55 Amendments of Dario TAMBURRANO related to 2018/0229(COD)
Amendment 54 #
Proposal for a regulation
Recital 3
Recital 3
(3) In the last years, the Union has adopted ambitious strategies to complete the Single Market and to stimulate sustainable growth and jobs, such as the Europe 2020 Strategy, the Capital Markets Union, the Digital Single Market Strategy, the Clean Energy for all Europeans package, the Union Action Plan for the Circular Economy, the Low- Emission Mobility Strategy, the Defence and the Space Strategy for Europe. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.
Amendment 67 #
Proposal for a regulation
Recital 6
Recital 6
(6) The InvestEU Fund should support investments in tangible and intangible assets to foster growthsustainable development, investment and employment, and thereby contributing to improved well-being and fairer income distribution in the Union. Intervention through the InvestEU Fund should complement Union support delivered through grants.
Amendment 75 #
Proposal for a regulation
Recital 9
Recital 9
(9) Reflecting the importance of tackling climate change in line with the Union's commitments to implement the Paris Agreement and the United Nations Sustainable Development Goals and the need to alignment of financial flows with a climate resilient development, 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 350 % 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 77 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) With regard to cost of capital of renewable energy projects, the InvestEU Fund should allow for the use of an innovative guarantee instrument to reduce regulatory risk and associated high cost of capital in some Member States. This possibility should be open on a voluntary basis. To achieve this objective, the InvestEU Fund should contribute where appropriate to the enabling framework for investment into renewable energy as set out in Art 3.5 of the [revised Renewables Directive], including the financing mechanism established by Article 27bis of the [Governance Regulation].
Amendment 81 #
Proposal for a regulation
Recital 10
Recital 10
(10) The contribution of the InvestEU Fund to the achievement of the energy and climate target and the sectorial targets included in the 2030 Climate and Energy Framework, will be tracked through an EU climate tracking system developed by the Commission in cooperation with implementing partners and using in an appropriate way the criteria established by [Regulation on the establishment of a framework to facilitate sustainable investment14 ] for determining whether an economic activity is environmentally sustainable. _________________ 14 COM(2018)353. COM(2018)353.
Amendment 88 #
Proposal for a regulation
Recital 13
Recital 13
(13) Low infrastructure investment rates in the Union during the financial crisis undermined the Union's ability to boost sustainable growthprosperity, competitiveness and convergence. Sizeable investments in the European infrastructure are fundamental to meet the Union's sustainability targets, including the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, includingzero-emission transport, energy efficiency and renewable energy, environmental, climate action, maritime and digital infrastructure. InvestEU shall prioritise the most significantly under- invested areas that require the most additional investment, such as energy efficiency, in order to meet the Union’s climate and energy targets. To maximise the impact and the value added of Union financing support, it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant Union programmes. Bearing in mind security threats, investment projects receiving Union support 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 such as the European Regional Development Fund providing support for security components of investments in public spaces, transport, energy and other critical infrastructure.
Amendment 93 #
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13a) The Invest EU Programme treats energy efficiency as a crucial element and a key consideration for investment decisions. Namely, it enshrine the 'energy efficiency first’ principle, which means to consider, before taking energy planning, policy and investment decisions, whether cost-efficient, technically, economically and environmentally sound alternative energy efficiency measures could replace in whole or in part the envisaged planning, policy and investment measures, whilst still achieving the objectives of the respective decisions. Such cost-efficient alternatives include measures to make energy demand and energy supply more efficient, in particular by means of cost-effective energy end-use savings, demand-side response initiatives and more efficient conversion, transmission and distribution of energy. Member States should also encourage the spread of this principle in regional and local government, as well as in the private sector.
Amendment 100 #
Proposal for a regulation
Recital 15
Recital 15
(15) A significant effort is urgently needed to invest inboost 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.
