healthy and energy efficient social housing;3 _________________ 3Affordable social housing is to be understood as aimed at disadvantaged persons or socially less advantaged groups, who due to solvency constraints live in severe housing deprivation or are unable to obtain housing at market conditions.

Amendment 229 #

Proposal for a regulation
Annex II – point 13

13. The development of the defence industry in order to contribute to the Union's strategic autonomy, in particular through support for: (a) the Union’s defence industry supply chain, in particular through financial support to SMEs and mid-caps; (b) companies participating in disruptive innovation projects in the defence sector and closely related dual-use technologies; (c) the defence sector supply chain when participating in collaborative defence research and development projects, including those supported by the European Defence Fund; (d) infrastructure for defence research and training.deleted

Amendment 230 #

Proposal for a regulation
Annex III – point 4 – point 4.1

4.1 Energy: Additional renewable and other safe and sustainable zero ~~and low-~~ -emission energy generation capacity installed (in megawatts (MW))

Amendment 231 #

Proposal for a regulation
Annex III – point 6 – point 6.1

6.1 Number of enterprises supported by size (micro, small, medium-sized and small mid-cap companies), including gender disaggregated data

Amendment 232 #

Proposal for a regulation
Annex III – point 6 – point 6.2

6.2 Number of enterprises supported by stage (early, growth/expansion), including gender disaggregated data

Amendment 233 #

Proposal for a regulation
Annex III – point 8 – point 8.1

8.1 Number and volume of operations contributing to the provision of critical infrastructure, broken down by physical infrastructure and the associated goods and services~~, w~~; number and volume of operations contributing to the re ~~applicable~~duction of greenhouse gas emissions to a net-zero economy in accordance with the European climate targets;

Amendment 234 #

8.3 Number and volume of operations contributing to the development of critical technologies and inputs for the security of the Union and its Member States, and civilian components of dual use items

Amendment 235 #

Proposal for a regulation
Annex III – point 8 – point 8.4

8.4 Number of enterprises supported by size developing and manufacturing critical technologies and inputs for the security of the Union and its Member States, and civilian components of dual use items

Amendment 236 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Annex III – point 8 – point 8.4 a (new)

8.4a Number of clusters and Digital Innovation Hubs supported for the creation of synergies between regional, national, European and private businesses and companies;

Amendment 237 #

Proposal for a regulation
Annex III – point 8 – point 8.5

8.5 Number and volume of operations contributing to the supply, manufacturing and stockpiling of critical inputs - unless in the limits of existing legal requirements- , including critical healthcare provisions

Amendment 238 #

Proposal for a regulation
Annex III – point 8 – point 8.7

8.7 Number and volume of operations supporting key enabling and digital technologies that are strategically important for the Union~~’s industrial future~~.

Amendment 239 #

Proposal for a regulation
Annex III – point 8 – point 8.7 a (new)

8.7a Regional and national breadth that indicates that the benefited Member States and regions are spread evenly across the EU's territory and there is no concentration of benefits to limited Member States or regions;

Amendment 240 #

Proposal for a regulation
Annex III – point 8 – point 8.7 a (new)

8.7a Number and volume of operations to help companies and communities, in particular SMEs, to increase the resilience of their value chains and business models

Amendment 241 #

Proposal for a regulation
Annex III – point 8 – point 8.7 b (new)

8.7b Number of engagements of the European Investments Advisory Hubs in regions and Member States without significant track record in project initiation and development.

Amendment 242 #

Proposal for a regulation
Annex III – point 8 – point 8.7 c (new)

8.7c Number of engagements of the European Investments Advisory Hub in under-invested industrial sectors that traditionally are not benefiting from the Union's investment instruments.

Amendment 243 #

Proposal for a regulation
Annex III – point 8 – point 8.7 d (new)

8.7d Number of start-ups, technological entrepreneurial firms and innovation ecosystems that were benefited and developed by this investment instrument.

Amendment 244 #

Proposal for a regulation
Annex III – point 8 – point 8.7 e (new)

8.7e Increase of volume of private equity and venture capital investments in related projects.

Amendment 245 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 1 – paragraph 1 – point f

(f) In the case of support to financing and investment operations under the strategic European investment window, the investment would not have been undertaken or would not have been undertaken ~~to the same extent~~ through market financing by entities established and operating in the Union because of difficulties in internalising the benefits provided to the European strategic interest.

Amendment 246 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 2 – paragraph 1 – point 3

(3) Financing and investment operations under the strategic European investment window may also be considered additional whenever these operations would not have been carried out~~, or not to the same extent,~~ by other private and public entities established and operating in the Union without the InvestEU Fund support.

Amendment 247 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 11

(11) The decommissioning, or opera~~tion, adaptation or construc~~tion of nuclear power stations

Amendment 248 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – introductory part

(12) Investments related to mining or to the extraction, processing, distribution, storage or combustion of ~~solid~~ fossil fuels and ~~oil, as well as investments related to the extraction of gas. This exclusion does not apply to:~~peat.

Amendment 249 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – introductory part

(12) Investments related to mining or to the extraction, processing, distribution, storage or combustion of solid fossil fuels and oil, as well as investments related to the extraction of gas. Thise exclusion does not apply tofor gas projects if the projects meet the following conditions:

Amendment 250 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point a

~~(a) projects where there is no viable alternative technology;~~deleted

Amendment 251 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point a

(a) projects ~~where there is no viable alternative technology~~taking place in territories facing particularly serious energy transition challenges due to their high dependency on solid fossil fuels as agreed in the National Just Transition Plans;;

Amendment 252 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point b

~~(b) projects related to pollution prevention and control;~~deleted

Amendment 253 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point b

(b) projects ~~related to pollution prevention and control~~that contribute to the Union’s environmental objectives on climate change mitigation and adaptation, through accelerating the full phase-out of solid fossil fuels;

Amendment 254 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c

(c) projects equipped with carbon capture and storage or carbon capture and utilisation installations; industrial or research projects that lead to substantial reductions of greenhouse gas emissions as compared with the applicable EU Emission Trading System benchmarksdeleted

Amendment 255 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c

(c) projects ~~equipped with carbon capture and storage or carbon capture~~consistent with Union energy and climate objectives and ~~util~~legislation ~~installations; industrial or research projects that lead to substantial reductions of greenhouse gas emissions as compared with the applicable EU Emission Trading System benchmarks~~, the National Energy and Climate Plans and which are of a transitional and bridging nature;

Amendment 256 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c a (new)

(ca) projects for which a prior assessment of the use of renewable-only energy sources has been carried out;

Amendment 257 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c b (new)

(cb) projects where there is no viable alternative technology and the activities supported do not hamper the development of renewable energy sources in the concerned territories and are compatible and in synergy with an ulterior use of renewable energy sources;

Amendment 258 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c c (new)

(cc) projects where the activities supported contribute to reducing energy poverty;

Amendment 259 #

Proposal for a regulation
Annex V a (new)

e) ANNEX Va (new) Resilience Economic and business resilience: (a) business and service continuity solutions for public and private institutions that are essential to the political, economic, social, administrative, public safety, security, health, care, transport, procurement, and education functions in societies; (b) reforms and regulatory systems that incentivise businesses and civil society actors to modernise crisis continuity systems and to invest in workplace safety crisis protocols to minimise operational disruptions; (c) incentives for adaptation of industrial processes and diversification of supply chains, including investments in flexible transport systems, traffic monitoring and emergency procedures at supply chain bottlenecks; (d) crisis continuity systems and protocols for public and private transport providers; (e) the ability of national and supranational financial systems to deliver liquidity and ensure continued secure payment facilities; Social resilience: (a) reforms and investments to strengthen national, regional and local governments’ ability to support affected citizens in times of sudden and severe impacts to their livelihoods, including programs and administrative resources that facilitate rapid delivery of support, financial or otherwise, to affected citizens facing severe impacts to their financial situation, safety and physical or mental health, including measures that ensure gender equality, adequate child-support and protect persons in vulnerable situations, such as people with disabilities, prisoners, minorities, refugees and asylum seekers; (b) measures that improve the capacity of social welfare systems and other income support systems to foster social inclusion and safeguard the resilience of individuals even under conditions of stress or socio-economic disturbances. (c) administrative resources and capabilities, including digital tools, to efficiently coordinate the delivery of financial help or liquidity to affected citizens, while minimizing the occurrence of fraud or other misuse; (d) the ability of health systems to maintain safe and sustainable working conditions for healthcare staff even under difficult conditions and improving working conditions in the care sector, such as child care and care for the elderly; (e) capacity and effectiveness of public health institutions to access and monitor the entirety of the geography and population and to identify, investigate and manage abrupt occurrences of public health risks, to contain their spread, and to provide care to all inhabitants of a specific Member State regardless of income or residency status; Institutional and administrative resilience and crisis preparedness: (a) early detection, and coordinated responses to large-scale risks to public health, such as pan- and epidemics, natural disasters, heat waves, draughts, forest fires, chemical, nuclear or industrial accidents; (b) the quality and coverage of infrastructure for responding to public health risks, including systems to coordinate the transport and distribution of personnel, patients, medical equipment, and protective gear, as well as communications infrastructure; (c) the reliability of the supply of important medicines and medical equipment even when demand is exceptionally high; (d) the ability of national health systems to coordinate activity with other national, European and international agencies; (e) crisis preparedness of critical infrastructure, such as water or energy supply, sewage systems, and the maintenance of sanitary standards; (f) crisis preparedness and coordination of national and regional civil protection agencies, including fire departments and technical support services.

Amendment 31 #

Proposal for a regulation
Recital 1

(1) The Covid-19 pandemic is a major shock to the global and Union economy. Due to the necessary containment measures, economic activity in the EU dropped significantly. The contraction in EU GDP in 2020 is expected to be around 7.5%, far deeper than during the financial crisis in 2009. The outbreak of the pandemic has shown the interconnectivity of global supply chains and exposed some vulnerabilities such as the over-reliance of strategic industries on non-diversified external supply sources. Such vulnerabilitiesintensity of the macroeconomic shock cannot be yet determined precisely. Moreover the impact of the pandemic is uneven in Europe with certain regions being affected more harshly, increasing thus the expectations of market failures in these areas as well as in specific industrial sectors with tremendous impact on growth and employment. The outbreak of the pandemic has shown the interconnectivity of global supply chains and exposed some vulnerabilities such as the over-reliance of strategic industries on non-diversified external supply sources. Additionally, the pandemic made it clear that traditional value creation and value delivery functions of the business models are very weak and that the need for transition to a sustainable and digitalized production paradigm is a strategic priority for a future global leadership of the Union. Such vulnerabilities affected particularly SMEs and the start-up ecosystems, and need to be addressed, to improve the Union’s emergency response as well as the resilience of the entire economy, while maintaining its openness to competition and trade in line with its rules. Investment activity is expected to have dropped significantly. Even before the pandemic, while a recovery in investment-to-GDP ratios in the Union could be observed, it remained below what might be expected in a strong recovery and was insufficient to compensate for years of underinvestment following the 2009 crisis. This is also an indicator of the need not only to correct the investment market failures by boosting the supply side with strong investment instruments, but also the demand side for those instruments. More importantly, the current investment levels and forecasts do not cover the Union’s needs for structural investment to restart and sustain long-term growth in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises (SMEs), start- ups and the need to address key societal challenges such as sustainability or population ageing. Consequently, in order to achieve the Union's policy objectives and to support a swift, inclusive, sustainable and healthy economic recovery, support is necessary to address market failures and sub-optimal investment situations and to reduce the investment gap in targeted sectors.

Amendment 32 #

Proposal for a regulation
Recital 1

(1) The Covid-19 pandemic is a major shock to the global and Union economy. Due to the necessary containment measures, economic activity in the EU dropped significantly. The contraction in EU GDP in 2020 is expected to be around 7.5%, far deeper than during the financial crisis in 2009. The outbreak of the pandemic has shown the interconnectivity of global supply chains and exposed some vulnerabilities such as the over-reliance of strategic industries on non-diversified external supply sources. Such vulnerabilities need to be addressed, to improve the Union’s emergency response as well as the resilience of the entire economy, while maintaining its openness to competition and trade in line with its rules. Investment activity is expected to have dropped significantly. Even before the pandemic, while a recovery in investment-to-GDP ratios in the Union could be observed, it remained below what might be expected in a strong recovery and was insufficient to compensate for years of underinvestment following the 2009 crisis. More importantly, the current investment levels and forecasts do not cover the Union’s needs for structural investment to restart and sustain long-term growth in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises (SMEs) and the need to address key societal challenges such as sustainability or population ageing. Consequently, in order to achieve the Union's policy objectives, especially under the Green Deal and to support a swift, inclusive and healthy economic recovery, ~~support is necessary~~the primary aim should be to support otherwise difficult to fund projects that provide European citizen with long-term environmental and societal benefits such as high quality long-term jobs and public infrastructure, as well as with sustainable solutions to address the COVID crisis. It is therefore of crucial importance to identify and support projects that provide this genuine additionality and quality rather than being mostly driven by technical aspects such as leverage factors or project speed and volumes, avoid duplication and crowding out of other sources, as well as to address market failures and sub-optimal investment situations and to reduce the investment gap in targeted sectors.

Amendment 33 #

Proposal for a regulation
Recital 1

Amendment 34 #

Proposal for a regulation
Recital 1

Amendment 35 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Recital 1

Amendment 36 #

Proposal for a regulation
Recital 2

(2) Evaluations have underlined that the variety of financial instruments delivered under the 2014-2020 Multiannual Financial Framework period has led to some overlaps in their scope. That variety has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules. The absence of compatible rules also hampered the combination of several Union funds, although such combinations would have been beneficial in order to support projects in need of different types of funding. Therefore, a single fund, the InvestEU Fund, which ~~builds on~~seeks to improve the experience of the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe, should be set up in order to provide more efficiently functioning support to final recipients by integrating and simplifying the financing offered under a single budgetary guarantee scheme, thereby improving the impact of Union support and overcoming the shortcomings of the EFSI as identified by the European Court of Auditors in the special report no. 03/2019, while reducing the cost to the Union payable from the budget.

Amendment 37 #

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted ambitious strategies and legislations to complete the Single Market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, The 2050 long-term strategy ‘A Clean Planet for all’ of 28 November 2018, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, a Regulation establishing the framework for achieving climate neutrality of 4 March 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 ~~and~~, ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020, the EU Biodiversity Strategy for 2030 of 20 May 2020, the Regulation on the establishment of a framework to facilitate sustainable investment of June 2020, the Energy System Integration Strategy and the Hydrogen Strategy of 8 July 2020 and will propose a Renovation Wave Strategy in the 3rd quarter of 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies and support the implementation of the legislation through providing support to investment and access to financing.

Amendment 38 #

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted ambitious strategies to ~~complete the Single~~reinforce the Internal Market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 and ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.

Amendment 39 #

Proposal for a regulation
Recital 4

(4) ~~At Union level, the European Semester of economic policy coordination is the framework to identify national reform priorities and monitor their implementation.~~ Member States, where appropriate in cooperation with local and regional authorities, develop their own national multiannual investment strategies ~~in support of those reform priorities. Those strategies should be presented alongside the yearly national reform programmes~~. Those strategies should be presented as a way of outlining and coordinating priority investment projects that are to be supported by national funding, Union funding, or both. Those strategies should also use Union funding in a coherent manner and maximise the added value of the financial support to be received notably from the European structural and investment funds, the Recovery and Resilience Facility and the InvestEU Programme.

Amendment 40 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the ~~competitiveness and socio-economic convergence~~investment dynamics both in growth lending and private equity investments. The InvestEU should strengthen the competitiveness and socio-economic convergence, especially in the regions that were disproportionally affected by the pandemic, and cohesion of the Union, including in the fields of innovation and digitisalization, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are additional as well as technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU, as well as cross-border projects.

Amendment 41 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence ~~and~~, cohesion and resilience of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities ~~in multiple~~and projects that foster the development of networks, clusters and digital innovation hubs in all regions across the EU.

Amendment 42 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid ~~excessive~~ sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU.

Amendment 43 #

Emmanouil FRAGKOS

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors and benefit synergies with the tourism and food sectors. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.

Amendment 44 #

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors. The cultural and creative, audiovisual and media sectors as well as the creative industries, are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.

Amendment 45 #

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are ~~key and~~ fast growing ~~sectors~~and occupy a significant place in the Union's economy, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age~~, and an intrinsic part of our sovereignty and autonomy,~~ and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.

Amendment 46 #

Proposal for a regulation
Recital 8

(8) The Union endorsed the objectives set out in the United Nations 2030 Agenda for Sustainable Development (the "2030 Agenda"), its Sustainable Development Goals (SDGs) and the Paris Agreement adopted under the United Nations Framework Convention on Climate Change24 ("Paris Agreement on Climate Change") as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve those objectives, as well as those set out in the environmental policies of the Union, such as the EU Biodiversity Strategy 2030 of the Union, action pursuing sustainable development is to be stepped up significantly and environmentally harmful subsidies must be phased-out. Therefore, the principles of sustainable development should feature prominently in the design of the InvestEU Fund. _________________ 24 OJ L 282, 19.10.2016, p. 4.

Amendment 47 #

Proposal for a regulation
Recital 9

(9) The InvestEU Programme should contribute to building a sustainable finance system in the Union which supports the reorientation of private capital towards sustainable investments in accordance with the objectives set out in the communication of the Commission of 8 March 2018 ‘Action Plan: Financing Sustainable Growth’ and the communication of the Commission of 14 January 2020 on the European Green Deal Investment Plan, as well as in line with the criteria laid out in the Regulation (EU) 2020/852 of the European Parliament and of the Council1a. _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 48 #

Proposal for a regulation
Recital 10

Amendment 49 #

Proposal for a regulation
Recital 10

Amendment 50 #

Proposal for a regulation
Recital 11

Amendment 51 #

Proposal for a regulation
Recital 11

(11) The contribution of the InvestEU Fund to the achievement of the climate target will be tracked through a Union climate tracking system to be developed by the Commission and aligned with the harmonised multilateral development bank methodology on identifying climate action 24a in cooperation with potential implementing partners, appropriately using the criteria established by [Regulation on the establishment of a framework to facilitate sustainable investment25 ] for determining whether an economic activity is environmentally sustainable. The InvestEU Programme should also contribute to the implementation of other dimensions of the SDGs. _________________ 24a2019, Joint report on multilateral development banks' climate finance, August 2020, ERDB, EIB, ADB, AIIB, IDB Group, ISDB, WB Group 25 COM(2018)353.

Amendment 52 #

Proposal for a regulation
Recital 12

(12) According to the 2018 Global Risks Report issued by the World Economic Forum, half of the ten most critical risks threatening the global economy relate to the environment. Such risks include the pollution of air, soil, inland waters and oceans, extreme weather events, biodiversity losses and failures of climate-change mitigation and adaptation. Environmental principles are strongly embedded in the Treaties and many of the Union's policies. Therefore, the mainstreaming of environmental objectives should be promoted in operations related to the InvestEU Fund. Environmental protection and the prevention and management of related risks should be integrated in the preparation and implementation of investments. The Union should also track its biodiversity-related and air pollution control-related expenditures in order to fulfil the reporting obligations under the Convention on Biological Diversity26 and under Directive (EU) 2016/2284 of the European Parliament and of the Council27 . Investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies that are consistent with methodologies developed under other Union programmes that apply to climate, biodiversity and air pollution management in order to allow the assessment of the individual and combined impact of investments on the key components of natural capital, including air, water, land and biodiversity. _________________ 26 27Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (deleted OJ L 34409, 173.12.~~2016~~1993, p. 1)3.

Amendment 53 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should appropriately use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] for determining whether an economic activity is ~~environmentally~~ sustainable and consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. ~~Operations that are inconsistent with the achievement of the climate objectives should not be eligible for support under this Regulation.~~

Amendment 54 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS

Proposal for a regulation
Recital 13 a (new)

(13a) Taking into account the deterioration of the economic situation in the Union caused by the containment measures introduced as a response to the COVID-19 pandemic, with, in consequence, the expected contraction of the overall Union GDP by 8.3% in 2020 and, in some Member States, by more than 10%, the Programme, while facilitating transition of European industries to digitalisation and climate- neutrality, should prioritise Union economic recovery, reactivation of industrial production and employment.

Amendment 55 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, job creation, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long- term, which is visible in particular with regard to digital infrastructure. It is crucial to support fast and ultra-fast broadband connectivity in all rural and urban regions of the Union, encourage the digitalisation of public services, provide support to digital start-ups and innovative SMEs to enable them to better compete and scale up, and accelerate the digital transformation of the entire economy in order to increase both long- term competitiveness and the resilience of the Union economy. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 56 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term, affecting the convergence and cohesion of the Union. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets, including crucial investments in renovation and integrating innovative solutions in the building sector, in order to achieve the net-zero greenhouse gas emissions objective and a highly energy efficient and climate neutral building sector by 2025. Investments in the construction sector are also needed, contributing to creation of up to 2 million jobs and leading to a clean economy as part of the European Green Deal. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 57 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence, while respecting the 'do no significant harm' principle and minimum safeguards as referred to in Regulation EU) 2020/8521a. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund. _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 58 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence and undermined the generation of jobs. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in innovation ecosystems that nurture technological entrepreneurship and start-ups' development as well as investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure and transformation. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisalization. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 59 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable economic and occupational growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs~~, and the 2030 energy and climate targets~~. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency ~~and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action~~, infrastructure, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 60 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure, space infrastructure, and digital infrastructure. The InvestEU Programme should prioritise areas that are under- invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy, space, both in orbit and on ground, and other critical infrastructure, such as the European Regional Development Fund.

Amendment 61 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure, space infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under- invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy, space, both in orbit and on ground, and other critical infrastructure, such as the European Regional Development Fund.

Amendment 62 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise ~~areas that are~~ under- invested, a~~nd in which additional investment is required~~reas throughout the Union. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 63 #

Proposal for a regulation
Recital 18

(18) Although the level of overall investment in the Union was increasing before the Covid-19 crisis, investment in higher-risk activities such as research and innovation was still inadequate and is now expected to have suffered a significant hit with the crisis. ~~The resulting~~Research and innovation will have an important role in overcoming the crisis and creating the necessary technologies to achieve Union policies and goals. As part of the Europe 2020 Strategy, Member States agreed that by 2020, at least 3 % of GDP would be invested in research and innovation, however, this has not been achieved to date. Therefore, InvestEU should substantially contribute to increasing public and private investment in R&I in Member States, thereby helping to reach an overall investment of at least 3% of the Union’s GDP in research and development. The achievement of the target will require Member States and the private sector to complement the Programme with their own and reinforced investment actions in research, development and innovation, to avoid underinvestment in research and innovation, which is damaging to the industrial and economic competitiveness of the Union and the quality of life of its citizens. The InvestEU Fund should also provide appropriate financial products to cover different stages of the innovation cycle and a wide range of stakeholders, in particular to allow the upscaling of and deployment of solutions at a commercial scale in the Union in order to make such solutions competitive on world markets and to promote Union excellence in sustainable technologies at a global level, in synergy with Horizon Europe, including the European Innovation Council. In that regard, the experience gained from the financial instruments, such as InnovFin – EU Finance for Innovators, deployed under Horizon 2020 to facilitate and accelerate access to finance for innovative businesses should serve as a strong basis to deliver this targeted support.

Amendment 64 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Recital 18

Amendment 65 #

Proposal for a regulation
Recital 18

(18) Although the level of overall investment in the Union was increasing before the Covid-19 crisis, investment was uneven per region, a trend that is expected to accelerate in the regions more affected by the pandemic. Moreover, investments in higher-risk activities such as research and innovation was still inadequate and is now expected to have suffered a significant hit with the crisis. The resulting underinvestment in research and innovation is damaging to the industrial and economic competitiveness of the Union, the job creation and quality and the quality of life of its citizens. The InvestEU Fund should provide appropriate financial products to cover different stages of the innovation cycle and a wide range of stakeholders, in particular to allow the upscaling of and deployment of solutions at a commercial scale in the Union in order to make such solutions competitive on world markets and to promote Union excellence in sustainable technologies at a global level, in synergy with Horizon Europe, including the European Innovation Council. In that regard, the experience gained from the financial instruments, such as InnovFin – EU Finance for Innovators, deployed under Horizon 2020 to facilitate and accelerate access to finance for innovative businesses should serve as a strong basis to deliver this targeted support.

Amendment 66 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy ~~and the sector, which~~since, together with travel sector, it directly contributes 3.9% to Union GDP and accounts for 5.1% of the total Union labour force. The sector, which comprises hotels, restaurants, tour operators, travel agencies, passenger transport companies and attraction sites, is mainly composed of SMEs, including family businesses, that experienced a particularly severe contraction as a result of COVID-19 pandemic. The InvestEU Programme should contribute to ~~strengthening its~~its recovery and long-term competitiveness by supporting operations promoting sustainable, innovative and digital tourism. Where necessary, the Programme should also take into account the need to reduce Member States' over-dependence on tourism, which turned out to be one of the most vulnerable sectors of the Union economy to immediate and unpredictable obstacles to the free movement of persons in the Union.

Amendment 67 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy ~~and the sector, which experienced a particularly severe contraction as a result of COVID-19 pandemic~~, employing more than 22 million people, many in micro, small and medium-sized companies, with a high proportion of women and young people. The tourism sector experienced a particularly severe contraction as a result of COVID-19 pandemic, with revenue losses having reached an estimated 85% for hotels, restaurants, tour operators, travel agencies and long distance rail, and 90% for cruises and airlines as of May 2020. The InvestEU Programme should contribute to strengthening its long- term competitiveness by supporting ~~operations promoting sustainable, innovative and digital tourism~~a sustainable, safe, equitable, innovative and digital recovery in the tourism sector.

Amendment 68 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy and the sector, which experienced a particularly severe contraction as a result of COVID-19 pandemic, in terms of large-scale business bankruptcy and job losses. Member States in which tourism accounts for a substantial percentage of the GDP are likely to experience long-term negative structural consequences as a result of the pandemic's impact on the sector. The InvestEU Programme should contribute to strengthening its long- term competitiveness by supporting operations promoting ~~sustainable,~~the tourism sector as well as innovative and digital tourism.

Amendment 69 #

Proposal for a regulation
Recital 19

(19) ~~Tourism~~Hospitality Industry is an important area for the Union economy ~~and the sector, which~~, employing 5% of the Union's workforce. The tourism sector experienced a particularly severe contraction as a result of COVID-19 pandemic with immense revenue losses for hotels, restaurants, tour operators, travel agencies and long distance rail, cruises and airlines. The InvestEU Programme should contribute to Hospitality Industry's strengthening ~~its~~ long- term competitiveness by supporting operations, promoting sustainable, innovative and digital tourism.

Amendment 70 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy and the sector~~, which~~ experienced a particularly severe contraction as a result of COVID-19 pandemic, with large-scale unemployment affecting, in particular, seasonal workers and those in vulnerable situations. The InvestEU Programme should contribute to strengthening its long- term competitiveness ~~by supporting operations promo~~and develop a sustainable tourism sector by supporting a sustainable, innovative and digital ~~tourism~~recovery.

Amendment 71 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy and the sector, which experienced a particularly severe contraction as a result of COVID-19 pandemic, with particular consequences for small family businesses. The InvestEU Programme should contribute to strengthening its long- term competitiveness by supporting operations promoting a sustainable, innovative and digital ~~tourism~~recovery in the tourism sector.

Amendment 72 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, implementing the Youth Guarantee and achieving the goals of the new European Skills Agenda, including the re- skilling and upskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy. It should be used to support projects that generate positive social impacts and enhance social inclusion, in particular by encouraging the use of social impact bonds or social outcome contracts, by helping to increase employment across all regions, in particular among the unskilled and long- term unemployed, and to improve the situation with regard to gender equality, equal opportunities, non-discrimination, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people, including third country nationals. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 73 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, including the re- skilling and upskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy. It should be used to support projects that generate positive social impacts and enhance social inclusion by helping to increase employment across all regions, in particular among the unskilled and long-term unemployed, and to improve the situation with regard to gender equality, equal opportunities, non-discrimination, including forms of employment that support work-life balance and better distribution of care responsibilities, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people, including third country nationals. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 74 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, including the re- skilling, upskilling and upoutskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy. It should be used to support projects that generate positive social impacts and enhance social inclusion by helping to increase employment across all regions, in particular among the unskilled, low-skilled and long-term unemployed, and to improve the situation with regard to gender equality, equal opportunities, non- discrimination, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people, including third country nationals. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 75 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, including the re- skilling and upskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy. It should be used to support projects that generate positive social impacts and enhance social inclusion by helping to increase employment across all regions, in particular among the unskilled and long-term unemployed, and to improve the situation with regard to gender equality, equal opportunities, non-discrimination, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people~~, including third country nationals~~. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 76 #

Proposal for a regulation
Recital 23

(23) To counter the negative effects of profound transformations of societies in the Union and of the labour market in the coming decade, it is necessary to invest in human capital, social infrastructure, microfinance, ethical and social enterprise finance and new social economy business models, including social impact investment and social outcomes contracting. The InvestEU Programme should strengthen nascent social market eco-system to increase the supply of and access to finance to micro- and social enterprises and social solidarity institutions, in order to meet the demand of those who need it the most. The report of the High-Level Task Force on Investing in Social Infrastructure in Europe of January 2018 entitled "Boosting Investment in Social Infrastructure in Europe" has identified a total investment gap of at least EUR 1.5 trillion in social infrastructure and services for the period between 2018 and 2030, including education, training, skills development, health and housing. This calls for support, including at the Union level. Therefore, the collective power of public, commercial and philanthropic capital, as well as support from foundations and from alternative types of finance providers such as ethical, social and sustainable actors, should be harnessed to support the development of the social market value chain and a more resilient Union.

Amendment 77 #

Proposal for a regulation
Recital 24

(24) In the economic crisis caused by the Covid-19 pandemic, market allocation of resources is not fully efficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced, inter alia in order to counteract the risk of an asymmetric recovery. The InvestEU Programme should be able to provide crucial support to companies in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities and the implementation of Union legislation, such as the European Green Deal, the European Green Deal Investment Plan, the ~~Strategy on shaping Europe’s digital future~~Regulation (EU) 2020/852 1a, the European Climate Law 1b, the Strategy on shaping Europe’s digital future, Horizon Europe ambitions, the Renovation Wave, the European Pillar of Social Rights and the Strong Social Europe for Just Transitions. It should significantly increase the risk-taking capacity of the European Investment Bank (EIB) Group and national promotional banks and institutions and other implementing partners in support of economic recovery. _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13). 1bRegulation (EU)2020/XXX establishing the framework for achieving climate neutrality

Amendment 78 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Recital 24

(24) In the economic crisis caused by the Covid-19 pandemic, market allocation of resources is not fully efficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced, inter alia in order to counteract the risk of an asymmetric recovery. The InvestEU Programme should be able to provide crucial support to companies, in particular SMEs and micro-scale companies, in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities such as the European Green Deal, the European Green Deal Investment Plan, the Strategy on shaping Europe’s digital future, the Youth Guarantee, the European Child Guarantee, the new Industrial Strategy for Europe, the European Strategy for SMEs, and the Strong Social Europe for Just Transitions. It should significantly increase the risk-taking capacity of the European Investment Bank (EIB) Group and national promotional banks and institutions and other implementing partners in support of economic recovery.

Amendment 79 #

Proposal for a regulation
Recital 24

Amendment 80 #

Proposal for a regulation
Recital 24

Amendment 81 #

Proposal for a regulation
Recital 25

(25) The Covid-19 pandemic is a major shock to the global and Union economy. The contraction in EU GDP is expected to be far deeper than during the financial crisis in 2009 and adverse social effects will be inevitable. The outbreak of the pandemic has shown the need for strategic vulnerabilities to be addressed in order to improve the Union’s emergency response as well as the resilience of the entire economy. Only a resilient, meaning digitalized and environmentally sustainable, inclusive and integrated European economy can preserve the Single Market and the level playing field also to the benefit of the hardest-hit Member States.

Amendment 82 #

(25) The Covid-19 pandemic is a major shock to the global and Union economy. The contraction in EU GDP is expected to be far deeper than during the financial crisis in 2009 and adverse social effects will be inevitable. The outbreak of the pandemic has shown the need for strategic vulnerabilities to be addressed in order to improve the Union’s emergency response as well as the resilience of the entire economy. Only a resilient, digitalised, climate friendly, inclusive and integrated European economy can preserve the Single Market and the level playing field also to the benefit of the hardest-hit Member States.

Amendment 83 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Recital 25

(25) The Covid-19 pandemic is a major shock to the global and Union economy. The contraction in EU GDP is expected to be far deeper than during the financial crisis in 2009 and adverse social effects will be inevitable. The outbreak of the pandemic has shown the need for strategic vulnerabilities to be addressed in order to improve the Union’s emergency response as well as the resilience of the entire economy. Only a resilient, digitalised, innovative, inclusive and integrated European economy can preserve the Single Market and the level playing field also to the benefit of the hardest-hit Member States.

Amendment 84 #

Proposal for a regulation
Recital 27

(27) Although the SME policy window should primarily focus on benefitting SMEs, small mid-cap companies should also be eligible under this policy window. Mid-cap companies should also be eligible for support under the other four policy windows.deleted

Amendment 85 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose activities are of strategic importance to the Union, in ~~particular in view of the green and digital transitions and of enhanced resilience in areas of~~line with the priorities described in the New Industrial Strategy for a green and digital Europe, and the development model based on industrial ecosystems. The window should support projects that enhance the competitiveness of the Member States' economies, foster entrepreneurship and decrease dependence on vulnerable supply chains. Areas of strategic importance include (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system, (ii) critical infrastructure, whether physical or virtual; (ii~~i) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv)~~a) critical early detection and coordinated institutional and economic response capabilities to react in case of crisis risks, as well as on advancing business and service continuity solutions for essential public and private institutions and sector; (iib) crucial investments in renovation and integrating innovative solutions in the building sector, (iic) supporting the conditions for boosting entrepreneurship, financing private sector development, including start-ups and SMEs, privatisation processes, adaptation to technological development and sustainable sectoral development; (iid) investment and technical assistance for fostering entrepreneurial skills, for the creation of new start-ups, SMEs and family businesses and for the development of networks of clusters and digital innovation hubs across the continent; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) promotion of an innovative and sustainable re-industrialisation of Europe, following the priorities described in the New Industrial Strategy for a green and digital Europe and the development model based on industrial ecosystems through key enabling, transformative, green and digital technologies and game- changing innovations where the investment is strategically important for the Union’s industrial future, including artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies biomedicine, nanotechnologies, pharmaceuticals and advanced materials; (v) manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as defence and space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009. The final recipients should have their registered office in a Member State and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit.

Amendment 86 #

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose activities are of strategic importance to the Union in particular in view of the green and digital transitions and of enhanced resilience in areas of (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals~~, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system,~~ fostering the sustainable and ethical production, procurement, management and non-exclusive licensing of crisis relevant products ensuring their affordability in complementarity with other Union instruments, medical devices, medical supplies, protective equipment and, strengthening of health crisis response capacity and of the civil protection system based on the principles of wide availability and affordability of products vital in health emergencies (ii) critical infrastructure, whether physical or virtual; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) key enabling, transformative, green and digital technologies and game-changing innovations where the investment is strategically important for the Union’s industrial future, including ethical artificial intelligence, ~~blockchain~~distributed ledger technologies, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, ~~quantum technologies,~~ photonics, industrial biotechnology, renewable energy technologies, in particular to implement the offshore renewable energy strategy, a solar rooftop strategy and the renovation wave strategy, energy storage technologies including batteries, sustainable transport technologies, ~~clea~~green hydrogen and fuel cell applications, ~~decarbonisat~~zero-emission technologies for industry, ~~carbon capture and storage~~such as the production of CO2 free steel, circular economy technologies, biomedicine, nanotechnologies, pharmaceuticals and advanced materials; (v) recycling and manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as ~~defence~~security and space sectors and cybersecurity, and the civilian components of dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009 in line with any subsequent revision and legislation. The final recipients should have their registered office in a Member State, not having subsidiaries without real economic activities in a country listed on the Union list of non-cooperative jurisdictions and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit. The distribution of the financial envelope should in particular ensure support for projects that help saving lives in the short, mid- and long term.

Amendment 87 #

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients, including SMEs, established in a Member State and operating in the Union whose activities are of strategic importance to the Union in particular in view of the green and digital transitions ~~and of enhanced resilience in areas of~~, of the security of the Union, including defence and space sectors, cybersecurity, and dual use items and of enhanced resilience. Projects that bring Union added-value and that generate positive spill over effects in more than one Member State or region should be supported. Areas of strategic importance include (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system, (ii) critical infrastructure, whether physical or virtual; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) key enabling, transformative, green ~~and~~, digital and space technologies and game- changing innovations where the investment is strategically important for the Union’s industrial future, including artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies biomedicine, nanotechnologies, pharmaceuticals and advanced materials, space systems and technologies including critical space components, as well as space-based services and applications; (v) manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies ~~and input~~, inputs and applications for the security of the Union and its Member States, such as defence and space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009. The final recipients should have their registered office in a Member State and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. The distribution of the financial envelope should particularly ensure support to drive the parallel digital and climate transitions, the security dimension, and to enhance the resilience of the Union economy while ensuring its competitiveness. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit.

Amendment 88 #

Proposal for a regulation
Recital 28

Amendment 89 #

Proposal for a regulation
Recital 28

Amendment 90 #

Proposal for a regulation
Recital 28

Amendment 91 #

Proposal for a regulation
Recital 28

Amendment 92 #

Proposal for a regulation
Recital 28

Amendment 93 #

Proposal for a regulation
Recital 29

(29) The strategic European investment window should also target suppliers established and operating in the Union whose activities are of strategic importance to the Union and that would need long term investment or are covered by the Foreign Direct Investment Screening mechanism. In addition, important projects of common European interest ~~should in particular be able to benefit from the strategic European investment window~~in compliance with the Union’s climate and environmental goals, with specific consideration of the Regulation (EU) 2020/8521a and increased transparency in their implementation, should in particular be able to benefit from the strategic European investment window. _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 94 #

Proposal for a regulation
Recital 29

Amendment 95 #

Proposal for a regulation
Recital 29

(29) The strategic European investment window should also target suppliers established and operating in the Union whose activities are of strategic importance to the Union, do not represent a threat to the security and defence interests of the Union and that would need long term investment or are covered by the Foreign Direct Investment Screening mechanism. In addition, important projects of common European interest should in particular be able to benefit from the strategic European investment window.

Amendment 96 #

Proposal for a regulation
Recital 29 a (new)

(29a) The addition of the strategic European investment window is necessary as a result of the global outbreak of Covid-19, and its impact on people's lives. It should foster sustainable economic recovery and increase resilience, while ensuring strict additionality of all investments supported through InvestEU.

Amendment 97 #

Dragoş PÎSLARU, Nicola DANTI, Ivars IJABS, Valérie HAYER

Proposal for a regulation
Recital 30

(30) The InvestEU should also provide support to financing to generate investment to the benefit of just transition regions, as well as the possibility for the respective regions to benefit from dedicated technical assistance via the InvestEU Advisory Hub.

Amendment 98 #

Proposal for a regulation
Recital 30

(30) The InvestEU should also provide support to financing to generate investment to the benefit of just transition regions, notably also in the area of energy efficiency and renewable energies.

Amendment 99 #

Proposal for a regulation
Recital 30

(30) The InvestEU should also provide support to financing to generate sustainable investment to the benefit of just transition regions.

source: 657.168

2020/09/04 ENVI 239 amendments...

Amendment 1 #

Proposal for a regulation
Recital 1

Amendment 10 #

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted ambitious strategies to complete the Single Market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the ~~Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal~~‘Sustainable Europe Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 and ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020. The InvestEU Fund should exploit and reinforce synergies, where appropriate and between ~~those~~ mutually reinforcing strategies, through providing support to investment and access to financing.

Amendment 100 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, upholding and strengthening its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game-changing innovations and inputs to businesses and consumers, supporting the sustainable transition in line with the EU taxonomy established by Regulation (EU) 2020/852 and based on time-bound and science-based targets.

Amendment 101 #

Proposal for a regulation
Article 3 – paragraph 2 – point b

(b) supporting financing and investment operations in line with the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle, such as related to research, innovation and digitisation, including support for the scaling up of innovative companies and the rolling out of technologies to market, in the areas referred to in point (b) of Article 7(1);

Amendment 102 #

Proposal for a regulation
Article 3 – paragraph 2 – point e

Amendment 103 #

Proposal for a regulation
Article 6 – paragraph 2 – point a

(a) be consistent with the policy objectives, the 'do no significant harm' principle, and comply with the eligibility criteria set out in the rules of the Union programme under which the support is decided;

Amendment 104 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport and investments facilitating the modal shift, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal ~~and~~, maintenance ~~of rail and road infrastructure, energy, in particular~~and extension of rail infrastructure, renewable energy, and energy efficiency in accordance with the 2030 energy framework and in view of achieving the Union's climate objectives as set out in Regulation (EU) 2020/… [European Climate Law], buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, sustainable tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union; and are in line with the objectives set out in the European Green Deal1a; _________________ 1aCommunication on the European Green Deal, COM(2019) 640 final

Amendment 105 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, ~~energy, in particular~~ renewable energy, energy efficiency in accordance with the 2030 energy framework, and the Union's climate neutrality goal, based on time-bound and science-based targets buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 106 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies, including bridging technologies, that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 107 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, energy, in particular nuclear energy, renewable energy, energy efficiency in accordance with the 2030 energy framework, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 108 #

Proposal for a regulation
Article 7 – paragraph 1 – point d

(d) a social investment and skills policy window, which comprises microfinance, social enterprise finance, social economy and measures to promote ~~gender equality,~~ skills, education, training and related services, social infrastructure, including health and educational infrastructure and social and student housing, social innovation, health and long-term care, inclusion and accessibility, cultural and creative activities with a social goal, and the integration of vulnerable people~~, including third country nationals~~;

Amendment 109 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

Amendment 11 #

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted ambitious strategies to complete the Single Market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 ~~and~~, the ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020 and the 'EU Biodiversity Strategy for 2030' of 20 May 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.

Amendment 110 #

Lídia PEREIRA, Agnès EVREN, Pernille WEISS, Jessica POLFJÄRD, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV, Inese VAIDERE, Nathalie COLIN-OESTERLÉ

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

(e) a strategic European investment policy window which comprises strategic investment to support final recipients that are established in aone or more Member States and that operate in the Union, and whose activities are of strategic importance to the Union, in particular in view of the green and digital transitions and of enhanced resilience, while enhancing the competitiveness of the Member States' economies, including the need to rebuild the Member States' productive capacity and promote entrepreneurship and job creation, in one of the following areas:

Amendment 111 #

Pascal CANFIN, Frédérique RIES, Irena JOVEVA, Linea SØGAARD-LIDELL, Nils TORVALDS, Martin HOJSÍK

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

(e) a strategic European investment policy window which comprises strategic investment to support final recipients that are established in a Member State and that operate in the Union, that have not been involved, investigated or prosecuted for money laundering, terrorism financing, tax avoidance or tax evasion, and whose activities are of strategic importance to the Union, in particular in view of ~~the green and digital transitions~~achievement of the Union's climate and environment objectives, and of enhanceds resilience of the European society and economy, in one of the following areas:

Amendment 112 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

Amendment 113 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Article 7 – paragraph 1 – point e – point i

i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices ~~and~~, medical supplies and vaccines , strengthening ~~of health crisis response capacity~~the resilience of healthcare and health systems in preparation for future crisis response capacity, including the performance of stress tests of national and regional healthcare systems, and of the civil protection system;

Amendment 114 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point i

i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals~~, medical devices and medical supplies~~ fostering the sustainable and ethical production, procurement, management and non-exclusive licensing of crisis relevant products ensuring their affordability in complementary with other Union instruments, medical devices, medical supplies and protective equipment, strengthening of health crisis response capacity and of the civil protection system;

Amendment 115 #

Lídia PEREIRA, Pernille WEISS, Jessica POLFJÄRD, Cindy FRANSSEN, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV, Inese VAIDERE, Nathalie COLIN-OESTERLÉ

Proposal for a regulation
Article 7 – paragraph 1 – point e – point i

i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medic~~al device~~ines, vaccines, active pharmaceutical ingredients, pharmaceutical raw materials, medical devices, diagnostic tools and medical supplies, strengthening of health crisis response capacity and of the civil protection system;

Amendment 116 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point i

i) critical healthcare provision, i) manufacturing and stockpiling of pharmaceuticals and active pharmaceutical ingredients, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system;

Amendment 117 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Article 7 – paragraph 1 – point e – point i a (new)

i a) critical sustainable infrastructure to move to a de-carbonised, circular and environmentally sustainable European economy and society in line with the Union's climate objectives laid down in [Regulation (EU) 2020/XXX establishing the framework for achieving climate neutrality and amending Regulation (EU)2018/1999 ("European Climate Law");

Amendment 118 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including green infrastructure and elements identified as critical in the fields of renewable energy, transport, environment, ecosystem connectivity, urban microclimate, health, secure digital communication, 5G, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 119 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, environment, health, food safety, secure digital communication, 5G, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 12 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted ambitious strategies to complete the Sin~~gle M~~ternal market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 and ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing. (This amendment applies throughout the text.)

Amendment 120 #

Lídia PEREIRA, Pernille WEISS, Jessica POLFJÄRD, Cindy FRANSSEN, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV, Inese VAIDERE

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, environment, water, health, secure digital communication, 5G, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 121 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, environment, health, secure digital communication~~, 5G~~ and networks, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, ~~defence,~~ communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 122 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iii

iii) the provision of goods and services instrumental to the operation and maintenance of the critical infrastructure under point ii) including ecosystem services through conservation and restoration of terrestrial, freshwater and marine ecosystems;

Amendment 123 #

Lídia PEREIRA, Pernille WEISS, Jessica POLFJÄRD, Dolors MONTSERRAT, Radan KANEV

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

iv) key enabling, transformative, green and digital technologies and game- changing innovations with broad societal benefits, where the investment is strategically important for the ~~Union’s industrial futur~~achievement of the Union’s climate and environment objectives, and for the sustainable transformation of its industrial base, including

Amendment 124 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

iv) key enabling, transformative, ~~gree~~sustainable, circular, low carbon and digital technologies and game- changing innovations where the investment is strategically important for the Union’s sustainable industrial future, including

Amendment 125 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

iv) key enabling, transformative, ~~gree~~low- carbon and digital technologies and game- changing innovations where the investment is strategically important for the Union’s industrial future, including

Amendment 126 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point a

(a) artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, digital technologies for tracking, tracing and mapping of resources,

Amendment 127 #

(a a) innovations supporting, enabling and accelerating the green transition towards climate neutral, circular and sustainable economy in line with the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle, measured by science-based and time-bound targets,

Amendment 128 #

Andreas GLÜCK

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, negative emissions technologies including carbon capture and storage, circular economy technologies, including in their continued innovation towards hazardous substance substitution and high value recycling of components and materials at end of life,

Amendment 129 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) energy efficiency and renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, ~~clea~~green hydrogen produced with electricity from renewables and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies,

Amendment 13 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Recital 4

(4) At Union level, the European Semester of economic policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States, where appropriate in cooperation with local and regional authorities, develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly national reform programmes as a way of outlining and coordinating priority investment projects that are to be supported by national funding, Union funding, or both. Those strategies should also use Union funding in a coherent manner and maximise the added value of the financial support to be received notably from the European structural and investment funds, the Recovery and Resilience Facility and the InvestEU Programme. However, country-specific recommendations have often had counterproductive macro- economic effects; notably, in the field of public health they have recommended the weakening of public health systems in several Member States, which therefore found themselves less equipped to deal with the COVID-19 outbreak.

Amendment 130 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, ~~clea~~green hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, ~~circular~~ waste prevention, circular economy and bioeconomy technologies,

Amendment 131 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) nuclear energy, renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies,

Amendment 132 #

Lídia PEREIRA, Pernille WEISS, Jessica POLFJÄRD, Dolors MONTSERRAT, Michal WIEZIK, Radan KANEV

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including batteries, sustainable and low carbon transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies,

Amendment 133 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry~~, carbon capture and storage, circular economy technologie~~ and buildings, including investments in energy savings,

Amendment 134 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, ~~clean~~renewable-based hydrogen and fuel cell applications, decarbonisation technologies for industry, ~~carbon capture and storage,~~ circular economy technologies,

Amendment 135 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b a (new)

(b a) circular economy technologies, including innovative technologies to improve use of waste for material purposes to optimize bioeconomy and decrease pressure on biosphere and its carbon sequestration potential,

Amendment 136 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b b (new)

(b b) transformation of agricultural systems in order to adapt to climate change and to halt biodiversity loss, increase resilience, land use efficiency and use of regulating and supporting ecosystem services, prevent desertification, and to decrease the need for external inputs, including feed, pesticides, fertilizers and antimicrobials,

Amendment 137 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point c

Amendment 138 #

Lídia PEREIRA, Pernille WEISS, Jessica POLFJÄRD, Cindy FRANSSEN, Dolors MONTSERRAT, Michal WIEZIK, Radan KANEV, Inese VAIDERE, Nathalie COLIN-OESTERLÉ

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point c

Amendment 139 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ

Proposal for a regulation
Article 7 – paragraph 1 – point e – point v

v) manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU having regard to resource efficiency, waste prevention and circularity in the value chains;

Amendment 14 #

Lídia PEREIRA, Agnès EVREN, Pernille WEISS, Jessica POLFJÄRD, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV, Inese VAIDERE, Nathalie COLIN-OESTERLÉ

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence ~~and cohesion~~, cohesion and long-term economic growth of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities ~~in multiple~~with high growth potential and in key strategic sectors in all regions across the EU.

Amendment 140 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vi

vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the EU, including energy or raw materials or food security, having regard to resource efficiency ~~and circularity in strategic value chains~~, environmental and human rights due diligence, circularity in strategic value chains and to new developments and revisions to right to repair legislation;

Amendment 141 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vi

vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the EU, including energy or raw materials ~~or food security, having regard to resource efficiency~~, unless already covered by legislative requirements, or food security, having regard to the need of a reduced and more efficient use of resources and circularity in strategic value chains;

Amendment 142 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vi

vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the EU, including energy or raw materials or food security or pharmaceuticals, having regard to resource efficiency, waste prevention and circularity in strategic value chains;

Amendment 143 #

Pascal CANFIN, Frédérique RIES, Irena JOVEVA, Linea SØGAARD-LIDELL, Nils TORVALDS, Martin HOJSÍK

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – introductory part

vii) critical technologies and inputs for the security of the Union and its Member States, such as ~~defence and~~ space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009.

Amendment 144 #

Lídia PEREIRA, Pernille WEISS, Cindy FRANSSEN, Dolors MONTSERRAT, Michal WIEZIK, Radan KANEV

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – paragraph 1

In addition, in the case of investments in space, defence and cybersecurity, and in specific types of projects with actual and direct security implications in critical sectors, the final recipients shall not be controlled by a third country or third country entities and shall have their executive management in the Union with a view to protect the security of the Union and its Member States. Financial support shall not be provided when a project is not in line with the strategic and economic interests of the Union, for instance for projects that would increase dependency on vulnerable or undiversified supply chains.

Amendment 145 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – paragraph 1 a (new)

Access to the finacing made available under the strategic European investment policy window shall be conditional on the endorsement and demonstration of Member States commitment to the Union objective of climate neutrality and individual Member States climate neutrality objective by 2050 at the latest, as well as on the adoption of a long-term strategy as referred to in Article 15 of Regulation(EU) 2018/1999.

Amendment 146 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – paragraph 2

Activities shall not be eligible for support under this Regulation if they are: (a) inconsistent with the achievement of the Paris Agreement and the European Green Deal´s climate and environmental objectives, notably the objective of climate neutrality by 2050 and the objectives set according to Regulation XXXX/XX (European Climate Law) (b) not complying with the ‘do no significant harm’ principle established by Regulation 2020/852. The Steering Board shall set any necessary requirements relating to the control and executive management of final recipients for other areas under the strategic European investment window, and to the control of intermediaries under that window, in the light of any applicable public order or security considerations.

Amendment 147 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – paragraph 2

The Steering Board, in close collaboration with the Advisory Board, shall set any necessary requirements relating to the control and executive management of final recipients for other areas under the strategic European investment window, and to the control of intermediaries under that window, in the light of any applicable public order or security considerations.

Amendment 148 #

Proposal for a regulation
Article 7 – paragraph 2

2. Where a financing or investment operation proposed to the Investment Committee referred to in Article 23 falls under more than one policy window, it shall be screened against the EU taxonomy screening criteria etablished by Regulation (EU) 2020/852 and particularly the 'do no significant harm' principle. It shall be attributed to the policy window under which its main objective or the main objective of most of its sub- projects falls, unless the investment guidelines provide otherwise.

Amendment 149 #

Proposal for a regulation
Article 7 – paragraph 2 a (new)

2 a. Financing and investment operations shall pass the 'do no significant harm' test as set out in Article 17 of Regulation (EU) 2020/852.

Amendment 15 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social and environmental resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU.

Amendment 150 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment operations shall be screened to determine whether they have an environmental, climate or social impact. If those operations have such an impact they shall be subject to climate, environmental and social sustainability proofing with a view to minimising detrimental impacts and to maximising benefits to the climate, environment and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. Projects that are inconsistent with the climate objectives, including nuclear energy production and those with important low-carbon bridging technologies such as natural gas, and carbon capture and storage, shall ~~not~~ be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee.

Amendment 151 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment operations shall be screened to determine whether they have an environmental, climate or social impact. If those operations have such an impact they shall be subject to climate, environmental and social sustainability proofing with a view to ~~minimis~~preventing detrimental impacts and to maximising benefits to the climate, environment and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. Projects that are inconsistent with the climate objectives and which do not comply with the criteria laid down in the EU taxonomy established by Regulation (EU) 2020/852 shall not be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee.

Amendment 152 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment operations shall be screened to determine whether they have an environmental, climate or social impact. If those operations have such an impact they shall be subject to climate, environmental and social sustainability proofing with a view to minimising detrimental impacts and to maximising benefits to the climate, environment and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. Projects that are inconsistent with the ~~climate~~Union's climate and environment objectives shall not be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee.

Amendment 153 #

Lídia PEREIRA, Pernille WEISS, Cindy FRANSSEN, Dolors MONTSERRAT, Michal WIEZIK, Radan KANEV, Inese VAIDERE

Proposal for a regulation
Article 7 – paragraph 4 – introductory part

4. The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards, including Regulation (EU) 2020/852, allows to:

Amendment 154 #

Proposal for a regulation
Article 7 – paragraph 4 – introductory part

4. The Commission shall develop sustainability guidance ~~that,~~ in accordance with ~~Union~~Regulation (EU) 2020/852 and the Union's climate, environmental and social objectives and standards, allows to:

Amendment 155 #

Proposal for a regulation
Article 7 – paragraph 4 – introductory part

4. The Commission shall develop sustainability guidance that, in accordance with Union climate, environmental and social objectives and standards, allows to:

Amendment 156 #

Proposal for a regulation
Article 7 – paragraph 4 – point -a (new)

(-a) support partners and beneficiaries with regards to how EU taxonomy objectives and the 'do no significant harm' principle can be achieved and implemented;

Amendment 157 #

Proposal for a regulation
Article 7 – paragraph 4 – point a

(a) as regards adaptation, ensure resilience to the potential adverse impacts of climate change through a climate vulnerability and risk assessment, including through relevant adaptation measures, and, as regards mitigation, integrate the cost of greenhouse gas emissions, applying a transformative carbon price and the positive effects of climate mitigation measures in the cost- benefit analysis;

Amendment 158 #

Proposal for a regulation
Article 7 – paragraph 4 – point b

(b) ~~account for the consolidated~~minimise the impact of projects in terms of the principal components of the natural capital relating to air, water, land and biodiversity;

Amendment 159 #

Proposal for a regulation
Article 7 – paragraph 4 – point b a (new)

(b a) assess projects against their contribution to the Union's 2030 climate and energy targets and to the objective of reaching net-zero greenhouse gas emissions by 2040 at the latest within the Union;

Amendment 16 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Recital 8

(8) The Union endorsed the objectives set out in the United Nations 2030 Agenda for Sustainable Development (the "2030 Agenda"), its Sustainable Development Goals (SDGs) and the Paris Agreement adopted under the United Nations Framework Convention on Climate Change24 ("Paris Agreement on Climate Change") as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve those objectives, as well as those set out in the environmental policies of the Union, action pursuing sustainable development is to be stepped up significantly. Therefore, the principles of sustainable development should feature prominently in the design of the InvestEU Fund. _________________ 24 OJ L 282, 19.10.2016, p. 4.deleted

Amendment 160 #

Proposal for a regulation
Article 7 – paragraph 4 – point c

Amendment 161 #

Proposal for a regulation
Article 7 – paragraph 4 – point c

(c) estimate the social impact of projects~~, including on gender equality,~~ on the social inclusion of certain areas or populations and on the economic development of areas and sectors affected by structural challenges such as the ~~need to~~process of decarbon~~ise~~ation of the economy;

Amendment 162 #

Proposal for a regulation
Article 7 – paragraph 4 – point d

(d) identify projects that are inconsistent with the achievement of climate ~~objectives~~neutrality and other environmental objectives under the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle;

Amendment 163 #

Proposal for a regulation
Article 7 – paragraph 4 – point d

(d) identify projects that are inconsistent with the achievement of ~~climate~~the Union's climate and environment objectives;

Amendment 164 #

Proposal for a regulation
Article 7 – paragraph 4 – point d a (new)

(d a) assess projects against their contribution to the transition towards climate neutrality, based on science-based and timebound targets, including 2030 climate and energy targets.

Amendment 165 #

6. Implementing partners shall apply a target of at least 60 % of the investment under the sustainable infrastructure policy window contributing to meeting the Union objectives on climate and environment. The Commission, together with implementing partners, shall seek to ensure that the part of the EU guarantee used for the sustainable infrastructure policy window is distributed with the aim of achieving a balance between the different areas referred to in point (a) of paragraph 1.deleted

Amendment 166 #

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

6. Implementing partners shall apply a target of at least 680 % of the investment under the sustainable infrastructure policy window ~~contributing to meeting the Union objectives on climate and environment~~, and of at least 65 % of the investment under the strategic European investment policy window, contributing to meeting the Union objectives on climate and environment. At least 30 % of the investment under the sustainable infrastructure policy window shall contribute to meeting the objective and targets of the EU Biodiversity Strategy 2030. Only projects meeting the relevant technical screening criteria developed under Regulation (EU) 2020/852 shall be accounted for when contributing to those spending targets.

Amendment 167 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

Amendment 168 #

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

6. Implementing partners shall apply a target of ~~at least 6~~100 % of the investment under the sustainable infrastructure policy window and at least 60 % under the strategic European investment window contributing to meeting the Union objectives on climate and environment and in line with the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle.

Amendment 169 #

Proposal for a regulation
Article 7 – paragraph 8

8. For financing and investment operations under the strategic European investment window in ~~defence and~~ space sectors and in cybersecurity, the investment guidelines may set out limitations with respect to transfer and licensing of intellectual property rights to critical technologies and technologies instrumental to safeguarding the security of the Union and its Member States.

Amendment 17 #

Proposal for a regulation
Recital 8

(8) The Union endorsed the objectives set out in the United Nations 2030 Agenda for Sustainable Development (the "2030 Agenda"), its Sustainable Development Goals (SDGs) and the Paris Agreement adopted under the United Nations Framework Convention on Climate Change24 ("Paris Agreement on Climate Change") as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve those objectives, as well as those set out in the environmental policies of the Union, action pursuing sustainable development is to be stepped up significantly. Therefore, the principles of sustainable development, environmental sustainability in line with the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle, climate neutrality and the cost of non-action should feature prominently in the design of the InvestEU Fund. _________________ 24 OJ L 282, 19.10.2016, p. 4.

Amendment 170 #

Proposal for a regulation
Article 13 – paragraph 1 – point a a (new)

(a a) comply with the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle;

Amendment 171 #

Proposal for a regulation
Article 13 – paragraph 1 – point b

(b) contribute to the ~~Union~~European Green Deal policy objectives and fall within the scope of the areas eligible for financing and investment operations under the appropriate policy window in accordance with Annex II to this Regulation;

Amendment 172 #

Proposal for a regulation
Article 19 – paragraph 1

1. The Commission and the Steering Board established pursuant to Article 20 shall be advised by an Advisory Board and shall report to it.

Amendment 173 #

Proposal for a regulation
Article 19 – paragraph 2 – introductory part

2. The Advisory Board shall ~~strive to ensure gender balance and shall~~ comprise:

Amendment 174 #

Proposal for a regulation
Article 19 – paragraph 6

~~6. Meetings of representatives of the Member States in a separate format shall also be organised at least twice a year and chaired by the Commission.~~deleted

Amendment 175 #

Proposal for a regulation
Article 19 – paragraph 7

7. The Advisory Board ~~and the meetings of the representatives of the Member States referred to in paragraph 6~~ may issue recommendations to the Steering Board for its consideration regarding the implementation and operation of the InvestEU Programme.

Amendment 176 #

Proposal for a regulation
Article 19 – paragraph 8 – subparagraph 1

The Commission, in conjunction with the Member States, shall establish the operating rules and procedures for the Advisory Board and shall manage the secretariat of the Advisory Board. All relevant documentation and information shall be made available to the Advisory Board to enable it to exercise its tasks.

Amendment 177 #

Proposal for a regulation
Article 21 – paragraph 3 – point a

(a) a description of the proposed financing and investment operation, and how they adhered to the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle;

Amendment 178 #

Proposal for a regulation
Article 21 – paragraph 3 – point b

(b) how the proposed operation contributes to EU policy objectives, in particular the transition to climate neutrality based on science-based and timebound targets, and the European Green Deal and other sustainability objectives;

Amendment 179 #

Proposal for a regulation
Article 21 – paragraph 3 – point b

(b) how the proposed operation contributes to E~~U policy~~uropean Green Deal objectives;

Amendment 18 #

Proposal for a regulation
Recital 8

(8) The Union endorsed the objectives set out in the United Nations 2030 Agenda for Sustainable Development (the "2030 Agenda"), its Sustainable Development Goals (SDGs) and the Paris Agreement adopted under the United Nations Framework Convention on Climate Change24 ("Paris Agreement on Climate Change") as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve those objectives, as well as those set out in the environmental policies of the Union, action pursuing sustainable development is to be stepped up significantly and environmentally harmful subsidies is to be phased-out. Therefore, the principles of sustainable development should feature prominently in the design of the InvestEU Fund. _________________ 24 OJ L 282, 19.10.2016, p. 4.

Amendment 180 #

Proposal for a regulation
Article 21 – paragraph 3 – point d

(d) description of the market failure ~~or sub-optimal investment situation~~;

Amendment 181 #

Proposal for a regulation
Article 21 – paragraph 3 – point d a (new)

(d a) description of the sub-optimal investment situation;

Amendment 182 #

Proposal for a regulation
Article 21 – paragraph 3 – point f

(f) the impact of the investment , including on the environment;

Amendment 183 #

Proposal for a regulation
Article 21 – paragraph 3 – point f a (new)

(f a) description of the addressing of the risks as listed in the Global Risk Report 2020 based on their likelihood and impact;

Amendment 184 #

Proposal for a regulation
Article 21 – paragraph 3 – point g a (new)

(g a) sustainability indicators as established by Regulation (EU) 2019/2088;

Amendment 185 #

Proposal for a regulation
Article 23 – paragraph 1 – introductory part

1. A ~~fully independent~~n investment committee shall be established for the InvestEU Fund (the ‘Investment Committee’). The Investment Committee shall:

Amendment 186 #

Proposal for a regulation
Article 23 – paragraph 1 – point d a (new)

(d a) ensure the achievement of the climate and environment spending targets set out in Article 7(6) for the sustainable infrastructure policy window and the strategic European investment policy window;

Amendment 187 #

Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1

Each configuration of the Investment Committee shall be composed of six remunerated external experts. The experts shall be selected and shall be appointed by the Commission, at the recommendation of the Steering Board and after consulting the representatives of the Member States. The experts shall be appointed for a term of up to four years, renewable once. They shall be remunerated by the Union. The Commission, at the recommendation of the Steering Board, may decide to renew the term of office of an incumbent member of the Investment Committee without following the procedure laid down in this paragraph.

Amendment 188 #

Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 3

The composition of the Investment Committee shall ensure that it has a wide knowledge of the sectors covered by the policy windows referred to in Article 7(1) and a wide knowledge of the geographic markets in the Union~~, and shall ensure that the Investment Committee as a whole is gender-balanced~~.

Amendment 189 #

Proposal for a regulation
Article 23 – paragraph 5 – subparagraph 4

Twice a year, the Investment Committee shall submit to the European Parliament and to the Council a list of all conclusions of the Investment Committee in the preceding six months, as well as the published Scoreboards relating thereto. That submission shall include any decisions rejecting the use of the EU guarantee and ~~shall be subject to strict confidentiality requirements~~information on progress towards the climate and environment spending targets set out in Article 7(6).

Amendment 19 #

Proposal for a regulation
Recital 8

(8) The Union endorsed the objectives set out in the United Nations 2030 Agenda for Sustainable Development (the "2030 Agenda"), its Sustainable Development Goals (SDGs) and the Paris Agreement adopted under the United Nations Framework Convention on Climate Change24 ("Paris Agreement on Climate Change") as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve those objectives, as well as those set out in the environmental policies of the Union, action pursuing sustainable development ~~is to~~should be stepped up ~~significantly~~. Therefore, the principles of sustainable development should feature ~~prominently~~ in the design of the InvestEU Fund. _________________ 24 OJ L 282, 19.10.2016, p. 4.

Amendment 190 #

Proposal for a regulation
Article 24 – paragraph 2 – point e

(e) facilitate the establishment of collaborative platforms for peer-to-peer exchanges and the sharing of data, knowhow and best practices to support project pipeline and sector development, and local level project nurseries bringing together innovators, project promoters and financers;

Amendment 191 #

Proposal for a regulation
Article 24 – paragraph 2 – point h

(h) support capacity building actions to develop organisational capacities, skills and processes and to accelerate the investment readiness of organisations in order for public authorities and project promoters to build investment project pipelines, develop financing mechanisms and investment platforms and to manage projects and for financial intermediaries to implement financing and investment operations for the benefit of entities that face difficulties in obtaining access to finance, including through support for developing risk assessment capacity or sector specific knowledge; establish local and regional level project nurseries bringing together innovators, project promoters and financers, and helping the projects to become eligible for financing;

Amendment 192 #

Proposal for a regulation
Article 27 – paragraph 1

1. ISustainability indicators for reporting on the alignment with the EU taxonomy screening criteria and on the progress of the InvestEU Programme towards the achievement of the general and specific objectives set out in Article 3 are set in Annex III, particularly climate neutrality, circular economy and other environmental objectives.

Amendment 193 #

Proposal for a regulation
Article 28 – paragraph 1 a (new)

1 a. Evaluations shall cover the environmental impact of a project or of an activity, based on harmonised sustainability indicators, Natural Capital Accounting, Life Cycle Analysis, and climate tracking and sustainability proofing.

Amendment 194 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Annex II – point 1 – introductory part

1. The development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, clean energy transition ~~and the commitments taken under the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change~~, in particular through:

Amendment 195 #

Proposal for a regulation
Annex II – point 1 – introductory part

1. The development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, clean energy transition and the commitments taken under the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change and at the same time compatible with the goals of the Biodiversity Strategy 2030, in particular through:

Amendment 196 #

Proposal for a regulation
Annex II – point 1 – point a

(a) the expansion of the generation, supply or use of clean and sustainable renewable and safe and sustainable other zero and low-emission energy sources and solutions; in case of hydropower only retrofitting of existing operations with nature like fishways is eligible;

Amendment 197 #

Proposal for a regulation
Annex II – point 1 – point a

(a) the expansion of the generation, supply or use of clean and sustainable renewable and safe and sustainable other zero and low-emission energy sources and solutions, including nuclear power and bridging technology such as natural gas;

Amendment 198 #

Proposal for a regulation
Annex II – point 1 – point a

(a) the expansion of the generation, supply or use of clean and sustainable renewable and safe and sustainable other zero and low-emission energy sources and solutions, including nuclear energy;

Amendment 199 #

Proposal for a regulation
Annex II – point 1 – point e

(e) the production and supply of sustainable synthetic fuels from renewable/carbon-neutral sources and other safe and sustainable zero- and low- emission sources, biofuels, biomass and alternative fuels, including fuels for all modes of transport, in accordance with the objectives of Directive 2018/2001 of the European Parliament and of the Council56 ; and in line with the Biodiversity Strategy excluding use of whole trees and food and feed crops; _________________ 56Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources (OJ L 328, 21.12.2018, p. 82).

Amendment 2 #

Lídia PEREIRA, Agnès EVREN, Pernille WEISS, Jessica POLFJÄRD, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV, Inese VAIDERE, Nathalie COLIN-OESTERLÉ

Proposal for a regulation
Recital 1

Amendment 20 #

Proposal for a regulation
Recital 8 a (new)

(8 a) According to recent research, reducing the temperature increase to 1,5- 2 degrees represents an economically optimal climate policy1a , which is a switch from the 2016 position that such a reduction in the temperature increase is either unattainable or far from the economic optimum. With this understanding, the InvestEU should be a basis for support of an ambitious climate policy. _________________ 1a M. C. Hänsel, M. A. Drupp, D. J. A. Johansson, F. Nesje, Ch. Azar, M. C. Freeman, B. Groom and T. Sterner, 2020: Climate economics support for the UN climate targets. In Nature Climate Change, available at: https://www.nature.com/articles/s41558- 020-0833-x

Amendment 200 #

Proposal for a regulation
Annex II – point 1 – point f

(f) infrastructure for carbon capture, and storage in industrial processes, ~~bioenergy plants~~ and manufacturing facilities towards the energy transition.

Amendment 201 #

Proposal for a regulation
Annex II – point 2 – introductory part

2. The development of sustainable and safe transport infrastructures and mobility solutions, equipment and innovative technologies in accordance with Union transport priorities and the commitments taken under the Paris Agreement on Climate Change, and compatible with the Biodiversity Strategy goals by fitting or retrofitting the infrastructure with wildlife corridors and ensuring habitat connectivity where applicable, in particular through:

Amendment 202 #

Proposal for a regulation
Annex II – point 3 – point a

(a) water, including drinking water supply and sanitation, and network efficiency, leakage reduction, infrastructure for the collection and treatment of waste water, ~~coastal infrastructure~~rainwater harvesting systems and other water-related green infrastructure;

Amendment 203 #

Proposal for a regulation
Annex II – point 3 – point d

(d) the enhancement and restoration of eco systems and their services including through improved scientifically-based management or through application of result-based schemes and related investments, or through the enhancement of nature and biodiversity by means of green and blue infrastructure projects;

Amendment 204 #

Proposal for a regulation
Annex II – point 3 – point d a (new)

(d a) investments in restoration, improved resilience and use of agricultural areas, establishment, restoration and rejuvenation of agroforestry systems, or rewetting peatlands;

Amendment 205 #

Proposal for a regulation
Annex II – point 3 – point e

(e) sustainable and climate- resilient urban, rural and coastal development;

Amendment 206 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Annex II – point 3 – point f

(f) climate ~~change actions, climate adaptation and mitig~~adaptation, including natural hazard disaster risk reduction;

Amendment 207 #

Proposal for a regulation
Annex II – point 3 – point g

(g) projects and enterprises that implement the circular economy by integrating resource efficiency and cascading-use aspects in the production and product life-cycle, ~~including the sustainable supply of primary and secondary raw~~by use of secondary raw materials and innovative use of waste materials;

Amendment 208 #

Proposal for a regulation
Annex II – point 3 – point i

(i) the decarbonisation of the energy production and distribution chain by phasing out the use of coal, high CO2 emissions per unit of energy biomass fuel and oil; and

Amendment 209 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Annex II – point 3 – point j

(j) projects that promote ~~sustainable cultural~~cultural and landscape heritage.

Amendment 21 #

Luisa REGIMENTI, Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO

Proposal for a regulation
Recital 9

Amendment 210 #

Proposal for a regulation
Annex II – point 12 – point g

~~(g) measures to promote gender equality;~~deleted

Amendment 211 #

Proposal for a regulation
Annex II – point 12 – point h

~~(h) the integration of vulnerable people, including third country nationals;~~deleted

Amendment 212 #

Proposal for a regulation
Annex II – point 15

15. Seas and oceans, through the development of projects and enterprises in the area of the blue economy, and the Sustainable Blue Economy Finance Principles, in particular through maritime entrepreneurship and industry, renewable marine energy and circular economy solutions.

Amendment 213 #

Proposal for a regulation
Annex III – point 3 – point 3.2 a (new)

3.2 a Investment addressing minimum 3 of the top 10 risks1a _________________ 1a Global Risk Report 2020

Amendment 214 #

Proposal for a regulation
Annex III – point 3 – point 3.2 b (new)

3.2 b Investment supporting Biodiversity Strategy targets

Amendment 215 #

Proposal for a regulation
Annex III – point 3 – point 3.4

3.4. Investment supporting industrial transition and circularity

Amendment 216 #

Proposal for a regulation
Annex III – point 4 – point 4.1 a (new)

4.1 a Energy: volume of investment in reduced environmental impact (e.g. retrofitting with nature-like fishways, restoration of seasgrass meadows destroyed by submarine electric cables)

Amendment 217 #

Proposal for a regulation
Annex III – point 4 – point 4.7 – indent 4 a (new)

- Volume of investment in safe wildlife crossings and corridors

Amendment 218 #

Proposal for a regulation
Annex III – point 4 – point 4.7 – indent 4 b (new)

- Number of projects consisting of wildlife crossings and corridors, and km2 of ecosystems positively affected

Amendment 219 #

Proposal for a regulation
Annex III – point 4 – point 4.8

4.8 Environment: Investment contributing to the implementation of plans and programmes required by the Union environmental acquis relating to air quality, water, waste and nature and implementing the EU Biodiversity Strategy

Amendment 22 #

Proposal for a regulation
Recital 9

(9) The InvestEU Programme should contribute to building a sustainable finance system in the Union which supports the reorientation of private capital towards sustainable investments in accordance with the objectives set out in the communication of the Commission of 8 March 2018 ‘Action Plan: Financing Sustainable Growth’ and the communication of the Commission of 14 January 2020 on the European Green Deal Investment Plan. Operations supported by the InvestEU Programme should therefore follow, as applicable, the criteria set out in Regulation (EU) 2020/852, including the 'do no significant harm' principle.

Amendment 220 #

Proposal for a regulation
Annex III – point 8 – point 8.1

8.1 Number and volume of operations contributing to the provision of critical infrastructure, broken down by physical infrastructure, including green infrastructure and green belts and the associated goods and services, where applicable

Amendment 221 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Annex III – point 8 – point 8.2 a (new)

8.2 a The additional capacity of critical infrastructure to contribute to green- house gas emissions reduced/avoided in tonnes of CO2 equivalent and their capacity to delivering the objectives set out in the National Climate and Energy Plans (NECPs)

Amendment 222 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 1 – paragraph 1 – point a

(a) Have the nature of a public good for which the operator or company cannot capture sufficient financial benefits (such as education and skills, healthcare and accessibility,; non-excludable and non- rivalrous ecosystem services including e.g. biodiversity, groundwater replenishment and water quality, improved microclimate; security and defence, and infrastructure available at no or negligible cost).

Amendment 223 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 1 – paragraph 1 – point e

(e) Exposure to higher levels of risks in certain sectors, countries or regions beyond levels that private financial actors are able or willing to accept, including where the investment would not have been undertaken or would not have been undertaken to the same extent because of its novelty, e.g. nature-based-solution projects or because of risks associated with innovation or unproven technology.

Amendment 224 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 1 – paragraph 1 – point f

Amendment 225 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 2 – paragraph 1 – point 3

Amendment 226 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 7

(7) Activities involving live animals for experimental and scientific purposes insofar as compliance with the European Convention for the Protection of Vertebrate Animals used for Experimental and other Scientific Purposes60 cannot be guaranteed, and for entertainment _________________ 60 OJ L 222, 24.8.1999, p. 31.

Amendment 227 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 11

~~(11) The decommissioning, operation, adaptation or construction of nuclear power stations~~deleted

Amendment 228 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 11 a (new)

(11 a) Operation, adaptation, conversion to or construction of biomass power plants fuelled by wood, feed or food material

Amendment 229 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – introductory part

(12) Investments related to ~~mining or to the extra~~the production, processing, distribution, storage, transport or combustion of ~~solid~~ fossil fuels and ~~oil, as well as investments related to the extraction of gas. This exclusion does not apply to:~~peat.

Amendment 23 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Recital 10

Amendment 230 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – introductory part

(12) Investments related to mining or to the extraction, processing, distribution, storage or combustion of solid fossil fuels and oil~~, as well as investments related to the extraction of gas~~. This exclusion does not apply to:

Amendment 231 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – introductory part

(12) Investments related to mining ~~or to the extra~~, extraction, production, processing, distribution, storage, transport or combustion of ~~solid~~ fossil fuels ~~and oil~~, as well as investments related to the extraction of gas. This exclusion does not apply to:

Amendment 232 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point a

~~(a) projects where there is no viable alternative technology;~~deleted

Amendment 233 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point a

~~(a) projects where there is no viable alternative technology;~~deleted

Amendment 234 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point b

~~(b) projects related to pollution prevention and control;~~deleted

Amendment 235 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c

Amendment 236 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c

(c) projects equipped with carbon capture and storage or carbon capture and utilisation installations; industrial or research projects that lead to ~~substantial~~ reductions of greenhouse gas emissions as compared with the applicable EU Emission Trading System benchmarks

Amendment 237 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 a (new)

(12 a) Investments related to the decommissioning, operation, adaptation, construction or lifetime extension of nuclear power stations, or to the management or storage of nuclear waste.

Amendment 238 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 15 – point b

(b) existing plants, where the investment is for the purpose of increasing energy efficiency, capturing exhaust gases for storage or use or recovering materials from incineration ashes~~, provided such investments do not result in an increase of the plants' waste processing capacity~~.

Amendment 239 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 15 a (new)

(15 a) Investment in capacity expansion of airport and motorway infrastructure;

Amendment 24 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 10

(10) Reflecting the importance of tackling climate change in line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the InvestEU Programme will contribute to mainstream climate and environmental actions and to the achievement of an overall target of 25 % of the Union budget expenditures supporting climate objectives and an annual target of 30 % as soon as possible and at the latest by 2027. Actions under the InvestEU Programme are expected to contribute 3at least 40 % of the overall financial envelope of the InvestEU Programme to climate and environmental objectives. Relevant actions will be identified during the InvestEU Programme's preparation and implementation and reassessed in the context of the relevant evaluations and review processes.

Amendment 25 #

Proposal for a regulation
Recital 10

(10) ~~Reflecting the importance of tackling climate change i~~In line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the InvestEU Programme will contribute to mainstream climate actions and to the achievement of an overall target of 25 % of the Union budget expenditures supporting climate objectives. Actions under the InvestEU Programme are expected to contribute 30 % of the overall financial envelope of the InvestEU Programme to climate objectives. Relevant actions will be identified during the InvestEU Programme's preparation and iNotes with caution however, the inclusion of linkages with climate-related objectives, which can often be overambitious, impracticable and impede the ability of Member States to support empleoyment~~ation and reassessed in the context of the relevant evaluations and review proces~~ and a strengthened national industrial bases.

Amendment 26 #

Proposal for a regulation
Recital 10

(10) Reflecting the importance of tackling climate change in line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the InvestEU Programme will contribute to mainstream climate actions and to the achievement of an overall target of 25 % of the Union budget expenditures supporting climate objectives. Actions under the InvestEU Programme are expected to contribute 30 % of the overallenvironmental commitments, the InvestEU Programme will contribute to the consideration of actions in favour of the decarbonation of the European economy. The financial envelope ofor the ~~InvestEU Programme to climate objectives. Relevant actions will be identified during the InvestEU Programme's preparation and implementation and reassessed in the context of the relevant~~se actions should be established, during the preparation and implementation of the InvestEU Programme, on the basis of concrete objectives and then reassessed in the framework of the corresponding evaluations and review processes.

Amendment 27 #

Proposal for a regulation
Recital 10

(10) Reflecting the importance of tackling climate change in line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the InvestEU Programme will contribute to mainstream climate actions and to the achievement of an overall target of 25at least 50 % of the Union budget expenditures supporting climate and environment objectives. Actions under the InvestEU Programme are expected to contribute 3at least 70 % of the overall financial envelope of the InvestEU Programme to climate ~~objectives~~and environment objectives, including at least 80 % of the sustainable infrastructure policy window and at least 65 % of the strategic European investment policy window. Relevant actions will be identified during the InvestEU Programme's preparation and implementation and reassessed in the context of the relevant evaluations and review processes.

Amendment 28 #

Lídia PEREIRA, Pernille WEISS, Cindy FRANSSEN, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV, Inese VAIDERE

Proposal for a regulation
Recital 10

Amendment 29 #

Proposal for a regulation
Recital 10

Amendment 3 #

Proposal for a regulation
Recital 1

Amendment 30 #

Proposal for a regulation
Recital 10 a (new)

(10 a) Climate change is a global challenge that requires international cooperation and similar efforts from third countries, especially G20 parties. In order for the Union to successfully play its role as a global leader in the transition towards climate neutrality, a realistic approach which actually fosters sustainable, competitive, and inclusive growth and prosperity is essential.

Amendment 31 #

Proposal for a regulation
Recital 10 b (new)

(10 b) Nuclear energy plays an important role in meeting the objective of climate neutrality at Union level by 2050, as the second largest source of low-carbon electricity production globally. Without investment in nuclear technology, the low carbon transition will become significantly more difficult and onerously expensive to achieve.

Amendment 32 #

Proposal for a regulation
Recital 11

Amendment 33 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Recital 11

Amendment 34 #

Proposal for a regulation
Recital 11

(11) The contribution of the InvestEU Fund to the achievement of the climate ~~target~~neutrality target by 2030 and by 2050 at the latest, will be tracked through a Union climate and sustainability tracking system to be developed by the Commission ~~in cooperation with~~based on harmonised sustainability indicators and Natural Capital Accounting, in cooperation with the scientific community and academia and potential implementing partners, ~~appropriately~~ using the criteria established by [Regulation on the establishment of a framework to facilitate sustainable investment25 ] for determining whether an economic activity is environmentally sustainable. The InvestEU Programme should also contribute to the implementation of other dimensions of the SDGs. _________________ 25 COM(2018)353.

Amendment 35 #

Proposal for a regulation
Recital 11

(11) The contribution of the InvestEU Fund to the achievement of the climate target will be tracked through a Union climate tracking system to be developed by the Commission in cooperation with potential implementing partners, appropriately using the criteria established by [Regulation on the establishment of a framework to facilitate sustainable investment25 ] for determining whether an economic activity is environmentally sustainable. These criteria should not be to the detriment of nuclear energy and important low-carbon bridging technologies such as natural gas and carbon capture and storage. The InvestEU Programme should also contribute to the implementation of other dimensions of the SDGs. _________________ 25 COM(2018)353.

Amendment 36 #

Proposal for a regulation
Recital 11 a (new)

(11 a) The digital transformation, technological neutrality and innovation, and research and development are the principal drivers for achieving climate- neutrality.

Amendment 37 #

Proposal for a regulation
Recital 12

(12) According to the 2018, 2019 and 2020 Global Risks Reports1a issued by the World Economic Forum, half of the ten most critical risks threatening the global economy relate to the environment. ~~Such risks include the pollution of air, soil, inland waters and oceans, extreme weather events, biodiversity losses and failures of climate- change mitigation and adaptation~~The most up to date 2020 Report ranks the climate action failure the gravest in terms of its impact, and biodiversity loss third, up from the fourth and eighth place respectively in 20182a. Environmental risks also rank highest in terms of likelihood. While water crisis is classified in a societal and not in an environmental category, the respective risk is strongly linked to environmental risks and has also ranked among the top 10 in the recent years both in likelihood and its impact. Environmental principles are strongly embedded in the Treaties and many of the Union's policies. Therefore, the mainstreaming of environmental objectives should be promoted in operations related to the InvestEU Fund. Environmental protection and the prevention and management of related risks should be integrated in the preparation and implementation of investments. The Union should also track its biodiversity-related and air pollution control-related expenditures in order to fulfil the reporting obligations under the Convention on Biological Diversity26 and under Directive (EU) 2016/2284 of the European Parliament and of the Council27 . Investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies that are consistent with methodologies developed under other Union programmes that apply to climate, biodiversity and air pollution management in order to allow the assessment of the individual and combined impact of investments on the key components of natural capital, including air, water, land and biodiversity. _________________ 261a2020 Global Risks Report, available at http://www3.weforum.org/docs/WEF_Glo bal_Risk_Report_2020.pdf , 2019 GRR http://www3.weforum.org/docs/WEF_Glo bal_Risks_Report_2019.pdf , 2018 Global Risks Report, available at http://www3.weforum.org/docs/WEF_GR R18_Report.pdf 2a2018 Global Risks Report, available at http://www3.weforum.org/docs/WEF_GR R18_Report.pdf . in 2019 climate action failure already ranked 1st in terms of impact (and 2nd in terms of likelihood; extreme weather events ranked 1st), biodiversity loss ranked 6th in 2019) OJ L 309, 13.12.1993, p. 3. 26 27Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (OJ L 344, 17.12.2016, p. 1).

Amendment 38 #

Proposal for a regulation
Recital 12

(12) According to the 2018 Global Risks Report issued by the World Economic Forum, half of the ten most critical risks threatening the global economy relate to the environment. Such risks include the pollution of air, soil, inland waters and oceans, extreme weather events, biodiversity losses and failures of climate- change mitigation and adaptation. Environmental principles are strongly embedded in the Treaties and many of the Union's policies. Therefore, the mainstreaming of environmental objectives ~~should be promoted in~~the EU taxonomy criteria and the 'do no significant harm' principle should be adhered to in all operations related to the InvestEU Fund. Environmental protection and the prevention and management of related risks should be integrated in the preparation and implementation of investments. The Union should ~~also~~ track its biodiversity-related and air pollution control-related ~~expenditures~~impact, including in order to fulfil the reporting obligations under the Convention on Biological Diversity26 and under Directive (EU) 2016/2284 of the European Parliament and of the Council27 . Investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies ~~that are consistent with~~and Natural Capital Accounting, Life Cycle Analysis and harmonised sustainability indicators, and methodologies developed under other Union programmes that apply to climate, biodiversity and air pollution management in order to allow the assessment of the individual and combined impact of investments on the key components of natural capital, including air, water, land and biodiversity. _________________ 26 OJ L 309, 13.12.1993, p. 3. 27Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (OJ L 344, 17.12.2016, p. 1).

Amendment 39 #

Proposal for a regulation
Recital 12

(12) According to the 2018 Global Risks Report issued by the World Economic Forum, half of the ten most critical risks threatening the global economy relate to the environment. Such risks include the pollution of air, soil, inland waters and oceans, extreme weather events, biodiversity losses and failures of climate- change mitigation and adaptation. Environmental principles are strongly embedded in the Treaties and many of the Union's policies. Therefore, the mainstreaming of environmental objectives should be promoted in operations related to the InvestEU Fund. Environmental protection and the prevention and management of related risks should be integrated in the preparation and implementation of investments. The Union should also track its biodiversity-related and air pollution control-related expenditures in order to fulfil the reporting obligations under the Convention on Biological Diversity26 and under Directive (EU) 2016/2284 of the European Parliament and of the Council27 . Invest~~ment alloca~~EU should fully contributed to ~~environmentally sustainability objectives should therefore be tracked~~the objective set out in the EU Biodiversity Strategy 2030 of mobilising at least EUR 20 billion per year for nature, and track those investments using common methodologies that are consistent with methodologies developed under other Union programmes that apply to climate, biodiversity and air pollution management in order to allow the assessment of the individual and combined impact of investments on the key components of natural capital, including air, water, land and biodiversity. _________________ 26 OJ L 309, 13.12.1993, p. 3. 27Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (OJ L 344, 17.12.2016, p. 1).

Amendment 4 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 1

Amendment 40 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should appropriately use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] for determining whether an economic activity is environmentally sustainable and consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. ~~Operations that are inconsistent with the achievement of the climate objectives should not be eligible for support under this Regulation.~~

Amendment 41 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should appropriately use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] for determining whether an economic activity is environmentally sustainable and consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations that are inconsistent with the achievement of the climate objectives should not be eligible for support under this Regulation.

Amendment 42 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme so as to prevent any significant damage to the environment. This guidance should appropriately use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] for determining whether an economic activity is environmentally sustainable ~~and~~, whether it abides by the 'do no significant harm' principle and respect the minimum safeguards set out in that Regulation, and whether it is consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations that are inconsistent with the achievement of the ~~climate~~Union's climate and environment objectives should not be eligible for support under this Regulation.

Amendment 43 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should appropriately use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] for determining whether an economic activity is environmentally sustainable and consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations that are inconsistent with the achievement of the climate ~~objective~~and biodiversity objectives and targets should not be eligible for support under this Regulation.

Amendment 44 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should ~~appropriately~~ use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] for determining whether an economic activity is environmentally sustainable and consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations that are inconsistent with the achievement of the climate objectivesWhere the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations that are inconsistent with the achievement of the climate and other environmental objectives and which do not comply with the criteria laid down in the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle, particularly activities related to the production, processing, distribution, storage, transport or combustion of fossil fuels, should not be eligible for support under this Regulation.