Amendment 107 #
Proposal for a regulation
Recital 16
Recital 16
(16) Small and medium-sized enterprises (SMEs) play a crucial role in the Union. However, they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral. Additional challenges arise from SMEs' need to stay competitive by engaging in digitisation, internationalisation and innovation activities and skilling up their workforce. Moreover, compared to larger enterprises, they have access to a more limited set of financing sources: they typically do not issue bonds, have only limited access to stock exchanges or large institutional investors. The challenge in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges and providing more diversified sources of funding is necessary for increasing the ability of SMEs to finance their creation, growth and sustainable development, withstand economic downturns, and for making the economy and the financial system more resilient during economic downturn or shocks. This is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. The InvestEU Fund should provide an opportunity to focus on specific, more targeted financial products, provided that excessive financial risks shall be avoided.
Amendment 113 #
Proposal for a regulation
Recital 17
Recital 17
(17) As set out in the reflection paper on the social dimension of Europe16 and the European Pillar of Social Rights17 , building a more inclusive and fairer 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 and health. Investment in the social, skills and human capitalresources- 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, help increase a good quality employment, in particular among the unskilled and long- term unemployed, and improve the situation with regard to intergenerational solidarity, the health sector, 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 contribute to the support of European culture and creativity. To counter the profound transformations of societies in the Union and of the labour market in the coming decade, it is necessary to invest in human capital, microfinance, 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, increasing the supply of and access to finance to micro- and social enterprises, 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 Europe18 has identified investment gaps in social infrastructure and services, including for education, training, health and housing, which call for support, including at the Union level. Therefore, the collective power of public, commercial and philanthropic capital, as well as support from foundations, and private resources should be harnessed to support the social market value chain development and a more resilient Union. _________________ 16 COM(2017) 206. 17 COM(2017) 250. 18 Published as European Economy Discussion Paper 074 in January 2018.
Amendment 114 #
Proposal for a regulation
Recital 17
Recital 17
(17) As set out in the reflection paper on the social dimension of Europe16 and, the European Pillar of Social Rights17 and the EU framework on the EU Convention on the Rights of Persons with Disabilities, building a more inclusive and fairer 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 and health. 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, help increase employment, in particular among the unskilled and long- term unemployed, and improve the situation with regard to intergenerational solidarity, the health sector, the social services sector, 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 contribute to the support of European culture and creativity. To counter the profound transformations of societies in the Union and of the labour market in the coming decade, it is necessary to invest in human capitalresources, microfinance, social enterprise finance and new social economy business models, including social impact investment and social outcomes contractingthe social economy. The InvestEU Programme should strengthen nascent social market eco-system, increasing the supply of and access to finance to micro- and social enterprises, 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 Europe18 has identified investment gaps in social infrastructure and services, including for education, training, health and housing, which call for support, including at the Union level. Therefore, the collective power of public, commercial and philanthropic capital, as well as support from foundations, should be harnessed to support the social market value chain development and a more resilient Union. _________________ 16 17COM(2017) 206. COM(2017) 206. 17 COM(2017) 250. COM(2017) 250. 18 Published as European Economy Discussion Paper 074 in January 2018.
Amendment 130 #
Proposal for a regulation
Recital 21
Recital 21
(21) 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 Neighbourhood policy and other countries, in accordance with the conditions laid down between the Union and those countries, provided that the principles and rights that are enshrined in the European treaties and in the Charter of Fundamental Rights of the European Union are respected. 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 139 #
Proposal for a regulation
Recital 26 a (new)
Recital 26 a (new)
(26a) A Steering Committee consisting of appointees by the European Commission, the European Investment Bank, the Implementing Partners, and an expert appointed by the European Parliament, should be established in order to ensure the governance of the InvestEu programme has the correct balance between policy and banking expertise.
Amendment 142 #
Proposal for a regulation
Recital 27
Recital 27
Amendment 151 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to ensure that interventions under the EU compartment of the InvestEU Fund focus on market failures and sub- optimal investment situations at Union level, but, at the same time, satisfy the objectives of best possible geographic outreach, the EU guarantee should be allocated to implementing partners, which alone or together with other implementing partners, can cover at least three Member States. However, it is expected that around 75 % of the EU guarantee under the EU compartment would be allocated to implementing partner or partners that can offer financial products under the InvestEU Fund in all Member Statesthe EIB.