Amendment 45 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, job creations, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long- term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets as defined in the European Green Deal, including the Union’s commitments towards the SDGs, and the Paris Agreement, the 2030 energy and climate targets and the Union commitment to a climate neutral economy by the 2050 at the latest. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, in~~frastructure related to climate action~~cluding biodiversity conservation and restoration, natural-based solutions and green infrastructure, infrastructure related to climate mitigation and adaptation, waste prevention and circular economy infrastructure, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 46 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, climate neutrality, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long- term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable ~~low~~zero- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to environment, safety and security, investment projects receiving Union support should not go to activities that significantly harm the environment and the environmental objectives laid down in the EU taxonomy established by Regulation (EU) 2020/852, should include measures for infrastructure and climate resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces and the environmental precautionary principle. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 47 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, ~~and~~ the 2030 energy and climate targets, and the targets and objectives of the EU Biodiversity Strategy 2030. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required, in particular in view of reaching the Union's climate and environment objectives. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined and sustainably- proofed investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 48 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical, including green infrastructure, such as the European Regional Development Fund.

Amendment 49 #

Pascal CANFIN, Frédérique RIES, Irena JOVEVA, Linea SØGAARD-LIDELL, Nils TORVALDS, Martin HOJSÍK

Proposal for a regulation
Recital 15

(15) ~~Where appropriate, t~~The InvestEU Programme should contribute to the objectives of Directive (EU) 2018/2001 of the European Parliament and of the Council28 and the Governance Regulation29 , as well as promote energy efficiency in investment decisions. _________________ 28Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources (OJ L 328, 21.12.2018, p. 82). 29Regulation (EU) 2018/1999 of the European Parliament and of the Council of 11 December 2018 on the Governance of the Energy Union and Climate Action, amending Regulations (EC) No 663/2009 and (EC) No 715/2009 of the European Parliament and of the Council, Directives 94/22/EC, 98/70/EC, 2009/31/EC, 2009/73/EC, 2010/31/EU, 2012/27/EU and 2013/30/EU of the European Parliament and of the Council, Council Directives 2009/119/EC and (EU) 2015/652 and repealing Regulation (EU) No 525/2013 of the European Parliament and of the Council (OJ L 328, 21.12.2018, p. 1).

Amendment 5 #

Proposal for a regulation
Recital 1

Amendment 50 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 15 a (new)

(15 a) The InvestEU Programme should contribute to the Union's climate objectives laid down in [Regulation (EU) 2020/XXX establishing the framework for achieving climate neutrality and amending Regulation (EU) 2018/1999 ("European Climate Law")] and should not finance projets that are inconsistent with the achievement of the Union's climate objectives.

Amendment 51 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ

Proposal for a regulation
Recital 18

Amendment 52 #

Lídia PEREIRA, Agnès EVREN, Pernille WEISS, Dolors MONTSERRAT, Michal WIEZIK, Radan KANEV, Nathalie COLIN-OESTERLÉ

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy ~~and the sector, which~~, employing more than 22 million people. The tourism sector experienced a particularly severe contraction as a result of COVID-19 pandemic with revenue losses having reached an estimated 85 % for hotels, restaurants, tour operators, travel agencies and long distancerail, and 90 % for cruises and airlines as of May 2020. . The InvestEU Programme should contribute to strengthening its long- term competitiveness by supporting ~~operations promoting~~a sustainable, innovative and digital ~~tourism~~recovery in the tourism sector.

Amendment 53 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, including the re- skilling and upskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy. It should be used to support projects that generate positive social impacts and enhance social inclusion by helping to increase employment across all regions, in particular among the unskilled and long-term unemployed, and to improve the situation with regard to ~~gender equality,~~ equal opportunities, non- discrimination, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people~~, including third country nationals~~. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 54 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 24

(24) In the economic crisis caused by the Covid-19 pandemic, market allocation of resources is not fully efficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced , inter alia in order to counteract the risk of an asymmetric recovery. The InvestEU Programme should be able to provide crucial support to companies in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities such as the European Green Deal, the European Green Deal Investment Plan, the Strategy on shaping Europe’s digital future and the Strong Social Europe for Just Transitions. These operations should support the creation or preservation of quality and sustainable jobs within the Union as well as contribute to the transition towards a climate neutral European economy and its digital transition. It should significantly increase the risk-taking capacity of the European Investment Bank (EIB) Group and national promotional banks and institutions and other implementing partners in support of economic recovery.

Amendment 55 #

Proposal for a regulation
Recital 24

(24) In the economic crisis caused by the Covid-19 pandemic, market allocation of resources is not fully efficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced, inter alia in order to counteract the risk of an asymmetric recovery. The InvestEU Programme should be able to provide crucial support to companies in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities such as ~~the European Green Deal, the European Green Deal Investment Plan,~~ the Strategy on shaping Europe’s digital future and the Strong Social Europe for Just Transitions. ~~It should significantly increase the risk-taking capacity of the European Investment Bank (EIB) Group and~~Given their experience and capabilities at national and regional level, national promotional banks and institutions can~~d other implementing partners in support of economic recovery~~ be instrumental in the maximisation of the impact of public funds and should be selected as implementing partners under InvestEU to help achieve the Union's objectives.

Amendment 56 #

Lídia PEREIRA, Agnès EVREN, Pernille WEISS, Jessica POLFJÄRD, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV, Inese VAIDERE, Nathalie COLIN-OESTERLÉ

Proposal for a regulation
Recital 24

Amendment 57 #

Pascal CANFIN, Frédérique RIES, Irena JOVEVA, Linea SØGAARD-LIDELL, Nils TORVALDS, Martin HOJSÍK

Proposal for a regulation
Recital 24 a (new)

(24 a) Stresses that InvestEU should be consistent and fully aligned with the Union’s commitments and priorities, but notes that the COVID-19 pandemic has radically altered public and private finances, which will require the Commission to comprehensively re- examine its political priorities, in order to minimise administrative and regulatory burdens and enable all necessary measures to be taken in support of businesses and industry at European and national level.

Amendment 58 #

Lídia PEREIRA, Pernille WEISS, Jessica POLFJÄRD, Dolors MONTSERRAT, Michal WIEZIK, Radan KANEV

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose activities are of strategic importance to the Union in particular in view of the green and digital transitions but which also enhance the competitiveness of the Member States' economies, including the need to rebuild the Member States' productive capacity and create future- oriented investments promoting entrepreneurship and job creation, and of enhanced resilience, in ~~areas of~~cluding by decreasing dependence on vulnerable supply chains. Projects should bring Union added value and should either be cross-border or generate real added value in more than one Member State or region through spill-over effects. No support should flow directly into the national budgets or substitute national budgetary expenditure, such as social benefits. Areas of strategic importance include (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system, (ii) critical infrastructure, whether physical or virtual; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) key enabling, transformative, green and digital technologies and game-changing innovations where the investment is strategically important for the Union’s industrial future, including artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, renewable energy technologies, in particular to implement the offshore renewable energy strategy, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies biomedicine, nanotechnologies, pharmaceuticals and advanced materials; (v) manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as defence and space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009. The final recipients should have their registered office in a Member State and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. The distribution of the financial envelope should in particular ensure support for the parallel climate and digital transitions. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit.

Amendment 59 #

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose activities are of strategic importance to the Union in particular in view of the ~~green and~~Union climate and environment objectives, notably the objective of climate neutrality by 2050, the digital transitions and of enhanced resilience in areas of (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system, (ii) critical infrastructure, whether physical or virtual; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) key enabling, transformative, green and digital technologies and game-changing innovations where the investment is strategically important for the Union’s industrial future, including artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies biomedicine, nanotechnologies, pharmaceuticals and advanced materials; (v) manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as defence and space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009. The final recipients should have their registered office in a Member State and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit. Activities should not be eligible for support under this Regulation if they are inconsistent with the achievement of the Paris Agreement and the European Green Deal´s climate and environmental objectives, notably the objective of climate neutrality by 2050 and the objectives set according to Regulation XXXX/XX (European Climate Law) or not complying with the ‘do no significant harm’ criteria established by Regulation 2020/852.

Amendment 6 #

Proposal for a regulation
Recital 1

Amendment 60 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose activities are of strategic importance to the Union in particular in view of the ~~green and~~transition towards a climate neutral European economy and its digital transitions and of enhanced resilience in areas of (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices ~~and~~, medical supplies and vaccines , strengthening ~~of health crisis response capacity and of the civil protection system,~~the resilience of healthcare and health systems in preparation for future crisis response capacity and of the civil protection system, (ia) critical sustainable infrastructure to move to a de-carbonised, circular and environmentally sustainable sound European economy in line with the Union´s climate objective (ii) critical infrastructure, whether physical or virtual; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) key enabling, transformative, ~~gree~~sustainable, circular, low carbon and digital technologies and game-changing innovations where the investment is strategically important for the Union’s sustainable industrial future, including artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, digital technologies for tracking, tracing and mapping of resources, renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, ~~clea~~green hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, waste prevention, circular economy and bioeconomy technologies, biomedicine, nanotechnologies, pharmaceuticals and renewable, circular and advanced materials; (v) manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as defence and space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009. The final recipients should have their registered office in a Member State and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit.

Amendment 61 #

Christophe HANSEN

Proposal for a regulation
Recital 28

Amendment 62 #

Proposal for a regulation
Recital 28

Amendment 63 #

Proposal for a regulation
Recital 28

Amendment 64 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 28 a (new)

(28 a) The InvestEU Fund provided under the strategic European investment window should support infrastructure with a view to strengthening the resilience of healthcare and health systems in preparation for future pandemics, including the performance of stress tests of national and regional healthcare systems, improve the health status in societies, have healthier people therefore less susceptible to health threats and boost the creation of the European health Union.

Amendment 65 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 28 b (new)

(28 b) The European Council, in its Conclusions of 12 December 2019 , has agreed on the objective of achieving a climate-neutral Union by 2050, in line with the objectives of the Paris Agreement, while also recognising that it is necessary to put in place an enabling framework and that the transition will require significant public and private investment. The InvestEU fund provided under the strategic European investment window should support critical sustainable infrastructure in the sectors which has submitted a roadmap to the Commission setting out how and by which date the sector can reduce its emissions to close to zero, and identifying obstacles and opportunities as well as the technological solutions that would need to be developed and investments that would need to be made within the sector.

Amendment 66 #

Lídia PEREIRA, Pernille WEISS, Cindy FRANSSEN, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV

Proposal for a regulation
Recital 29

Amendment 67 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 29

Amendment 68 #

Proposal for a regulation
Recital 29

(29) The strategic European investment window should also target suppliers established and operating in the Union whose activities are of strategic importance to the Union and adhere to the 'do no significant harm' principle, and that would need long term investment or are covered by the Foreign Direct Investment Screening mechanism. In addition, important projects of common European interest should in particular be able to benefit from the strategic European investment window.

Amendment 69 #

Lídia PEREIRA, Pernille WEISS, Jessica POLFJÄRD, Cindy FRANSSEN, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV, Inese VAIDERE

Proposal for a regulation
Recital 29 a (new)

(29 a) The visibility of the Union funding from the InvestEU Fund, and in particular the strategic European investment window and its identified strategic priorities, should be ensured through effective communication, highlighting Union-funded actions and results in order to adequately promote the Union added value of the InvestEU Programme as part of the recovery.

Amendment 7 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Recital 1

(1) The C~~ovid~~OVID-19 pandemic is a major shock to the global and Union economy. Due to the necessary containment measures, economic activity in the EU dropped significantly. The contraction in EUMember States' GDP in 2020 is expected to be ~~around 7.5%~~the worst since the Great Depression, far deeper than during the financial crisis in 2009. The outbreak of the pandemic has shown the interconnectivity of global supply chains and exposed some vulnerabilities such as the over-reliance of strategic industries on non-diversified external supply sources. Such vulnerabilities need to be addressed, to improve the Union’s emergency response as well as the resilience of the entire economy, while maintaining its openness to competition and trade in line with its rules. Investment activity is expected to have dropped significantly. Even before the pandemic, while a recovery in investment-to-GDP ratios in the Union could be observed, it remained below what might be expected in a strong recovery and was insufficient to compensate for years of underinvestment following the 2009 crisis. More importantly, the current investment levels and forecasts do not cover the Union’s needs for structural investment to restart and sustain long-term growth in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises (SMEs) and the need to address key societal challenges such as sustainability or population ageing. Consequently, in order to achieve the Union's policy objectives and to support a swift, inclusive and healthy economic recovery, support is necessary to address market failures and sub-optimal investment situations and to reduce the investment gap in targeted sectors.

Amendment 70 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 30

(30) The InvestEU should also provide support to financing to generate investment to the benefit of just transition regions, in line with the objectives identified in their just transition plans, and should be consistent with Article 5 of Regulation (EU) …/… (JTF Regulation).

Amendment 71 #

Proposal for a regulation
Recital 34

(34) In order to be able to channel support to the European economy through the European Investment Fund (EIF), the Commission should be in a position to participate in one or more possible capital increases of the EIF in order to allow it to continue supporting the European economy and its green recovery. The Union should be able to maintain its overall share in the EIF capital, with due consideration of the financial implications. A sufficient financial envelope to this effect should be foreseen in the Multiannual Financial Framework for 2021-2027.

Amendment 72 #

Proposal for a regulation
Recital 35

(35) The Commission should seek the views of other potential implementing partners and other stakeholders including local authorities and civil society, along with the EIB Group on investment guidelines, the climate tracking system, the sustainability proofing guidance documents and common methodologies, ~~as appropriate~~including Natural Capital Accounting and Life Cycle Analysis, with a view to ensuring inclusiveness and operationality until the governance bodies have been set up, after which the involvement of implementing partners should take place within the framework of the Advisory Board and the Steering Board of the InvestEU Programme.

Amendment 73 #

Proposal for a regulation
Recital 35

(35) The Commission should seek the views of other potential implementing partners along with the EIB Group, as well as other stakeholders including local authorities and civil society, on investment guidelines, the climate and environment tracking system, the sustainability proofing guidance documents and common methodologies, as appropriate, with a view to ensuring inclusiveness and operationality until the governance bodies have been set up, after which the involvement of implementing partners should take place within the framework of the Advisory Board and the Steering Board of the InvestEU Programme.

Amendment 74 #

Proposal for a regulation
Recital 35

(35) The Commission should seek the views of other potential implementing partners along with the EIB Group on investment guidelines, the climate and biodiversity tracking systems, the sustainability proofing guidance documents and common methodologies, as appropriate, with a view to ensuring inclusiveness and operationality until the governance bodies have been set up, after which the involvement of implementing partners should take place within the framework of the Advisory Board and the Steering Board of the InvestEU Programme.

Amendment 75 #

Proposal for a regulation
Recital 40

Amendment 76 #

Proposal for a regulation
Recital 41

(41) The InvestEU Fund should be provided with a governance structure, the function of which should be commensurate with its sole purpose of ensuring the appropriate use of the EU guarantee~~, in line with ensuring the political independence of investment decisions~~. That governance structure should be composed of an Advisory Board, a Steering Board and a fully independent Investment Committee. ~~The overall composition of the governance structure should strive to achieve gender balance.~~ The governance structure should not encroach upon or interfere with the decision-making of the EIB Group or other implementing partners, and should not be a substitute for their respective governing bodies.

Amendment 77 #

Proposal for a regulation
Recital 44

(44) A Steering Board composed of representatives of the Commission and of the Member States, representatives of implementing partners and one non-voting expert appointed by the European Parliament should determine the strategic and operational guidance for the InvestEU Fund.

Amendment 78 #

Proposal for a regulation
Recital 45

(45) The Commission should assess the compatibility of investment and financing operations submitted by the implementing partners with all Union law and policies, particularly the 'do no significant harm' principle laid down in Regulation (EU) 2020/852. The decisions on financing and investment operations should ultimately be taken by an implementing partner.

Amendment 79 #

Proposal for a regulation
Recital 46

(46) An Investment Committee composed of independent experts should conclude on the granting of the support from the EU guarantee to financing and investment operations fulfilling the eligibility criteria, particularly the 'do no significant harm' principle, thereby providing external expertise in investment assessments in relation to projects. The investment committee should have different configurations to cover different policy areas and sectors in the best way possible.

Amendment 8 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 1 a (new)

(1 a) The disruptive economic and social effect of the COVID-19 crisis weakens public and private investment capacity thus limiting the financial resources essential for the transition to a climate neutral and resource efficient Union. In this regard, in the framework of Next Generation EU, InvestEU should contribute to reducing this gap.

Amendment 80 #

Proposal for a regulation
Recital 49

(49) In selecting implementing partners for the deployment of the InvestEU Fund, the Commission should consider the counterparty's ability to fulfil the objectives of the InvestEU Fund and to contribute its own resources, in order to ensure adequate geographical coverage and diversification, to crowd in private investors and to provide sufficient risk diversification and solutions to address market failures and sub-optimal investment situations. Given its role under the Treaties, its capacity to operate in all Member States and the existing experience under the current financial instruments and the EFSI, the EIB Group should remain a privileged implementing partner under the InvestEU Fund's EU compartment. In addition to the EIB Group, national promotional banks or institutions should be able to offer a complementary financial product range, given that their experience and capabilities at national and regional level could be beneficial for the maximisation of the impact of public funds on the whole territory of the Union, and for ensuring a fair geographical balance of projects. The InvestEU Programme should be implemented in such a way as to promote a level playing field for smaller and younger promotional banks and institutions. Moreover, it should be possible for other international financial institutions to become implementing partners, in particular when they present a comparative advantage in terms of specific expertise and experience in certain Member States and when they present a Union majority of shareholding. It should also be possible for other entities fulfilling the criteria laid down in the Financial Regulation to become implementing partners.

Amendment 81 #

Proposal for a regulation
Recital 53

(53) Where appropriate, the InvestEU Fund should allow for the smooth, seamless and efficient blending of grants, financial instruments or both, funded by the Union budget or by other funds, such as the EU emissions trading system (ETS) Innovation Fund with the EU guarantee in situations where this is necessary to best underpin investments to address particular market failures or sub-optimal investment situations, as is the case of biodiversity related or nature-based investments.

Amendment 82 #

Proposal for a regulation
Recital 55

(55) The InvestEU Advisory Hub should support the development of a robust pipeline of investment projects in each policy window through advisory initiatives and local level project nurseries bringing together innovators, project promoters and financers that are implemented by the EIB Group or other advisory partners, or are implemented directly by the Commission. The InvestEU Advisory Hub should promote geographic diversification with a view to contributing to the Union objectives of climate neutrality, the European Green Deal, economic, social, and territorial cohesion and reducing regional disparities. The InvestEU Advisory Hub should pay particular attention to the aggregation of small-sized projects into larger portfolios. The Commission, the EIB Group and the other advisory partners should cooperate closely with a view to ensuring efficiency, synergies and effective geographic coverage of support across the Union, taking into account the expertise and local capacity of local implementing partners, as well as the European Investment Advisory Hub established under Regulation (EU) 2015/1017 of the European Parliament and of the Council34 . In addition, the InvestEU Advisory Hub should provide a central entry point for project development assistance delivered under the InvestEU Advisory Hub to public authorities and for project promoters. _________________ 34Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the European Fund for Strategic Investments (OJ L 169, 1.7.2015, p.1).

Amendment 83 #

Proposal for a regulation
Recital 57

(57) In order to ensure a wide geographic outreach of the advisory services across the Union and to successfully leverage local knowledge about the InvestEU Fund, a local presence of the InvestEU Advisory Hub should be ensured, where needed, taking into account existing support schemes and the presence of local partners, with a view to provide tangible, proactive, tailor-made assistance on the ground. In order to facilitate the provision of advisory support at local level and to ensure efficiency, synergies and effective geographic coverage of support across the Union, the InvestEU Advisory Hub should cooperate with national promotional banks or institutions, and should benefit from and make use of their expertise, and create local and regional level project nurseries bringing together innovators, project promoters and financers, and helping the projects to become eligible for financing.

Amendment 84 #

Lídia PEREIRA, Agnès EVREN, Pernille WEISS, Jessica POLFJÄRD, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV, Inese VAIDERE, Nathalie COLIN-OESTERLÉ

Proposal for a regulation
Recital 59

(59) In the context of the InvestEU Fund, there is a need to provide support for project development and capacity building to develop the organisational capacities and market development activities needed to originate quality projects. Such support should also target financial intermediaries that are key to help small companies’ access financing and realise their full potential, and it should include technical assistance. Particular emphasis should be put on reducing the administrative burden, in particular for SMEs. Moreover, the aim of the advisory support is to create the conditions for the expansion of the potential number of eligible recipients in nascent market segments, in particular where the small size of individual projects considerably raises the transaction cost at the project level, such as for the social finance ecosystem, including philanthropic organisations, or for the cultural and creative sectors. The capacity- building support should be complementary and in addition to actions taken under other Union programmes that cover specific policy areas. An effort should also be made to support the capacity building of potential project promoters, in particular local organisations and authorities.

Amendment 85 #

Proposal for a regulation
Recital 60

(60) The InvestEU Portal should be established to provide for an easily accessible and user-friendly project database and a public EU sustainability data register to promote visibility of investment projects searching for financing with enhanced focus on the provision of a possible pipeline of investment projects, compatible with Union law and policies, to the implementing partners.

Amendment 86 #

Lídia PEREIRA, Pernille WEISS, Jessica POLFJÄRD, Dolors MONTSERRAT, Christophe HANSEN, Michal WIEZIK, Radan KANEV, Inese VAIDERE

Proposal for a regulation
Recital 61

(61) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under ~~the~~ InvestEU should be carried out to address the unprecedented impact of the Covid-19 crisis and, in line with the objectives of the strategic European investment window, support long-term growth, quality jobs and competitiveness. Such additional resources should be used in such a way as to ensure compliance with the time limits provided for in Regulation [EURI].

Amendment 87 #

Proposal for a regulation
Recital 62

(62) Pursuant to paragraphs 22 and 23 of the Interinstitutional agreement for Better Law-Making of 13 April 201635 , there is a need to evaluate the InvestEU Programme on the basis of information collected through specific monitoring requirements, while avoiding overregulation and administrative burdens, in particular on Member States. These requirements~~, where appropriate, can include measurable indicators~~ should include measurable and comparable sustainability indicators and sustainability proofing, as a basis for evaluating the effects of the InvestEU Programme on the ground and to the environment. _________________ 35 OJ L 123, 12.5.2016, p. 1.

Amendment 88 #

(66) In accordance with the Financial Regulation, Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council36 , Council Regulation (Euratom, EC) No 2988/9537 , Council Regulation (Euratom, EC) No 2185/9638 and Council Regulation (EU) 2017/193939 , the financial interests of the Union are to be protected through proportionate measures, including the prevention, detection, correction and investigation of irregularities, including fraud, the recovery of funds lost, wrongly paid or incorrectly used and, where appropriate, the imposition of administrative sanctions. In particular, in accordance with Regulation (EU, Euratom) No 883/2013 and Regulation (Euratom, EC) No 2185/96 the European Anti-Fraud Office (OLAF) may carry out administrative investigations, including on-the-spot checks and inspections, with a view to establishing whether there has been fraud, corruption or any other illegal activity affecting the financial interests of the Union. In accordance with Regulation (EU) 2017/1939, the European Public Prosecutor's Office (“the EPPO”) may investigate and prosecute offences against the Union’s financial interests as provided for in Directive (EU) 2017/1371 of the European Parliament and of the Council40 . In accordance with the Financial Regulation, any person or entity receiving Union funds is to fully cooperate in the protection of the Union’s financial interests, to grant the necessary rights and access to the Commission, OLAF, the EPPO in respect of those Member States participating in enhanced cooperation pursuant to Regulation (EU) 2017/1939, and the European Court of Auditors and to ensure that any third parties involved in the implementation of Union funds grant equivalent rights. the Financial Regulation, any person or entity receiving Union funds is to fully cooperate in the protection of the Union’s financial interests. _________________ 36Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L248, 18.9.2013, p. 1). 37 Council Regulation (EC, Euratom) No 2988/95 of 18 December 1995 on the protection of the European Communities financial interests (OJ L 312, 23.12.1995, p. 1). 38 Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities' financial interests against fraud and other irregularities (OJ L 292, 15.11.1996, p. 2). 39Council Regulation (EU) 2017/1939 of 12 October 2017 implementing enhanced cooperation on the establishment of the European Public Prosecutor’s Office (‘the EPPO’) (OJ L 283, 31.10.2017, p. 1). 40 Directive (EU) 2017/1371 of the European Parliament and of the Council of 5 July 2017 on the fight against fraud to the Union's financial interests by means of criminal law (OJ L 198, 28.7.2017, p. 29).

Amendment 89 #

Proposal for a regulation
Recital 70

(70) The InvestEU Programme should address Union-wide and Member State specific market failures and sub-optimal investment situations and should provide for Union-wide market testing of innovative financial products and systems to spread them, for addressing new or complex market failures, in particular natural capital market failures. Therefore, action at Union level is warranted,

Amendment 9 #

Simona BONAFÈ, Alessandra MORETTI, Rovana PLUMB, César LUENA, Javi LÓPEZ, Sara CERDAS, István UJHELYI, Milan BRGLEZ, Łukasz KOHUT, Monika BEŇOVÁ, Tudor CIUHODARU

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted ambitious strategies to complete the Single Market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘ Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 ~~and~~, ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020, 'A new Circular Economy Action Plan For a cleaner and more competitive Europe' of 11 March 2020, 'An EU Biodiversity Strategy for 2030' of 20 May 2020 and 'A Farm to Fork Strategy for a fair, healthy and environmentally-friendly food system' of 20 May 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.

Amendment 90 #

Proposal for a regulation
Article 2 – paragraph 1 – point 9

(9) 'contribution agreement' means a legal instrument whereby the Commission and one or more Member States specify the conditions of the EU guarantee under the Member State compartment and under a national transition plan that ensure that investments comply and significantly contribute to climate and other environmental objectives in line with the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle, as laid down in Article 9;

Amendment 91 #

Proposal for a regulation
Article 2 – paragraph 1 – point 12

(12) 'funds under shared management' means funds that provide for the possibility of allocating a portion of those funds to the provisioning for a budgetary guarantee under the Member State compartment of the InvestEU Fund, namely the European Regional Development Fund (ERDF), the European Social Fund Plus (ESF+), the Cohesion Fund, the European Maritime and Fisheries Fund (EMFF), the European Agriculture Fund for Rural Development (EAFRD) and the [Just Transition Fund (JTF)]42 , while respecting the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle; _________________ 42 COM(2020)22 final.

Amendment 92 #

Proposal for a regulation
Article 2 – paragraph 1 – point 21

(21) ‘investment guidelines’ means the guidelines established by a delegated act referred to in Article 7(7), and which specify how to comply and significantly contribute to climate and other environmental objectives in line with the EU taxonomy established by Regulation (EU) 2020/852 and the 'do no significant harm' principle;

Amendment 93 #

Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)

(28 a) "'do no significant harm' principle" means refraining from causing significant harm to environmental objectives as defined in Article 17 of Regulation (EU) 2020/852 of the European Parliament and of the Council1a. _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 94 #

Proposal for a regulation
Article 2 – paragraph 1 – point 28 b (new)

(28 b) 'Union climate and environment objectives' means the Union's climate objectives set out in Regulation (EU) 2020/… [European Climate Law] and the Union's environment objectives set out in the latest available Environmental Action Programme;

Amendment 95 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) growth and employment in the Union economy, the sustainability of the Union economy ~~and its environmental and climate dimension contributing to the achievement of the SDGs and the objectives of the Paris Agreement on Climate Change~~, the preservation of its ecosystems and to the creation of high-quality jobs;

Amendment 96 #

Silvia SARDONE, Danilo Oscar LANCINI, Lucia VUOLO, Marco DREOSTO, Vincenzo SOFO, Luisa REGIMENTI

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) growth and employment in the Union economy, the sustainability of the Union economy and its environmental ~~and climate~~ dimension contributing to the ~~achievement of the SDGs and the objectives of the Paris Agreement on Climate Change and to the~~ creation of high-quality jobs;

Amendment 97 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) ~~growth and employment in the Union economy, the sustainability~~sustainable development and high- quality employment in the Union, in particular the achievement of the Union ~~economy~~'s climate and ~~its~~ environment~~al and climate dimension contributing to the achievement of~~ objectives, the SDGs and the objectives of the Paris Agreement on Climate Change ~~and to the creation of high-quality jobs~~;

Amendment 98 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) growth and employment in the Union economy, the sustainability of the Union economy and its environmental and climate ~~dimension~~objectives contributing to the achievement of the European Green Deal and climate neutrality, the SDGs and the objectives of the Paris Agreement on Climate Change and to the creation of high-quality jobs;

Amendment 99 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic and its transformation towards a climate- neutral, environmentally sustainable, energy- and resource-efficient and circular economy by 2040 at the latest, upholding and strengthening its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game-changing innovations and inputs to businesses and consumers with a view to achieve sustainable development within the Union.

source: 655.961

2020/09/09 TRAN 133 amendments...

Amendment 100 #

6 a. The contribution of the InvestEU Fund to the achievement of the Union objectives on climate and environment will be tracked using the criteria laid out in Regulation (EU) 2020/852 1n; _________________ 1nRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 101 #

Proposal for a regulation
Article 7 – paragraph 6 a (new)

6 a. The contribution of the InvestEU fund to the achievements of the Union objectives on climate and environment will be tracked using the criteria laid out in the Regulation (EU) 2020/8521a ; _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 102 #

Proposal for a regulation
Article 7 – paragraph 8

Amendment 103 #

Proposal for a regulation
Article 8 – paragraph 1 – point b

(b) the Member State compartment shall address specific market failures or sub-optimal investment situations in one or several regions or Member States to deliver the policy objectives of the contributing funds under shared management or of the additional amount provided by a Member State under the third subparagraph of Article 4(1), in particular to strengthen economic, social and territorial cohesion in the Union by addressing imbalances between its regions, in particular in the outermost regions.

Amendment 104 #

Proposal for a regulation
Article 10 – paragraph 5 a (new)

5 a. The EIB shall without delay bring its transport lending policy fully in line with the European Green Deal in general, and the EU climate objectives in particular.

Amendment 105 #

Proposal for a regulation
Article 12 – paragraph 4

4. 750 % of the EU guarantee under the EU compartment as referred to in first subparagraph of Article 4(1)~~, amounting to EUR 56 365 380 000,~~ shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 9 418 270 000. This contribution shall be provided in a manner and form that facilitates the implementation of the InvestEU Fund and the achievement of the objectives set out in Article 14(2).

Amendment 106 #

Proposal for a regulation
Article 12 – paragraph 5

5. The remaining 250 % of the EU guarantee under the EU compartment shall be granted to other implementing partners, which shall also provide a financial contribution to be determined in the guarantee agreements.

Amendment 107 #

Proposal for a regulation
Article 12 – paragraph 6

6. Best efforts shall be made to ensure that, at the end of the investment period, a wide range of sectors and regions, such as the outermost regions, are covered and excessive sectoral or geographical concentration is avoided. Those efforts shall include incentives for smaller or less sophisticated NPBIs that have a comparative advantage due to their local presence, knowledge and investment competencies. The Commission shall develop a coherent approach to support these efforts.

Amendment 108 #

Proposal for a regulation
Article 21 – paragraph 3 – point b

(b) how the proposed operation contributes to EU policy objectives, in particular its contribution to EU’s 2030 biodiversity, climate and energy targets and to the transition towards climate neutrality by 2040;

Amendment 109 #

Proposal for a regulation
Article 24 – paragraph 2 – point c

(c) where appropriate, assist project promoters in developing their projects so that they fulfil the objectives set out in Articles 3 and 7 and the eligibility criteria set out in Article 13, and facilitate the development of Important Projects of Common European Interest in compliance with the Union’s climate and environmental goals, with specific consideration of Regulation (EU) 2020/852 1m , and increased transparency in their implementation and aggregators for small-sized projects, including through investment platforms as referred to in point (f) of this paragraph, provided that such assistance does not prejudge the conclusions of the Investment Committee with respect to the coverage of the EU guarantee with respect to such projects; _________________ 1m Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 110 #

Proposal for a regulation
Article 24 – paragraph 7

7. The InvestEU Advisory Hub shall have local presence where necessary. Local presence shall be established in particular in Member States or regions, such as the outermost regions, that face difficulties in developing projects under the InvestEU Fund. The InvestEU Advisory Hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise to be able to provide advisory support referred to in paragraph 1, including support to implement and accommodate small-sized projects.

Amendment 111 #

Dorien ROOKMAKER

Proposal for a regulation
Article 27 – paragraph 3

3. The Commission shall report on the implementation of the InvestEU Programme in accordance with Articles 241 and 250 of the Financial Regulation. In accordance with Article 41(5) of the Financial Regulation, the annual report shall provide information on the level of implementation of the Programme with respect to its objectives and performance indicators. For that purpose, each implementing partners shall provide on an annual basis the information necessary to allow the Commission to comply with its reporting obligations, including information on the operation of the EU guarantee. The performance reporting system provides real-time insights into the management and implementation of the InvestEU-program and is accessible for every EU citizen. This guarantees transparency of the resources spent and enhances accountability.

Amendment 112 #

Proposal for a regulation
Article 31 – paragraph 1 – introductory part

1. Implementing partners and advisory partners shall acknowledge the origin and ensure the visibility of the Union funding (in particular when promoting the actions and their results), by providing coherent, effective and targeted information to multiple audiences, including the media and the public. Potential beneficiaries, beneficiaries, participants and final recipients of financial instruments must be disclosed with full transparency. They need to be listed in a digital monitoring system for EU funds to be introduced by the Commission.

Amendment 113 #

Proposal for a regulation
Article 31 – paragraph 1 – introductory part

Amendment 114 #

Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1

The application of the requirements under the first subparagraph to projects in the ~~defence and~~ space sectors shall be subject to respect for any confidentiality or secrecy obligations.

Amendment 115 #

Proposal for a regulation
Annex I – paragraph 1 – point a

(a) up to EUR ~~20 051 97~~31 153 850 000 for objectives referred to in point (a) of Article 3(2);

Amendment 116 #

Proposal for a regulation
Annex I – paragraph 1 – point e

(e) up to EUR ~~31 153 85~~20 051 970 000 for objectives referred to in point (e) of Article 3(2).

Amendment 117 #

Proposal for a regulation
Annex II – paragraph 1

The financing and investment operations under other windows than the strategic European investment window ~~may fall under one or more of~~shall be limited to the following areas:

Amendment 118 #

Proposal for a regulation
Annex II – point 1 – point e

(e) the production and supply of sustainable synthetic fuels from renewable~~/carbon-neutral~~ sources and other safe and sustainable zero- ~~and low-~~ emission sources, biofuels, biomass and alternative fuels, including fuels for all modes of transport, in accordance with the objectives of Directive 2018/2001 of the European Parliament and of the Council56 and within the limits of sustainable availability; and _________________ 56Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources (OJ L 328, 21.12.2018, p. 82).

Amendment 119 #

Proposal for a regulation
Annex II – point 2 – introductory part

2. The development of sustainable and safe transport infrastructures and mobility solutions, equipment and innovative technologies in accordance with Union transport priorities and fully compatible with the commitments taken under the Paris Agreement on Climate Change~~, in particular through:~~ and the European Climate Law1w, in particular through: _________________ 1wRegulation (EU)2020/XXX establishing the framework for achieving climate neutrality

Amendment 120 #

Proposal for a regulation
Annex II – point 2 – point a

(a) projects that support the development of the trans-European transport network (TEN-T) infrastructure, ~~includ~~prioritising infrastructure maintenance and safety, the urban nodes of TEN-T, maritime and inland ports, ~~airports,~~ multimodal terminals and the connection of such multimodal terminals to the TEN-T networks, and the telematic applications referred to in Regulation (EU) No 1315/2013 of the European Parliament and of the Council57 ; _________________ 57 Regulation (EU) No 1315/2013 of the European Parliament and of the Council of 11 December 2013 on Union guidelines for the development of the trans-European transport network and repealing Decision No 661/2010/EU (OJ L 348, 20.12.2013, p.1).

Amendment 121 #

Proposal for a regulation
Annex II – point 2 – point c

Amendment 122 #

Proposal for a regulation
Annex II – point 2 – point d

Amendment 123 #

Proposal for a regulation
Annex II – point 2 – point f a (new)

(f a) inter-urban cycling infrastructure, with particular focus on ensuring safe cross-border connections and thereby developing the creation of transnational cycling axis within a European wide network;

Amendment 124 #

Proposal for a regulation
Annex II – point 2 – point g – point iii

(iii) emission reduction with a clear pathway to zero emissions by 2040; or

Amendment 125 #

Proposal for a regulation
Annex II – point 2 – point h

(h) projects to maintain or upgrade existing transport infrastructure, including motorways on the TEN-T only where necessary to upgrade, maintain or improve road safety, to develop Intelligent Transport Systems (ITS) services or to guarantee infrastructure integrity and standards, to develop safe parking areas and facilities, recharging and refuelling stations for alternative fuels.

Amendment 126 #

Proposal for a regulation
Annex II – point 4

4. The development of digital connectivity infrastructure, in particular through projects that support the deployment of very high capacity digital networks, 5G connectivity or that improve digital connectivity and access, particularly in rural areas and peripheral and outermost regions.

Amendment 127 #

Proposal for a regulation
Annex II – point 4

Amendment 128 #

Proposal for a regulation
Annex II – point 6 – point a

(a) ethical artificial intelligence;

Amendment 129 #

Proposal for a regulation
Annex II – point 9

9. ~~Tourism~~sustainable tourism, through investments that contribute to the transformation of the sector, particularly developing accessibility, eco-tourism and affordable travelling by railway, and through supporting operations promoting a sustainable, innovative and digital recovery.

Amendment 130 #

Proposal for a regulation
Annex II – point 9

9. Ttourism, in particular through investments that contribute to increasing the long-term competitiveness and transformation of the sector by supporting actions to promote sustainable, innovative, digital, event and business tourism.

Amendment 131 #

Proposal for a regulation
Annex II – point 9

9. ~~Tourism.~~sustainable tourism and travel, the entire value chain, including inter alia tour operators, hoteliers, restaurants, tourguides, the exhibition industry

Amendment 132 #

Proposal for a regulation
Annex II – point 9

9. ~~Tourism~~sustainable tourism, in particular investments that contribute to the recovery, competitiveness and sustainability of the sector.

Amendment 133 #

Proposal for a regulation
Annex II – point 13

Amendment 134 #

Proposal for a regulation
Annex III – point 8 – point 8.1

8.1 Number and volume of operations contributing to the provision of critical infrastructure, broken down by physical infrastructure and the associated goods and services, where applicable; number and volume of operations contributing to the reduction of greenhouse gas emissions to a net-zero economy in accordance with the European climate targets

Amendment 135 #

Proposal for a regulation
Annex III – point 8 – point 8.3

8.3 Number and volume of operations contributing to the development of critical technologies and inputs for the security of the Union and its Member States~~, and dual use items~~

Amendment 136 #

Proposal for a regulation
Annex III – point 8 – point 8.4

8.4 Number of enterprises supported by size developing and manufacturing critical technologies and inputs for the security of the Union and its Member States~~, and dual use items~~

Amendment 137 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 1 – paragraph 1 – point a

Amendment 138 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 1 – paragraph 1 – point f

Amendment 139 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 2 – paragraph 1 – point 3

Amendment 140 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 2

(2) ~~In the area of defence activities, t~~The use, development, or production of products and technologies that are prohibited by applicable international law

Amendment 141 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – introductory part

(12) Investments related to ~~mining or to the extra~~the production, processing, distribution, storage, transport or combustion of ~~solid~~ fossil fuels ~~and oil, as well as investments related to the extraction of gas. This exclusion does not apply to:~~

Amendment 142 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – introductory part

(12) Investments related to mining or to the extraction, processing, distribution, storage or combustion of ~~solid~~ fossil fuels ~~and oil, as well as investments related to the extraction of gas. This exclusion does not apply to:~~

Amendment 143 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point a

~~(a) projects where there is no viable alternative technology;~~deleted

Amendment 144 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point a

~~(a) projects where there is no viable alternative technology;~~deleted

Amendment 145 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point b

~~(b) projects related to pollution prevention and control;~~deleted

Amendment 146 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c

Amendment 147 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 15 a (new)

(15 a) Investment in airport infrastructure except for outermost regions;

Amendment 148 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 15 b (new)

(15 b) Investment in capacity expansion of motorway infrastructure.

Amendment 16 #

Proposal for a regulation
Recital 1

(1) The Covid-19 pandemic is a major shock to the global and Union economy. Due to the necessary containment measures, economic activity in the EU dropped significantly. The contraction in EU GDP in 2020 is expected to be around 7.5%, far deeper than during the financial crisis in 2009. The outbreak of the pandemic has shown the interconnectivity of global supply chains and exposed some vulnerabilities such as the over-reliance of strategic industries on non-diversified external supply sources. Such vulnerabilities need to be addressed, to improve the Union’s emergency response as well as the resilience of the entire economy, while maintaining its openness to competition and trade in line with its rules. Investment activity is expected to have dropped significantly. Even before the pandemic, while a recovery in investment-to-GDP ratios in the Union could be observed, it remained below what might be expected in a strong recovery and was insufficient to compensate for years of underinvestment following the 2009 crisis. More importantly, the current investment levels and forecasts do not cover the Union’s needs for structural investment to restart and sustain long-term growth in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises (SMEs) and the need to address key societal challenges such as sustainability or population ageing. Consequently, in order to achieve the Union's policy objectives , especially under the Green Deal and to support a swift, inclusive and healthy economic recovery, ~~support is necessary to address market failure~~the primary aim should be to support otherwise difficult to fund projects that provide European citizen with long- term environmental and societal benefits such as high quality long-term jobs and spub~~-optimal investment situations and to reduce the investment gap in targeted sector~~lic infrastructure, as well as with sustainable solutions to address the COVID crisis. It is therefore of crucial importance to identify and support projects that provide this genuine additionality and quality rather than being mostly driven by technical aspects such as leverage factors or project speed and volumes.

Amendment 17 #

Proposal for a regulation
Recital 1

(1) The Covid-19 pandemic is a major shock to the global and Union economy. Due to the necessary containment measures, economic activity in the EU dropped significantly, in particular with regard to the transport and tourism sectors. The contraction in EU GDP in 2020 is expected to be around 7.5%, far deeper than during the financial crisis in 2009. The outbreak of the pandemic has shown the interconnectivity of global supply chains and exposed some vulnerabilities such as the over-reliance of strategic industries on non-diversified external supply sources. Such vulnerabilities need to be addressed, to improve the Union’s emergency response as well as the resilience of the entire economy, while maintaining its openness to competition and trade in line with its rules, including the freedom to conduct business activity, as well as freedom of movement of persons and goods. Investment activity is expected to have dropped significantly. Even before the pandemic, while a recovery in investment- to-GDP ratios in the Union could be observed, it remained below what might be expected in a strong recovery and was insufficient to compensate for years of underinvestment following the 2009 crisis. More importantly, the current investment levels and forecasts do not cover the Union’s needs for structural investment to restart and sustain long-term growth in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises (SMEs) and the need to address key societal challenges such as sustainability or population ageing. Consequently, in order to achieve the Union's policy objectives and to support a swift, inclusive and healthy economic recovery, support is necessary to address market failures and sub-optimal investment situations and to reduce the investment gap in targeted sectors.

Amendment 18 #

Proposal for a regulation
Recital 1

Amendment 19 #

Proposal for a regulation
Recital 1

Amendment 20 #

Proposal for a regulation
Recital 2

(2) Evaluations have underlined that the variety of financial instruments delivered under the 2014-2020 Multiannual Financial Framework period has led to some overlaps in their scope. That variety has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules. The absence of compatible rules also hampered the combination of several Union funds, although such combinations would have been beneficial in order to support projects in need of different types of funding. Therefore, a single fund, the InvestEU Fund, which builds on the experience of the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe, should be set up in order to provide more efficiently functioning support to final recipients by integrating and simplifying the financing offered under a single budgetary guarantee scheme, thereby improving the impact of Union support while reducing the cost to the Union payable from the budget, but also at the bureaucratic level.

Amendment 21 #

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted ambitious strategies and legislation to complete the Single Market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, the European Climate Law1a proposal of 4 March 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 ~~and~~, ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020~~. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.~~ , the EU Biodiversity Strategy for 2030 of 20 May 2020, Regulation (EU) 2020/852 of 18 June 20201b , the Energy System Integration Strategy and the Hydrogen Strategy of 8 July 2020, and the Union will propose a Renovation Wave Strategy in the 3rd quarter of 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies, contribute to phasing out environmentally harmful subsidies and support the implementation of the legislation through providing support to investment and access to financing. _________________ 1aRegulation(EU)2020/XXX establishing the framework for achieving climate neutrality 1b Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 22 #

Proposal for a regulation
Recital 4

(4) At Union level, the European Semester of economic policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States, where appropriate in cooperation with local and regional authorities, develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly national reform programmes as a way of outlining and coordinating priority investment projects that are to be supported by national funding, Union funding, or both. Those strategies should also use Union funding in a coherent ~~manner an~~and strategic, taking into account not only the economic recovery, but also the goals of the Green Deal. These investments should maximise the added value of the financial support to be received notably from the European structural and investment funds, the Recovery and Resilience Facility and the InvestEU Programme.

Amendment 23 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises, taking into account divergencies in economic and infrastructural development between individual regions and Member States. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union, including cohesion policy. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU, with particular focus on rural, mountainous, outermost and least accessible regions of the EU.

Amendment 24 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU. Special attention should be given to the main sectors affected by the crisis caused by the pandemic of COVID-19, but also to the regions with difficulties that are due to their geographic location, such as the outermost, island and remote regions.

Amendment 25 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU, taken into consideration the specificities of the outermost regions.

Amendment 26 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU, including in outermost regions.

Amendment 27 #

Proposal for a regulation
Recital 6

(6) The cultural, educational and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural, educational and creative sectors. The cultural, educational and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.

Amendment 28 #

Proposal for a regulation
Recital 10

Amendment 29 #

Proposal for a regulation
Recital 10

(10) Reflecting the importance of tackling climate change in line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the InvestEU Programme will contribute to mainstream climate actions and to the achievement of an overall target of 2530 % of the Union budget expenditures supporting climate objectives and 10% supporting biodiversity-related objectives. Actions under the InvestEU Programme are expected to contribute 360 % of the overall financial envelope of the InvestEU Programme to climate and biodiversity objectives. Relevant actions will be identified during the InvestEU Programme's preparation and implementation and reassessed in the context of the relevant evaluations and review processes.

Amendment 30 #

Proposal for a regulation
Recital 10

Amendment 31 #

Proposal for a regulation
Recital 11

Amendment 32 #

Proposal for a regulation
Recital 11

(11) The contribution of the InvestEU Fund to the achievement of the 2030 climate ~~target~~and energy targets and to the transition towards climate neutrality by 2040 will be tracked through a Union climate tracking system to be developed by the Commission and aligned with the harmonised multilateral development bank methodology on identifying climate action24a, in cooperation with potential implementing partners, appropriately using the criteria established by [Regulation on the establishment of a framework to facilitate sustainable investment25 ] for determining whether an economic activity is environmentally sustainable. The InvestEU Programme should also contribute to the implementation of other dimensions of the SDGs. _________________ 24a 2019, JOINT REPORT ON MULTILATERAL DEVELOPMENT BANKS’ ON CLIMATE FINANCE, August 2020, ERDB, EIB, ADB, AIIB, IDB Group, ISDB, WB Group 25 COM(2018)353.

Amendment 33 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should appropriately use the criteria established by [Regulation (EU) 2020/852 of the European Parliament and of the Council on establishment of a framework to facilitate sustainable investment]1a for determining whether an economic activity is environmentally sustainable and consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. WhOperations that are inconsistent with the achievement of the climate objectives or the criteria established by Regulation (EU) 2020/852 should not be eligible for support undere th~~e implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operati~~is Regulation. _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 ons th~~at are inconsistent with the achievement of the c~~e establishment of a framework to facilimtate ~~objectives should not be eligible for support under this Regulation~~sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 34 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable ~~growth~~economy, competitiveness and convergence, while respecting the Do No Significant Harm and Minimum Safeguards as per the Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment1a. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund. _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 35 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection, interoperability and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, -including the trans-European transport network, especially in cross- border sections- energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 36 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term, especially in the outermost regions. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 37 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection, multimodality and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces and urban areas. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 38 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the new 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable ~~low- emission~~zero-GHG energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 39 #

Proposal for a regulation
Recital 16

(16) Genuine multimodality is an opportunity to create an efficient and environmentally friendly transport network that uses the maximum potential of all means of transport, with particular focus on rail transport, and generates synergy between them. The InvestEU Programme should support investments in multimodal transport hubs, which - in spite of their significant economic and environmental potential, and business cases - carry a significant risk for private investors. The InvestEU Programme should also contribute to the development and deployment of Intelligent Transport Systems (ITS) and alternative fuels infrastructure. The InvestEU Programme should help to boost efforts to design and apply technologies that help to improve the safety of vehicles and road infrastructure.

Amendment 40 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy and the sector, which experienced a particularly severe contraction as a result of COVID-19 pandemic. The InvestEU Programme should contribute to strengthening its long- term competitiveness by s~~upporting operations promoting sustainable, innovative and digital tourism.~~ etting the foundations for a new smart, sustainable, innovative, modern and resilient EU tourism and travel sector, including innovative measures to reduce the climate and environment footprint of the sector. Restrictions on social contacts and closures of borders put in place during the Covid-19 crisis had a significantly negative economic impact on tourism and interlinked sectors. The regional and local level should be well involved in the InvestEU programme, with special attention and assistance going to regions and cities heavily dependent on tourism and particular consideration of the situation of remote and rural areas as well as islands.

Amendment 41 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy and the sector, which experienced a particularly severe contraction as a result of COVID-19 pandemic, with large-scale unemployment affecting, in particular, seasonal workers and those in vulnerable situations. The InvestEU Programme should contribute to strengthening its long- term competitiveness byand develop a sustainable tourism sector, in particular accessibility, eco-tourism and affordable travelling by railway, through supporting operations promoting a sustainable, innovative and digital tourism. recovery, which should contribute to the creation of numerous permanent, local, quality jobs;

Amendment 42 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy and the sector, which experienced a particularly severe contraction as a result of COVID-19 pandemic. For many European regions, tourism is of a strategic importance for the whole economy and acts as a multiplier for growth and employment. The InvestEU Programme should contribute to strengthening its ~~long- term~~recovery, competitiveness and sustainability by supporting operations promoting sustainable, innovative and digital tourism.

Amendment 43 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy and that of the Member States, and the sector, which experienced a particularly severe contraction as a result of COVID-19 pandemic. The InvestEU Programme should support its recovery and contribute to strengthening its long- term competitiveness by supporting operations promoting sustainable, innovative ~~and~~, digital, event and business tourism.

Amendment 44 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union and for the development of the internal market, economy and the sector, which experienced a particularly severe contraction as a result of COVID-19 pandemic. The losses for the sector resulted not only in economic losses for agents and operators, but also in job losses. The economic development of many regions heavily dependent on the tourism sector, such as the outermost, coastal and island regions, has been severely affected. The InvestEU Programme should contribute to strengthening its long- term competitiveness by supporting operations promoting sustainable, innovative and digital tourism, but also to create new jobs for the sector.

Amendment 45 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy and the sector, which experienced a particularly severe contraction as a result of COVID-19 pandemic, which is particularly noticeable for SMEs. The InvestEU Programme should contribute to strengthening its long- term competitiveness by supporting operations promoting sustainable, innovative and digital tourism, as well as agritourism.

Amendment 46 #

Proposal for a regulation
Recital 20

(20) A significant effort is urgently needed to invest in and boost the digital transformation and to distribute the benefits of it to all Union citizens and businesses. The strong policy framework of the Digital Single Market Strategy should now be matched by investment of a similar ambition, including in ethical artificial intelligence in line with the Digital Europe programme.

Amendment 47 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, including the re- skilling and upskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy. It should be used to support projects that generate positive social impacts and enhance social inclusion by helping to increase employment across all regions, in particular among the unskilled and long-term unemployed, ~~and to~~especially in the outermost regions, which in general have structural problems with regard to employment. The program should support the development of projects that improve the situation with regard to gender equality, equal opportunities, non- discrimination, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people, including third country nationals. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 48 #

Proposal for a regulation
Recital 25

(25) The Covid-19 pandemic is a major shock to the global and Union economy. The contraction in EU GDP is expected to be far deeper than during the financial crisis in 2009 and adverse social effects will be inevitable. The outbreak of the pandemic has shown the urgent need for strategic vulnerabilities to be addressed in a coordinated way, in order to improve the Union’s emergency response as well as the resilience of the entire economy. Only a resilient, inclusive and integrated European economy can preserve the well- functioning of the Single Market and the level playing field also to the benefit of the hardest-hit Member States.

Amendment 49 #

Proposal for a regulation
Recital 25

(25) The Covid-19 pandemic is a major shock to the global and Union economy. The contraction in EU GDP is expected to be far deeper than during the financial crisis in 2009 and adverse social effects will be inevitable. The outbreak of the pandemic has shown the need for strategic vulnerabilities to be addressed in order to improve the Union’s emergency response as well as the resilience of the entire economy. Only a resilient, inclusive and integrated European economy can preserve the Single Market from the danger of fragmentation and the level playing field also to the benefit of the hardest-hit Member States.

Amendment 50 #

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose activities are of strategic importance to the Union in particular in view of the green and digital transitions and of enhanced resilience in areas of (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, ~~medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system,~~fostering the sustainable and ethical production, procurement, management and non- exclusive licensing of crisis relevant products ensuring their affordability in complementarity with other Union instruments, medical devices, medical supplies, and protective equipment, strengthening of health crisis response capacity and of the civil protection system, based on the principles of wide availability and affordability of products vital in health emergencies; (ii) critical infrastructure, whether physical or virtual; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) key enabling, transformative, green and digital technologies and game-changing innovations where the investment is strategically important for the Union’s industrial future, including ethical artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, ~~clea~~green hydrogen and fuel cell applications, decarbonisation technologies for industry, ~~carbon capture and storage,~~ circular economy technologies biomedicine, nanotechnologies, pharmaceuticals and advanced materials; (v) recycling and manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as ~~defence and~~ space sectors and cybersecurity~~, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009. The final recipients should have their registered office in a Member State~~. The final recipients should have mandatory transition plans towards a sustainable economic activity and their registered office in a Member State, not having subsidiaries without real economic activities in a country listed on the EU list of non-cooperative jurisdictions and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit. The distribution of the financial envelope should in particular ensure support for projects that help saving lives in the short, mid and long term.

Amendment 51 #

Proposal for a regulation
Recital 28

Amendment 52 #

Proposal for a regulation
Recital 28

Amendment 53 #

Proposal for a regulation
Recital 28

Amendment 54 #

Proposal for a regulation
Recital 28

Amendment 55 #

Proposal for a regulation
Recital 29

(29) The strategic European investment window should also target suppliers established and operating in the Union whose activities are of strategic importance to the Union and that would need long term investment or are covered by the Foreign Direct Investment Screening mechanism. In addition, important projects of common European interest ~~should in particular be able to benefit from the strategic European investment window.~~ in compliance with the Union’s climate and environmental goals, with specific consideration of the Regulation (EU) 2020/852 of the European Parliament and of the Council 1d and increased transparency in their implementation should in particular be able to benefit from the strategic European investment window. _________________ 1dRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 56 #

Proposal for a regulation
Recital 29 a (new)

(29 a) The addition of the strategic European investment window is necessary as a result of the global outbreak of Covid-19, and its impact on people's lives. It should foster sustainable economic recovery and increase resilience, while ensuring strict additionality of all investments supported through InvestEU.

Amendment 57 #

Proposal for a regulation
Recital 35

(35) The Commission should seek the views of other potential implementing partners, including local and regional authorities, social partners and civil society along with the EIB Group on investment guidelines, the climate tracking system, the sustainability proofing guidance documents and common methodologies, as appropriate, with a view to ensuring inclusiveness and operationality until the governance bodies have been set up, after which the involvement of implementing partners should take place within the framework of the Advisory Board and the Steering Board of the InvestEU Programme.

Amendment 58 #

Proposal for a regulation
Recital 40

Amendment 59 #

Proposal for a regulation
Article 2 – paragraph 1 – point 15

(15) ‘Important Project of Common European Interest’ means a project that fulfils all the criteria laid down in Commission Communication on Criteria for the analysis of the compatibility with the internal market of State aid to promote the execution of important projects of common European interest (OJ C 188, 20.6.2014, p. 4) or any subsequent revision; in compliance with the Union’s climate and environmental goals, with specific consideration of the Regulation (EU) 2020/852 of the European Parliament and of the Council 1e and increased transparency in their implementation; _________________ 1eRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 60 #

Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)

(28 a) The ‘do no significant harm’ principle means refraining from inflicting ‘significant harm to environmental objectives’ as defined in Article17 of the Regulation (EU) 2020/852 (Taxonomy Regulation)

Amendment 61 #

Proposal for a regulation
Article 3 – paragraph 1 – introductory part

1. The general objective of the InvestEU Programme is to support the policy objectives of the Union by means of financing and investment operations that ~~contribute to:~~ are fully compliant with Union climate objectives, in particular the European Climate Law 1g , the climate neutrality target, with the criteria laid down in Regulation (EU) 2020/852 1hand the Green Deal objectives, as well as the biodiversity goals and contribute to: _________________ 1gRegulation (EU)2020/XXX establishing the framework for achieving climate neutrality 1hRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 62 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, ~~upholding and strengthening its strategic value chains~~fully compliant with Union climate objectives, in particular the European Climate Law 1i , the climate neutrality target, with the criteria laid down in Regulation on the establishment of a framework to facilitate sustainable investment 1jand the Green Deal objectives, as well as the biodiversity goals, so as to uphold and strengthen its strategic value chains, the climate and digital transitions, investments increasing resilience as defined in Annex V, and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game- changing innovations and inputs ~~to businesses and consumers.~~ .. The objectives of the Fund should be pursued in the framework of sustainable development and inline with the Aarhus Convention and the Union's promotion of the aim of preserving, protecting and improving the quality of the environment and combating climate change, as set out in Articles 11 and 191(1) of the TFEU. Support provided under the Fund should be consistent with the energy efficiency first principle;

Amendment 63 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, upholding and strengthening the well- functioning of its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure - including the trans-European transport network-, transformative technologies, game-changing innovations and inputs to businesses and consumers.

Amendment 64 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, upholding and strengthening its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game-changing innovations and inputs to businesses and consumers, especially in the sectors most affected by the crisis, such as tourism and transport.

Amendment 65 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, upholding and strengthening its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game-changing innovations and inputs to businesses, especially for SMEs in the transport and tourism sector and consumers.

Amendment 66 #

Proposal for a regulation
Article 3 – paragraph 1 – point g a (new)

(g a) The crisis caused by the Covid-19 showed the necessity to strengthen and promote new objectives, like sustainable tourism and culture.

Amendment 67 #

Proposal for a regulation
Article 3 – paragraph 2 – point e

(e) to support financing and investment operations in sectors referred to in point (e) of Article 7(1) in order to maintain and reinforce the strategic autonomy and sustainability of the Union and of its economy, consistent with the energy and climate legislation and the 2030 energy and climate targets and climate neutrality by 2040, the European Pillar of Social Rights, the objectives of green and digital transitions, technological autonomy, sustainable and inclusive growth, economic, social and territorial cohesion, quality job creation as well as research and innovation.

Amendment 68 #

Proposal for a regulation
Article 3 a (new)

Article 3 a European Climate Law This regulation shall fully respect all the Union obligations set out in the European Climate Law1a. _________________ 1a Regulation of the European Parliament and of the Council (EU) xx/xx establishing the framework for achieving climate neutrality and amending Regulation (EU) 2018/1999 (OJ L 198, 22.6.2020, p. 13).

Amendment 69 #

Proposal for a regulation
Article 7 – paragraph 1 – introductory part

1. The InvestEU Fund shall operate through the following five policy windows that shall address market failures or sub- optimal investment situations within their specific scope, respecting the ‘do no significant harm’ principle:

Amendment 70 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport infrastructures facilitating the modal shift, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, the extension of rail, including night trains, active mobility and public transport infrastructure, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework, the new 2030 climate target and the EU ‘s climate neutrality goal, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, sustainable tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union and are in line with the Unions Green Deal and Climate Law objectives;

Amendment 71 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal and rail transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, as well as enlarging it to encompass outermost, mountainous and least accessible areas, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural, mountainous and outermost areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 72 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, ~~energy, in particular~~ renewable energy, energy efficiency in accordance with the new 2030 ~~energy framework~~climate and energy targets, the Climate Law and the Union's carbon neutrality goal by 2050 at the latest, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 73 #

Proposal for a regulation
Article 7 – paragraph 1 – point c

(c) an SME policy window which comprises access to and the availability of finance primarily for SMEs, including for innovative SMEs and SMEs operating in tourism, the cultural and creative sectors, as well as for small mid-cap companies;

Amendment 74 #

Proposal for a regulation
Article 7 – paragraph 1 – point c

Amendment 75 #

Proposal for a regulation
Article 7 – paragraph 1 – point d

(d) a social investment and skills policy window, which comprises microfinance, social enterprise finance, social economy and measures to promote gender equality, skills, education, training and related services, social infrastructure, including health and educational infrastructure and social and student housing, social innovation, health and long-term care, inclusion and accessibility, cultural and creative activities with a social goal, social tourism and the integration of vulnerable people, including third country nationals;

Amendment 76 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

(e) a strategic European investment policy window which comprises strategic investment to support final recipients that are established in a Member State and that operate in the Union, ~~and whose activities are of strategic importance to the Union, in particular in view of the green and~~that have not been involved, investigated or prosecuted for money laundering, terrorism financing, tax avoidance, or tax evasion, and whose activities are of strategic importance to the Union and in line with the EU’s 2030 and climate neutrality goal as enshrined in the European Climate Law 1k and Regulation (EU) 2020/852 1land foster the digital transitions and of enhanced resilience~~, in one of the following areas:~~ of the European society and economy, in one of the following areas: _________________ 1k Regulation (EU) 2020/XXX establishing the framework for achieving climate neutrality 1lRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 77 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, refraining from inflicting ‘significant harm to environmental objectives’ as defined in Article 17 of Regulation (EU) 2020/8521a , including infrastructure elements identified as critical in the fields of energy, ~~transport~~sustainable transport and tourism, environment, water, health, secure digital communication~~, 5G~~ and networks, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, ~~defence,~~ communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure; _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 78 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, logistics, environment, health, secure digital communication, 5G, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 79 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, tourism, environment, health, secure digital communication, 5G, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 80 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iii a (new)

iii a) through-ticketing and seamless mobility technology services, with a particular emphasis in further developing the railway travel mode and the expansion of the night train network;

Amendment 81 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iii a (new)

iii a) critical strategic investments in sustainable tourism;

Amendment 82 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

iv) key enabling, transformative, green and digital technologies and game- changing innovations where the investment is strategically important for the Union’s ~~industrial~~economic future, including

Amendment 83 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point a

(a) artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, autonomous vehicles, technologies relating to vehicle and road infrastructure safety,

Amendment 84 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point a

(a) ethical artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology,

Amendment 85 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including sustainable batteries, sustainable transport technologies, ~~clea~~green hydrogen and fuel cell applications, ~~decarbonisat~~zero-emission technologies for industry, ~~carbon capture and storage,~~ circular economy technologies,

Amendment 86 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, ~~clea~~green hydrogen from renewable energy sources and fuel cell applications, decarbonisation technologies for industry, carbon capture ~~and~~ storage and utilisation exclusively for fatal emissions, circular economy technologies,

Amendment 87 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point c a (new)

(c a) Sustainable tourism

Amendment 88 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vi a (new)

vi a) encourage critical strategic investments in sustainable tourism schemes which can also be embedded in biodiversity conservation efforts, and including investments promoting a shift from mass tourism to other forms of cultural and sustainable tourism

Amendment 89 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – introductory part

vii) critical technologies and inputs for the security of the Union and its Member States, such as ~~defence and~~ space sectors and cybersecurity~~, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009~~.

Amendment 90 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – paragraph 1

In addition, in the case of investments in space~~, defence~~ and cybersecurity, and in specific types of projects with actual and direct security implications in critical sectors, the final recipients shall not be controlled by a third country or third country entities and shall have their executive management in the Union with a view to protect the security of the Union and its Member States.

Amendment 91 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii a (new)

vii a) the financing and investment under this window shall prioritize initiatives contributing to saving lives in the short, mid and long term, as well as ensure adequate support to the challenges of climate emergency, environmental pollution, and digitalisation.

Amendment 92 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment operations shall be screened to determine whether they have an environmental, climate or social impact. If those operations have such an impact they shall be subject to climate, environmental and social sustainability proofing with a view to minimising detrimental impacts and to maximising benefits to the climate, environment and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. Projects that are inconsistent with the climate objectives and which do not comply with the criteria established by Regulation (EU) 2020/8521a shall not be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee. _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 93 #

(d) identify projects that are inconsistent with the achievement of ~~climate objectives;~~the new 2030 energy and climate objectives, the Climate Law, the Union's goal to reach climate neutrality by 2050 at the latest or with the criteria established by Regulation (EU) 2020/8521a ; _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 94 #

Proposal for a regulation
Article 7 – paragraph 4 – point d

(d) identify projects that are inconsistent with the achievement of climate ~~objectives;~~neutrality objectives in using the criteria established by Regulation (EU) 2020/8521a ; _________________ 1aRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).

Amendment 95 #

Proposal for a regulation
Article 7 – paragraph 4 – point d a (new)

(d a) assess projects against their contribution to climate and energy targets, especially to the new Union’s climate target for 2030 and to the transition towards climate neutral economies by 2040;

Amendment 96 #

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

6. Implementing partners shall apply a target of ~~at least 60~~ 100% of the investment under the sustainable infrastructure policy window and 60% under the strategic European investment window contributing to meeting the Union objectives on climate and environment.

Amendment 97 #

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

6. Implementing partners shall apply a target of at least 605 % of the investment under the European strategic investment policy window and 80% of the investment under the sustainable infrastructure policy window contributing to meeting the Union objectives on climate and environment.

Amendment 98 #

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

6. Implementing partners shall apply a target of at least 650 % of the investment under the sustainable infrastructure policy window contributing to meeting the Union objectives on climate and environment.

Amendment 99 #

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

source: 655.909

2020/09/15 BUDG, ECON 556 amendments...

Amendment 100 #

Proposal for a regulation
Recital 11

Amendment 101 #

Proposal for a regulation
Recital 12

(12) According to the 2018 Global Risks Report issued by the World Economic Forum, half of the ten most critical risks threatening the global economy relate to the environment. Such risks include the pollution of air, soil, inland waters and oceans, extreme weather events, biodiversity losses and failures of climate- change mitigation and adaptation. Environmental principles are strongly embedded in the Treaties and many of the Union's policies. Therefore, the mainstreaming of environmental objectives should be promoted in operations related to the InvestEU Fund. Environmental protection and the prevention and management of related risks should be integrated in the preparation and implementation of investments. The Union should also track its biodiversity-related and air pollution control-related expenditures in order to fulfil the reporting obligations under the Convention on Biological Diversity26 and under Directive (EU) 2016/2284 of the European Parliament and of the Council27 . Investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies that are consistent with methodologies developed under other Union programmes that apply to climate, biodiversity and air pollution management in order to allow the assessment of the individual and combined impact of investments on the key components of natural capital, including air, water, land and biodiversity. _________________ 26 OJ L 309, 13.12.1993, p. 3. 27Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (OJ L 344, 17.12.2016, p. 1)The most polluting countries are third countries. Therefore, the EU environmental objectives should be curbed and made conditional on the progress in the most polluting countries.

Amendment 102 #

Proposal for a regulation
Recital 12

(12) According to the 2018 Global Risks Report issued by the World Economic Forum, half of the ten most critical risks threatening the global economy relate to the environment. Such risks include the pollution of air, soil, inland waters and oceans, extreme weather events, biodiversity losses and failures of climate- change mitigation and adaptation. Environmental principles are strongly embedded in the Treaties and many of the Union's policies. Therefore, the mainstreaming of environmental objectives ~~should be promoted in~~, the EU Taxonomy criteria and Do No Significant Harm principle should be adhered to in all operations related to the InvestEU Fund. Environmental protection and the prevention and management of related risks should be integrated in the preparation and implementation of investments. The Union should ~~also~~ track its biodiversity-related and air pollution control-related ~~expenditures~~impact in order to fulfil the reporting obligations under the Convention on Biological Diversity26 and under Directive (EU) 2016/2284 of the European Parliament and of the Council27 . Investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies ~~that are consistent with~~and Natural Capital Accounting, Life Cycle Analysis and harmonised sustainability indicators, and methodologies developed under other Union programmes that apply to climate, biodiversity and air pollution management in order to allow the assessment of the individual and combined impact of investments on the key components of natural capital, including air, water, land and biodiversity. _________________ 26 OJ L 309, 13.12.1993, p. 3. 27Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (OJ L 344, 17.12.2016, p. 1).

Amendment 103 #

Proposal for a regulation
Recital 12

(12) According to the 2018 Global Risks Report issued by the World Economic Forum, half of the ten most critical risks threatening the global economy relate to the environment. Such risks include the pollution of air, soil, inland waters and oceans, extreme weather events, biodiversity losses and failures of climate- change mitigation and adaptation. Environmental principles are strongly embedded in the Treaties and many of the Union's policies. Therefore, the mainstreaming of environmental objectives should be promoted in operations related to the InvestEU Fund. Environmental protection and the prevention and management of related risks should be integrated in the preparation and implementation of investments. The Union should also track its biodiversity-related and air pollution control-related expenditures in order to fulfil the reporting obligations under the Convention on Biological Diversity26 and under Directive (EU) 2016/2284 of the European Parliament and of the Council27 . Invest~~ment alloca~~EU should fully contributed to ~~environmentally sustainability objectives should therefore be tracked~~the objective set out in the EU Biodiversity Strategy 2030 of mobilising at least EUR 20 billion per year for nature, and track those investments using common methodologies that are consistent with methodologies developed under other Union programmes that apply to climate, biodiversity and air pollution management in order to allow the assessment of the individual and combined impact of investments on the key components of natural capital, including air, water, land and biodiversity. _________________ 26 OJ L 309, 13.12.1993, p. 3. 27Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (OJ L 344, 17.12.2016, p. 1).

Amendment 104 #

Proposal for a regulation
Recital 12

(12) According to the 2018 Global Risks Report issued by the World Economic Forum, half of the ten most critical risks threatening the global economy relate to the environment. Such risks include the pollution of air, soil, inland waters and oceans, extreme weather events, biodiversity losses, deforestation and failures of climate- change mitigation and adaptation. Environmental principles are strongly embedded in the Treaties and many of the Union's policies. Therefore, the mainstreaming of environmental objectives should be promoted in operations related to the InvestEU Fund. Environmental protection and the prevention and management of related risks as well as the environmental crimes, such as the illegal logging, should be integrated in the preparation and implementation of investments. The Union should also track its biodiversity-related and air pollution control-related expenditures in order to fulfil the reporting obligations under the Convention on Biological Diversity26 and under Directive (EU) 2016/2284 of the European Parliament and of the Council27 . Investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies that are consistent with methodologies developed under other Union programmes that apply to climate, biodiversity and air pollution management in order to allow the assessment of the individual and combined impact of investments on the key components of natural capital, including air, water, land and biodiversity. _________________ 26 OJ L 309, 13.12.1993, p. 3. 27Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (OJ L 344, 17.12.2016, p. 1).

Amendment 105 #

Proposal for a regulation
Recital 12

(12) According to the 2018 Global Risks Report issued by the World Economic Forum, half of the ten most critical risks threatening the global economy relate to the environment. Such risks include the pollution of air, soil, inland waters and oceans, extreme weather events, biodiversity losses and failures of climate- change mitigation and adaptation. Environmental principles are strongly embedded in the Treaties and many of the Union's policies. Therefore, the mainstreaming of environmental objectives should be promoted in operations related to the InvestEU Fund. Environmental protection and the prevention and management of related risks should be integrated in the preparation, evaluation, and implementation of investments. The Union should also track its biodiversity- related and air pollution control-related expenditures in order to fulfil the reporting obligations under the Convention on Biological Diversity26 and under Directive (EU) 2016/2284 of the European Parliament and of the Council27 . Investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies that are consistent with methodologies developed under other Union programmes that apply to climate, biodiversity and air pollution management in order to allow the assessment of the individual and combined impact of investments on the key components of natural capital, including air, water, land and biodiversity. _________________ 26 OJ L 309, 13.12.1993, p. 3. 27Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (OJ L 344, 17.12.2016, p. 1).

Amendment 106 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact, including on gender equality, labour market segregation, equal opportunities and treatment at work. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should ~~appropriately~~ use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] for determining whether an economic activity is environmentally sustainable and consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations that are inconsistent with the achievement of the climate ~~objectives should not be eligible for support under this Regulation.~~and other environmental objectives and which do not comply with the criteria established by the EU Taxonomy and the Do No Significant Harm principle, particularly activities related to the production, processing, distribution, storage, transport or combustion of fossil fuels, should not be eligible for support under this Regulation. Climate change and environmental degradation disproportionally affect women, but women are under-represented indecision-making concerning climate change mitigation policies. We need to ensure that women and other vulnerable groups are included in all levels of decision-making in national and EU levels

Amendment 107 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental~~, climate~~ or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should appropriately use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] for determining whether an economic activity is environmentally sustainable and consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens~~, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing~~. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. ~~Operations that are inconsistent with the achievement of the climate objectives should not be eligible for support under this Regulation.~~

Amendment 108 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme so as to prevent any significant damage to the environment. This guidance should appropriately use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] for determining whether an economic activity is environmentally sustainable ~~and~~whether it abides by the 'do no significant harm' principle and respect the minimum safeguards set out in that Regulation, and whether it is consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations that are inconsistent with the achievement of the climate and environmental objectives should not be eligible for support under this Regulation.

Amendment 109 #

Proposal for a regulation
Recital 13

(13) IAll investment projects that receive ~~substantial~~ Union support~~, in particular~~ under this Regulation, inter alia in the area of infrastructure, should be screened by the implementing partner to determine ~~whether they have an~~their environmental, climate or social impact. Investment projects ~~that have such an impact~~ should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should appropriately use the criteria established by ~~[Regulation on establishment of a framework to facilitate sustainable investment]~~the Taxonomy Regulation for determining whether an economic activity is environmentally sustainable and meets the minimum social safeguards, and is consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out for a project by virtue of having no environmental or social impact, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations and activities that are inconsistent with the achievement of the ~~climate objectives~~Union's climate and environmental objectives and do not qualify as sustainable under the Taxonomy Regulation should not be eligible for support under this Regulation.

Amendment 110 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should appropriately use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] ], and for social impact the European Pillar of Social Rights, for determining whether an economic activity is environmentally and socially sustainable and consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations that are inconsistent with the achievement of the climate objectives should not be eligible for support under this Regulation.

Amendment 111 #

Proposal for a regulation
Recital 13

(13) Investment projects that receive substantial Union support, in particular in the area of infrastructure, should be screened by the implementing partner to determine whether they have an environmental, climate or social impact. Investment projects that have such an impact should be subject to sustainability proofing in accordance with guidance that should be developed by the Commission in close cooperation with potential implementing partners under the InvestEU Programme. This guidance should ~~appropriately~~ use the criteria established by [Regulation on establishment of a framework to facilitate sustainable investment] for determining whether an economic activity is environmentally sustainable and consistent with the guidance developed for other programmes of the Union. Consistent with the principle of proportionality, such guidance should include adequate provisions for avoiding undue administrative burdens, and projects below a certain size as to be defined in the guidance should be excluded from the sustainability proofing. Where the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations that are inconsistent with the achievement of the climate objectivesWhere the implementing partner concludes that no sustainability proofing is to be carried out, it should provide a justification to the Investment Committee established for the InvestEU Fund. Operations that are inconsistent with the achievement of the climate and other environmental objectives and which do not comply with the criteria established by the EU Taxonomy and the Do No Significant Harm principle, particularly activities related to the production, processing, distribution, storage, transport of combustion of fossil fuels, should not be eligible for support under this Regulation.

Amendment 112 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence while respecting the Do No Significant Harm and Minimum Safeguards as per the Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy ~~and~~ climate targets, and the targets and objectives of the EU Biodiversity Strategy 2030. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable ~~low-~~ zero GHG-emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under- invested, and ~~in which~~that require the most additional investment ~~is required~~to meet the Union’s sustainability targets, such as energy efficiency and in view of reaching the Union's climate and environment objectives. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined, and climate-proofed investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 113 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence, as well as to be resilient to the shocks the EU countries suffer as a result of natural disasters. The lack of transport infrastructure in certain areas became a particularly negative factor in delivering urgent help and materials in the context of Covid-19. It also creates risk of consolidating imbalances and inequalities and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 114 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund. The Commission should come with a comparative report on the different national legislations that contain unnecessary hurdles and red tape and propose recommandations for reforms that could help Member States to improve their infrastructure investment rate.

Amendment 115 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, climate neutrality, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable ~~low~~zero- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to environment, safety and security, investment projects receiving Union support should not go to the activities that significantly harm the environment and the environmental objectives laid out in the EU Taxonomy, should include measures for infrastructure and climate resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces and the environmental precautionary principle. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 116 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and upward convergence of living conditions in Europe. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, and fairer and inclusive labour market are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure , as well as in people and quality jobs in fairer and inclusive labour markets. The InvestEU Programme should prioritise areas that are under- invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 117 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the Paria Agreement, SDGs, and the 2030 energy and climate targets included in the European Green Deal. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, while setting the objective of tackling energy poverty, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, clean energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 118 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis, brought about by the EU’s fiscal policy rules that limit debt-financed investment spending, undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 119 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis undermined the ~~Union's ability to boost sustainable growth,~~capacity of the internal market participants to boost sustainable growth, and highlighted the need to focus on competitiveness and convergence of the Union. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested~~, and in which additional investment is required~~ both at national and Union level. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 120 #

Proposal for a regulation
Recital 14

(14) Low in~~frastructure investment rates~~vestment rates in tangible and intangible assets and infrastructure in the Union during the financial crisis and again during the Covid-19 crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances within and between Member States and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 121 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in ~~the Union~~some Member States during the financial crisis and again during the Covid- 19 crisis undermined ~~the Union's~~some Member States' ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long- term. Sizeable investments in ~~Union~~ infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability ~~targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate~~ targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested~~, and in w~~ but have a hicgh ~~additional investment is required~~expected return on investment. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 122 #

Proposal for a regulation
Recital 14

(14) Low infrastructure investment rates in the Union during the financial crisis and again during the Covid-19 crisis have undermined the Union's ability to boost sustainable growth, competitiveness and convergence. It also creates risk of consolidating imbalances and impacts regions’ development long-term. Sizeable investments in Union infrastructure, in particular with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are essential to meeting the Union's sustainability targets, including the Union’s commitments towards the SDGs, and the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy sources and other safe and sustainable low- emission energy sources, environmental infrastructure, infrastructure related to climate action, maritime infrastructure and digital infrastructure. The InvestEU Programme should prioritise areas that are under-invested, and in which additional investment is required. To maximise the impact and added value of Union financing support, it is appropriate to promote a streamlined investment process that enables visibility of the project pipeline and maximises synergies across relevant Union programmes in areas such as transport, energy and digitisation. Bearing in mind threats to safety and security, investment projects receiving Union support should include measures for infrastructure resilience, including infrastructure maintenance and safety, and should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds that provide support for security components of investments in public spaces, transport, energy and other critical infrastructure, such as the European Regional Development Fund.

Amendment 123 #

Proposal for a regulation
Recital 15

(15) ~~Where appropriate, t~~The InvestEU Programme should contribute to the objectives of Directive (EU) 2018/2001 of the European Parliament and of the Council28 and the Governance Regulation29 , as well as promote energy efficiency and tackle energy poverty in investment decisions. _________________ 28Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources (OJ L 328, 21.12.2018, p. 82). 29Regulation (EU) 2018/1999 of the European Parliament and of the Council of 11 December 2018 on the Governance of the Energy Union and Climate Action, amending Regulations (EC) No 663/2009 and (EC) No 715/2009 of the European Parliament and of the Council, Directives 94/22/EC, 98/70/EC, 2009/31/EC, 2009/73/EC, 2010/31/EU, 2012/27/EU and 2013/30/EU of the European Parliament and of the Council, Council Directives 2009/119/EC and (EU) 2015/652 and repealing Regulation (EU) No 525/2013 of the European Parliament and of the Council (OJ L 328, 21.12.2018, p. 1).

Amendment 124 #

Proposal for a regulation
Recital 15

Amendment 125 #

Proposal for a regulation
Recital 16

(16) Genuine multimodality is an opportunity to create an efficient and environmentally friendly transport network that uses the maximum potential of all means of transport and generates synergy between them. The InvestEU Programme should support investments in multimodal transport hubs, especially in the less developed regions that are poorly connected to TEN-T, which - in spite of their significant economic potential and business cases - carry a significant risk for private investors. The InvestEU Programme should also contribute to the development and deployment of Intelligent Transport Systems (ITS). The InvestEU Programme should help to boost efforts to design and apply technologies that help to improve the safety of vehicles and road infrastructure.

Amendment 126 #

Proposal for a regulation
Recital 16

(16) Genuine multimodality is an opportunity to create an efficient and environmentally friendly transport network that uses the maximum potential of all means of transport and generates synergy between them. The InvestEU Programme should support investments in multimodal transport hubs, which - in spite of their significant economic potential and business cases - carry a significant risk for private investors. The InvestEU Programme should also contribute to the development and deployment of Intelligent Transport Systems (ITS). The InvestEU Programme should help to boost efforts to design and apply technologies that help to improve the safety of vehicles and road infrastructure and improve employment and conditions of work in this sector.

Amendment 127 #

Proposal for a regulation
Recital 16

(16) Genuine multimodality is an opportunity to create an efficient and environmentally friendly transport network that uses the maximum potential of all means of transport and generates synergy between them. The InvestEU Programme should support investments in multimodal transport hubs, which - in spite of their significant economic potential and business cases - carry a significant risk for private investors. The InvestEU Programme should also contribute to the development and deployment of Intelligent Transport Systems (ITS). The InvestEU Programme should help to boost efforts to design and apply technologies that help to improve the safety of vehicles and road infrastructure as well as employment and conditions of work in the sector.

Amendment 128 #

Proposal for a regulation
Recital 17

(17) The InvestEU Programme should contribute to Union policies concerning seas and oceans through the development of projects and enterprises in the area of the blue economy, and the Sustainable Blue Economy Finance Principles. This may include interventions in the area of maritime entrepreneurship and industry, an innovative and competitive maritime industry, as well as renewable marine energy and circular economy, and measures for the improvement of employment and conditions of work in the sector.

Amendment 129 #

Proposal for a regulation
Recital 17

(17) The InvestEU Programme should contribute to Union policies concerning seas and oceans through the development of projects and enterprises in the area of the blue economy, and the Sustainable Blue Economy Finance Principles. This may include interventions in the area of maritime entrepreneurship and industry, an innovative and competitive maritime industry, as well as renewable marine energy and circular economy and improve employment and conditions of work in this sector.

Amendment 130 #

Proposal for a regulation
Recital 17 a (new)

(17 a) The InvestEU should contribute to EU Strategy for the Danube Region, the investment opportunities could improve transport and energy connections, the environment, the ocio- economic development as well as the security in the region.

Amendment 131 #

Proposal for a regulation
Recital 18

(18) Although the level of overall investment in the Union was increasing before the Covid-19 crisis, investment in higher-risk activities such as research and innovation was still inadequate and is now expected to have suffered a significant hit with the crisis. The resulting underinvestment in research and innovation is damaging to the industrial and economic competitiveness of the Union and the quality of life of its citizens. The InvestEU Fund should provide appropriate financial products to cover different stages of the innovation cycle and a wide range of stakeholders, in particular to allow the upscaling of and deployment of solutions at a commercial scale in the Union in order to make such solutions competitive on world markets and to promote Union excellence in sustainable technologies at a global level, in synergy with Horizon Europe, including the European Innovation Council. In that regard, the experience gained from the financial instruments, such as InnovFin – EU Finance for Innovators, deployed under Horizon 2020 to facilitate and accelerate access to finance for innovative businesses should serve as a strong basis to deliver this targeted support. A better gender balance on financing start-ups and innovation will help on using the better talents and ideas. Less than 1% of venture capital funds are managed by women and women startup entrepreneurs percentage is significantly below the average across all types of businesses.

Amendment 132 #

Proposal for a regulation
Recital 18

Amendment 133 #

Proposal for a regulation
Recital 18

Amendment 134 #

Proposal for a regulation
Recital 18

Amendment 135 #

Proposal for a regulation
Recital 18

(18) Although the level of overall investment in the Union was ~~increasing~~at a acceptable level before the Covid-19 crisis, investment in higher-risk activities such as research and innovation was still inadequate and is now expected to have suffered a significant hit with the crisis. The resulting underinvestment in research and innovation is damaging to the industrial and economic competitiveness of the Union and the quality of life of its citizens. The InvestEU Fund should provide appropriate financial products to cover different stages of the innovation cycle and a wide range of stakeholders, in particular to allow the upscaling of and deployment of solutions at a commercial scale in the Union in order to make such solutions competitive on world markets and to promote Union excellence in sustainable technologies at a global level, in synergy with Horizon Europe, including the European Innovation Council. In that regard, the experience gained from the financial instruments, such as InnovFin – EU Finance for Innovators, deployed under Horizon 2020 to facilitate and accelerate access to finance for innovative businesses should serve as a strong basis to deliver this targeted support.

Amendment 136 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy and the sector~~, which~~ is experienceding a particularly severe contraction as a result of the COVID-19 pandemic, with particular consequences for small family businesses, and is projected to continue to suffer for the foreseeable future given the various travel restrictions within member states, across the EU and globally. The InvestEU Programme should contribute to strengthening its long- term competitiveness by supporting operations promoting a sustainable, innovative and digital ~~tourism~~recovery in the tourism industry.

Amendment 137 #

(19) Tourism is an important area for the Union economy and the sector, which experienced a particularly severe contraction as a result of COVID-19 pandemic. For many European regions, tourism is a strategic sector and acts as a multiplier for growth and employment. The InvestEU Programme should contribute to strengthening its long- term recovery, competitiveness and sustainability by supporting operations promoting sustainable, innovative and digital tourism and improve employment and working conditions in the sector.

Amendment 138 #

Proposal for a regulation
Recital 19

(19) Tourism is an important area for the Union economy and the sector, which is mostly composed of SMEs experienced a particularly severe contraction as a result of COVID-19 pandemic and faces limited capabilities to transition itself in accordance with Union objectives in relation to sustainable development. The InvestEU Programme should contribute to strengthening its long- term competitiveness by supporting operations promoting sustainable, innovative and digital tourism.

Amendment 139 #

Proposal for a regulation
Recital 19

Amendment 140 #

Proposal for a regulation
Recital 19

Amendment 141 #

Proposal for a regulation
Recital 20

(20) A significant effort is urgently needed to invest in and boost the digital transformation and to distribute the benefits of it to all Union citizens and businesses. The strong policy framework of the Digital Single Market Strategy should now be matched by investment of a similar ambition, including in artificial intelligence in line with the Digital Europe programme, including actions and measures that mitigate the impact on the workforce and protect workers that are negatively affected by productive transitions.

Amendment 142 #

Proposal for a regulation
Recital 20

(20) A significant effort is urgently needed to invest in and boost the digital transformation and to distribute the benefits of it to all Union citizens and businesses. The strong policy framework of the Digital Single Market Strategy should now be matched by investment of a similar ambition, including in artificial intelligence in line with the Digital Europe programme, including actions and measures that mitigate impact on the workforce and protect workers that are negatively affected by productive transitions.

Amendment 143 #

Proposal for a regulation
Recital 20

(20) A significant effort is urgently needed to invest in and boost the digital transformation, with due attention to the gender digital gap, and to distribute the benefits of it to all Union citizens and businesses. The strong policy framework of the Digital Single Market Strategy should now be matched by investment of a similar ambition, including in artificial intelligence in line with the Digital Europe programme.

Amendment 144 #

Proposal for a regulation
Recital 21

(21) SMEs represent over 99 % of businesses in the Union and their economic value is significant and crucial. However, they face difficulties when accessing finance because of their perceived high risk and lack of sufficient collateral. Additional challenges arise from the need for SMEs and social economy enterprises to stay competitive by engaging in digitisation, internationalisation, transformation in a logic of circular economy, innovation activities and skilling up their workforce. Moreover, SMEs and social economy enterprises have access to a more limited set of financing sources than larger enterprises, because they typically do not issue bonds, and have only limited access to stock exchanges and large institutional investors. Innovative solutions such as the acquisition of a business or ownership stake in a business by employees are also increasingly common for SMEs and social economy enterprises. The difficulty in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and on debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges by making it easier for them to gain access to finance and by providing more diversified sources of funding is necessary to increase the ability of SMEs to finance their creation, growth, innovation and sustainable development, ensure their competitiveness and withstand economic shocks to make the economy and the financial system more resilient during economic downturns and to maintain SMEs’ ability to create jobs and social well-being. This Regulation is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. The InvestEU Fund should therefore build on successful Union programmes such as the Programme for the Competitiveness of enterprises and SMEs (COSME) and should provide working capital and investment throughout the life cycle of a company, should provide financing for leasing transactions and should provide an opportunity to focus on specific, more targeted financial products. It should also maximise firepower of public/private fund vehicles, such as the SME IPO (Initial Public Offering) Fund, seeking to support SMEs through channelling both more private and public equity in particular in strategic companies. Gender disparities also need to be addressed, as female creativity and entrepreneurial potential are an under- exploited source of growth and jobs that should be further developed. Whereas women constitute 52% of the total European population, they represent only 34.4% of the EU selfemployed and 30% of startup entrepreneurs.

Amendment 145 #

Proposal for a regulation
Recital 21

(21) SMEs represent over 99 % of businesses in the Union and their economic value is significant and crucial and therefore they require special emphasis as part of the InvestEU programme. However, they face difficulties when accessing finance because of their perceived high risk and lack of sufficient collateral. Additional challenges arise from the need for SMEs and social economy enterprises to stay competitive by engaging in digitisation, internationalisation, transformation in a logic of circular economy, innovation activities and skilling up their workforce. SMEs have been particularly impacted by the COVID-19 crisis with up to 90% of EU SMEs reportedly impacted economically, notably in the services sector, manufacturing, construction, tourism, and the cultural and creative sectors. Moreover, SMEs and social economy enterprises have access to a more limited set of financing sources than larger enterprises, because they typically do not issue bonds, and have only limited access to stock exchanges and large institutional investors. Innovative solutions such as the acquisition of a business or ownership stake in a business by employees are also increasingly common for SMEs and social economy enterprises. The difficulty in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and on debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges by making it easier for them to gain access to finance and by providing more diversified sources of funding is necessary to increase the ability of SMEs to finance their creation, growth, innovation and sustainable development, ensure their competitiveness and withstand economic shocks to make the economy and the financial system more resilient during economic downturns and to maintain SMEs’ ability to create jobs and social well-being. This Regulation is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. The InvestEU Fund should therefore build on successful Union programmes such as the Programme for the Competitiveness of enterprises and SMEs (COSME) and should provide working capital and investment throughout the life cycle of a company, should provide financing for leasing transactions and should provide an opportunity to focus on specific, more targeted financial products. It should also maximise firepower of public/private fund vehicles, such as the SME IPO (Initial Public Offering) Fund, seeking to support SMEs through channelling both more private and public equity in particular in strategic companies.

Amendment 146 #

Proposal for a regulation
Recital 21

Amendment 147 #

Proposal for a regulation
Recital 21

(21) SMEs represent over 99 % of businesses in the Union and their economic value is significant and crucial. However, they face major difficulties in accessing finance as well as when accessing finance because of their perceived high risk and lack of sufficient collateral, which has a negative impact on employment levels and the quality of work. Additional challenges arise from the need for SMEs and social economy enterprises to stay competitive by engaging in digitisation, internationalisation, transformation in a logic of circular economy, innovation activities and skilling up their workforce. Moreover, SMEs and social economy enterprises have access to a more limited set of financing sources than larger enterprises, because they typically do not issue bonds, and have only limited access to stock exchanges and large institutional investors. Innovative solutions such as the acquisition of a business or ownership stake in a business by employees are also increasingly common for SMEs and social economy enterprises. The difficulty in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and on debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges by making it easier for them to gain access to finance and by providing more diversified sources of funding is necessary to increase the ability of SMEs to finance their creation, growth, innovation and sustainable development, ensure their competitiveness and withstand economic shocks to make the economy and the financial system more resilient during economic downturns and to maintain and further enhance SMEs’ ability to create ~~jobs and~~high-quality jobs and to promote social well-being. This Regulation is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. The InvestEU Fund should therefore build on successful Union programmes such as the Programme for the Competitiveness of enterprises and SMEs (COSME) and should provide working capital and investment throughout the life cycle of a company, should provide financing for leasing transactions and should provide an opportunity to focus on specific, more targeted financial products. It should also maximise firepower of public/private fund vehicles, such as the SME IPO (Initial Public Offering) Fund, seeking to support SMEs through channelling both more private and public equity in particular in strategic companies.

Amendment 148 #

Proposal for a regulation
Recital 21

(21) SMEs represent over 99 % of businesses in the Union and their economic value is significant and crucial. However, they face difficulties when accessing finance because of their perceived high risk and lack of sufficient collateral. Moreover, it has a negative impact on employment levels and quality of work. Additional challenges arise from the need for SMEs and social economy enterprises to stay competitive by engaging in digitisation, internationalisation, transformation in a logic of circular economy, innovation activities and skilling up their workforce. Moreover, SMEs and social economy enterprises have access to a more limited set of financing sources than larger enterprises, because they typically do not issue bonds, and have only limited access to stock exchanges and large institutional investors. Innovative solutions such as the acquisition of a business or ownership stake in a business by employees are also increasingly common for SMEs and social economy enterprises. The difficulty in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and on debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges by making it easier for them to gain access to finance and by providing more diversified sources of funding is necessary to increase the ability of SMEs to finance their creation, growth, innovation and sustainable development, ensure their competitiveness and withstand economic shocks to make the economy and the financial system more resilient during economic downturns and to maintain SMEs’ ability to create jobs and social well-being. This Regulation is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. The InvestEU Fund should therefore build on successful Union programmes such as the Programme for the Competitiveness of enterprises and SMEs (COSME) and should provide working capital and investment throughout the life cycle of a company, should provide financing for leasing transactions and should provide an opportunity to focus on specific, more targeted financial products. It should also maximise firepower of public/private fund vehicles, such as the SME IPO (Initial Public Offering) Fund, seeking to support SMEs through channelling both more private and public equity in particular in strategic companies.

Amendment 149 #

Proposal for a regulation
Recital 21 a (new)

(21 a) Article 8 of the TFEU lays down the principle for gender mainstreaming in all EU activities. A proper implementation of gender mainstreaming requires the allocation of adequate resources and transparency in the budges lines dedicated to promote gender equality and to combat gender discrimination. The InvestEU Programme should integrate the gender perspective in all its workings and decision making processes, make sure that committees and projects teams are gender balanced and ensure that the implementation of this fund contributes to the promotion of gender equality in compliance with EU gender mainstreaming obligations. The projects funded under InvestEU should promote equality between women and men, in particular in research and innovation, by addressing the underlying causes of gender imbalance, by exploiting the full potential of both female and male researchers, and by integrating the gender dimension in the research and innovation content; as well as by paying particular attention to ensuring gender balance in evaluation panels and in other relevant advisory and expert bodies. Activities should also aim at implementation of principles relating to equality between women and men as laid down in Articles 2 and 3 of the Treaty of the European Union, in Article 8 TFEU and Directive 2006/54/EC on the implementation of the principle of equal opportunities and equal treatment of men and women in matters of employment and occupation.

Amendment 150 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the in~~tegrat~~clusion of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, including the re- skilling and upskilling of workers and entrepreneurship education, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy, and to advance employment opportunities in sectors critical to the digital future. It should be used to support projects that generate positive social impacts an, including promoting intergenerational understanding and should enhance social inclusion by helping to increase employment across all regions, in particular among the unskilled and long- term unemployed~~, and to improve the situation with regard to gender equality, equal opportunities~~ and underemployed and to advance gender equality by addressing labour market segregation, closing the gender employment, pay and pension gaps, promoting work-life balance, enhancing equal opportunities and treatment at work, non- discrimination, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people, including third country nationals. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 151 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. TGiven the significant need for investment into social infrastructure and projects in the fields of social services, healthcare services, education, care and social housing, the InvestEU Fund should be used to support investment in education and training, including the re- skilling and upskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy. It should be used to support projects that generate positive social impacts and enhance social inclusion by helping to increase employment across all regions, in particular among the unskilled and long-term unemployed, and to improve the situation with regard to gender equality, equal opportunities, non-discrimination, including forms of employment that support work-life balance and better distribution of care responsibilities, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people, including third country nationals. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 152 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, achieving the goals of the new European Skills Agenda, including the re- skilling and upskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy. It should be used to support projects that generate positive social impacts and enhance social inclusion, in particular by encouraging the use of social impact bonds or social outcome contracts by helping to increase employment across all regions, in particular among the unskilled and long- term unemployed, and to improve the situation with regard to gender equality, equal opportunities, non-discrimination, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people, including third country nationals. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 153 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health, housing and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in quality and inclusive education and training, including the re- skilling and upskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy. It should be used to support projects that generate positive social impacts and enhance social inclusion and solidarity by helping to increase employment across all regions, in particular among the unskilled and long- term unemployed, and to improve the situation with regard to gender equality, equal opportunities, non-discrimination, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people and people with fewer opportunities, including third country nationals. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 154 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, including the re- skilling and upskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a low-carbon economy. It should be used to support projects that generate positive social impacts and enhance social inclusion by helping to increase employment across all regions, in particular among the unskilled and long-term unemployed, and to improve the situation with regard to gender equality, equal opportunities, non-discrimination, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable ~~people, including third country national~~European citizens. The InvestEU Programme should also support European culture ~~and creativity that has a social goal~~.

Amendment 155 #

Proposal for a regulation
Recital 22

(22) As set out in the Commission's Reflection paper on the social dimension of Europe of 26 April 2017, the Communication on European Pillar of Social Rights, the Union framework for the UN Convention on the Rights of Persons with Disabilities and the Communication on ‘Strong Social Europe for Just Transitions’ of 14 January 2020, building a more inclusive and fair Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europe. Inequality of opportunities affects in particular access to education, training, culture, employment, health and social services. Investment in the social, skills and human capital-related economy, as well as in the integration of vulnerable populations in the society, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, including the re- skilling and upskilling of workers, inter alia in regions depending on a carbon intensive economy and affected by the structural transition to a ~~low-~~carbon ~~economy~~-neutral economy by 2050 at the latest. It should be used to support projects that generate positive social impacts and enhance social inclusion by helping to increase employment across all regions, in particular among the unskilled and long- term unemployed, and to improve the situation with regard to gender equality, equal opportunities, non-discrimination, accessibility, intergenerational solidarity, the health and social services sector, social housing, homelessness, digital inclusiveness, community development, the role and place of young people in society as well as vulnerable people, including third country nationals. The InvestEU Programme should also support European culture and creativity that has a social goal.

Amendment 156 #

Proposal for a regulation
Recital 23

(23) To counter the negative effects of profound transformations of societies in the Union and of the labour market, which have been intesified by the Covid-19 crisis, in the coming decade, it is necessary to invest in human capital, social infrastructure, microfinance, ethical and social enterprise finance and new social economy business models, including social impact investment and social outcomes contracting. The InvestEU Programme should strengthen nascent social market eco-system to increase the supply of and access to finance to micro- and social enterprises and social solidarity institutions, in order to meet the demand of those who need it the most. The report of the High-Level Task Force on Investing in Social Infrastructure in Europe of January 2018 entitled "Boosting Investment in Social Infrastructure in Europe" has identified a total investment gap of at least EUR 1.5 trillion in social infrastructure and services for the period between 2018 and 2030, including education, training, ~~health and housing. This calls for support, including at the Union level~~public healthcare especially for children and vulnerable groups, sustainable housing, energy efficiency and confronting energy poverty. This calls for support, including at the Union level. On top of the above, the Covid-19 pandemic has increased even further the need for such social investments. Therefore, the collective power of public, commercial and philanthropic capital, as well as support from foundations and from alternative types of finance providers such as ethical, social and sustainable actors, should be harnessed to support the development of the social market value chain and a more just, inclusive, sustainable and resilient Union.

Amendment 157 #

Proposal for a regulation
Recital 23

(23) To counter the negative effects of profound transformations of societies in the Union and of the labour market in the coming decade, it is necessary to invest in human capital, social infrastructure, microfinance, ethical and social enterprise finance and new social economy business models, including social impact investment and social outcomes contracting. The InvestEU Programme should strengthen nascent social market eco-system to increase the supply of and access to finance to micro- and social enterprises and social solidarity institutions, in order to meet the demand of those who need it the most. The report of the High-Level Task Force on Investing in Social Infrastructure in Europe of January 2018 entitled "Boosting Investment in Social Infrastructure in Europe" has identified a total investment gap of at least EUR 1.5 trillion in social infrastructure and services for the period between 2018 and 2030, including education, training, health and housing. This calls for support, including at the Union level. Therefore, the collective power of public, commercial and philanthropic capital, as well as support from foundations and from alternative types of finance providers such as ethical, social and sustainable actors, should be harnessed to support the development of the social market value chain and a more resilient Union. Social innovation and the Social economy should be key in this process.

Amendment 158 #

Proposal for a regulation
Recital 23

(23) To counter the negative effects of profound transformations of societies in the Union and of the labour market in the coming decade, it is necessary to invest in human capital, social infrastructure, microfinance, ethical and social enterprise finance and new social economy business models, including social impact investment and social outcomes contracting. The InvestEU Programme should strengthen nascent social market eco-system to increase the supply of and access to finance to micro- and social enterprises and social solidarity institutions, in order to meet the demand of those who need it the most. The report of the High-Level Task Force on Investing in Social Infrastructure in Europe of January 2018 entitled "Boosting Investment in Social Infrastructure in Europe" has identified a total investment gap of at least EUR 1.5 trillion in social infrastructure and services for the period between 2018 and 2030, including education, training, health and housing. ~~This calls for support, including at the Union level. Therefore, the collective power of public, c~~Commercial and philanthropic capital, as well as support from foundations and from alternative types of finance providers such as ethical, social and sustainable actors, shcould be harnessed ~~to support the development of the social market value chain and a more resilient Union~~, if they fully comply with the EU anti-money laundering rules, since civil society organisations are exempt from the existing AML framework, in order to avoid money being laundered via the InvestEU Programme.

Amendment 159 #

Proposal for a regulation
Recital 23

(23) To counter the negative effects of profound transformations of societies in the Union and of the labour market in the coming decade, it is necessary to invest in human capital, social infrastructure, microfinance, ethical and social enterprise finance and new social economy business models, including social impact investment ~~and~~, social outcomes contracting and workers rights. The InvestEU Programme should strengthen nascent social market eco-system to increase the supply of and access to finance to micro- and social enterprises and social solidarity institutions, in order to meet the demand of those who need it the most. The report of the High-Level Task Force on Investing in Social Infrastructure in Europe of January 2018 entitled "Boosting Investment in Social Infrastructure in Europe" has identified a total investment gap of at least EUR 1.5 trillion in social infrastructure and services for the period between 2018 and 2030, including education, training, health and housing. This calls for support, including at the Union level. Therefore, the collective power of public, commercial and philanthropic capital, as well as support from foundations and from alternative types of finance providers such as ethical, social and sustainable actors, should be harnessed to support the development of the social market value chain and a more resilient Union.

Amendment 160 #

Proposal for a regulation
Recital 23 a (new)

(23 a) The outbreak of the COVID-19 pandemic has shown that informal and formal care, including but not limited to, childcare, care for those with disabilities and elder care, is a valuable societal good but one which significantly impacts families and disproportionately impacts women. To promote work-life balance and to boost the labour market participation of women, as well as the economy more broadly, InvestEU should support the development of care infrastructure and services and should gather and promote innovative methods of care provision for the attention of the national authorities and the EU.

Amendment 161 #

Proposal for a regulation
Recital 23 b (new)

(23 b) Support for and integration of vulnerable persons can result in economic, societal and personal gains for the Union and Member States. Throughout the confinement period of COVID-19, a rise in domestic violence was noted across the Union. To tackle the scourge of domestic violence and the impact of violence on women and men within the EU and the Member States, InvestEU should support the development of necessary infrastructure, including shelters and helplines for victims of violence.

Amendment 162 #

(24) In the economic crisis caused by the Covid-19 pandemic, market allocation of resources is not fully efficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced, inter alia in order to counteract the risk of an asymmetric recovery. The InvestEU Programme should be able to provide crucial support to companies in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities such as the European Green Deal, the European Green Deal Investment Plan, the Strategy on shaping Europe’s digital future and the Strong Social Europe for Just Transitions. It should significantly increase the risk-taking capacity of the European Investment Bank (EIB) Group and national promotional banks and institutions and other implementing partners in support of economic recovery. Companies supported by the Invest EU programme financing shall not make dividend payments, non- mandatory coupon payments or buy back shares during the period of the guarantee. The remuneration of any member of the management of a such a supported companie shall not go beyond the fixed part of that members’ remuneration on 31 December 2019. For a person becoming a member of the management on or after the granting of this support, the applicable limit shall be the lowest fixed remuneration of any member of the management on 31 December 2019. Bonuses or other variable or comparable remuneration elements shall not be paid under any circumstances.

Amendment 163 #

Proposal for a regulation
Recital 24

(24) In the economic crisis caused by the ~~Covid-19 pandemic~~national and regional lockdown measures following the Covid-19 pandemic and following the extremely accommodative monetary policies of the European Central Bank pursued since the financial crisis of 2009, market allocation of resources is ~~not fully~~ very inefficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced, inter alia in order to counteract the risk of an asymmetric recovery. The InvestEU Programme should be able to provide crucial support to companies in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities such as the European Green Deal, the European Green Deal Investment Plan, the Strategy on shaping Europe’s digital future and the Strong Social Europe for Just Transitions. It should significantly increase the risk- taking capacity of the European Investment Bank (EIB) Group and national promotional banks and institutions and other implementing partners in support of economic recovery.

Amendment 164 #

Proposal for a regulation
Recital 24

(24) In the economic crisis caused by the Covid-19 pandemic, market allocation of resources is not fully efficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced, inter alia in order to counteract the risk of an asymmetric recovery. In this regard, special emphasis should be placed on supporting SMEs, with particular regard to SMEs led by women that often face unique challenges when it comes to accessing requisite financing from financing mechanisms and institutions and that will require significant support during the recovery phase. The InvestEU Programme should be able to provide crucial support to companies in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities such as the European Green Deal, the European Green Deal Investment Plan, the Strategy on shaping Europe’s digital future, the Gender Equality Strategy and the Strong Social Europe for Just Transitions. It should significantly increase the risk-taking capacity of the European Investment Bank (EIB) Group and national promotional banks and institutions and other implementing partners in support of economic recovery.

Amendment 165 #

Proposal for a regulation
Recital 24

(24) In the economic crisis caused by the Covid-19 pandemic, market allocation of resources is not fully efficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced, inter alia in order to counteract the risk of an asymmetric recovery. The InvestEU Programme should be able to provide crucial support to companies in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities and the implementation of EU legislation, such as the European Green Deal, the European Green Deal Investment Plan, the ~~Strategy on shaping Europe’s digital future~~ Regulation on the establishment of a framework to facilitate sustainable investment , the European Climate Law , the Strategy on shaping Europe’s digital future, Horizon Europe ambitions, the Renovation Wave, the European Pillar of Social Rightsand the Strong Social Europe for Just Transitions. It should significantly increase the risk-taking capacity of the European Investment Bank (EIB) Group and national promotional banks and institutions and other implementing partners in support of economic recovery.

Amendment 166 #

Proposal for a regulation
Recital 24

(24) In the economic crisis caused by the Covid-19 pandemic, market allocation of resources is not fully efficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced, inter alia in order to counteract the risk of an asymmetric recovery. The InvestEU Programme should be able to provide crucial support to companies, especially SMEs, in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities such as the European Green Deal, the European Green Deal Investment Plan, the Paris Agreement, the Strategy on shaping Europe’s digital future and the Strong Social Europe for Just Transitions, the just transition to a carbon-neutral economy by 2050 at the latest, the Sustainable Development Goals, the ‘do no significant harm’ principle and the European Pillar of Social Rights. It should significantly increase the risk-taking capacity of the European Investment Bank (EIB) Group and national promotional banks and institutions and other implementing partners in support of economic recovery.

Amendment 167 #

Proposal for a regulation
Recital 24

(24) In the economic crisis caused by the Covid-19 pandemic, market allocation of resources is not fully efficient and perceived risk impairs private investment flow significantly. Under such circumstances, the key feature of the InvestEU Fund of de-risking economically viable projects to crowd in private finance is particularly valuable and should be reinforced, inter alia in order to counteract the risk of an asymmetric recovery. The InvestEU Programme should be able to provide crucial financial support to companies, in particular SMEs acting in the fields of innovation and creativity which have higher risk profiles and little or no access to financial markets, in the recovery phase and at the same time ensure a strong focus of investors on the Union’s medium- and long-term policy priorities such as the European Green Deal, the European Green Deal Investment Plan, the Strategy on shaping Europe’s digital future and the Strong Social Europe for Just Transitions. It should significantly increase the risk-taking capacity of the European Investment Bank (EIB) Group and national promotional banks and institutions and other implementing partners in support of economic recovery.

Amendment 168 #

Proposal for a regulation
Recital 24

Amendment 169 #

Proposal for a regulation
Recital 24

Amendment 170 #

Proposal for a regulation
Recital 24

Amendment 171 #

Proposal for a regulation
Recital 24

Amendment 172 #

Proposal for a regulation
Recital 24

Amendment 173 #

Proposal for a regulation
Recital 25

(25) The Covid-19 pandemic is a major shock to the global and Union economy. The contraction in EU GDP is expected to be much bigger than initially projected and far deeper than during the financial crisis inof 20098 and adverse social effects will be inevitable. The outbreak of the pandemic has shown the need for strategic vulnerabilities to be urgently and efficiently addressed in order to improve the Union’s emergency response as well as the resilience ~~of the entire~~and sustainability of our societies and economyies. Only a ~~resilient~~socially balanced, resilient, sustainable, inclusive and integrated European economy can preserve the Single Market and the level playing field also to the benefit of the hardest-hit Member States and regions.

Amendment 174 #

Proposal for a regulation
Recital 25

(25) The Covid-19 pandemic is a major shock to the global and Union economy. The contraction in EU GDP is expected to be far deeper than during the financial crisis in 2009 and adverse social effects will be inevitable and aggravated by the persistently accommodative monetary policies of the European Central Bank. The outbreak of the pandemic has shown the need for strategic vulnerabilities in some Member States and sectors to be addressed in order to improve the Union’s emergency response as well as the resilience of the entire economy. Only a resilient, inclusive and integrated European economy can preserve the Single Market and the level playing field also to the benefit of the hardest-hit Member States.

Amendment 175 #

Proposal for a regulation
Recital 25

(25) The Covid-19 pandemic is a major shock to the global and Union economy. The contraction in EU GDP is expected to be far deeper than during the financial crisis in 2009 and adverse social effects will be inevitable. The outbreak of the pandemic has shown the need for strategic vulnerabilities to be addressed in order to improve the Union’s emergency response as well as the resilience of the entire economy. Only a resilient, inclusive and integrated European economy can preserve the Single Market and the level playing field also to the benefit of the hardest-hit Member States and Member States with low budgetary capacity of intervening through state aid schemes to support their private sector.

Amendment 176 #

Proposal for a regulation
Recital 25

(25) The Covid-19 pandemic is a major shock to the global and Union economy. The contraction in EU GDP is ~~expected to be~~already far deeper than during the financial crisis in 2009 and adverse social effects will be inevitable. The outbreak of the pandemic has shown the need for strategic vulnerabilities to be addressed in order to improve the Union’s emergency response as well as the resilience of the entire economy. Only a resilient, digitalised, innovative, inclusive and integrated European economy can preserve the integrity of the Single Market and the level playing field also to the benefit of the hardest-hit Member States.

Amendment 177 #

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose activities are of strategic importance to the Union , in ~~particular in view of the green and digital transitions and of enhanced resili~~line with the priorities described in the New Industrial Strategy for a green and digital Europe, and the development model based on industrial ecosystems. The window should support projects that enhance the competitiveness of the Member States' economies, foster entrepreneurship and decrease dependence ion ~~areas of~~vulnerable supply chains. Areas of strategic importance include (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system, (ii) critical infrastructure, whether physical or virtual; (ii~~i) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv)~~a) critical early detection and coordinated institutional and economic response capabilities to react in case of crisis risks, as well as on advancing business and service econtinuity solutions for essential public and private institutions and sector; (iib) crucial investments in renovation and integrating innovative solutions in the building sector, (iic) supporting the conditions for boosting entrepreneurship, financing private sector development including start-ups and SMEs ,privatisation processes, adapt to technological development and sustainable sectoral development; (iid) investment and technical assistance for fostering entrepreneurial skills, for the creation of new start-ups, SMEs and family businesses and for the development of networks of clusters and digital innovation hubs across the continent; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) promotion of an innovative and sustainable re-industrialisation of Europe, following the priorities described in the New Industrial Strategy for a green and digital Europe and the development model based on industrial ecosystems through key enabling, transformative, green and digital technologies and game- changing innovations where the investment is strategically important for the Union’s industrial future, including artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies biomedicine, nanotechnologies, pharmaceuticals and advanced materials; (v) manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as defence and space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009. The final recipients should have their registered office in a Member State and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit.

Amendment 178 #

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose activities are of strategic importance to the Union in particular in view of the green and digital transitions and of enhanced resilience in areas of (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, fostering the sustainable and ethical production, procurement, management and non- exclusive licensing of crisis relevant products ensuring their affordability in complementarity with other Union instruments, medical devices and medical supplies, protective equiment and strengthening of health crisis response capacity and of the civil protection system based on the principles of wide availability and affordability of products vital in health emergencies, (ii) critical infrastructure, whether physical or virtual; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) key enabling, transformative, green and digital technologies and game-changing innovations where the investment is strategically important for the Union’s industrial future, including ethical artificial intelligence, ~~blockchain~~distributed ledger technologies, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, ~~quantum technologies,~~ photonics, industrial biotechnology, renewable energy technologies, in particular to implement the offshore renewable energy strategy, a solar rooftop strategy and the renovation wave strategy, energy storage technologies including batteries, sustainable transport technologies, ~~clea~~green hydrogen and fuel cell applications, ~~decarbonisat~~zero-emission technologies for industry~~, carbon capture and storage~~ such as the production of CO2 free steel,, circular economy technologies biomedicine, nanotechnologies, pharmaceuticals and advanced materials; (v) recycling and manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as ~~defence~~security and space sectors and cybersecurity, and the civilian components of dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009~~. The final recipients should have their registered office in a Member State~~in line with any subsequent revision and legislation.The final recipients should have mandatory transition plans towards a sustainable economic activity, their registered office in a Member State, not having subsidiaries without real economic activities in a country listed on the EU list of non- cooperative jurisdictions and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit. The distribution of the financial envelope should in particular ensure support for projects that help saving lives in the short, mid- and long term.

Amendment 179 #

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose activities are of strategic importance to the Union in particular in view of the green and digital transitions and of enhanced resilience in areas of (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system, (ii) critical infrastructure, whether physical or virtual; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) key enabling, transformative, green and digital technologies and game-changing innovations where the investment is strategically important for the Union’s industrial future, including artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies biomedicine, nanotechnologies, pharmaceuticals and advanced materials; (v) manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as defence and space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009. The final recipients should have their registered office in a Member State and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit. Following the Commission Recommendation C(2020) 4885 final recipients that benefit from the solvency support window shall not: (a) be resident for tax purposes in, or incorporated under the laws of jurisdictions that feature on the EU list of non-cooperative jurisdictions; (b) be controlled, directly or indirectly, by shareholders in jurisdictions that feature on the EU list of non- cooperative jurisdictions, up to the beneficial owner, as defined in Article 3 point (6) of Directive (EU) 2015/849****; (c) control, directly or indirectly, subsidiaries or own permanent jurisdictions; (d) share ownership with companies in jurisdictions that feature on the EU list of non-cooperative jurisdictions.

Amendment 180 #

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose activities are of strategic importance to the Union in particular in view of the ~~green and~~climate and environment objectives of the EU, notably the objective of climate neutrality by 2050, the digital transitions and of enhanced resilience in areas of (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system, (ii) critical infrastructure, whether physical or virtual; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) key enabling, transformative, green and digital technologies and game-changing innovations where the investment is strategically important for the Union’s industrial future, including artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies biomedicine, nanotechnologies, pharmaceuticals and advanced materials; (v) manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as defence and space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009. The final recipients should have their registered office in a Member State and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Projects which contribute to diversification of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit. Activities should not be eligible for support under this Regulation if they are inconsistent with the achievement of the Paris Agreement and the European Green Deal´s climate and environmental objectives, notably the objective of climate neutrality by 2050and the objectives set according to Regulation XXXX/XX (European Climate Law) or not complying with the ‘do no significant harm’ criteria established by the Regulation 2020/852 [Regulation on establishment of a framework to facilitate sustainable investment (EU taxonomy)]

Amendment 181 #

Proposal for a regulation
Recital 28

Amendment 182 #

Proposal for a regulation
Recital 28

Amendment 183 #

Proposal for a regulation
Recital 28

Amendment 184 #

Proposal for a regulation
Recital 28

(28) The primary focus of the strategic European investment window should be on support to those final recipients established in a Member State and operating in the Union whose direct or indirect activities are of strategic importance to the Union in particular in view of the green and digital transitions and of enhanced resilience in areas of (i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system, (ii) critical infrastructure, whether physical or virtual; (iii) provision of goods and services instrumental to the operation and maintenance of such infrastructure, (iv) key enabling, transformative, green and digital technologies and game-changing innovations where the investment is strategically important for the Union’s industrial future, including artificial intelligence, blockchain, software, robotics, semiconductors, microprocessors, edge cloud technologies, high-performance computing, cybersecurity, quantum technologies, photonics, industrial biotechnology, renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies biomedicine, nanotechnologies, pharmaceuticals and advanced materials; (v) manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU; (vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the Union; (vii) critical technologies and inputs for the security of the Union and its Member States, such as defence and space sectors and cybersecurity, and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009. The final recipients should have their registered office in a Member State and they should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. Projects which contribute to diversification and strengthening of strategic supply chains in the Single Market through operations in multiple locations across the EU should be able to benefit.

Amendment 185 #

Proposal for a regulation
Recital 28

Amendment 186 #

Proposal for a regulation
Recital 29

Amendment 187 #

Proposal for a regulation
Recital 29

Amendment 188 #

Proposal for a regulation
Recital 29

Amendment 189 #

Proposal for a regulation
Recital 29

(29) The strategic European investment window should also target suppliers established and operating in the Union whose activities are of strategic importance to the Union and adhere to the Do No Significant Harm principle that would need long term investment or are covered by the Foreign Direct Investment Screening mechanism. In addition, important projects of common European interest should in particular be able to benefit from the strategic European investment window.

Amendment 190 #

Proposal for a regulation
Recital 29 a (new)

(29 a) The visibility of the Union funding from the InvestEU Fund, and in particular the strategic European investment window and its identified strategic priorities, should be ensured through effective communication, highlighting Union funded actions and results in order to adequately promote the Union added value of the InvestEU Programme as part of the recovery.

Amendment 191 #

Proposal for a regulation
Recital 29 a (new)

(29 a) The addition of the strategic European investment window is necessary as a result of the global outbreak of Covid-19, and its impact on people's lives. It should foster sustainable economic recovery and increase resilience, while ensuring strict additionality of all investments supported through InvestEU.

Amendment 192 #

Proposal for a regulation
Recital 30

~~(30) The InvestEU should also provide support to financing to generate investment to the benefit of just transition regions.~~deleted

Amendment 193 #

Proposal for a regulation
Recital 30

(30) ~~The InvestEU should also provide support to financing to generate investment to the benefit of just transition regions.~~ As set out in the European Green Deal and the European Green Deal Investment Plan, a Just Transition Mechanism should be established in order to address social, economic and environmental consequences of reaching EU climate neutrality by 2050 and achieving the Union's new 2030 climate target. The Mechanism should focus on the regions and sectors that are most affected by the transition given their dependence on fossil fuels, including coal, peat and oil shale or greenhouse gas- intensive industrial processes, but have less capacity to finance the necessary investments. It should consist of three pillars: a Just Transition Fund, a dedicated just transition scheme under InvestEU, and a public sector loan facility to mobilise additional investments to or to the benefit of the regions concerned.

Amendment 194 #

Proposal for a regulation
Recital 30

(30) TAs proposed in the European Green Deal1a and the European Green Deal Investment Plan1b, a Just Transition Mechanism should be established in order to address the social, economic and environmental consequences of reaching EU's 2030 climate target and the Union's climate neutrality by 2050. This mechanism, composed of three pillars; a Just Transition Fund (pillar 1), a dedicated Just Transition Scheme under InvestEU (pillar 2) and a Public Sector Loan Facility (pillar 3), should focus on the regions that are most affected by the green transition and have less capacity to finance the necessary investments. As such, the InvestEU should also provide support to financing to generate investment to the benefit of just transition regions. _________________ 1a COM(2019)640 final 1b COM(2020)21

Amendment 195 #

Proposal for a regulation
Recital 30

(30) The InvestEU should also provide support to financing to generate investment to the benefit of just transition regions, with a special focus on regions facing more intense social and economic transition challenges, in line with the European Green Deal, the European Green Deal Investment Plan and the establishment of the Just Transition Mechanism.

Amendment 196 #

Proposal for a regulation
Recital 30

(30) The InvestEU should also provide support to financing to generate investment to the benefit of just transition regions. Such investments should not be taken into consideration when assessing whether there is an excessive concentration of programme actions in a particular geographical area.

Amendment 197 #

Proposal for a regulation
Recital 30

(30) The InvestEU should also provide ~~support to~~ financing support to generate investment to the benefit of just transition regions and economic activities. well as the possibility for the respective regions to benefit from dedicated technical assistance via the InvestEU Advisory Hub.

Amendment 198 #

Proposal for a regulation
Recital 30

(30) The InvestEU should also provide support to financing to generate investment to the benefit of just transition regions, even when the projects supported are not located in these regions, provided that they are key to promoting the transition within these territories.

Amendment 199 #

Proposal for a regulation
Recital 30

(30) The InvestEU should also provide support to financing to generate investment to the benefit of just transition regions. Ex- ante scientific assessment and consultation with the local interest representatives are essential for the achievement of InvestEU goals.

Amendment 200 #

Proposal for a regulation
Recital 30

(30) The InvestEU should also provide support to financing to generate investment to the benefit of just transition regions, notably in the area of energy efficiency and renewable energies.

Amendment 201 #

Proposal for a regulation
Recital 30 a (new)

(30 a) The proposal for establishing the Just Transition Fund was adopted by the Commission on 14 January 2020. For the better programming and implementation of the Fund, territorial just transition plans prepared by a Member State in accordance with Article [7] of Regulation [JTF Regulation] should set out the key steps and timeline of the transition process and identify the territories most negatively affected by the transition towards a climate neutral economy and with less capacity to deal with the transition challenges.

Amendment 202 #

Proposal for a regulation
Recital 30 a (new)

(30 a) To implement the second pillar under the Just Transition Mechanism, a dedicated Just Transition Scheme under InvestEU should be established horizontally across all policy windows. This scheme shall provide funding to additional investment needs to support the regions identified in the territorial just transitions plans, prepared in accordance with Article [7] of Regulation [JTF Regulation] and approved by the Commission.

Amendment 203 #

Proposal for a regulation
Recital 30 b (new)

(30 b) A dedicated just transition scheme under InvestEU should be established horizontally across all policy windows. It constitutes the second pillar of the Just Transition Mechanism, supporting additional investment to potentially benefit all the regions identified in territorial just transition plans. The scheme through various financial products should enable investments in a wide range of projects, in line with the eligibility of investments under InvestEU. Projects in regions identified in just transition plans, or projects that benefit those regions, even if they are not located in the regions themselves, may benefit from the scheme, but only when funding outside the just transition regions is key to the transition in those regions.

Amendment 204 #

Proposal for a regulation
Recital 31

(31) Each policy window should be composed of two compartments, that is to say an EU compartment and a Member State compartment. The EU compartment should address Union-wide or Member State specific market failures or sub- optimal investment situations in a proportionate manner. Operations supported should have a clear Union added value. The Member State compartment should give Member States as well as regional authorities via their Member State the possibility of contributing a share of their resources from the funds under shared management to the provisioning for the EU guarantee and of using the EU guarantee for financing or investment operations in order to address specific market failures or sub-optimal investment situations in their own territories, including in vulnerable and remote areas such as the outermost regions of the Union, as to be set out in the contribution agreement, in order to achieve objectives of the funds under shared management. . In addition, the recovery and resilience plans under the Recovery and Resilience Facility may include additional contributions to the Member States compartment Operations supported by the InvestEU Fund through either EU or Member State compartments should not duplicate or crowd out private financing or distort competition in the internal market.

Amendment 205 #

Proposal for a regulation
Recital 32

(32) The Member State compartment should be specifically designed to allow the use of funds under shared management or additional contributions from recovery and resilience plans under the Recovery and Resilience Facility to provision a guarantee issued by the Union. That possibility would increase the value added of the EU guarantee by providing support under it to a wider range of financial recipients and projects and diversifying the means of achieving the objectives of the funds under shared management, while ensuring a consistent risk management of the contingent liabilities by implementing the EU guarantee under indirect management. The Union should guarantee the financing and investment operations provided for in the guarantee agreements concluded between the Commission and implementing partners under the Member State compartment. The funds under shared management should provide the provisioning for the guarantee, following a provisioning rate determined by the Commission and set out in the contribution agreement concluded with the Member State, based on the nature of the operations and the resulting expected losses. The Member State would assume losses above the expected losses by issuing a back-to- back guarantee in favour of the Union. Such arrangements should be concluded in a single contribution agreement with each Member State that voluntarily chooses such option. The contribution agreement should encompass the one or more specific guarantee agreements to be implemented within the Member State concerned on the basis of the rules of the InvestEU Fund, and any regional ring-fencing. The setting out of the provisioning rate on a case-by- case basis requires a derogation from Article 211(1) of Regulation (EU, Euratom) No 2018/1046 of the European Parliament and of the Council30 (the Financial Regulation). This set-up provides also a single set of rules for budgetary guarantees supported by funds that are managed centrally or by ~~funds under shared management~~additional contributions from recovery and resilience plans under the Recovery and Resilience Facility, which would facilitate their combination. _________________ 30Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 (OJ L 193, 30.7.2018, p. 1).

Amendment 206 #

Proposal for a regulation
Recital 32

(32) The Member State compartment should be specifically designed to allow the use of funds under shared management to provision a guarantee issued by the Union. That possibility would increase the value added of the EU guarantee by providing support under it to a wider range of financial recipients and projects and diversifying the means of achieving the objectives of the funds under shared management, while ensuring a consistent risk management of the contingent liabilities by implementing the EU guarantee under indirect management. The Union should guarantee the financing and investment operations provided for in the guarantee agreements concluded between the Commission and implementing partners under the Member State compartment. The funds under shared management should provide the provisioning for the guarantee, following a provisioning rate determined by the Commission and set out in the contribution agreement concluded with the Member State, based on the nature of the operations and the resulting expected losses and by taking into consideration the diverse socio-economic situations of each Member State. The Member State would assume losses above the expected losses by issuing a back-to- back guarantee in favour of the Union. Such arrangements should be concluded in a single contribution agreement with each Member State that voluntarily chooses such option. The contribution agreement should encompass the one or more specific guarantee agreements to be implemented within the Member State concerned on the basis of the rules of the InvestEU Fund, and any regional ring-fencing. The setting out of the provisioning rate on a case-by- case basis requires a derogation from Article 211(1) of Regulation (EU, Euratom) No 2018/1046 of the European Parliament and of the Council30 (the Financial Regulation). This set-up provides also a single set of rules for budgetary guarantees supported by funds that are managed centrally or by funds under shared management, which would facilitate their combination. _________________ 30Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 (OJ L 193, 30.7.2018, p. 1).

Amendment 207 #

Proposal for a regulation
Recital 33

Amendment 208 #

Proposal for a regulation
Recital 33

(33) A partnership between the Commission and the EIB Group should be established, drawing on the relative strengths of each partner to ensure maximum policy impact, deployment efficiency, and appropriate budgetary and risk management oversight, which should support effective and inclusive direct access to the EU guarantee. The EIB should without delay bring its transport lending policy fully in line with the European Green Deal in general, and the EU climate objectives in particular.

Amendment 209 #

Proposal for a regulation
Recital 34

Amendment 210 #

Proposal for a regulation
Recital 35

(35) The Commission should seek the views of other potential implementing partners and other stakeholders including local authorities and civil society, along with the EIB Group on investment guidelines, the climate tracking system, the sustainability proofing guidance documents and common methodologies, including Natural Capital Accounting and Life Cycle Analysis as appropriate, with a view to ensuring inclusiveness and operationality until the governance bodies have been set up, after which the involvement of implementing partners should take place within the framework of the Advisory Board and the Steering Board of the InvestEU Programme.

Amendment 211 #

Proposal for a regulation
Recital 35

Amendment 212 #

Proposal for a regulation
Recital 35

(35) The Commission should seek the views of other potential implementing partners along with the EIB Group on investment guidelines, the climate tracking system, the sustainability proofing guidance documents and common methodologies, as appropriate, and the impact on employment and jobs with a view to ensuring inclusiveness and operationality until the governance bodies have been set up, after which the involvement of implementing partners should take place within the framework of the Advisory Board and the Steering Board of the InvestEU Programme.

Amendment 213 #

Proposal for a regulation
Recital 35

Amendment 214 #

Proposal for a regulation
Recital 36

(36) The InvestEU Fund should be open to contributions from third countries that are members of the European Free Trade Association, acceding countries, candidates and potential candidates, countries covered by the European Neighbourhood Policy and other countries, in accordance with the conditions laid down between the Union and those countries. Cooperation and support should be provided to decrease dependence on fossil fuels and increase access to affordable renewable energy, as well as to support access to science, technology and innovation in line with the SDGs. This should allow continuing cooperating with the relevant countries, where appropriate, in particular in the fields of research and innovation as well as SMEs.

Amendment 215 #

Proposal for a regulation
Recital 36

(36) The InvestEU Fund should be open to contributions from third countries that are members of the European Free Trade Association, and acceding ~~countries, candidates and potential candidates, countries covered by the European Neighbourhood Policy and other countries, in accordance with the conditions laid down between the Union and those~~ countries. This should allow continuing cooperating with the relevant countries, where appropriate, in particular in the fields of research and innovation as well as SMEs.

Amendment 216 #

Proposal for a regulation
Recital 38

(38) The EU guarantee of EUR 725 ~~153 85~~000 000 000 (current prices) at Union level is expected to mobilise ~~more than EUR 1 000 000 000 000 of~~ additional investment across the Union and should be indicatively allocated between the policy windows. ~~However, the strategic European investment window should have a dedicated portion of the EU guarantee.~~

Amendment 217 #

Proposal for a regulation
Recital 38

(38) The EU guarantee of EUR ~~75 153 85~~80 523 320 000 (current prices) at Union level is expected to mobilise more than EUR 1 000 71000 000 000 of additional investment across the Union and should be indicatively allocated between the policy windows. However, the strategic European investment window should have a dedicated portion of the EU guarantee.

Amendment 218 #

Proposal for a regulation
Recital 40

Amendment 219 #

Proposal for a regulation
Recital 41

(41) The InvestEU Fund should be provided with a governance structure, the function of which should be commensurate with its sole purpose of ensuring the appropriate use of the EU guarantee, in line with ensuring the political independence of investment decisions. That governance structure should be composed of an Advisory Board, a Steering Board and a fully independent Investment Committee. The overall composition of the governance structure should ~~strive to~~ achieve gender balance~~. The governance structure~~ of at least 40 per cent of the under- represented sex. The governance structure as well as each of the committees should not encroach upon or interfere with the decision-making of the EIB Group or other implementing partners, and should not be a substitute for their respective governing bodies.

Amendment 220 #

Proposal for a regulation
Recital 41

(41) The InvestEU Fund should be provided with a governance structure, the function of which should be commensurate with its sole purpose of ensuring the appropriate use of the EU guarantee, in line with ensuring the political independence of investment decisions. That governance structure should be composed of an Advisory Board, a Steering Board and a fully independent Investment Committee. ~~The overall composition of the governance structure should strive to achieve gender balance.~~ The governance structure should not encroach upon or interfere with the decision-making of the EIB Group or other implementing partners, and should not be a substitute for their respective governing bodies.

Amendment 221 #

(42) An Advisory Board consisting of representatives of the implementing partners, representatives of Member States, one expert appointed by the European Economic and Social Committee and one expert appointed by the Committee of the Regions should be established in order to exchange information and exchange views on the take-up of the financial products deployed under the InvestEU Fund and to discuss evolving needs and new products, including specific territorial market gaps. A trade union representative - without the right to vote - can be appointed in the advisory board. It will be appointed by the European Commission on proposal of the European social partner that represent labour.

Amendment 222 #

Proposal for a regulation
Recital 42

(42) An Advisory Board consisting of representatives of the implementing partners, representatives of Member States, one expert appointed by the European Economic and Social Committee and one expert appointed by the Committee of the Regions should be established in order to exchange information and exchange views on the take-up of the financial products deployed under the InvestEU Fund and to discuss evolving needs and new products, including specific territorial market gaps. A trade union representative without the right of vote can be appointed in the Advisory Board by the Commission on proposal of the European social partner that represents labour.

Amendment 223 #

Proposal for a regulation
Recital 44

(44) A gender balanced Steering Board composed of representatives of the Commission, representatives of implementing partners and one non-voting expert appointed by the European Parliament should determine the strategic and operational guidance for the InvestEU Fund.

Amendment 224 #

Proposal for a regulation
Recital 45

(45) The Commission should assess the compatibility of investment and financing operations submitted by the implementing partners with all Union law and policies and their alignment with the Do No Significant Harm Principle established in the Taxonomy Regulation. The decisions on financing and investment operations should ultimately be taken by an implementing partner.

Amendment 225 #

Proposal for a regulation
Recital 45

(45) The Commission should assess the compatibility of investment and financing operations submitted by the implementing partners with all Union law and policies, particularly the Do No Significant Harm principle laid out in the EU Taxonomy Regulation. The decisions on financing and investment operations should ultimately be taken by an implementing partner.

Amendment 226 #

Proposal for a regulation
Recital 46

(46) An Investment Committee composed of independent experts should conclude on the granting of the support from the EU guarantee to financing and investment operations fulfilling the eligibility criteria, particularly the Do No Significant Harm principle, thereby providing external expertise in investment assessments in relation to projects. The investment committee should have different configurations to cover different policy areas and sectors in the best way possible.

Amendment 227 #

Proposal for a regulation
Recital 47

(47) The Investment Committee should become responsible as of its constitution also for granting the benefit of the EU guarantee for financing and investment operations under Regulation (EU) 2015/1017 in order to avoid parallel similar structures assessing proposals for the use of the EU guarantee, after relevant consultations with all interested parties and in full transparency and accountability.

Amendment 228 #

Proposal for a regulation
Recital 47

(47) The Investment Committee should become responsible as of its constitution also for granting the benefit of the EU guarantee for financing and investment operations under Regulation (EU) 2015/1017 in order to avoid parallel similar structures assessing proposals for the use of the EU guarantee, and consult experts from climate, environmental and civil society organisations.

Amendment 229 #

Proposal for a regulation
Recital 49

(49) In selecting implementing partners for the deployment of the InvestEU Fund, the Commission should consider the counterparty's ability to fulfil the objectives of the InvestEU Fund and to contribute its own resources, in order to ensure adequate geographical coverage, gender balance and diversification, to crowd in private investors and to provide sufficient risk diversification and solutions to address market failures and sub-optimal investment situations. Given its role under the Treaties, its capacity to operate in all Member States and the existing experience under the current financial instruments and the EFSI, the EIB Group should remain a privileged implementing partner under the InvestEU Fund's EU compartment. In addition to the EIB Group, national promotional banks or institutions should be able to offer a complementary financial product range, given that their experience and capabilities at national and regional level could be beneficial for the maximisation of the impact of public funds on the whole territory of the Union, and for ensuring a fair geographical balance of projects. The InvestEU Programme should be implemented in such a way as to promote a level playing field for smaller and younger promotional banks and institutions. Moreover, it should be possible for other international financial institutions to become implementing partners, in particular when they present a comparative advantage in terms of specific expertise and experience in certain Member States and when they present a Union majority of shareholding. It should also be possible for other entities fulfilling the criteria laid down in the Financial Regulation to become implementing partners.

Amendment 230 #

Proposal for a regulation
Recital 53

Amendment 231 #

Proposal for a regulation
Recital 55

(55) The InvestEU Advisory Hub should support the development of a robust pipeline of investment projects in each policy window through advisory initiatives that are implemented by the EIB Group or other advisory partners, or are implemented directly by the Commission. The InvestEU Advisory Hub should promote geographic diversification with a view to contributing to the Union objectives of economic, social, and territorial cohesion and reducing regional disparities. The InvestEU Advisory Hub should pay particular attention to the aggregation of small-sized projects into larger portfolios. The Commission, the EIB Group and the other advisory partners should cooperate closely with a view to ensuring efficiency, synergies and effective geographic coverage of support across the Union, taking into account the expertise and local capacity of local implementing partners, as well as the European Investment Advisory Hub established under Regulation (EU) 2015/1017 of the European Parliament and of the Council34 . In addition, the InvestEU Advisory Hub should provide a central entry point for project development assistance delivered under the InvestEU Advisory Hub to public authorities and for project promoters. The InvestEU Advisory Hub should ensure its impact and efficiency taking also into consideration and incorporating the recommendations and lessons learned presented by the ECA’s special report on the European Investment Advisory Hub34a. _________________ 34Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the European Fund for Strategic Investments (OJ L 169, 1.7.2015, p.1). 34aEuropean Court of Auditors, Special Report 12/2020: The European Investment Advisory Hub - Launched to boost investment in the EU, the Hub’s impact remains limited.

Amendment 232 #

Proposal for a regulation
Recital 55

(55) The InvestEU Advisory Hub should support the development of a robust pipeline of investment projects in each policy window through advisory initiatives and local level project nurseries bringing together innovators, project promoters and financiers that are implemented by the EIB Group or other advisory partners, or are implemented directly by the Commission. The InvestEU Advisory Hub should promote geographic diversification with a view to contributing to the Union objectives of climate neutrality, the Green Deal, economic, social, and territorial cohesion and reducing regional disparities. The InvestEU Advisory Hub should pay particular attention to the aggregation of small-sized projects into larger portfolios. The Commission, the EIB Group and the other advisory partners should cooperate closely with a view to ensuring efficiency, synergies and effective geographic coverage of support across the Union, taking into account the expertise and local capacity of local implementing partners, as well as the European Investment Advisory Hub established under Regulation (EU) 2015/1017 of the European Parliament and of the Council34 . In addition, the InvestEU Advisory Hub should provide a central entry point for project development assistance delivered under the InvestEU Advisory Hub to public authorities and for project promoters. _________________ 34Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the European Fund for Strategic Investments (OJ L 169, 1.7.2015, p.1).

Amendment 233 #

Proposal for a regulation
Recital 55

(55) The InvestEU Advisory Hub should support the development of a robust pipeline of investment projects in each policy window through advisory initiatives that are implemented by the EIB Group or other advisory partners, or are implemented directly by the Commission. The InvestEU Advisory Hub should promote geographic diversification with a view to contributing to the Union objectives of economic, social, and territorial cohesion and reducing regional disparities, including the possibility of prioritizing the allocation of its technical support and assistance to underdeveloped regions. . The InvestEU Advisory Hub should pay particular attention to the aggregation of small-sized projects into larger portfolios. The Commission, the EIB Group and the other advisory partners should cooperate closely with a view to ensuring efficiency, synergies and effective geographic coverage of support across the Union, taking into account the expertise and local capacity of local implementing partners, as well as the European Investment Advisory Hub established under Regulation (EU) 2015/1017 of the European Parliament and of the Council34 . In addition, the InvestEU Advisory Hub should provide a central entry point for project development assistance delivered under the InvestEU Advisory Hub to public authorities and for project promoters. _________________ 34Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the European Fund for Strategic Investments (OJ L 169, 1.7.2015, p.1).

Amendment 234 #

Proposal for a regulation
Recital 57

(57) In order to ensure a wide geographic outreach of the advisory services across the Union and to successfully leverage local knowledge about the InvestEU Fund, a local presence of the InvestEU Advisory Hub should be ensured, where needed, taking into account existing support schemes and the presence of local partners, with a view to provide tangible, proactive, tailor-made assistance on the ground. In order to facilitate the provision of advisory support at local level and to ensure efficiency, synergies and effective geographic coverage of support across the Union, the InvestEU Advisory Hub should cooperate with national promotional banks or institutions, and should benefit from and make use of their expertise, and create local and regional level project nurseries bringing together innovators, project promoters and financiers, and helping the projects to become eligible for financing.

Amendment 235 #

Proposal for a regulation
Recital 59

(59) In the context of the InvestEU Fund, there is a need to provide support for project development and capacity building to develop the organisational capacities and market development activities needed to originate quality projects. Such support should also target financial intermediaries that are key to help ~~small companies’~~micro, small and medium-sized enterprises, in particular those generating intangible assets, such as companies from the cultural and creative sectors, in accessing financing and realiseing their full potential. Moreover, the aim of the advisory support is to create the conditions for the expansion of the potential number of eligible recipients in nascent market segments, in particular where the small size of individual projects considerably raises the transaction cost at the project level, such as for the social finance ecosystem, including philanthropic organisations, or for the cultural and creative sectors. The capacity-building support should be complementary and in addition to actions taken under other Union programmes that cover specific policy areas. An effort should also be made to support the capacity building of potential project promoters, in particular local organisations and authorities.

Amendment 236 #

Proposal for a regulation
Recital 59

(59) In the context of the InvestEU Fund, there is a need to provide support for project development and capacity building to develop the organisational capacities and market development activities needed to originate quality projects. Such support should also target financial intermediaries that are key to help small companies’ access financing and realise their full potential, and it should include technical assistance. Particular emphasis should be put on reducing the administrative burden, in particular for SMEs. Moreover, the aim of the advisory support is to create the conditions for the expansion of the potential number of eligible recipients in nascent market segments, in particular where the small size of individual projects considerably raises the transaction cost at the project level, such as for the social finance ecosystem, including philanthropic organisations, or for the cultural and creative sectors. The capacity- building support should be complementary and in addition to actions taken under other Union programmes that cover specific policy areas. An effort should also be made to support the capacity building of potential project promoters, in particular local organisations and authorities.

Amendment 237 #

Proposal for a regulation
Recital 59

(59) In the context of the InvestEU Fund, there is a need to provide support for project development and capacity building to develop the organisational capacities and market development activities needed to originate quality projects. Such support should also target financial intermediaries that are key to help small companies’ a~~ccess financing and realise their full potential~~nd other actors, including communities and local authorities, access financing and realise their full potential, notably in the area of energy efficiency and renewable energy. Moreover, the aim of the advisory support is to create the conditions for the expansion of the potential number of eligible recipients in nascent market segments, in particular where the small size of individual projects considerably raises the transaction cost at the project level, such as for the social finance ecosystem, including philanthropic organisations, or for the cultural and creative sectors. The capacity-building support should be complementary and in addition to actions taken under other Union programmes that cover specific policy areas. An effort should also be made to support the capacity building of potential project promoters, in particular local organisations and authorities.

Amendment 238 #

Proposal for a regulation
Recital 59

(59) In the context of the InvestEU Fund, there is a need to provide support for project development and capacity building to develop the organisational capacities and market development activities needed to originate quality projects. Such support should also target financial intermediaries that are key to help small companies’ access financing and realise their full potential. Moreover, the aim of the advisory support is to create the conditions for the expansion of the potential number of eligible recipients in nascent market segments, in particular where the small size of individual projects considerably raises the transaction cost at the project level, such as for the social finance ecosystem, including philanthropic organisations, or for the cultural and creative sectors. The capacity-building support should be complementary and in addition to actions taken under other Union programmes that cover specific policy areas. An effort should also be made to support the capacity building of potential project promoters, in particular local organisations and authorities. The under financing of women’s innovative projects and businesses should be especially tackled by reviewing the criteria.

Amendment 239 #

Proposal for a regulation
Recital 59

(59) In the context of the InvestEU Fund, there is a need to provide support for project development and capacity building to develop the organisational capacities and market development activities needed to originate quality projects. Such support should also target financial intermediaries that are key to help small companies’ access financing and realise their full potential. and it should include technical assistance, in particular for the Member States with weak financial ecosystems. Moreover, the aim of the advisory support is to create the conditions for the expansion of the potential number of eligible recipients in nascent market segments, in particular where the small size of individual projects considerably raises the transaction cost at the project level, such as for the social finance ecosystem, including philanthropic organisations, or for the cultural and creative sectors. The capacity- building support should be complementary and in addition to actions taken under other Union programmes that cover specific policy areas. An effort should also be made to support the capacity building of potential project promoters, in particular local organisations and authorities.

Amendment 240 #

Proposal for a regulation
Recital 59

(59) In the context of the InvestEU Fund, there is a need to provide support for project development and capacity building to develop the organisational capacities and market development activities needed to originate quality projects. Such support should also target financial intermediaries that are key to help ~~small companies’~~SMEs to access financing and realise their full potential. Moreover, the aim of the advisory support is to create the conditions for the expansion of the potential number of eligible recipients in nascent market segments, in particular where the small or medium size of individual projects considerably raises the transaction cost at the project level, such as for the social finance ecosystem, including philanthropic organisations, or for the cultural and creative sectors. The capacity-building support should be complementary and in addition to actions taken under other Union programmes that cover specific policy areas. An effort should also be made to support the capacity building of potential project promoters, in particular local organisations and authorities.

Amendment 241 #

Proposal for a regulation
Recital 60

Amendment 242 #

Proposal for a regulation
Recital 61

Amendment 243 #

Proposal for a regulation
Recital 61

Amendment 244 #

Proposal for a regulation
Recital 61

(61) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under the InvestEU should be carried out to address the unprecedented impact of the Covid-19 crisis and, in line with the objectives of the strategic European investment window, support long-term growth, quality jobs and competitiveness. Such additional resources should be used in such a way as to ensure compliance with the time limits provided for in Regulation [EURI].

Amendment 245 #

Proposal for a regulation
Recital 61

(61) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under the InvestEU should be carried out to address the unprecedented impact of the Covid-19 crisis. Such additional resources should be used in such a way as to ensure compliance with the time limits provided for in Regulation [EURI]. These time limits should apply to the conclusion of the guarantee agreements with the implementing partners.

Amendment 246 #

Proposal for a regulation
Recital 61

(61) In accordance with Regulation [European Union Recovery Instrument] and within the limits of resources allocated therein, recovery and resilience measures under the InvestEU should be carried out to address the unprecedented impact of the Covid-19 crisis and to strengthen the European economy in the long term. Such additional resources should be used in such a way as to ensure compliance with the time limits provided for in Regulation [EURI].

Amendment 247 #

Proposal for a regulation
Recital 62

(62) Pursuant to paragraphs 22 and 23 of the Interinstitutional agreement for Better Law-Making of 13 April 201635 , there is a need to evaluate the InvestEU Programme on the basis of information collected through specific monitoring requirements, while avoiding overregulation and administrative burdens, in particular on Member States. These requirements~~, where appropriate, can include measurable indicators~~ should include measurable and comparable sustainability indicators and sustainability proofing, as a basis for evaluating the effects of the InvestEU Programme on the ground to the environment. _________________ 35 OJ L 123, 12.5.2016, p. 1.

Amendment 248 #

Proposal for a regulation
Recital 62

(62) Pursuant to paragraphs 22 and 23 of the Interinstitutional agreement for Better Law-Making of 13 April 201635 , there is a need to evaluate the InvestEU Programme on the basis of information collected through specific monitoring requirements, while avoiding overregulation and administrative burdens, in particular on Member States. These requirements, where appropriate, can include measurable indicators, including sustainability indicators, as a basis for evaluating the effects of the InvestEU Programme on the ground. _________________ 35 OJ L 123, 12.5.2016, p. 1.

Amendment 249 #

Proposal for a regulation
Recital 63

(63) A solid monitoring framework that is based on output, outcome and impact indicators should be implemented to track progress towards the Union's objectives. In order to ensure transparency and accountability to the Union's citizens, the Commission should report annually to the European Parliament and the Council on the progress, social, economic and environmental impact and operations of the InvestEU Programme. Where necessary, these annual reports should be accompanied by legislative proposals for amending this Regulation.

Amendment 250 #

Proposal for a regulation
Recital 64

(64) Horizontal financial rules adopted by the European Parliament and the Council on the basis of Article 322 of the Treaty on the Functioning of the European Union (TFEU) apply to this Regulation. These rules are laid down in the Financial Regulation and determine in particular the procedure for establishing and implementing the budget through grants, procurement, prizes, indirect implementation, and provide for checks on the responsibility of financial actors. ~~Rules adopted on the basis of Article 322 TFEU also concern the protection of the Union's budget in case of generalised deficie~~The Union's financial interests shall be protected in accordance with the general principles ~~as regards the rule of law in the Member St~~embedded in the Union Treaties, ~~as the respect for the rule of law is an essential precondition for sound financial management and effective EU funding~~in particular the values of Article 2 TEU.

Amendment 251 #

Proposal for a regulation
Recital 67

(67) Third countries which are members of the European Economic Area (EEA) may participate in Union programmes in the framework of the cooperation established under the EEA agreement, which provides for the implementation of the programmes by a decision under that agreement. ~~Third countries may also participate on the basis of other legal instruments.~~ A specific provision should be introduced in this Regulation to grant the necessary rights for and access to the authorising officer responsible, the OLAF as well as the European Court of Auditors to comprehensively exert their respective competences.

Amendment 252 #

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) 'EU guarantee' means a~~n overall irrevocable, unconditional and on demand~~ budgetary guarantee provided by the Union budget under which the budgetary guarantees in accordance with Article 219(1) of the Financial Regulation take effect through the entry into force of individual guarantee agreements with implementing partners;

Amendment 253 #

(5) 'blending operation' means an operation supported by the Union budget that combines non-repayable forms of support, repayable forms of support, or both, from the Union budget with repayable forms of support from development or other public finance institutions, or from commercial finance institutions and investors; for the purposes of this definition, Union programmes financed from sources other than the Union budget, such as the EU Emissions Trading System (ETS) Innovation Fund, may be assimilated to Union programmes financed by the Union budget;

Amendment 254 #

Proposal for a regulation
Article 2 – paragraph 1 – point 9

(9) 'contribution agreement' means a legal instrument whereby the Commission and one or more Member States specify the conditions of the EU guarantee under the Member State compartment and under a national transition plan that ensure that investments comply and significantly contribute climate and other environmental objectives in line with the EU Taxonomy and the Do No Significant Harm principle, as laid down in Article 9;

Amendment 255 #

Proposal for a regulation
Article 2 – paragraph 1 – point 9 a (new)

(9 a) ‘do no significant harm’ principle means refraining from inflicting ‘significant harm to environmental objectives’ as defined in Article 17 of the Regulation on the establishment of a framework to facilitate sustainable investment;

Amendment 256 #

Proposal for a regulation
Article 2 – paragraph 1 – point 15

(15) ‘Important Project of Common European Interest’ means a project that fulfils all the criteria laid down in Commission Communication on Criteria for the analysis of the compatibility with the internal market of State aid to promote the execution of important projects of common European interest (OJ C 188, 20.6.2014, p. 4) or any subsequent revision in compliance with the Union’s climate and environmental goals, with specific consideration of the Regulation on the establishment of a framework to facilitate sustainable investment and increased transparency in their implementation;

Amendment 257 #

Proposal for a regulation
Article 2 – paragraph 1 – point 21

(21) ‘investment guidelines’ means the guidelines established by a delegated act referred to in Article 7(7), and shall specify how to comply and significantly contribute climate and other environmental objectives in line with the EU Taxonomy and the Do No Significant Harm principle;

Amendment 258 #

Proposal for a regulation
Article 2 – paragraph 1 – point 24 a (new)

(24 a) ‘Resilience’ means the ability to face societal, economic and ecological shocks and persistent structural changes in a sustainable way in order to preserve societal well-being, without compromising the heritage for future generations.

Amendment 259 #

Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)

(28 a) the 'Union climate and environment objectives' means the Union's climate objectives set out in Regulation (EU) 2020/… [European Climate Law] and the Union's environment objectives set out in the latest available Environmental Action Programme.

Amendment 260 #

Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)

(28 a) ‘companies’ means for the purposes of the solvency support window companies, project companies, public- private partnerships and other legal structures.

Amendment 261 #

Proposal for a regulation
Article 3 – paragraph 1 – introductory part

1. The general objective of the InvestEU Programme is to support the policy objectives of the Union by means of financing and investment operations that are fully compliant with Union climate objectives, in particular the European Climate Law, the climate neutrality target, with the criteria laid down in the Regulation on the establisment of a framework to facilitate sustainable invesment and the Green Deal objectives, as well as the biodiversity goals and contribute to:

Amendment 262 #

Proposal for a regulation
Article 3 – paragraph 1 – point a

(a) the competitiveness of the Union, including growth, research, innovation and digitisation;

Amendment 263 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) growth and employment in the Union economy, the sustainability of the Union economy and its environmental and climate dimension contributing to the achievement of the SDGs and the objectives of the Paris Agreement on Climate Change, to the green transition towards a circular and climate-neutral economy, the attainment of the mid- and long-term climate, energy and environmental objectives of the Union and to the creation of high-quality jobs;

Amendment 264 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) ~~growth and~~fair, inclusive and sustainable growth and high-quality employment in the Union economy, the sustainability and resilience of the Union economy and its environmental and climate dimension contributing to the achievement of the SDGs and the objectives of the Paris Agreement on Climate Change, the European Green Deal, the ‘do no significant harm’ principle and the European Pillar of Social Rights and to the creation of high-quality jobs;

Amendment 265 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) growth and employment in the Union economy, the sustainability of the Union economy and its environmental and climate dimension contributing to the achievement of the SDGs and the objectives of the Paris Agreement on Climate Change and to the creation of high-quality jobs; including actions and measures that mitigate impact on the workforce and protect workers who are negatively affected by productive transitions.;

Amendment 266 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) growth and employment in the Union economy, the sustainability of the Union economy and its environmental and climate dimension ~~contributing to the achievement of the SDGs and the objectives of the Paris Agreement on Climate Change and to the creation of high-quality jobs~~;

Amendment 267 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

Amendment 268 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) growth and employment in the Union economy, the sustainability of the Union economy and its environmental and climate ~~dimension~~objectives contributing to the achievement of the Green Deal and climate neutrality, the SDGs and the objectives of the Paris Agreement on Climate Change and to the creation of high-quality jobs;

Amendment 269 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

Amendment 270 #

Proposal for a regulation
Article 3 – paragraph 1 – point b

(b) growth and employment in the Union economy, job-creation, the sustainability of the Union economy and its environmental and climate dimension contributing to the achievement of the SDGs and the objectives of the Paris Agreement on Climate Change and to the creation of high-quality jobs;

Amendment 271 #

Proposal for a regulation
Article 3 – paragraph 1 – point c

(c) the social fairness, resilience, inclusiveness, sustainability and innovativeness of the Union, having regard to the European Pillar of Social Rights;

Amendment 272 #

Proposal for a regulation
Article 3 – paragraph 1 – point c

(c) the social resilience, equality between women and men in the labour market, inclusiveness and innovativeness of the Union and gender equality;

Amendment 273 #

Proposal for a regulation
Article 3 – paragraph 1 – point c

(c) the social resilience, inclusiveness and innovativeness of the Union; , having regard to the European Pillar of Social Rights;

Amendment 274 #

Proposal for a regulation
Article 3 – paragraph 1 – point d

(d) the promotion of scientific and technological advances, of ~~culture,~~European culture, and high-quality education and training;

Amendment 275 #

Proposal for a regulation
Article 3 – paragraph 1 – point e

(e) the integration of Union capital markets and the strengthening of the Single Market, including solutions to address the fragmentation of Union capital markets, diversify sources of financing for Union enterprises, especially SMEs, and promote sustainable finance;

Amendment 276 #

Proposal for a regulation
Article 3 – paragraph 1 – point f

(f) the promotion of economic, social and territorial cohesion; orand

Amendment 277 #

Proposal for a regulation
Article 3 – paragraph 1 – point f

(f) t~~he promotion of~~o strengthen the economic, social and territorial cohesion; or

Amendment 278 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, ~~upholding and strengthening~~ and its transformation towards a climate- neutral, environmentally sustainable, energy- and resource-efficient and circular economy by 2040 at the latest so as to uphold and strengthenits strategic value chains, the climate and digital transitions, investments increasing resilience as defined in Annex Va (new), and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game- changing innovations and inputs ~~to businesses and consumers.~~. The objectives of the Fund should be pursued in the framework of sustainable development and inline with the Aarhus Convention and the Union's promotion of the aim of preserving, protecting and improving the quality of the environment and combating climate change, as set out in Article 11 and Article 191(1) of the TFEU. Support provided under the Fund should be consistent with the energy efficiency first principle;

Amendment 279 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy. and in particular of its SMEs. after the crisis caused by the Covid-19 pandemic, upholding and strengthening industrial eco-systems and strategic value chains and creating, maintaining and reinforcing activities of strategic importance to the Union in relation to raw materials its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game-changing innovations and inputs to businesses and consumers.

Amendment 280 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, upholding and strengthening its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game-changing innovations and inputs to businesses and consumers and supporting the sustainable transition in line with the EU Taxonomy, based on time-bound and science-based targets.

Amendment 281 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, upholding and strengthening its strategic value chains of tangible and intangible assets and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, whether physical or virtual or based on intellectual property, transformative technologies, game-changing innovations and inputs to businesses and consumers.

Amendment 282 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable and inclusive recovery of the Union economy after the crisis caused by the national and regional lockdown measures following the Covid- 19 pandemic, upholding and strengthening its strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game-changing innovations and inputs to businesses and consumers.

Amendment 283 #

Proposal for a regulation
Article 3 – paragraph 1 – point g

(g) the sustainable, economy-driven and inclusive recovery of the Union economy after the crisis caused by the Covid-19 pandemic, upholding and strengthening ~~its~~existing and developing new strategic value chains and maintaining and reinforcing activities of strategic importance to the Union in relation to critical infrastructure, transformative technologies, game-changing innovations and inputs to businesses and consumers.

Amendment 284 #

Proposal for a regulation
Article 3 – paragraph 2 – introductory part

2. The InvestEU Programme has the following specific objectives, with due attention to the principle and pursuit of equality between women and men:

Amendment 285 #

Proposal for a regulation
Article 3 – paragraph 2 – point b

(b) supporting financing and investment operations in line with the EU Taxonomy and the Do No Significant Harm principle, as well as related to research, innovation and digitisation, including support for the scaling up of innovative companies and the rolling out of technologies to market, in the areas referred to in point (b) of Article 7(1);

Amendment 286 #

(c) increasing the access to and the availability of finance for SMEs and for small mid-cap companies and to enhance the global competitiveness of such SMEs and small mid-cap companies;

Amendment 287 #

Proposal for a regulation
Article 3 – paragraph 2 – point c

(c) increasing the access to and the availability of finance for SMEs and for small mid-cap companies and to enhanceing their global competitiveness ~~of such SMEs~~;

Amendment 288 #

Proposal for a regulation
Article 3 – paragraph 2 – point c

(c) increasing the access to and the availability of finance ~~for SMEs and for small mid-cap companies~~ and to enhance the global competitiveness of ~~such SME~~SMEs, and for small mid-cap companies;

Amendment 289 #

Proposal for a regulation
Article 3 – paragraph 2 – point e

Amendment 290 #

Proposal for a regulation
Article 3 – paragraph 2 – point e

(e) to support financing and investment operations in sectors referred to in point (e) of Article 7(1) in order to maintain and reinforce the strategic autonomy of the Union and of its economy, as well as to reinforce resilience to economic shocks.

Amendment 291 #

Amendment 292 #

Proposal for a regulation
Article 3 – paragraph 2 – point e a (new)

(ea) investments by private entities implemented in partnership with general government, including local government, for the upgrading of public urban areas and green spaces, urban regeneration and the supply of public-interest services.

Amendment 293 #

Proposal for a regulation
Article 3 – paragraph 2 – point e a (new)

(e a) to support the solvency of companies established in a Member State and operating in the Union supporting any of the objectives referred to in this paragraph.

Amendment 294 #

Proposal for a regulation
Article 3 – paragraph 2 – point e a (new)

(e a) supporting the creation of new jobs

Amendment 295 #

Proposal for a regulation
Article 3 – paragraph 2 a (new)

2 a. While recognising the demand- driven nature of the InvestEU, the EIB shall: (a) target that at least 40 % of InvestEU financing under the infrastructure and innovation window support project components that contribute to climate action, in line with the commitments made at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21).InvestEU financing for SMEs and small mid- cap companies shall not be included in that computation.The EIB shall use its internationally agreed methodology to identify those climate action project components or cost shares; (b) ensure that the majority of InvestEU financing under the solvency support window is utilised to support eligible companies in Member States and sectors economically most hit by the Covid-19 pandemic; (c) ensure that the majority of InvestEU financing under the solvency support window is utilised to support eligible companies in Member States where the availability of State solvency support is more limited. The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (c).

Amendment 296 #

Proposal for a regulation
Article 4 – paragraph 1 – introductory part

Amendment 297 #

Proposal for a regulation
Article 4 – paragraph 1 – introductory part

1. The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR 725 ~~153 85~~000 000 000 (current prices). It shall be provisioned at the rate of 45 %. The amount referred to in point (a) of the first subparagraph of Article 34(3) shall be also taken into account for contributing to the provisioning resulting from this provisioning rate.

Amendment 298 #

Proposal for a regulation
Article 4 – paragraph 1 – introductory part

1. The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR ~~75 153 85~~80 523 320 000 (current prices). It shall be provisioned at the rate of 450 %. The amount referred to in point (a) of the first subparagraph of Article 34(3) shall be also taken into account for contributing to the provisioning resulting from this provisioning rate.

Amendment 299 #

Proposal for a regulation
Article 4 – paragraph 1 – introductory part

1. The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR ~~75 153 85~~81 023 320 000 (current prices). It shall be provisioned at the rate of 45 %. The amount referred to in point (a) of the first subparagraph of Article 34(3) shall be also taken into account for contributing to the provisioning resulting from this provisioning rate.

Amendment 300 #

Proposal for a regulation
Article 4 – paragraph 1 – introductory part

1. The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR 785 ~~153 85~~423 310 000 (current prices). It shall be provisioned at the rate of 45 35%. The amount referred to in point (a) of the first subparagraph of Article 34(3) shall be also taken into account for contributing to the provisioning resulting from this provisioning rate.

Amendment 301 #

Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1

An additional amount of the EU guarantee may be provided for the purposes of the Member State compartment referred to in point (b) of Article 8(1), subject to the allocation by Member States, pursuant to [Article 10(1)] of Regulation [[CPR] number]44 and Article [75(1)] of Regulation [[CAP Strategic Plan] number]45 and in accordance with the implementation of the relevant measures in recovery and resilience plans under Regulation [Recovery and Resilience Facility ] , of the corresponding amounts. ~~_________________ 44 45~~null null

Amendment 302 #

Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 2 a (new)

Financial contributions by Member States under the Member State compartment, including contributions in the form of guarantees and cash or any contributions to investment platforms, shall be fully deducted from the relevant deficit targets of the Stability and Growth Pact.

Amendment 303 #

Proposal for a regulation
Article 4 – paragraph 2 – introductory part

2. An amount of EUR 31 153 850 000 (current prices) of the amount referred to in the first subparagraph of paragraph 1 shall be allocated for operations implementing measures referred to in Article 2 of Regulation [EURI] for the objectives referred to in point (e) of Article 3(2). That amount should prioritize initiatives contributing to saving lives in the short, mid- and long term, and dedicate a share of at least 25% to energy efficiency and renewable energy projects to trigger a EU Renovation Wave, a Solar Rooftop initiative and to support the offshore renewable energy strategy, as well as ensure adequate support to the challenges of climate emergency and digitalization.

Amendment 304 #

Proposal for a regulation
Article 4 – paragraph 2 – introductory part

2. An amount of EUR ~~31 153 85~~10 400 000 000 (current prices) of the amount referred to in the first subparagraph of paragraph 1 shall be allocated for operations implementing measures referred to in Article 2 of Regulation [EURI] for the objectives referred to in point (e) of Article 3(2).

Amendment 305 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1

Amendment 306 #

Amendment 307 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1

An amount of EUR ~~41 5~~10 400 000 000 (current prices) of the amount referred to in the first subparagraph of paragraph 1 shall be allocated for operations implementing measures referred to in Article 2 of Regulation [EURI] for the objectives referred to in points (a)-(d) of Article 3(2).

Amendment 308 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2

An amount of EUR ~~2 5~~800 000 000 (current prices) of the amount referred to in the first subparagraph of paragraph 1 shall be allocated for the objectives referred to in points (a)-(d) of Article 3(2).

Amendment 309 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 4

The indicative distribution of the EU guarantee for the purpose of the EU compartment is set out in Annex I to this Regulation. Where appropriate, the Commission may modify the amounts referred to in Annex I and increase the amount referred to in the first subparagraph by up to 15 % for each objective. The Commission shall inform the European Parliament and the Council of any such modification.deleted

Amendment 310 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 4

The indicative distribution of the EU guarantee for the purpose of the EU compartment is set out in Annex I to this Regulation while dedicating a share of at least 25% to energy efficiency and renewable energy projects per policy window. Where appropriate, the Commission may modify the amounts referred to in Annex I and increase the amount referred to in the first subparagraph by up to 15 % for each objective. The Commission shall inform the European Parliament and the Council of any such modification.

Amendment 311 #

Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 4

The indicative distribution of the EU guarantee for the purpose of the EU compartment is set out in Annex I to this Regulation. Where appropriate, the Commission may modify the amounts referred to in Annex I and increase the ~~amount referred to in the first subparagraph~~m by up to 15 % for each objective. The Commission shall inform the European Parliament and the Council of any such modification.

Amendment 312 #

Proposal for a regulation
Article 4 – paragraph 3

3. The financial envelope for the implementation of the measures provided in Chapters VI and VII shall be EUR 7234 733 000 (current prices).

Amendment 313 #

Proposal for a regulation
Article 4 – paragraph 4 a (new)

4 a. Where the grants, as referred to in Article 3(2)(a) of Regulation [EURI], have not been used in their entirety by 31 December 2023, part of the unused amount, up to a maximum amount of EUR 10 000 000 000 (in current prices), shall be made available to the InvestEU Fund, for the provisioning of the EU guarantee for the period 2024-2027, in accordance with Article X of Regulation [EURI]. The amount of the EU guarantee, as referred to in the first subparagraph of paragraph 1, and the distribution of the EU guarantee set out in Annex I shall be adjusted upwards accordingly.

Amendment 314 #

Proposal for a regulation
Article 5 – paragraph 1 – point a

~~(a) European Free Trade Association (EFTA) members which are members of the European Economic Area (EEA), in accordance with the conditions laid down in the Agreement on the European Economic Area;~~deleted

Amendment 315 #

Proposal for a regulation
Article 5 – paragraph 1 – point b

(b) acceding countries, candidate countries and potential candidates, in accordance with the general principles and general terms and conditions for their participation in Union programmes established in the respective framework agreements and Association Council decisions or similar agreements, and in accordance with the specific conditions laid down in agreements between the Union and such third countries;deleted

Amendment 316 #

Proposal for a regulation
Article 5 – paragraph 1 – point b

(b) acceding countries, ~~candidate countries and potential candidates,~~ in accordance with the general principles and general terms and conditions for their participation in Union programmes established in the respective framework agreements and Association Council decisions or similar agreements, and in accordance with the specific conditions laid down in agreements between the Union and such third countries;

Amendment 317 #

Proposal for a regulation
Article 5 – paragraph 1 – point c

(c) third countries covered by the European Neighbourhood Policy, in accordance with the general principles and general terms and conditions for the participation of those countries in Union programmes established in the respective framework agreements and Association Council decisions or similar agreements, and in accordance with the specific conditions laid down in agreements between the Union and such third countries;deleted

Amendment 318 #

Proposal for a regulation
Article 5 – paragraph 1 – point c

Amendment 319 #

Proposal for a regulation
Article 5 – paragraph 1 – point d

(d) third countries, in accordance with the conditions laid down in a specific agreement covering the participation of the third country to any Union programme, provided that the agreement: (i) ensures a fair balance as regards the contributions and benefits of the third country participating in the Union programmes; (ii) lays down the conditions of participation in the Union programmes, including the calculation of financial contributions to individual programmes and their administrative costs. These contributions shall constitute external assigned revenues in accordance with the second sentence of Article 21(5) of the Financial Regulation; (iii) does not confer to the third country a decisional power on the Union programme; (iv) guarantees the rights of the Union to ensure sound financial management and to protect its financial interests.deleted

Amendment 320 #

Proposal for a regulation
Article 5 – paragraph 1 – point d

Amendment 321 #

Proposal for a regulation
Article 5 – paragraph 1 – point d – point iv a (new)

(iva) guarantees conditions of reciprocity and the protection of the strategic assets of the Member States of the Union.

Amendment 322 #

Proposal for a regulation
Article 5 – paragraph 1 a (new)

The EU compartment of the Invest EU Fund referred to in point (a)of Article 8(1) and each of the policy windows referred to in Article 7(1) may receive contributions from European Free Trade Association (EFTA) members which are members of the European Economic Area (EEA), in accordance with the conditions laid down in the Agreement on the European Economic Area, for the purpose of participation in certain financial products pursuant to Article 218(2) of the Financial Regulation.

Amendment 323 #

Proposal for a regulation
Article 6 – paragraph 2 – point a

(a) be consistent with the policy objectives, the Do No Significant Harm principle and comply with the eligibility criteria set out in the rules of the Union programme under which the support is decided;

Amendment 324 #

Proposal for a regulation
Article 7 – paragraph 1 – introductory part

1. The InvestEU Fund shall operate through the following ~~five~~six policy windows that shall address market failures or sub- optimal investment situations within their specific scope:

Amendment 325 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, infrastructure facilitating the modal shift road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, the extension of rail including night trains, public transport infrastructure, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, sustainable tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union and are in line with the objectives set out in the European Green Deal as well as increasing the resilience of our critical health care provision , public health and civil protection, in particular manufacturing and stockpiling of pharmaceuticals fostering the sustainable and ethical production, procurement, management and non- exclusive licensing of crisis relevant products, like medical supplies and devices ensuring and protective equipment, their affordability in complementarity with other Union instruments;

Amendment 326 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a ~~sustainable~~n infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal, securing and maintenance of rail and road infrastructure, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework, buildings renovation and urban regeneration projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural ~~areas~~, mountain and currently depopulated areas in order to promote their repopulation, supply and processing of raw materials, space, oceans, water, including inland waterways and lakes, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 327 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework and the EU's climate neutrality goal, based on time-bound and science-based targets, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 328 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

~~(a)~~ a sustainable infrastructure policy ~~(a)~~ window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050 at the latest, the renewal and maintenance of rail and road infrastructure, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework and tackling energy poverty, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage,sustainable tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience and adaptation or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 329 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, the health care infrastructure, including building hospitals, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 33 #

Proposal for a regulation
Recital 1

(1) The Covid-19 pandemic is a major symmetric shock to the global and Union economy with major asymmetric social and economic impact across Member States and regions. Due to the necessary containment measures, economic activity in the EU dropped significantly. TAccording to Eurostat, in the secon~~traction in EU GDP in 2020 is expected to be around 7.5%, far deeper than during the financial crisis in 2009~~d quarter of 2020, seasonally adjusted EU GDP decreased by 11.4% compared with the first quarter of 2020 and by 13.9% compared with the same quarter of 2020, after already decreasing by 2.7% in the previous quarter. Moreover, according to the Commission Summer 2020 Economic Forecast, the EU economy is forecast to contract by 8.3% in 2020, significantly greater and with wider divergences than initially projected in the Spring 2020 Forecast and far deeper than during the financial crisis of 2008. In addition, employment decreased by 2.7% in the EU in the second quarter of 2020 compared with the previous quarter, after already decreasing by 0.2% in the first quarter. The outbreak of the pandemic has shown the interconnectivity of global supply chains and exposed some major vulnerabilities such as the over-reliance of strategic industries on non-diversified external supply sources. Such vulnerabilities need to be urgently and effectively addressed, to improve the Union’s emergency response as well as the resilience of the entire economy, while maintaining its openness to fair competition and trade in line with its rules. Investment activity is expected to have dropped significantly. Even before the pandemic, while a recovery in investment- to-GDP ratios in the Union could be observed, it remained below what might be expected in a strong recovery and was insufficient to compensate for years of underinvestment following the 20098 crisis. More importantly, the current investment levels and forecasts do not cover the Union’s needs for structural investment to restart and sustain long-term fair, inclusive and sustainable growth in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises (SMEs) and the need to address key societal and environmental challenges such as sustainability, inclusion, poverty, unemployment, in- work poverty or population ageing. Consequently, in order to achieve the Union's policy objectives and to support a swift, fair, inclusive and ~~healthy economic~~sustainable recovery, support is necessary to address market failures and sub-optimal investment situations and to reduce the investment gap in targeted sectors.

Amendment 330 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050 at the latest, the renewal and maintenance of rail and road infrastructure, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework and tackling energy poverty, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, sustainable tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 331 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) a sustainable infrastructure policy window which comprises sustainable investment in the areas of transport, including multimodal transport, road safety, including in accordance with the Union objective of eliminating fatal road accidents and serious injuries by 2050, the renewal and maintenance of rail and road infrastructure, energy, in particular renewable energy, energy efficiency in accordance with the 2030 energy framework, buildings renovation projects focused on energy savings and the integration of buildings into a connected energy, storage, digital and transport systems, improving interconnection levels, digital connectivity and access, including in rural areas, supply and processing of raw materials, space, oceans, water, including inland waterways, waste utilisation and management in accordance with the waste hierarchy and the circular economy, nature and other environment infrastructure, cultural heritage, tourism, equipment, mobile assets and the deployment of innovative technologies that contribute to the environmental or climate resilience or social sustainability objectives of the Union and that meet the environmental or social sustainability standards of the Union;

Amendment 332 #

Proposal for a regulation
Article 7 – paragraph 1 – point a a (new)

(a a) innovations supporting, enabling and accelerating the green transition towards climate neutral, circular and sustainable economy in line with the EU Taxonomy and the Do No Significant Harm principle, measured by time-bound and science-based targets.

Amendment 333 #

Proposal for a regulation
Article 7 – paragraph 1 – point b

(b) a research, innovation and digitisation policy window which comprises research, product development and innovation activities, the transfer of technologies and research results to the market to support market enablers and cooperation between enterprises, the demonstration and deployment of innovative solutions and support for the scaling up of innovative companies, as well as digitisation of Union industry, at least 30% of the volume of loans under this policy window shall be attributed to women led enterprises;

Amendment 334 #

Proposal for a regulation
Article 7 – paragraph 1 – point b

(b) a research, innovation and digitisation policy window which comprises research, product development and innovation activities, the transfer of technologies and research results to the market to support market enablers and cooperation between enterprises, support for digital literacy, the demonstration and deployment of innovative solutions and support for the scaling up of innovative companies, as well as digitisation of ~~Union~~ industry in the Member States of the Union;

Amendment 335 #

Proposal for a regulation
Article 7 – paragraph 1 – point b

Amendment 336 #

Proposal for a regulation
Article 7 – paragraph 1 – point c

Amendment 337 #

Proposal for a regulation
Article 7 – paragraph 1 – point c

(c) an SME policy window which comprises access to and the availability of finance primarily for SMEs, with due regard to women led SMEs, including for innovative SMEs and SMEs operating in the cultural and creative sectors, as well as for small mid-cap companies;

Amendment 338 #

Proposal for a regulation
Article 7 – paragraph 1 – point c

Amendment 339 #

Proposal for a regulation
Article 7 – paragraph 1 – point d

(d) a social investment and skills policy window, which comprises microfinance, social enterprise finance, social economy and measures to promote ~~gender equali~~and mainstream gender equality and the equal participation of women in the economy, in particular as regards job creation, with the objective of closing the gender care gap by means of improving the availability and affordability of quality care services through ESF+, ERDF, InvestEU, EAFRD, as well as in society, skills, education, training and related services, entrepreneurship, social infrastructure, including health and educational infrastructure and social and student housing, childcare, social innovation, health, and long-term care and child care, in particular for single parents, care for persons with disabilities, inclusion and accessibility, work-life balance measures, cultural and creative activities with a social goal, ~~and the integration of vulnerable people, including third country nationals;~~ promoting intergenerational understanding, and support for and the integration of vulnerable people, including persons with disabilities, single parents, persons with a disadvantaged socioeconomic status, women, victims /survivors of gender-based violence, LGBTI persons, ethnic minorities, Roma people, third country nationals, and shelters and helplines for victims of violence, with particular attention to be paid to rural, mountainous, outermost and least developed regions;

Amendment 34 #

Proposal for a regulation
Recital 1

(1) The Covid-19 pandemic is a major shock to the global and Union economy. Due to the necessary containment measures, economic activity in the EU dropped significantly. The contraction in EU GDP in 2020 is expected to be around 7.5%, far deeper than during the financial crisis in 2009. The outbreak of the pandemic has shown the interconnectivity of global supply chains and exposed some vulnerabilities such as the over-reliance of strategic industries on non-diversified external supply sources. Such vulnerabilities need to be addressed, to improve the Union’s emergency response as well as the resilience of the entire economy, while maintaining its openness to fair competition and fair trade in line with its rules. Investment activity is expected to ~~have~~ drop~~ped~~ significantly. Even before the pandemic, while a recovery in investment-to-GDP ratios in the Union could be observed, it remained below what might be expected in a strong recovery and was insufficient to compensate for years of underinvestment following the 2009 crisis. More importantly, the current investment levels and forecasts do not cover the Union’s needs for structural investment to restart and sustain long-term growth in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises (SMEs) and the need to address key societal challenges such as sustainability or population ageing. Consequently, in order to achieve the Union's policy objectives, especially under the Green Deal and to support a swift, inclusive, sustainable and healthy economic recovery, ~~support is necessary~~the primary aim should be to support otherwise difficult to fund projects that provide European citizen with long-term environmental and societal benefits such as high quality long-term jobs and public infrastructure. It is therefore of crucial importance to identify and support projects that provide this genuine additionality and quality rather than being mostly driven by technical aspects such as leverage factors or project speed and volumes as well as to address market failures and sub-optimal investment situations and to reduce the investment gap in targeted sectors.

Amendment 340 #

Proposal for a regulation
Article 7 – paragraph 1 – point d

(d) a social investment and skills policy window, which comprises microfinance, social enterprise finance, social economy and measures to promote gender equality, skills, education, training and related services, social infrastructure, including public health and educational infrastructure and social and student housing, social innovation, public health and long-term care with a special focus on children and vulnerable groups, inclusion and accessibility, cultural and creative activities with a social goal, and the integration of vulnerable people, including third country nationals;

Amendment 341 #

Proposal for a regulation
Article 7 – paragraph 1 – point d

Amendment 342 #

Proposal for a regulation
Article 7 – paragraph 1 – point d

(d) a social investment and skills policy window, which comprises microfinance, social enterprise finance, social economy ~~and measures to promote gender equality~~, skills, education, training and related services, social infrastructure, including health and educational infrastructure and social and student housing, social innovation, health and long-term care, inclusion and accessibility, cultural and creative activities with ~~a social goal, and the integration of vulnerable people, including third country national~~the goal of promoting European culture, and the integration of vulnerable European citizens;

Amendment 343 #

Proposal for a regulation
Article 7 – paragraph 1 – point d

(d) a social investment and skills policy window, which comprises microfinance, social enterprise finance, social economy and measures to ~~promot~~ensure gender equality, skills, education, training and related services, social infrastructure, including health and educational infrastructure and social and student housing, social innovation, health and long-term care, inclusion and accessibility, cultural and creative activities with a social goal, and the integration of vulnerable people, including third country nationals;

Amendment 344 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

(e) a strategic European investment policy window which comprises strategic investment to support final recipients that are established in a Member State and that operate in the Union, ~~and whose activities are of strategic importance to the Union, in particular in view of the green and~~that have not been involved, investigated or prosecuted for money laundering, terrorism financing, tax avoidance, or tax evasion, and whose activities are of strategic importance to the Union and that are in line with the EU’s 2030 and climate neutrality goal as enshrined in the European climate law and the Regulation on the establishment of a framework to facilitate sustainable investment as well as fosterthe digital transitions and of enhanced resilience of the European society and economy as defined in Annex Va (new), in one of the following areas:

Amendment 345 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

(e) a strategic European investment policy window which comprises strategic investment to support final recipients that are established in a Member State and that operate in the Union, and whose activities are of strategic importance to the Union in line with the priorities described in the New Industrial Strategy for a green and digital Europe, and the development model based on industrial ecosystems. The window should support projects that enhance the competitiveness of the Member States' economies, foster entrepreneurship and decrease dependence on vulnerable supply chains, in particular in view of the green and digital transitions and of enhanced resilience, in one of the following areas:

Amendment 346 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

(e) a strategic European investment policy window which comprises strategic investment to support final recipients that are established in aone or more Member State and that operate in the Union, and whose activities are of strategic importance to the Union, in particular in view of the green and digital transitions and of enhanced resilience, while enhancing the competitiveness of the Member States' economies, including the need to rebuild the Member States' productive capacity and promote entrepreneurship and job creation, in one of the following areas:

Amendment 347 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

Amendment 348 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

Amendment 349 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part

Amendment 35 #

Proposal for a regulation
Recital 1

(1) The Covid-19 pandemic is a major shock to the global and Union economy. Due to the necessary containment measures, economic activity in the EU dropped significantly. The contraction in EU GDP in 2020 is expected to be around 7.5%, far deeper than during the financial crisis in 2009. The outbreak of the pandemic has shown the interconnectivity of global supply chains and exposed some vulnerabilities such as the over-reliance of strategic industries on non-diversified external supply sources. Such vulnerabilities need to be addressed, in particular for small and medium-sized enterprises (SMEs) and micro-scale businesses, to improve the Union’s emergency response as well as the resilience, cohesion, digitization and sustainability of the entire economy, while maintaining its openness to competition and trade in line with its rules to improve the Union’s emergency response as well as the resilience of the entire economy, while maintaining its openness to competition and trade in line with its rules. Investment activity is expected to have dropped significantly. Even before the pandemic, while a recovery in investment-to-GDP ratios in the Union could be observed, it remained below what might be expected in a strong recovery and was insufficient to compensate for years of underinvestment following the 2009 crisis. More importantly, the current investment levels and forecasts do not cover the Union’s needs for structural investment to restart and sustain long-term growth in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises (SMEs) and the need to address key societal challenges such as sustainability or population ageing. Consequently, in order to achieve the Union's policy objectives and to support a swift, inclusive and healthy economic recovery, support is necessary to address market failures and sub-optimal investment situations and to reduce the investment gap in targeted sectors.

Amendment 350 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point i

i) critical healthcare provision, manufacturing and stockpiling of pharmaceuticals~~, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system~~ fostering the sustainable and ethical production, procurement, management and non- exclusive licensing of crisis relevant products ensuring their affordability in complementarity with other Union instruments, medical devices,medical supplies, protective equipment and the strengthening of health crisis response capacity and of the civil protection system based on the principles of wide availability and affordability of products vital in health emergencies;

Amendment 351 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point i

i) critical public healthcare provision, manufacturing and stockpiling of pharmaceuticals, medical devices and medical supplies, strengthening of health crisis response capacity, of public healthcare systems and of the civil protection system;

Amendment 352 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point i

i) critical healthcare provision, i) manufacturing and stockpiling of pharmaceuticals and vaccines, medical devices and medical supplies, strengthening of health crisis response capacity and of the civil protection system;

Amendment 353 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, environment, health, secure digital communication, 5G, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure; these critical infrastructures should be gender mainstreamed and ensure that no biases strives while implementing these infrastructures.

Amendment 354 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual or based on intellectual property, including infrastructure elements identified as critical in the fields of energy, transport, environment, health, secure digital communication, 5G, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, audio-visual, culture and creativity, including cultural heritage, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 355 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, but excluding fossil fuel- and nuclear-related activities, transport, environment, health, secure digital communication, 5G, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 356 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

Amendment 357 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, environment, health, secure digital communication, 5G and very high speed capacity networks, internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 358 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, environment, seismic safety, health, secure digital communication, ~~5G,~~ internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 359 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii

ii) critical infrastructure, whether physical or virtual, including infrastructure elements identified as critical in the fields of energy, transport, environment, health, secure digital communication, ~~5G,~~ internet of things, online service platforms, secure cloud computing, data processing or storage, payments and financial infrastructure, aerospace, defence, communications, media, education and training, electoral infrastructure and sensitive facilities, as well as land and real estate crucial for the use of such critical infrastructure;

Amendment 36 #

Proposal for a regulation
Recital 1

Amendment 360 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii a (new)

ii a) critical early detection and coordinated institutional and economic response capabilities to react in case of crisis risks, as well as on advancing business and service continuity solutions for essential public and private institutions and sector;

Amendment 361 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii a (new)

ii a) investment and technical assistance to companies, in particular SMEs, and communities, to increase the resilience of their value chains and business models;

Amendment 362 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii b (new)

ii b) crucial investments in renovation and integrating innovative solutions in the building sector, in order to achieve the net-zero greenhouse gas emissions objective and a highl y energy efficient and climate neutral building sector by 2025. Investments contributing to creation of up to2 million jobs in the construction sector and leading to a clean economy aspart of the European Green Deal;

Amendment 363 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii b (new)

ii b) strategic investment in renewable energy projects with a high potential to significantly contribute to meeting the targets set out in Directive (EU) 2018/2001 and its subsequent revision, given that all Union regions have significant potential of abundant renewable resources identified;

Amendment 364 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii c (new)

ii c) supporting the conditions for boosting entrepreneurship, financing private sector development including start-ups and SMEs, and the expansion of networks of clusters and digital innovation hubs, privatisation processes, adapt to technological development and sustainable sectoral development;

Amendment 365 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii d (new)

ii d) investment and technical assistance for fostering entrepreneurial skills, for the creation of new start-ups, SMEs and family businesses, that will diversify and expand the entrepreneurial market; investment and technical assistance for the development tof networks of clusters and digital innovation hubs across the continent;

Amendment 366 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iii

iii) the provision of ~~good~~know-how, goods, technologies and services instrumental to the operation and maintenance of the critical infrastructure under point ii);

Amendment 367 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

iv) the promotion of an innovative and sustainable re-industrialisation of Europe, following the priorities described in the New Industrial Strategy for a green and digital Europe and the development model based on industrial ecosystems through key enabling, key enabling, transformative, green and digital technologies and skills and game- changing innovations where the investment is strategically important for the Union’s industrial future, including key enabling, transformative, green and digital technologies and game-changing innovations where the investment is strategically important for the Union’s industrial future,, keeping in mind the principle of just transition, including

Amendment 368 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

iv) key enabling, transformative, green and digital technologies and needed game- changing innovations with broad societal benefits, where the investment is strategically important for the ~~Union’s industrial futur~~achievement of the Union’s climate and environment objectives and for the sustainable transformation of its industrial base, including

Amendment 369 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

iv) key enabling, transformative, ~~green~~sustainable and digital technologies and game- changing innovations where the investment is strategically important for the Union’s industrial future, including

Amendment 37 #

Proposal for a regulation
Recital 1

Amendment 370 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part

Amendment 371 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point a

Amendment 372 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

(b) renewable energy technologies and actions under the Union Renewable energy financing mechanism as per Article 33 of Regulation (EU) 2018/1999, energy storage technologies including sustainable batteries, sustainable transport technologies, ~~clea~~green hydrogen and fuel cell applications, ~~decarbonisat~~zero-emission technologies for industry, ~~carbon capture and storage,~~ circular economy technologies,;

Amendment 373 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

Amendment 374 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

Amendment 375 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b

Amendment 376 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point c a (new)

(ca) technology applied to the tourism sector and innovation applied to the agricultural and forest sector and in rural areas;

Amendment 377 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point c a (new)

(c a) sustainable tourism;

Amendment 378 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point v

v) recycling and manufacturing facilities for mass production of Information Communication and Technology components and devices in the EU;

Amendment 379 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vi

vi) supply and stockpiling of critical inputs to public actors, businesses or consumers in the EU, including energy or raw materials ~~or food security, having regard to resource efficiency~~except if already covered by legislative requirements or food security, having regard to the need of a reduced and more efficient use of resources and circularity in strategic value chains;

Amendment 38 #

Proposal for a regulation
Recital 1

Amendment 380 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – introductory part

vii) critical technologies and inputs for the security of the Union and its Member States, such as ~~defence~~security and space sectors and cybersecurity, and civilian components dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009 or any subsequent revision and related legislation.

Amendment 381 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – paragraph 1

In addition, in the case of investments in space, defence and cybersecurity, and in specific types of projects with actual and direct security implications in critical sectors, the final recipients shall not be controlled by a third country or third country entities and shall have their executive management in the Union with a view to protect the security of the Union and its Member States. These investments shall be in line and promote gender equality at all levels.

Amendment 382 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – paragraph 1

Amendment 383 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – paragraph 1 a (new)

The financing and investment under this window shall prioritize initiatives contributing to saving lives in the short, mid- and long term, and dedicate a share of at least 25% to energy efficiency and renewable energy projects, as well as ensure adequate support to the challenges of climate emergency and digitalisation.

Amendment 384 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – paragraph 2

Activities should not be eligible for support under this Regulation if they are: (a) inconsistent with the achievement of the Paris Agreement and the European Green Deal´s climate and environmental objectives, notably the objective of climate neutrality by 2050 and the objectives set according to Regulation XXXX/XX (European Climate Law) (b) not complying with the ‘do no significant harm’ criteria established by the Regulation 2020/852 [Regulation on establishment of a framework to facilitate sustainable investment (EU taxonomy)] (c) to be set in a Member state breaching the principle of the Rule of Law according to Art. 2 TEU. The Steering Board shall set any necessary requirements relating to the control and executive management of final recipients for other areas under the strategic European investment window, and to the control of intermediaries under that window, in the light of any applicable public order or security considerations.

Amendment 385 #

Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – paragraph 2

The gender balanced Steering Board shall set any necessary requirements relating to the control and executive management of final recipients for other areas under the strategic European investment window, and to the control of intermediaries under that window, in the light of any applicable public order or security considerations.

Amendment 386 #

Proposal for a regulation
Article 7 – paragraph 1 – point e a (new)

(e a) a Solvency Support Window i.The EU guarantee may be used to support EIB financing, or guarantees to, or investments in funds, special purpose vehicles or other investment platforms, including through national promotional banks or institutions or other relevant arrangements, that provide equity and equity-type investments in companies. ii.Funds, special purpose vehicles or investment platforms that target companies engaging in cross-border activities within the Union and/or companies which have high potential for green or digital transformation shall be particularly targeted under the Solvency Support Window. iii.The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms or on terms consistent with the State aid Temporary Framework12, while paying due regard to the European nature of the Solvency Support Instrument and to the funds’ and other vehicles’ independent management. iv.The funds, special purpose vehicles or investment platforms shall have commercial management that take investment decisions or independent management that is at arm’s length from any investors. v.Companies targeted by funds, special purpose vehicles or investment platforms shall been couraged to comply, to the extent possible, with minimum high-level social and environmental safeguards in line with guidance provided by the Steering Board.Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs.Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall been couraged to put in place, in the future, green transition plans.Companies shall also be encouraged to advance in their digital transformation.Technical assistance shall be available to assist companies for the purpose of these transitions. vi.The operations under this window shall be carried out in accordance with the EIB’s internal rules and procedures.All relevant information for the assessment of the operation shall be made available to the members of the Steering Board and of the Investment Committee. vii. EIB guarantees or investments shall be priced in line with Article 12

Amendment 387 #

Proposal for a regulation
Article 7 – paragraph 1 a (new)

1 a. A just transition scheme shall be established horizontally across all policy windows. The just transition scheme comprises investments which adress social, economic or environmental challenges deriving from the transition process towards EU climate neutrality by 2050 and the achievement of the Union's 2030 climate target in its currently valid version as well as benefit regions identified in a just transition plan prepared by a Member State in accordance with Article [7] of Regulation [JTF Regulation].

Amendment 388 #

Proposal for a regulation
Article 7 – paragraph 1 a (new)

1 a. A Just Transition Scheme, the second pillar of the Just Transition Mechanism, shall be established horizontally across all policy windows. This scheme shall comprise investments which address social, economic and environmental challenges deriving from the transition process towards the achievement of the EU's 2030 climate target and the Union's climate neutrality by 2050.

Amendment 389 #

Proposal for a regulation
Article 7 – paragraph 1 b (new)

1 b. To this end the Commission shall update the InvestEU investment guidelines laying down the requirements for investment operations supported through the InvestEU Fund to included a section on the InvestEU Just Transition Scheme and its implementation modalities.

Amendment 39 #

Proposal for a regulation
Recital 1

Amendment 390 #

Proposal for a regulation
Article 7 – paragraph 2

2. Where a financing or investment operation proposed to the Investment Committee referred to in Article 23 falls under more than one policy window, it shall be screened against the EU Taxonomy screening criteria and particularly the Do No Significant Harm principle. It shall be attributed to the policy window under which its main objective or the main objective of most of its sub- projects falls, unless the investment guidelines provide otherwise.

Amendment 391 #

Proposal for a regulation
Article 7 – paragraph 2 a (new)

2 a. Financing and investment operations shall pass the 'do no significant harm' test as set out in Article 17 of Regulation (EU) 2020/852.

Amendment 392 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment operations shall be screened to determine whether they have an environmental~~, climate~~ or social impact. If those operations have such an impact they shall be subject to ~~climate,~~ environmental and social sustainability proofing with a view to minimising detrimental impacts and to maximising benefits to the climate, environment and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. Projects that are inconsistent with the climate objectives shall not be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee.

Amendment 393 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment operations shall be screened to determine whether they have an environmental, climate or social impact. If those operations have such an impact they shall be subject to climate, environmental and social sustainability proofing with a view to minimising detrimental impacts and to maximising benefits to the climate, environment and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. ~~Projects below a certain size specified in the guidance shall be excluded from the proofing.~~ Projects that are inconsistent with the climate objectives shall not be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee. Where a project refers to more than one policy window and at least one of them is compatible with climate objectives, the project shall be deemed eligible for the support provided by this Regulation under that compatible policy window.

Amendment 394 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment operations shall be screened to determine whether they have an environmental, climate or social impact, including an impact that is detrimental to equality between women and men in the labour market. If those operations have such an impact they shall be subject to climate, environmental, equality and social sustainability proofing with a view to minimising detrimental impacts and to maximising benefits to the climate, environment, gender equality and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. Projects that are inconsistent with the climate objectives shall not be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee.

Amendment 395 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment operations shall be screened to determine whether they have an environmental, climate or social impact. If those operations have such an impact they shall be subject to climate, environmental and social sustainability proofing with a view to ~~minimis~~preventing detrimental impacts and to maximising benefits to the climate, environment and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. Projects that are inconsistent with the climate ~~objectives~~and other environmental objectives and which do not comply with the criteria established by the EU Taxonomy shall not be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee.

Amendment 396 #

3. Financing and investment operations shall be screened to determine whether they have an environmental, climate or social impact. If those operations have such an impact they shall be subject to climate, environmental and social sustainability proofing with a view to minimising detrimental impacts and to maximising benefits to the climate, environment and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. Projects that are inconsistent with the ~~climate~~Union’s climate and environmental objectives shall not be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee.

Amendment 397 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment operations shall be screened to determine whether they have an environmental, climate or social impact. If those operations have such an impact they shall be subject to climate, environmental and social sustainability proofing with a view to minimising detrimental impacts and to maximising benefits to the climate, environment and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. Projects that are inconsistent with the climate objectives and/or social objectives shall not be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee.

Amendment 398 #

Proposal for a regulation
Article 7 – paragraph 3

3. Financing and investment operations shall be screened to determine whether they have an environmental, climate or social impact. If those operations have such an impact they shall be subject to climate, environmental and social sustainability proofing with a view to minimising detrimental impacts and to maximising benefits to the climate, environment and social dimensions. For that purpose, project promoters that request financing shall provide adequate information based on the guidance referred to in paragraph 4. Projects below a certain size specified in the guidance shall be excluded from the proofing. Projects that are inconsistent with the climate and social objectives shall not be eligible for support under this Regulation. In case the implementing partner concludes that no sustainability proofing is to be carried out, it shall provide a justification to the Investment Committee.

Amendment 399 #

Proposal for a regulation
Article 7 – paragraph 4 – introductory part

4. The Commission shall develop sustainability guidance that~~, in accordance with Union environmental and social objectives and standards,~~ allows to:

Amendment 40 #

Proposal for a regulation
Recital 1

(1) The national and regional lockdown measures following the Covid- 19 pandemic is a major shock to the global and Union economy. Due to the ~~necessary~~ containment measures, economic activity in the EU dropped significantly. The contraction in EU GDP in 2020 is expected to be around 7.5%, far deeper than during the financial crisis in 2009. The outbreak of the pandemic has shown the interconnectivity of global supply chains and exposed some vulnerabilities such as the over-reliance of strategic industries on ~~non-diversified~~ external supply sources. Such vulnerabilities need to be addressed, to improve ~~the Union’s emergency response as well as the resilience of the entire economy, while maintaining its openness to competition and trade in line with its rule~~the resilience of the entire economy against foreign threats. Investment activity is expected to have dropped significantly. Even before the pandemic, while a recovery in investment- to-GDP ratios in the ~~Union~~Member States could be observed, it remained below what might be expected in a strong recovery and was insufficient to compensate for years of ~~under~~malinvestment following the 2009 crisis and the extremely accommodative monetary policies of the European Central Bank. More importantly, the current investment levels and forecasts do not cover the Union’s needs for structural investment to restart and sustain long-term growth in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises (SMEs) and the need to address key societal challenges such as sustainability or population ageing. Consequently, in order to achieve the Union's policy objectives and to support a swift, inclusive and healthy economic recovery, support is necessary to address ~~market failures and~~the consequences of planned shutdowns of national economies, sub-optimal investment situations and to reduce the investment gap in targeted sectors.

Amendment 400 #

Proposal for a regulation
Article 7 – paragraph 4 – introductory part

4. The Commission shall develop sustainability guidance ~~that,~~ in accordance with ~~Union~~the EU Taxonomy Regulation and the Union's climate, environmental and social objectives and standards, allows to:

Amendment 401 #

Proposal for a regulation
Article 7 – paragraph 4 – introductory part

4. The Commission shall develop sustainability guidance that, in accordance with Union climate, environmental and social objectives and standards, allows to:

Amendment 402 #

Proposal for a regulation
Article 7 – paragraph 4 – point a

Amendment 403 #

Proposal for a regulation
Article 7 – paragraph 4 – point a

Amendment 404 #

Proposal for a regulation
Article 7 – paragraph 4 – point a

Amendment 405 #

Proposal for a regulation
Article 7 – paragraph 4 – point a

(a) as regards adaptation, ensure resilience to the potential adverse impacts of climate change through a climate vulnerability and risk assessment, including through relevant adaptation measures, and, as regards mitigation, integrate the cost of greenhouse gas emissions, applying a transformative carbon price and the positive effects of climate mitigation measures in the cost- benefit analysis;

Amendment 406 #

Proposal for a regulation
Article 7 – paragraph 4 – point b

(b) ~~account for the consolidated~~minimize the impact of projects in terms of the principal components of the natural capital relating to air, water, land and biodiversity;

Amendment 407 #

Proposal for a regulation
Article 7 – paragraph 4 – point b a (new)

(b a) assess projects against their contribution to the Union's 2030 climate and energy targets and to the objective of reaching net-zero GHG emissions by 2040 at the latest within the Union;

Amendment 408 #

Proposal for a regulation
Article 7 – paragraph 4 – point c

Amendment 409 #

Proposal for a regulation
Article 7 – paragraph 4 – point c

Amendment 41 #

Proposal for a regulation
Recital 1

Amendment 410 #

Proposal for a regulation
Article 7 – paragraph 4 – point c

(c) estimate the social impact of projects, including on gender equality in the labour market, on the social inclusion of certain areas or populations and on the economic development of areas and sectors affected by structural challenges such as the need to decarbonise the economy;

Amendment 411 #

Proposal for a regulation
Article 7 – paragraph 4 – point c

(c) estimate the social impact of projects, ~~including on gender equality,~~ on the social inclusion of certain areas ~~or populations~~ and on the economic development of areas and sectors affected by structural challenges such as the need to decarbonise the economy;

Amendment 412 #

Proposal for a regulation
Article 7 – paragraph 4 – point d

~~(d) identify projects that are inconsistent with the achievement of climate objectives;~~deleted

Amendment 413 #

Proposal for a regulation
Article 7 – paragraph 4 – point d

(d) identify projects that are inconsistent with the achievement of climate ~~objectives~~neutrality and other environmental objectives under the EU Taxonomy and the Do No Significant Harm principle;

Amendment 414 #

Proposal for a regulation
Article 7 – paragraph 4 – point d

(d) identify projects that are inconsistent with the achievement of ~~climate~~the Union’s climate and environmental objectives;

Amendment 415 #

Proposal for a regulation
Article 7 – paragraph 4 – point d

(d) identify projects that are inconsistent with the achievement of climate objectives and/or the social objectives;

Amendment 416 #

Proposal for a regulation
Article 7 – paragraph 4 – point d

(d) identify projects that are inconsistent with the achievement of climate and social objectives;

Amendment 417 #

Proposal for a regulation
Article 7 – paragraph 4 – point d a (new)

(d a) assess projects against their contribution to the transition towards climate neutrality, based on time-bound and science-based targets, including 2030 climate and energy targets;

Amendment 418 #

Proposal for a regulation
Article 7 – paragraph 4 – point d a (new)

(d a) identify projects that are inconsistent with the promotion of gender equality and the principles of gender mainstreaming and gender budgeting;

Amendment 419 #

Proposal for a regulation
Article 7 – paragraph 5

5. Implementing partners shall provide the information necessary to allow the tracking of investment that contributes to meeting the Union objectives on ~~climate and~~ environment, on the basis of guidance to be provided by the Commission.

Amendment 42 #

Proposal for a regulation
Recital 1

Amendment 420 #

Proposal for a regulation
Article 7 – paragraph 5 a (new)

5 a. For the purposes of Article 7 (4), the sustainability guidance developed by the European Commission shall be based on the criteria established by the Taxonomy Regulation and shall be aligned with the objectives of the European Green Deal.

Amendment 421 #

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

6. Implementing partners shall apply a target of at least 680 % of the investment under the sustainable infrastructure policy window and at least 65% under the strategic European investment policy window contributing to meeting the Union objectives on climate and environment. At least 30% of the investment under the sustainable infrastructure policy window should contribute to meeting the objective and targets of the EU Biodiversity Strategy 2030. Only projects meeting the relevant technical screening criteria developed under Regulation (EU) 2020/852 shall be accounted for when contributing to those spending targets.

Amendment 422 #

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

6. Implementing partners shall apply a target of ~~at least 6~~100 % of the investment under the sustainable infrastructure policy window and at least 60 % under the strategic European investment window contributing to meeting the Union objectives on climate and environment. and in line with the EU Taxonomy and the Do No Significant Harm principle.

Amendment 423 #

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

Amendment 424 #

Proposal for a regulation
Article 7 – paragraph 6 – introductory part

Amendment 425 #

Proposal for a regulation
Article 7 – paragraph 6 a (new)

6 a. The contribution of the InvestEU Fund to the achievement of the Union objectives on climate and environment will be tracked using the criteria laid out in the Regulation on establishment of a framework to facilitate sustainable investment.

Amendment 426 #

Proposal for a regulation
Article 7 – paragraph 7

7. The Commission is empowered to adopt delegated acts in accordance with Article 33 in order to supplement this Regulation by defining the investment guidelines for each of the policy windows including the just transition scheme. The investment guidelines shall be prepared in close dialogue with the EIB Group and other potential implementing partners.

Amendment 427 #

Proposal for a regulation
Article 7 – paragraph 7

7. The Commission is empowered to adopt delegated acts in accordance with Article 33 in order to supplement this Regulation by defining the investment guidelines for each of the policy windows. including the Just Transition Scheme. The investment guidelines shall be prepared in close dialogue with the EIB Group and other potential implementing partners.

Amendment 428 #

Proposal for a regulation
Article 7 – paragraph 8

8. For financing and investment operations under the strategic European investment window in ~~defence~~security and space sectors and in cybersecurity, the investment guidelines may set out limitations with respect to transfer and licensing of intellectual property rights to critical technologies and technologies instrumental to safeguarding the security of the Union and its Member States.

Amendment 429 #

Proposal for a regulation
Article 9 – paragraph 1 – introductory part

1. Amounts allocated by a Member State on a voluntary basis under Article [10(1)] of Regulation [[CPR] number] or Article [75(1)] of Regulation [[CAP Strategic Plan] number] or in accordance with the implementation of the relevant measures in recovery and resilience plans under Regulation [Recovery and Resilience Facility] shall be used for the provisioning for the part of the EU guarantee under the Member State compartment covering financing and investment operations in the Member State concerned or for the possible contribution from funds under shared management or from additional contributions in accordance with the implementation of the relevant measures in recovery and resilience plans under the Recovery Resilience Facility to the InvestEU Advisory Hub. Those amounts shall be used to contribute to the achievement of the policy objectives specified in the Partnership Agreement referred to in Article 7 of Regulation [[CPR] number], in the programmes or in the CAP Strategic Plan which contribute to InvestEU.

Amendment 43 #

Proposal for a regulation
Recital 2

(2) Evaluations have underlined that the variety of financial instruments delivered under the 2014-2020 Multiannual Financial Framework period has led to some overlaps in their scope. That variety has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules. The absence of compatible rules also hampered the combination of several Union funds, although such combinations would have been beneficial in order to support projects in need of different types of funding. Therefore, a single fund, the InvestEU Fund, which builds on the experience of the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe, should be set up in order to provide more efficiently functioning support to final recipients by integrating and simplifying the financing offered under a single budgetary guarantee scheme, thereby improving the impact of Union support while reducing the cost to the Union payable from the budget. Following a positive evaluation, legacy portfolio's may be merged with the InvestEU Fund to obtain further efficiency gains.

Amendment 430 #

Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 3

The Member State and the Commission shall conclude a contribution agreement or an amendment to it within ~~four~~two months following the Commission Decision approving the Partnership Agreement pursuant to Article 9(4) of Regulation [CPR] or the CAP Strategic Plan under Regulation [CAP] or simultaneously to the Commission Decision amending a programme according to Article 10 of Regulation [CPR] or a CAP Strategic Plan according to Article 107 of Regulation [CAP].

Amendment 431 #

Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 5

~~By derogation from~~ Article 211(1) of the Financial Regulation the provisioning rate of the EU guarantee under the Member State compartment shall be set at 40 % and may be adjusted downwards or upwards in each contribution agreement to take account of the risks attached to the financial products intended to be usshall be fully respected.

Amendment 432 #

Proposal for a regulation
Article 9 – paragraph 5 – point b

(b) ~~By way of derogation from~~ Article 213(4) of the Financial Regulation, after the constitution phase referred to in point (a) of paragraph 3 of this Article, the provisioning shall not give rise to annual replenishments during the availability of that part of the EU guarantee under the Member State compartment shall be fully respected.

Amendment 433 #

Proposal for a regulation
Article 12

~~[...]~~deleted

Amendment 434 #

Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 1 – point b a (new)

(b a) for the solvency support window;

Amendment 435 #

Proposal for a regulation
Article 12 – paragraph 4

4. 750 % of the EU guarantee under the EU compartment as referred to in first subparagraph of Article 4(1), amounting to EUR 5~~6 365 380~~2 607 702 000, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 9 418 270 000. This contribution shall be provided in a manner and form that facilitates the implementation of the InvestEU Fund and the achievement of the objectives set out in Article 14(2).

Amendment 436 #

Proposal for a regulation
Article 12 – paragraph 5

5. The remaining 2530 % of the EU guarantee under the EU compartment shall be granted to other implementing partners, which shall also provide a financial contribution to be determined in the guarantee agreements.

Amendment 437 #

Proposal for a regulation
Article 12 – paragraph 5 a (new)

5 a. In case of substantial interest in the call of interest from other implementing partners which exceed the level of the remaining 30% of the EU guarantee the Commission may relocate resources in order to grant the guarantee to those implementing partners.

Amendment 438 #

Proposal for a regulation
Article 12 – paragraph 7 – introductory part

7. Support of the EU guarantee referred to in the first and second subparagraphs of Article 4(2) shall be granted under the condition that the Commission has concluded a guarantee agreement with the implementing partner within the time limits set out in Article 4(6) of Regulation [EURI]. In other cases, support of the EU guarantee may be granted for financing and investment operations covered by this Regulation for an investment period ending on 31 December 2027.

Amendment 439 #

Proposal for a regulation
Article 12 – paragraph 7 – subparagraph 1

Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 15(1) under the EU guarantee referred to in the first and second subparagraphs of Article 4(2) shall be signed by one year after the approval of the relevant financing or investment operation by the implementing partner. In other cases, contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 15(1) shall be signed by 31 December 2028.

Amendment 44 #

Proposal for a regulation
Recital 2

(2) Evaluations have underlined that the variety of financial instruments delivered under the 2014-2020 Multiannual Financial Framework period has led to some overlaps in their scope. That ~~variety~~institutional failure has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules. The absence of compatible rules and abundance of red tape also hampered the combination of several Union funds, although such combinations would have been beneficial in order to support projects in need of different types of funding. Therefore, a single fund, the InvestEU Fund, which builds on the experience of the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe, should be set up in order to provide more efficiently functioning support to final recipients by integrating ~~and~~, simplifying and monitoring the financing offered under a single budgetary guarantee scheme, thereby improving the impact of ~~Union~~European taxpayers' support while reducing the cost to the ~~Union~~m payable from the budget.

Amendment 440 #

Proposal for a regulation
Article 13 – paragraph 1 a (new)

1 a. Are consistent with gender equality, gender budgeting and gender mainstreaming guidelines.

Amendment 441 #

Proposal for a regulation
Article 13 – paragraph 1 a (new)

1 a. comply with the EU Taxonomy and the Do No Significant Harm principle;

Amendment 442 #

Proposal for a regulation
Article 13 – paragraph 2 – introductory part

2. In addition to projects situated in the Union, or in an overseas country or territory linked to a Member State as set out in Annex II to the TFEU, the InvestEU Fund may support the following projects and operations through financing and investment operations under other windows than the strategic European investment window or the Solvency Support Instrument :

Amendment 443 #

Proposal for a regulation
Article 13 – paragraph 2 – point a

(a) projects involving entities located or established in one or more Member States that extend to one or more third countries, including acceding States, candidate countries and potential candidates, countries falling within the scope of the European Neighbourhood Policy, the EEA or the EFTA, to an overseas country or territory as set out in Annex II to the TFEU, or to an associated third country, regardless of whether there is a partner in those third countries or overseas countries or territories, to an overseas country or territory as set out in Annex II to the TFEU;

Amendment 444 #

Proposal for a regulation
Article 13 – paragraph 2 – point b

~~(b) financing and investment operations in third countries as referred to in Article 5 which have contributed to a specific financial product.~~deleted

Amendment 445 #

Proposal for a regulation
Article 13 – paragraph 3 – introductory part

3. The InvestEU Fund mashall only support financing and investment operations that provide finance to final recipients which are legal entities established in a~~ny of the following countries or territories:~~ Member State.

Amendment 446 #

Proposal for a regulation
Article 13 – paragraph 3 – point b

~~(b) a third country associated to the InvestEU Programme in accordance with Article 5;~~deleted

Amendment 447 #

~~(c) a third country referred to in point (a) of paragraph 2, where applicable;~~deleted

Amendment 448 #

Proposal for a regulation
Article 13 – paragraph 3 – point d

~~(d) other third countries, where necessary for the financing of a project in a country or territory referred to in points (a), (b) or (c).~~deleted

Amendment 449 #

Proposal for a regulation
Article 13 – paragraph 3 – subparagraph 1

Notwithstanding the first subparagraph, under the strategic European investment window final recipients and intermediaries shall be legal entities fulfilling the requirements laid down in the introductory sentence and the second subparagraph, and in accordance with the third subparagraph, of point (e) of Article 7(1). companies can only benefit of InvestEu support provided they will not make dividend payments, non-mandatory coupon payments or buy back shares during the period of the guarantee. These companies will furthermore ensure that the remuneration of any member of the management of a beneficiary that receives Invest EU support shall not go beyond the fixed part of that members’ remuneration on 31 December2019. For a person becoming a member of the management on or after the granting of this support, the applicable limit shall be the lowest fixed remuneration of any member of the management on 31 December 2019. Bonuses or other variable or comparable remuneration elements shall not be paid under any circumstances.

Amendment 45 #

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted ambitious strategies and legislations to complete the Single Market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, The 2050 long-term strategy ‘A Clean Planet for all’ of 28 November 2018, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, the Regulation establishing the framework for achieving climate neutrality of 4 March 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 ~~and~~, ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020, the EU Biodiversity Strategy for 2030 of 20 May 2020, the Regulation on the establishment of a framework to facilitate sustainable investment in June 2020, the Energy System Integration Strategy and the Hydrogen Strategy of 8 July 2020 and will propose a Renovation Wave Strategy in the 3rd quarter of 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies and support the implementation of the legislation through providing support to investment and access to financing.

Amendment 450 #

Proposal for a regulation
Article 13 – paragraph 3 – subparagraph 1 a (new)

Investments that receive support from the Just Transition Fund or the public sector loan facility under the Just Transition Mechanism shall be eligible for financing under Article 7(1a) if support from the aforementioned facilities is no more than 50 percent of the total investment.

Amendment 451 #

Proposal for a regulation
Article 13 – paragraph 3 – subparagraph 1 a (new)

Notwithstanding the second and third paragraphs, only companies established in a Member State and operating in the Union can be supported by the financing and investment operations under the solvency support window.

Amendment 452 #

Proposal for a regulation
Article 15 – paragraph 1 – point a

(a) loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement, including hybrid debt, subordinated debt, or equity, convertible equity or quasi-equity investments, provided directly or indirectly through financial intermediaries, funds, investment platforms or other vehicles to be channelled to final recipients;

Amendment 453 #

Proposal for a regulation
Article 15 – paragraph 1 – point a

(a) loans, guarantees, counter- guarantees, ~~capital market instruments, any other form of funding or credit enhancement, including subordinated debt, or equity or quasi-~~or equity investments, provided directly or indirectly through financial intermediaries, funds, investment platforms or other vehicles to be channelled to final recipients; debt schemes and quasi-equity will be excluded from the framework and forbidden.

Amendment 454 #

Proposal for a regulation
Article 15 – paragraph 2 a (new)

2 a. The eligible instruments under the solvency support window shall result in providing equity or quasi-equity to companies referred to in Article 3.2(f).

Amendment 455 #

Proposal for a regulation
Article 15 – paragraph 2 b (new)

2 b. The intermediaries under the solvency support window shall be established in a Member State and operate in the Union. The Steering Board shall set any necessary requirements relating to the control of intermediaries (funds, special purpose vehicles and others) in the light of any applicable public order or security considerations.

Amendment 456 #

Proposal for a regulation
Article 18 – paragraph 2 – point a

(a) for debt products referred to in point (a) of Article 15(1): (i) the principal and all interest and amounts due to the implementing partner but not received by it in accordance with the terms of the financing operations prior to the event of default; (ii) restructuring losses; (iii) losses arising from fluctuations of currencies other than the euro in markets where possibilities for long-term hedging are limited;deleted

Amendment 457 #

Proposal for a regulation
Article 18 – paragraph 2 – point b

(b) for equity ~~or quasi-equity~~ investments referred to in point (a) of Article 15(1): the amounts invested and the associated funding costs and losses arising from fluctuations of currencies other than the euro;

Amendment 458 #

Proposal for a regulation
Article 18 – paragraph 2 – subparagraph 1

~~For the purposes of point (a)(i) of the first subparagraph, for subordinated debt a deferral, reduction or required exit shall be considered to be an event of default.~~deleted

Amendment 459 #

Proposal for a regulation
Article 19 – paragraph 1

1. The Commission and the Steering Board established pursuant to Article 20 shall be advised by an Advisory Board consisting of unpaid members.

Amendment 46 #

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted ambitious strategies to complete the Single Market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'A Digital Education Action Plan 2018-2020', 'Shaping Europe’s digital future', 'European Education Area', 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 and ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.

Amendment 460 #

Proposal for a regulation
Article 19 – paragraph 2 – introductory part

2. The Advisory Board shall ~~strive to ensure gender balance~~ensure a minimum gender balance of at least 40 per cent of the underrepresented sex and shall comprise:

Amendment 461 #

Proposal for a regulation
Article 19 – paragraph 2 – introductory part

2. The Advisory Board shall ~~strive to~~ ensure gender balance and shall comprise:

Amendment 462 #

Proposal for a regulation
Article 19 – paragraph 2 – point d a (new)

(d a) The European Commission may appoint a representative, without voting right, of the European social partners, limited to the labour side, based on a proposal advanced by the organisation whose representative is admitted in the advisory board.

Amendment 463 #

Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 1 (new)

The Commission may appoint a representative of the European social partners, without the right of vote, limited to the labour side, based on a proposal by the organisation whose representative is admitted in the Advisory Board.

Amendment 464 #

Proposal for a regulation
Article 19 – paragraph 8 – introductory part

8. Detailed minutes of the meetings of the Advisory Board shall be made public ~~as soon as possible~~immediately after they have been approved by the Advisory Board.

Amendment 465 #

1. A Steering Board shall be established for the InvestEU Programme. It shall be composed of four representatives of the Commission, three representatives of the EIB Group and two representatives of the implementing partners other than the EIB Group and one expert appointed as a non-voting member by the European Parliament and shall ensure that the composition of the Steering Board as a whole is gender-balanced. The expert appointed as a non- voting member by the European Parliament shall not seek or take instructions from Union institutions, bodies, offices or agencies, from any Member State government or from any other public or private body and shall act with full independence. That expert shall perform his or her duties impartially and in the interest of the InvestEU Fund.

Amendment 466 #

Proposal for a regulation
Article 20 – paragraph 3 – point a

(a) after regular consultation of the representatives of the Member States on the Advisory Board in its separate format, as referred to in Article 19(6), provide strategic and operational guidance for the implementing partners, including guidance on the design of financial products and on other operating policies and procedures necessary for the operation of the InvestEU Fund;

Amendment 467 #

Proposal for a regulation
Article 20 – paragraph 3 – point f a (new)

(f a) determine the guidance referred to in Section 6 point d of Annex I.

Amendment 468 #

Proposal for a regulation
Article 21 – paragraph 3 – point a

(a) a description of the proposed financing and investment operation, and how they are adhered to the EU Taxonomy and the Do No Significant Harm principle;

Amendment 469 #

Proposal for a regulation
Article 21 – paragraph 3 – point b

(b) how the proposed operation contributes to the EU policy objectives;, in particular to the transition to climate neutrality, based on time-bound and science-based targets, and the Green Deal and other sustainability objectives.

Amendment 47 #

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted ambitious strategies to complete the Single Market and to stimulate fair, sustainable and inclusive growth and high- quality jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 and ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.

Amendment 470 #

Proposal for a regulation
Article 21 – paragraph 3 – point f

(f) the ~~impact of the investment~~ economic, social, regional and environmental impact of the investment, with specific reference to job creation and sustainability;

Amendment 471 #

Proposal for a regulation
Article 21 – paragraph 3 – point f

(f) the impact of the investment with specific reference to job creation and sustainability;

Amendment 472 #

Proposal for a regulation
Article 21 – paragraph 3 – point f

(f) the impact of the investment , including on the environment;

Amendment 473 #

Proposal for a regulation
Article 21 – paragraph 3 – point g a (new)

(g a) sustainability indicators as established in the Regulation on Sustainability Disclosures;

Amendment 474 #

Proposal for a regulation
Article 21 – paragraph 4

~~4. The Commission is empowered to adopt~~ delegated acts in accordance with Article 33 in order to supplement this Regulation by establishing additional elements of the Scoreboard, including detailed rules for the Scoreboard to be used by the implementing partners.

Amendment 475 #

Proposal for a regulation
Article 22 – paragraph 1

1. The Commission shall conduct a check to confirm that the financing and investment operations proposed by the implementing partners other than the EIB comply with Union law and policies, including the principle of gender equality.

Amendment 476 #

Proposal for a regulation
Article 23 – paragraph 1 – point d a (new)

Amendment 477 #

Proposal for a regulation
Article 23 – paragraph 1 – point d a (new)

(d a) consult with all interested parties;

Amendment 478 #

Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 3 – point i (new)

(i) to ensure gender-balance, the Investment Committee should be committed to adopt strategies and procedures to ensure gender-balance in the committee.

Amendment 479 #

Proposal for a regulation
Article 23 – paragraph 5 – subparagraph 4

Amendment 48 #

Proposal for a regulation
Recital 3

(3) In the last years, the Union has adopted a~~mbitious~~ plethora of strategies to complete the Single Market and to stimulate sustainable and inclusive growth and jobs, such as 'Europe 2020 - A strategy for smart, sustainable and inclusive growth' of 3 March 2010, 'Action Plan on Building a Capital Markets Union' of 30 September 2015, 'A new European Agenda for Culture' of 22 May 2018, 'Clean Energy for all Europeans' of 30 November 2016, 'Closing the loop - An EU action plan for the Circular Economy' of 2 December 2015, 'A European Strategy for Low- Emission Mobility' of 20 July 2016, ‘European Defence Action Plan’ of 30 November 2016, 'Launching the European Defence Fund' of 7 June 2017, 'Space Strategy for Europe' of 26 October 2016, the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017, the ‘European Green Deal’ of 11 December 2019, the ‘European Green Deal Investment Plan’ of 14 January 2020, the ‘Strong Social Europe for Just Transitions’ of 14 January 2020, the ‘Strategy for shaping Europe’s digital future’, the ‘Data Strategy’ and the ‘Artificial Intelligence Communication’ of 19 February 2020, ‘A New Industrial Strategy for Europe’ of 10 March 2020 and ‘SME Strategy for a sustainable and digital Europe’ of 10 March 2020. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.

Amendment 480 #

Proposal for a regulation
Article 23 – paragraph 8

8. From the date of its constitution, the Investment Committee shall also be in charge of approving the use of the EU guarantee under Regulation (EU) 2015/1017 for the remainder of the investment period under that Regulation. They shall be assessed in accordance with the criteria laid down in that Regulation. The configurations of the Investment Committee responsible for the sustainable infrastructure window and the strategic European investment window shall assess those proposals. A~~rticle 22 shall not apply to such submissions~~ll bodies participating in the decision-making and selection of projects shall act according to the principles of transparency, accountability, and guaranteed stakeholder participation, including from civil society organisations. They should be composed of independent experts from various technical backgrounds, including climate experts, and aim for gender balance. Information on projects, selection procedure and decision making shall be published, while respecting commercially sensitive information.

Amendment 481 #

Proposal for a regulation
Article 24 – paragraph 1 – introductory part

1. The Commission shall establish the InvestEU Advisory Hub. The InvestEU Advisory Hub shall provide advisory support for the identification, preparation, development, structuring, procuring and implementation of investment projects, and for enhancing the capacity of project promoters and financial intermediaries to implement financing and investment operations. Such support may cover any stage of the life-cycle of a project or financing of a supported entity. A dedicated multi-language website providing support and information should be envisaged.

Amendment 482 #

Proposal for a regulation
Article 24 – paragraph 1 a (new)

1 a. Education and training represent a key feature of any sustainable recovery at EU level, being a sector that was severely hit in the context of the COVID- 19 pandemic. The Invest EU Programme should contribute to strengthening its long-term competitiveness by supporting operations promoting sustainable, innovative and digital education and training. Special support should be envisaged for SMEs and organizations in the field in need of financing to continue and develop their activities.

Amendment 483 #

Proposal for a regulation
Article 24 – paragraph 2 – point c

~~(c)~~ where appropriate, assist project ~~(c)~~ promoters in developing their projects, in particular local administrations and communities so that they fulfil the objectives set out in Articles 3 and 7 and the eligibility criteria set out in Article 13, and facilitate the development of Important Projects of Common European Interest in compliance with the Union’s climate and environmental goals, with specific consideration for the Regulation on the establishment of a framework to facilitate sustainable investment, and increased transparency in their implementation and aggregators for small-sized projects, including through investment platforms as referred to in point (f) of this paragraph, provided that such assistance does not prejudge the conclusions of the Investment Committee with respect to the coverage of the EU guarantee with respect to such projects;

Amendment 484 #

Proposal for a regulation
Article 24 – paragraph 2 – point c

Amendment 485 #

Proposal for a regulation
Article 24 – paragraph 2 – point e

Amendment 486 #

Proposal for a regulation
Article 24 – paragraph 2 – point h

(h) support capacity building actions to develop organisational capacities, skills and processes and to accelerate the investment readiness of organisations in order for public authorities and project promoters to build investment project pipelines, develop financing mechanisms and investment platforms and to manage projects and for financial intermediaries to implement financing and investment operations for the benefit of entities that face difficulties in obtaining access to finance, including through support for developing risk assessment capacity or sector specific knowledge; establish local and regional level project nurseries bringing together innovators, project promoters and financiers, and helping the projects to become eligible for financing.

Amendment 487 #

Proposal for a regulation
Article 24 – paragraph 2 – point i a (new)

(i a) providing support to financing and investment operations under the solvency support window.

Amendment 488 #

Proposal for a regulation
Article 24 – paragraph 4

4. The Commission shall conclude an advisory agreement with each advisory partner on the implementation of one or more advisory initiatives. Fees may be charged for the services referred to in paragraph 2 to cover part of the costs for providing those services, except for services provided to public project promoters or non-profit institutions, which shall be free of charge where justified. Fees charged to SMEs for those services referred to in paragraph 2 shall be capped at one ~~third~~quarter of the cost of providing those services.

Amendment 489 #

Proposal for a regulation
Article 24 a (new)

Article 24 a Financing of advisory services and technical assistance An amount of up to EUR 100 000 000 shall be made available for covering costs, advisory services and technical and administrative assistance to set-up and manage funds, special purpose vehicles, investment platforms and other vehicles for the purposes of the solvency support window including for support referred to in point (i) of Article 14(2) and having a special focus on Member States with less developed equity markets. The technical assistance shall also be available to support the green and digital transformation of companies financed under this window. The Commission shall implement this amount under direct or indirect management as referred to in points (a) and (c) of Article62(1) of the Financial Regulation. An amount of EUR 80 000 000 out of the amount referred to in the first subparagraph shall constitute an external assigned revenue in accordance with Article 21(5) of the Financial Regulation and shall be subject to Article 4(4) and (8) of the [EURI] Regulation.

Amendment 49 #

Proposal for a regulation
Recital 4

(4) At Union level, the European Semester of economic policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States, where appropriate in cooperation with local and regional authorities, develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly national reform programmes as a way of outlining and coordinating priority investment projects that are to be supported by national funding, Union funding, or both. The Commission and the Member States should cooperate better over the implementation of the European Semester recommandations in order to improve the achievement of the objectives fixed at the EU level, as recommended by European Court of Auditors in its Special report 16/2020. Those strategies should also use Union funding in a coherent manner and maximise the added value of the financial support to be received notably from the European structural and investment funds, the Recovery and Resilience Facility and the InvestEU Programme.

Amendment 490 #

Proposal for a regulation
Article 26 – paragraph 1

1. At the request of the European Parliament or of the Council, the Chairperson of the Steering Board shall report on the performance of the InvestEU Fund to the requesting institution, including by participating in a hearing before the European Parliament. Periodical evaluations should be presented to the European Parliament and made public.

Amendment 491 #

Proposal for a regulation
Article 26 – paragraph 1

1. At the request of the European Parliament or of the Council, the Chairperson of the Steering Board and the Chairperson of the Investment Committee shall report on the performance of the InvestEU Fund to the requesting institution, including by participating in a hearing before the European Parliament.

Amendment 492 #

Proposal for a regulation
Article 26 – paragraph 2

2. The Chairperson of the Steering Board and the Chairperson of the Investment Committee shall reply orally or in writing to questions addressed to the InvestEU Fund by the European Parliament or by the Council within five weeks of their receipt.

Amendment 493 #

Proposal for a regulation
Article 27 – paragraph 1

1. Indicators for reporting on the progress of the InvestEU Programme towards the achievement of the general and specific objectives set out in Article 3 are set in Annex III. They should reflect gender sensitive data and should be designed in a gender sensitive way, whenever possible, feeding into gender impact assessments. This way, monitoring will also cover gaps in feminised sectors and address equal opportunities and equal treatment of women and men in the labour market.

Amendment 494 #

Proposal for a regulation
Article 27 – paragraph 1

1. ISustainability indicators for reporting on the alignment with the EU Taxonomy screening criteria and on the progress of the InvestEU Programme towards the achievement of the general and specific objectives set out in Article 3 are set in Annex III, particularly climate neutrality, circular economy and other environmental objectives.

Amendment 495 #

Proposal for a regulation
Article 27 – paragraph 2

2. The performance reporting system shall ensure that data for monitoring implementation and results are collected in an efficient, effective and timely manner, and that those data allow for adequate risk and guarantee portfolio monitoring as well as for gender impact assessment. To that end, proportionate reporting requirements shall be imposed on the implementing partners, the advisory partners and other recipients of Union funds, as appropriate.

Amendment 496 #

Proposal for a regulation
Article 27 – paragraph 3

3. The Commission shall report on the implementation of the InvestEU Programme in accordance with Articles 241 and 250 of the Financial Regulation. In accordance with Article 41(5) of the Financial Regulation, the annual report shall provide information on the level of implementation of the Programme with respect to its objectives and performance indicators. For that purpose, each implementing partners shall provide on an annual basis the information necessary to allow the Commission to comply with its reporting obligations, including information on the operation of the EU guarantee. Where necessary, the annual report shall be accompanied by legislative proposals for amending this Regulation.

Amendment 497 #

Proposal for a regulation
Article 27 – paragraph 5 – indent 1 (new)

- Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement.

Amendment 498 #

Proposal for a regulation
Article 28 – paragraph 1

1. Evaluations of the InvestEU Programme should cover environmental impact of a project or an activity based on harmonised sustainability indicators, Natural Capital Accounting, Life Cycle Analysis, and climate tracking and sustainability proofing, and shall be carried out so that they feed into the decision-making process in a timely manner.

Amendment 499 #

Proposal for a regulation
Article 28 – paragraph 2

2. By 30 September 2024, the Commission shall submit to the European Parliament and to the Council an independent interim evaluation report on the InvestEU Programme, in particular on the use of the EU guarantee, on the fulfilment of the EIB Group's obligations under points (b) and (c) of Article 10(1), on the allocation of the EU guarantee provided for in Article 12(4) and (5), on the implementation of the InvestEU Advisory Hub, on the budgetary allocation provided for in point (d)(i) of Article 10(1), and on Article 7(6). The evaluation shall in particular demonstrate how the inclusion of the implementing partners and advisory partners in the implementation of the InvestEU Programme has contributed to the reaching of InvestEU Programme targets as well as EU policy goals, especially with regard to value added, geographical and sectoral balance of the supported financing and investment operations. The evaluation shall also assess the application of sustainability proofing pursuant to Article 7(3) and the focus on SMEs reached under the SME policy window referred to in point (c) of Article 7(1). Where necessary, the interim report shall be accompanied by legislative proposals for amending this Regulation.

Amendment 50 #

Proposal for a regulation
Recital 4 a (new)

(4 a) In accordance with Article 8 of the TFEU that commits to eliminating inequalities and promoting the principle of equality between women and men in all actions, InvestEU should contribute to the achievement of the Union’s policies on gender equality and the promotion and empowerment of women. Particularly considering the intensity of the post- COVID 19 economic shock that is projected to have a disproportionate impact on women, including through job losses and the unpaid care burden, the InvestEU programme should apply gender mainstreaming and gender budgeting principles, following the ‘Gender Equality Strategy 2020-2025’of 5 March 2020. This spending should be adequately monitored, following gender mainstreaming principles, through indicators and the gathering of sex- disaggregated data to accurately assess the impact of the programme on gender within monitoring, reporting and evaluation.

Amendment 500 #

Proposal for a regulation
Chapter 9 – title

TransPparency and visibility

Amendment 501 #

Proposal for a regulation
Article 31 – paragraph 1

1. Implementing partners and advisory partners shall acknowledge the origin and ensure the visibility of the Union funding (in particular when promoting the actions and their results), by providing coherent, effective and targeted information to multiple audiences, including the media and the public. The application of the requirements under the first subparagraph to projects in the defence and space sectors shall be subject to respect for any confidentiality or secrecy obligations.deleted

Amendment 502 #

Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1

The application of the requirements under the first subparagraph to projects in the ~~defence~~security and space sectors shall be subject to respect for any confidentiality or secrecy obligations.

Amendment 503 #

Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 a (new)

The Commission shall publish on its web portal information on financing and investment operations, including information on exepcted impacts and benefits of the projects, taking into account the protection of confidential and commercially sensitive information. In accordance with relevant transparency policies and Union rules on data protection and on access to documents and information, the implementing partners and other recipients of Union funds shall pro actively and systematically make publicly available on their websites information relating to all financing and investment operations covered by this programme, relating in particular to the manner in which those projects contribute to the achievement of the objectives and requirements of this Regulation

Amendment 504 #

Proposal for a regulation
Article 31 – paragraph 1 a (new)

1 a. To increase transparency the instrument should have a public database containing information regarding the allocation per Member States and should be included in the European Commission’s Financial Transparency System (FTS).

Amendment 505 #

Proposal for a regulation
Article 34 – paragraph 1

1. By way of derogation tofrom the first and ~~last~~fourth subparagraphs of Article 209(3) of the Financial Regulation, any revenues, repayments and recoveries from financial instruments established by programmes referred to in Annex IV to this Regulation ~~may~~shall be used for the provisioning of the EU guarantee under this Regulation~~, taking into account Article [4] of Regulation [the public sector loan facility]~~.

Amendment 506 #

Proposal for a regulation
Article 34 – paragraph 3 a (new)

3 a. All financial instruments established by programmes referred to in Annex IV to this Regulation and the EU guarantee established by Regulation (EU) 2015/1017 the budgetary guarantee established under Regulation (EU) 2015/1017 may, if applicable and subject to a prior evaluation, be merged together with those under this Regulation.

Amendment 507 #

Proposal for a regulation
Article 34 – paragraph 3 a (new)

3 a. The implementing partners may submit to the Commission financing and investment operations approved by them during the period from the conclusion of the relevant guarantee agreement and the first appointments of all the members of the Investment Committee following the date of entry into force of this Regulation have been made.

Amendment 508 #

Proposal for a regulation
Article 34 – paragraph 3 a (new)

3 a. All financial instruments established by programmes referred to in Annex IV to this Regulation and the budgetary guarantee established under Regulation (EU) 2015/1017 may, if applicable and subject to a prior evaluation, be merged together with those under this Regulation.

Amendment 509 #

Proposal for a regulation
Article 34 – paragraph 3 b (new)

3 b. By way of derogation from the second and third subparagraphs of Article 209(3) of the Financial Regulation, revenues and repayments from the financial instrument established programmes referred to in Annex IV to this Regulation and the budgetary guarantee established under Regulation (EU) 2015/1017 which have been merged with the EU guarantee established under this Regulation in accordance with Article 34(4) shall constitute, respectively,internal assigned revenue within the meaning of Article 21(5) of the Financial Regulation for the EU Guarantee established by this Regulation and repayments for the EU Guarantee established by this Regulation.

Amendment 51 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU. InvestEU Fund should ensure quick delivery of the committed finances to the final beneficiaries in order to alleviate the lack of liquidity in most affected regions and to provide urgent resources to the enterprises that otherwise would risk severe staff cuts or bankruptcy.

Amendment 510 #

Proposal for a regulation
Article 34 – paragraph 3 b (new)

3 b. The Commission shall assess the operations referred to in paragraph 3a and decide that the EU guarantee coverage extends to them.

Amendment 511 #

Proposal for a regulation
Article 34 – paragraph 3 c (new)

3 c. The implementing partners may submit to the Commission financing and investment operations approved by them during the period from the conclusion of the relevant guarantee agreement and the first appointments of all the members of the Investment Committee following the date of entry into force of this Regulation have been made.

Amendment 512 #

Proposal for a regulation
Article 34 – paragraph 3 c (new)

3 c. The implementing partners may submit to the Commission financing and investment operations approved by them during the period from the date of entry into force of this Regulation until the conclusion of the relevant guarantee agreement.

Amendment 513 #

Proposal for a regulation
Article 34 – paragraph 3 d (new)

3 d. The Commission shall assess the operations referred to in paragraph 3c and decide that the EU guarantee coverage extends to them from the date of conclusion of the relevant guarantee agreements, after which the implementing partners may sign the financing and investment operations.

Amendment 514 #

Proposal for a regulation
Article 34 – paragraph 3 d (new)

3 d. The Commission shall assess the operations referred to in paragraph 6 and decide that the EU guarantee coverage extends to them.

Amendment 515 #

Proposal for a regulation
Article 34 – paragraph 3 e (new)

3 e. The investment period during which the EU guarantee may be granted for supporting financing and investment operations covered by this Regulation shall last until the conclusion of the guarantee agreement between the Commission and the EIB under the proposed Regulation of the European Parliament and the Council establishing the InvestEU Programme, for EIB operations for which a contract between the EIB and the beneficiary or financial intermediary has been signed by 31 December 2022; the conclusion of the guarantee agreement between the Commission and the EIF under the proposed Regulation of the European Parliament and the Council establishing the InvestEU Programme, for EIF operations for which a contract between the EIF and the beneficiary or financial intermediary has been signed by December 2022

Amendment 516 #

Proposal for a regulation
Article 34 – paragraph 3 e (new)

3 e. All financial instrument established by programmes referred to in Annex IV to this Regulation and the EU guarantee established by Regulation (EU)2015/1017 the budgetary guarantee established under Regulation (EU) 2015/1017may, if applicable and subject to a prior evaluation, be merged together with those under this Regulation.

Amendment 517 #

Proposal for a regulation
Article 34 – paragraph 3 f (new)

3 f. By way of derogation from the second and third subparagraphs of Article 209(3) of the Financial Regulation, revenues and repayments from the financial instrument established programmes referred to in Annex IV to this Regulation and the budgetary guarantee established under Regulation (EU) 2015/1017 which have been merged with the EU guarantee established under this Regulation in accordance with paragraph 3e of this Article shall constitute, respectively, internal assigned revenue within the meaning of Article 21(5) of the Financial Regulation for the EU Guarantee established by this Regulation and repayments for the EU Guarantee established by this Regulation.

Amendment 518 #

Proposal for a regulation
Annex I – paragraph 1 – point b

(b) up to EUR 1~~0 166 62~~1 250 000 000 for objectives referred to in point (b) of Article 3(2);

Amendment 519 #

Proposal for a regulation
Annex I – paragraph 1 – point b

(b) up to EUR 1~~0 166 62~~1 250 000 f000 or objectives referred to in point (b) of Article 3(2);

Amendment 52 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of ~~debt,~~ risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. Debt schemes will be excluded from the framework and forbidden, in order to reduce the Member States' overreliance on debt. The InvestEU Fund should be ~~demand~~supply-driven, while at the same time it should focus on providing strategic, long- term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a ~~wide rang~~targeted scope of sectors and regions, ~~but~~ should avoid excessive sectoral or geographical concentration, should avoid funding projects dominated by third countries and third country nationals, and should facilitate access of projects composed of partner entities in multiple regions across the EU.

Amendment 520 #

Proposal for a regulation
Annex I – paragraph 1 – point c

Amendment 521 #

Proposal for a regulation
Annex I – paragraph 1 – point c

Amendment 522 #

Proposal for a regulation
Annex I – paragraph 1 – point d

(d) up to EUR ~~3 614 8~~5 567 500 000 for objectives referred to in point (d) of Article 3(2);

Amendment 523 #

Proposal for a regulation
Annex I – paragraph 1 – point d

(d) up to EUR ~~3 614 8~~5 567 500 000 for objectives referred to in point (d) of Article 3(2);

Amendment 524 #

(e a) up to EUR 4 900 000 000 for objectives referred to in point(e) of Article 3(2).

Amendment 525 #

Proposal for a regulation
Annex II – paragraph 1

The financing and investment operations under other windows than the strategic European investment window may address major and urgent investment needs related to the Covid-19 pandemic and its severe social, economic and health impact as well as promote the objectives of the European Green Deal and the just transition to a carbon-neutral economy by 2050 at the latest and may fall under one or more of the following areas:

Amendment 526 #

The financing and investment operations under other windows than the strategic European investment window ~~may fall under~~shall be limited to one or more of the following areas:

Amendment 527 #

Proposal for a regulation
Annex II – paragraph 2

The financing and investment operations under the strategic European investment window shall fall under the areas laid down in point (e) of Article 7(1). They may in particular include Important Projects of Common European Interest. in compliance with the Union’s climate and environmental goals, with specific consideration for the Regulation on the establishment of a framework to facilitate sustainable investment

Amendment 528 #

Proposal for a regulation
Annex II – paragraph 2

The financing and investment operations under the strategic European investment window shall fall under the areas laid down in point (e) of Article 7(1). They may in particular include Important Projects of Common European Interest and activities and critical assets covered by the EU investment screening framework.

Amendment 529 #

Proposal for a regulation
Annex II – point 1 – introductory part

1. The development of the energy sector in accordance with the Energy Union priorities, including s~~ecurity of energy supply, clean~~ustainable energy transition and the commitments taken under the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change, in particular through:

Amendment 53 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence ~~and~~, cohesion and resilience of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities and projects that foster the development of networks, clusters and digital innovation hubs in in multiple regions across the EU.

Amendment 530 #

Proposal for a regulation
Annex II – point 1 – point a

(a) the expansion of the generation, supply or use of clean and sustainable renewable and safe and sustainable other zero ~~and low-~~emission energy sources and solutions;

Amendment 531 #

Proposal for a regulation
Annex II – point 1 – point d

(d) the development of innovative zero- ~~and low-~~emission heat supply systems and the combined production of electricity and heat;

Amendment 532 #

Proposal for a regulation
Annex II – point 1 – point e

(e) the production and supply of sustainable synthetic fuels from renewable~~/carbon-neutral~~ sources and other safe and sustainable zero- ~~and low-~~ emission sources, biofuels, biomass and alternative fuels, including fuels for all modes of transport, in accordance with the objectives of Directive 2018/2001 of the European Parliament and of the Council56 and within the limits of sustainable availability ; and _________________ 56Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources (OJ L 328, 21.12.2018, p. 82).

Amendment 533 #

Proposal for a regulation
Annex II – point 1 – point f

(f) technologies and infrastructure for ~~carbon capture, and storage in~~emission-free industrial processes, bioenergy plants and manufacturing facilities ~~towards the energ~~as part of the sustainable economy transition.

Amendment 534 #

Proposal for a regulation
Annex II – point 2 – introductory part

Amendment 535 #

Proposal for a regulation
Annex II – point 2 – point a

(a) projects that support the development of the trans-European transport network (TEN-T) infrastructure, ~~includ~~prioritising infrastructure maintenance and safety, the urban nodes of TEN-T, maritime and inland ports, ~~airports~~, multimodal terminals and the connection of such multimodal terminals to the TEN-T networks, and the telematic applications referred to in Regulation (EU) No 1315/2013 of the European Parliament and of the Council57 ; _________________ 57 Regulation (EU) No 1315/2013 of the European Parliament and of the Council of 11 December 2013 on Union guidelines for the development of the trans-European transport network and repealing Decision No 661/2010/EU (OJ L 348, 20.12.2013, p.1).

Amendment 536 #

Proposal for a regulation
Annex II – point 2 – point c

Amendment 537 #

Proposal for a regulation
Annex II – point 2 – point d

Amendment 538 #

Proposal for a regulation
Annex II – point 2 – point f a (new)

Amendment 539 #

Proposal for a regulation
Annex II – point 2 – point g – point iii

(iii) emission reduction with a clear pathway to zero emissions by 2040; or

Amendment 54 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-al, economic and territorial convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the fairness sustainability and inclusiveness of the Union's economic growth, to the green transition towards a climate-neutral economy, and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU.

Amendment 540 #

Proposal for a regulation
Annex II – point 2 – point h

Amendment 541 #

Proposal for a regulation
Annex II – point 3 – point b

(b) waste utilisation and management infrastructure;

Amendment 542 #

Amendment 543 #

Proposal for a regulation
Annex II – point 3 – point i

(i) the decarbonisation of the energy production and distribution chain by phasing out the use of coal, gas and oil; and

Amendment 544 #

Proposal for a regulation
Annex II – point 4

Amendment 545 #

Proposal for a regulation
Annex II – point 4

4. The development of digital connectivity infrastructure, in particular through projects that support the deployment of very high capacity digital networks~~, 5G connectivity~~ or that improve digital connectivity and access, particularly in rural areas and peripheral regions.

Amendment 546 #

Proposal for a regulation
Annex II – point 6 – point a

(a) ethical artificial intelligence;

Amendment 547 #

Proposal for a regulation
Annex II – point 6 – point b

~~(b) quantum technology;~~deleted

Amendment 548 #

Proposal for a regulation
Annex II – point 9

9. ~~Tourism~~Sustainable Tourism through investments that contribute to the transformation of the sector, particularly developing accessibility, eco-tourism and affordable travelling by railway, and through supporting operations promoting a sustainable, innovative and digital recovery.

Amendment 549 #

Proposal for a regulation
Annex II – point 9

9. ~~Tourism~~Sustainable tourism, in particular investments that contribute to the recovery, sustainability and competitiveness of the sector.

Amendment 55 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the international competitiveness, energy independence and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration, without prejudice to region-specific programmes and should facilitate access of projects composed of partner entities in multiple regions across the EU.

Amendment 550 #

Proposal for a regulation
Annex II – point 10

10. The rehabilitation of industrial sites (including contaminated sites) and the restoration of such sites for sustainable use excluding rehabilitations and restorations which are part of corporate liabilities.

Amendment 551 #

Proposal for a regulation
Annex II – point 12 – point d – point ii

(ii) affordable, healthy and energy- efficient social housing;58 _________________ 58Affordable social housing is to be understood as aimed at disadvantaged persons or socially less advantaged groups, who due to solvency constraints live in severe housing deprivation or are unable to obtain housing at market conditions.

Amendment 552 #

Proposal for a regulation
Annex II – point 12 – point d – point iii

(iii) health, child and long-term care, including public and private day-care centers, clinics, hospitals, primary care, home services and community-based care;

Amendment 553 #

Proposal for a regulation
Annex II – point 12 – point d – point iii

(iii) public health and long-term care, including clinics, hospitals, primary care, home services and community-based care;

Amendment 554 #

Proposal for a regulation
Annex II – point 12 – point g

(g) measures to promote gender equality including women's participation in the labour market;

Amendment 555 #

Proposal for a regulation
Annex II – point 12 – point h

(h) the integration of vulnerable people, including people with disabilities, LGBTI+ people and third country nationals;

Amendment 556 #

Proposal for a regulation
Annex II – point 13

Amendment 557 #

Proposal for a regulation
Annex III – point 4 – point 4.1

4.1 Energy: Additional renewable and other safe and sustainable zero ~~and low-~~ -emission energy generation capacity installed (in megawatts (MW))

Amendment 558 #

Proposal for a regulation
Annex III – point 4 – point 4.2

4.2 Energy: Number of households, number of public and commercial premises with improved energy consumption classification and buildings on NZEBs, passive house or energy plus level;

Amendment 559 #

Proposal for a regulation
Annex III – point 5 – point 5.2 a (new)

5.2 a Number of female led enterprises supported, detailed by gender of primary owner and/or majority of the board members

Amendment 56 #

Proposal for a regulation
Recital 5

Amendment 560 #

Proposal for a regulation
Annex III – point 6 – point 6.4 a (new)

6.4 a Number of female led enterprises supported detailed by gender of primary owner and/or majority of the board members

Amendment 561 #

Proposal for a regulation
Annex III – point 8 – point 8.1

8.1 Number and volume of operations contributing to the provision and/ or improvement of critical infrastructure, broken down by physical infrastructure and the associated goods and services, ~~where applicable~~

Amendment 562 #

Proposal for a regulation
Annex III – point 8 – point 8.1 a (new)

8.1 a Number and volume of operations contributing to the reduction of greenhouse gas emissions to a net-zero economy in accordance with the European climate targets;

Amendment 563 #

Proposal for a regulation
Annex III – point 8 – point 8.3

8.3 Number and volume of operations contributing to the development of critical technologies and inputs for the security of the Union and its Member States, and civilian components of dual use items

Amendment 564 #

Proposal for a regulation
Annex III – point 8 – point 8.4

Amendment 565 #

Proposal for a regulation
Annex III – point 8 – point 8.4 a (new)

8.4 a Number of clusters and Digital Innovation Hubs supported for the creation of synergies between regional, national, European and private businesses and companies;

Amendment 566 #

Proposal for a regulation
Annex III – point 8 – point 8.5

8.5 Number and volume of operations contributing to the supply, manufacturing and stockpiling of critical inputs, ~~including~~unless in the limits of existing legal requirements notably critical healthcare provisions

Amendment 567 #

Proposal for a regulation
Annex III – point 8 – point 8.7

8.7 Number and volume of operations supporting key enabling and digital technologies that are strategically important for the Union~~’s industrial future~~.

Amendment 568 #

Proposal for a regulation
Annex III – point 8 – point 8.7 a (new)

8.7 a Number and volume of operations to help companies and communities, in particular SMEs, to increase the resilience of their value chains and business models.

Amendment 569 #

Proposal for a regulation
Annex IV – point B – indent 8

— InnovFin Debt: – Regulation (EU) No 1290/2013 of the European Parliament and of the Council of 11 December 2013 laying down the rules for participation and dissemination in "Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020)" and repealing Regulation (EC) No 1906/2006 (OJ L 347, 20.12.2013, p. 81) – Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104) – Council Decision 2013/743/EU of 3 December 2013 establishing the specific programme implementing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decisions 2006/971/EC, 2006/972/EC, 2006/973/EC, 2006/974/EC and 2006/975/EC (OJ L 347, 20.12.2013, p. 965)deleted

Amendment 57 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity ~~instruments~~ and quasi-equity instruments (such as hybrid debt, subordinated debt or convertible equity)backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long- term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU.

Amendment 570 #

Proposal for a regulation
Annex IV – point C – indent 3

— Connecting Europe Facility Debt Instrument (CEF DI): Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129)deleted

Amendment 571 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 1 – paragraph 1 – point a

Amendment 572 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 1 – paragraph 1 – point f

Amendment 573 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 2 – paragraph 1 – point 1

(1) To be considered additional to the private sources referred to in point (b) of Article 209(2) of the Financial Regulation, the InvestEU Fund shall support the financing and investment operations of the implementing partners by targeting investments which, due to their characteristics (public good nature, externalities, information asymmetries, socio-economic cohesion considerations or other), are unable to generate sufficient market-level financial returns or are perceived to be too risky (compared to the risk levels that the relevant private entities are willing to accept). Because of those characteristics, such financing and investment operations cannot access market financing at reasonable conditions in terms of pricing, collateral requirements, the type of finance, the tenor of financing provided or other conditions, and would not be undertaken in the Union at all or to the same extent without public support. Projects supported by the InvestEU Fund shall strive to create long-term employment, public infrastructure, sustainable growth and contribute to achieving the Union’s climate objectives.

Amendment 574 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 2 – paragraph 1 – point 3

Amendment 575 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 2 – paragraph 2 – point b

(b) Support provided through equity ~~and quasi-equity or through debt with long tenors~~, pricing, collateral requirements or other conditions not sufficiently available on the market or from other public sources

Amendment 576 #

Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 2 – paragraph 2 – point f a (new)

(f a) support to funds, special purpose vehicles, investment platforms or other arrangements under the solvency support window.

Amendment 577 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 2

(2) ~~In the area of defence activities, t~~The use, development, or production of products and technologies that are prohibited by applicable international law

Amendment 578 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 11

(11) The decommissioning~~, operation, adaptation or construc~~ and operation of nuclear power stations

Amendment 579 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – introductory part

Amendment 58 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, visible actions in the real economy such as the creation of new jobs, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU.

Amendment 580 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – introductory part

(12) Investments related to mining ~~or to the extra~~extraction, production, processing, distribution, storage, transport or combustion of ~~solid~~ fossil fuels ~~and oil~~, as well as investments related to the extraction of gas. This exclusion does not apply to:

Amendment 581 #

(12) Investments related to mining or to the extraction, processing, distribution, storage or combustion of ~~solid~~ fossil fuels and oil, as well as investments related to the extraction of gas. This exclusion does not apply to:

Amendment 582 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point a

~~(a) projects where there is no viable alternative technology;~~deleted

Amendment 583 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point a

~~(a) projects where there is no viable alternative technology;~~deleted

Amendment 584 #

~~(a) projects where there is no viable alternative technology;~~deleted

Amendment 585 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point b

~~(b) projects related to pollution prevention and control;~~deleted

Amendment 586 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c

Amendment 587 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 a (new)

(12 a) Investments related to the decommissioning, operation, adaptation, construction or lifetime extension of nuclear power stations, or to the management or storage of nuclear waste.

Amendment 588 #

Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 15 a (new)

(15 a) Investment in airport infrastructure, except for outermost regions, and motorway infrastructure;

Amendment 59 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social and environmental resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU.

Amendment 60 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation, education and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, ~~but should avoid excessive~~targeting a balanced sectoral or geographical co~~ncentration~~verage at EU level and should facilitate access of projects composed of partner entities in multiple regions across the EU.

Amendment 61 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and upward socio- economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in multiple regions across the EU.

Amendment 62 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate access of projects composed of partner entities in ~~multiple~~ regions across the EU.

Amendment 63 #

Proposal for a regulation
Recital 5

(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergence and cohesion of the Union, including in the fields of innovation and digitisation, to the efficient use of resources in accordance with the circular economy, to the sustainability and inclusiveness of the Union's economic growth and to the social resilience and integration of the Union capital markets, including through solutions that address the fragmentation of Union capital markets and that diversify sources of financing for Union enterprises. To that end, the InvestEU Fund should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments backed up by a guarantee from the Union budget and by financial contributions from implementing partners as relevant. The InvestEU Fund should be demand-driven, while at the same time it should focus on providing strategic, long-term benefits in relation to key areas of Union policy which otherwise would not be funded or would be insufficiently funded, thereby contributing to meeting policy objectives of the Union. Support under the InvestEU Fund should cover a wide range of sectors and regions, but should avoid excessive sectoral or geographical concentration and should facilitate ~~access of~~ projects composed of partner entities in multiple regions across the EU.

Amendment 64 #

Proposal for a regulation
Recital 5 a (new)

(5 a) Investments increasing productivity, ensuring geographical and social cohesion must be secured, certainly at small and medium enterprise level (SMEs), delivering a just transition while strengthening our economies in a situation of an unprecedented crisis, fighting poverty, securing new jobs when old ones are lost, and leaving no one and no generation behind.

Amendment 65 #

(6) The cultural and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level.tend to be catalysts of a toxic progressive agenda. Therefore, The InvestEU Programme should ~~continue to~~ facilitate access to finance for SMEs and organisations from the cultural and creative sectors. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders, only when these SMEs and organisations promote European culture.

Amendment 66 #

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are key and fast growing sectors in the Union that can play an important part in ensuring sustainable recovery, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on, with potential long-term structural impairment as regards access to the Cultural and Creative Sectors Guarantee Facility or complex financial instruments for these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and ~~democracy~~for building democratic and cohesive societies in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the sectors' competitiveness and their long- term capacity to produce and distribute high-quality content to wide audiences across national borders, with respect for pluralism and the freedom of speech.

Amendment 67 #

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders. Increasing EU funding opportunities should go hand in hand with devising a competition policy that ensures that large international digital platforms, which have benefited from the coronavirus pandemic, do not discriminate against European content and smaller independent players in licensing terms.

Amendment 68 #

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The impact on the cultural and creative sector was even more severe in the less developed countries and regions, therefore requiring more support coming from EU level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.

Amendment 69 #

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors and their workers. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors and preserve and the protect its workforce. The cultural and creative, audiovisual and media sectors, thanks also to the specificity of the workforce, are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.

Amendment 70 #

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors and their workers. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors and preserve and protect its workforce. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.

Amendment 71 #

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place ~~during~~at the outset of the Covid-19 crisis continue to evolve and have had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.

Amendment 72 #

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are key and fast growing sectors in the Union, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts and organisation of events put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age, and an intrinsic part of our sovereignty and autonomy, and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.

Amendment 73 #

Proposal for a regulation
Recital 6

(6) The cultural and creative sectors are ~~key and~~ fast growing ~~sectors in the Union~~and significant to the Union's economy, generating both economic and cultural value from intellectual property and individual creativity. However, restrictions on social contacts put in place during the Covid-19 crisis had a significantly negative economic impact on these sectors. Moreover, the intangible nature of the assets in those sectors limits the access of SMEs and organisations from those sectors to private financing which is essential to be able to invest, scale up and compete at an international level. The InvestEU Programme should continue to facilitate access to finance for SMEs and organisations from the cultural and creative sectors. The cultural and creative, audiovisual and media sectors are essential for our cultural diversity and democracy in the digital age, ~~and an intrinsic part of our sovereignty and autonomy,~~ and strategic investments in audiovisual and media content and technology will determine the long-term capacity to produce and distribute content to wide audiences across national borders.

Amendment 74 #

Proposal for a regulation
Recital 7

(7) With a view to fostering sustainable and inclusive growth, investment and employment, and thereby contributing to improved well-being, to fairer income distribution and to greater economic, social and territorial cohesion in the Union, the InvestEU Fund should support investments in tangible and intangible assets, including in cultural heritage~~. P~~ and gender equality. According to 2017 EIGE study, improvements to gender equality would generate up to 10.5 million additional jobs by 2050 and the EU employment rate would reach almost 80%. Therefore, projects funded by the InvestEU Fund should meet Union environmental and social standards, including standards on labour rights, and enhance gender equality. Interventions through the InvestEU Fund should complement Union support delivered through grants.

Amendment 75 #

Proposal for a regulation
Recital 7

(7) With a view to fostering sustainable and inclusive growth, investment and employment, and thereby contributing to improved well-being, to fairer income distribution and to greater economic, social and territorial cohesion in the Union, the InvestEU Fund should support investments in tangible and intangible assets, including in cultural heritage. Projects funded by the InvestEU Fund should meet Union environmental and social standards, including standards on labour rights, including seasonal and posted workers rights. Interventions through the InvestEU Fund should complement Union support delivered through grants.

Amendment 76 #

Proposal for a regulation
Recital 7

(7) With a view to fostering sustainable and inclusive growth, investment and employment, and thereby contributing to improved well-being, to fairer income distribution and to greater economic, social and territorial cohesion in the Union, the InvestEU Fund should support investments in tangible and intangible assets, including in European cultural heritage. Projects funded by the InvestEU Fund should meet Union environmental and social standards, including standards on labour rights. Interventions through the InvestEU Fund should complement Union support delivered through grants.

Amendment 77 #

Proposal for a regulation
Recital 8

(8) The Union endorsed the objectives set out in the United Nations 2030 Agenda for Sustainable Development (the "2030 Agenda"), its Sustainable Development Goals (SDGs) and the Paris Agreement adopted under the United Nations Framework Convention on Climate Change24 ("Paris Agreement on Climate Change") as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve those objectives, as well as those set out in the environmental policies of the Union, action pursuing sustainable development is to be stepped up significantly. Therefore, the principles of sustainable development should feature prominently in the design of the InvestEU Fund. _________________ 24 OJ L 282, 19.10.2016, p. 4.deleted

Amendment 78 #

Proposal for a regulation
Recital 8

(8) The Union endorsed the objectives set out in the United Nations 2030 Agenda for Sustainable Development (the "2030 Agenda"), its Sustainable Development Goals (SDGs) and the Paris Agreement adopted under the United Nations Framework Convention on Climate Change24 ("Paris Agreement on Climate Change") as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve those objectives, as well as those set out in the environmental policies of the Union, action pursuing sustainable development is to be stepped up significantly. Therefore, the principles of sustainable development, environmental sustainability in line with the EU Taxonomy and Do No Significant Harm principle, climate neutrality and cost of non-action should feature prominently in the design of the InvestEU Fund. _________________ 24 OJ L 282, 19.10.2016, p. 4.

Amendment 79 #

Proposal for a regulation
Recital 8

(8) The Union endorsed the objectives set out in the United Nations 2030 Agenda for Sustainable Development (the "2030 Agenda"), its Sustainable Development Goals (SDGs) and the Paris Agreement adopted under the United Nations Framework Convention on Climate Change24 ("Paris Agreement on Climate Change") as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve those objectives, as well as those set out in the environmental policies of the Union, such as the EU Biodiversity Strategy 2030, action pursuing sustainable development is to be stepped up significantly and environmentally harmful subsidies must be phased-out. Therefore, the principles of sustainable development should feature prominently in the design of the InvestEU Fund. _________________ 24 OJ L 282, 19.10.2016, p. 4.

Amendment 80 #

Proposal for a regulation
Recital 8

(8) The Union endorsed the objectives set out in the United Nations 2030 Agenda for Sustainable Development (the "2030 Agenda"), its Sustainable Development Goals (SDGs) and the Paris Agreement adopted under the United Nations Framework Convention on Climate Change24 ("Paris Agreement on Climate Change") as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve those objectives, as well as those set out in the climate and environmental policies of the Union and in the priorities of the European Green Deal, action pursuing sustainable development is to be stepped up significantly. Therefore, the principles of sustainable development and sustainable finance should feature prominently in the design of the InvestEU Fund. _________________ 24 OJ L 282, 19.10.2016, p. 4.

Amendment 81 #

Proposal for a regulation
Recital 9

(9) The InvestEU Programme should contribute to building a sustainable finance system in the Union which supports the reorientation of private capital towards sustainable investments in accordance with the objectives set out in the communication of the Commission of 8 March 2018 ‘Action Plan: Financing Sustainable Growth’ and the communication of the Commission of 14 January 2020 on the European Green Deal Investment Plan. Operations supported by the InvestEU Programme should therefore follow, as applicable, the criteria set out in Regulation (EU) 2020/852 of the European Parliament and the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, including the 'do no significant harm' principle.

Amendment 82 #

Proposal for a regulation
Recital 9

Amendment 83 #

Proposal for a regulation
Recital 9

(9) The InvestEU Programme should contribute to building a sustainable finance system in the Union which supports the reorientation of private capital towards sustainable investments, with impact in the real economy and by supporting the creation of new jobs, in accordance with the objectives set out in the communication of the Commission of 8 March 2018 ‘Action Plan: Financing Sustainable Growth’ and the communication of the Commission of 14 January 2020 on the European Green Deal Investment Plan.

Amendment 84 #

Proposal for a regulation
Recital 9

(9) The InvestEU Programme should contribute to building a sustainable finance system in the Union which supports and enables the reorientation of private capital towards environmentally and socially sustainable investments and activities in accordance with the objectives set out in the communication of the Commission of 8 March 2018 ‘Action Plan: Financing Sustainable Growth’ and the communication of the Commission of 14 January 2020 on the European Green Deal Investment Plan.

Amendment 85 #

Proposal for a regulation
Recital 10

(10) Reflecting the importance of tackling climate change in line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the InvestEU Programme will contribute to mainstream climate actions and to the achievement of an overall target of 25 % of the Union budget expenditures supporting climate objectives. Actions under the InvestEU Programme are expected to contribute 30 % of the overall financial envelope of the InvestEU Programme to climate objectives. Relevant actions will be identified during the InvestEU Programme's preparation and implementation and reassessed in the context of the relevant evaluations and review processeDue to the seriousness of the impact of the national and regional lockdown measures on the economies of the Member States, the implementation of the Paris Agreement on Climate Change should be shelved at least until the economy has fully recovered from the COVID crisis.

Amendment 86 #

Proposal for a regulation
Recital 10

(10) Reflecting the importance of tackling climate change in line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the InvestEU Programme will contribute to mainstream climate actions and to the achievement of an overall target of 25 % of the Union budget expenditures supporting climate objectives , including actions and measures that mitigate impact on the workforce and protect workers that are negatively affected by productive transitions. Actions under the InvestEU Programme are expected to contribute 30 % of the overall financial envelope of the InvestEU Programme to climate objectives. Relevant actions will be identified during the InvestEU Programme's preparation and implementation and reassessed in the context of the relevant evaluations and review processes.

Amendment 87 #

Proposal for a regulation
Recital 10

(10) Reflecting the importance of tackling climate change in line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the InvestEU Programme will contribute to mainstream climate actions ~~and to the achievement of an overall target of 25 % of the Union bud~~, contingent ~~expenditures supporting climate objectives. Actions under the InvestEU Programme are expected to contribute 30 % of the overall financial envelope of the InvestEU Programme to climate objectives~~on priority being given to the recovery of European economies, businesses and job creation. Relevant actions will be identified during the InvestEU Programme's preparation and implementation and reassessed in the context of the relevant evaluations and review processes.

Amendment 88 #

Proposal for a regulation
Recital 10

(10) Reflecting the importance of tackling climate change in line with the Union's commitments to implement the European \green Deal, the Paris Agreement on Climate Change and the SDGs, the InvestEU Programme will contribute to mainstream climate actions and to the achievement of an overall target of 25at least 40 % of the Union budget expenditures supporting climate objectives. Actions under the InvestEU Programme are expected to contribute 3at least 50 % of the overall financial envelope of the InvestEU Programme to climate objectives. The climate mainstreaming is a necessary procedure to tracking of climate expenditure. Relevant actions will be identified during the InvestEU Programme's preparation and implementation and reassessed in the context of the relevant evaluations and review processes.

Amendment 89 #

Proposal for a regulation
Recital 10

Amendment 90 #

Proposal for a regulation
Recital 10

Amendment 91 #

Proposal for a regulation
Recital 10

Amendment 92 #

Proposal for a regulation
Recital 10

Amendment 93 #

Proposal for a regulation
Recital 10

Amendment 94 #

Proposal for a regulation
Recital 11

Amendment 95 #

Proposal for a regulation
Recital 11

(11) The contribution of the InvestEU Fund to the achievement of the climate target will be tracked through a Union climate tracking system to be developed by the Commission in cooperation with potential implementing partners, appropriately using the criteria established by [Regulation on the establishment of a framework to facilitate sustainable investment25 ] for determining whether an economic activity is environmentally sustainable. The InvestEU Programme should also contribute to the implementation of other dimensions of the SDGs. In particular, addressing social risks as identified in the UN2030 agenda designing, having heard the European social partners, an assessment framework that monitors impact on economic- wellbeing, quality of employment, fight against labour vulnerability and efficiency of collective bargaining. _________________ 25 COM(2018)353.

Amendment 96 #

Proposal for a regulation
Recital 11

(11) The contribution of the InvestEU Fund to the achievement of the climate ~~targe~~neutrality target by 2030 and by 2050 at the latest will be tracked through a Union climate and sustainability tracking system to be developed by the Commission ~~in cooperation with~~based on harmonised sustainability indicators and Natural Capital Accounting in cooperation with the scientific community and academia and potential implementing partners, appropriately using the criteria established by [Regulation on the establishment of a framework to facilitate sustainable investment25 ] for determining whether an economic activity is environmentally sustainable. The InvestEU Programme should also contribute to the implementation of other dimensions of the SDGs. _________________ 25 COM(2018)353.

Amendment 97 #