Amendment 168 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation establishes the InvestEU Fund providing for an EU guarantee for financing and investment operations carried out by the implementing partners in support of the Union’s internal policies, and in particular of the climate change and SDGs goals, in line with the target of a transition to a net-zero GHG emission economy at the latest by 2050.
Amendment 171 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(1a) "Efficiency first principle” means the prioritisation, in all energy planning, policy and investment decisions, of measures to make energy demand and energy supply more efficient, by means of cost-optimal energy end-use savings, demand-side response initiatives and more efficient conversion, transmission and distribution of energy, as defined in art. 2 of the Regulation [Governance of the Energy Union].
Amendment 185 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) the sustainabilityle development of the Union economy and its growth;
Amendment 201 #
Proposal for a regulation
Article 3 – paragraph 2 – point d a (new)
Article 3 – paragraph 2 – point d a (new)
(da) to increase investment in climate mitigation and adaptation by contributing at least 40% of its overall financial envelope to climate objectives.
Amendment 219 #
(a) sustainable infrastructure policy window: comprises sustainable investment in the areas of transport, energy, digital connectivitylow-emission transport, renewable energy, energy efficiency, digital connectivity and access also in rural areas, supply and processing of raw materials, space, oceans and water, waste, the circular economy, nature and other environment infrastructure, equipment, mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the Union, or to both, or meet the environmental or social sustainability standards of the Union;
Amendment 247 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2 – point c a (new)
Article 7 – paragraph 3 – subparagraph 2 – point c a (new)
(ca) demonstrate the contribution of the project in terms of climate and energy objectives, including the transition to a net-zero GHG emission economy at the latest by 2050;
Amendment 256 #
Proposal for a regulation
Article 7 – paragraph 5
Article 7 – paragraph 5
5. Implementing partners shall targetensure that at least 50 % of the investment under the sustainable infrastructure policy window contribute to meeting the Union objectives on climate and environment, in line with the commitments made under the Paris Agreement.
Amendment 263 #
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Article 8a Additionality For the purposes of this Regulation, 'additionality' means the support by the InvestEu fund to projects and operations which address market failures or sub- optimal investment situations and that could not have been carried out during the period in which the EU guarantee can be used, or not to the same extent, by the EIB or by implementing partners without the InvestEu Fund. Projects supported by the InvestEu Fund shall support the objectives laid down in Article 3 and shall strive to create good-quality employment and sustainable growth.
Amendment 266 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. In line with Article 21 of Regulation (EU) [ CPRs]m Member States or regions, as applicable and on a voluntary basis, may request the transfer of parts of their allocations to InvestEU. Transferred resources shall be implemented in accordance with the rules of InvestEu. Amounts allocated by a Member State under Article [10(1)] of Regulation [[CPR] number] or Article [75(1)] of Regulation [[CAP plan] number] or, where applicable, by a region, shall be used for the provisioning of the part of the EU guarantee under the Member State compartment covering financing and investment operations in the Member State concernor region concerned, provided that the principle of social and economic cohesion enshrined in the European treaties shall be respected.
Amendment 268 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
The establishment of that part of the EU guarantee under the Member State compartment shall be subject to the conclusion of a contribution agreement between the Member State or the region, through the Member State, and the Commission.
Amendment 270 #
Proposal for a regulation
Article 9 – paragraph 3 – point a
Article 9 – paragraph 3 – point a
(a) the overall amount of the part of the EU guarantee under the Member State compartment pertaining to the Member State or region, its provisioning rate, the amount of the contribution from Funds under shared management, the constitution phase of the provisioning in accordance with an annual financial plan and the amount of the resulting contingent liability to be covered by a back-to-back guarantee provided by the Member State or region concerned;
Amendment 273 #
Proposal for a regulation
Article 9 – paragraph 3 – point c
Article 9 – paragraph 3 – point c
(c) the implementing partner or partners which have expressed their interest and the obligation of the Commission to inform the Member State and, if applicable, the regional authority, about the implementing partner or partners selected;
Amendment 276 #
Proposal for a regulation
Article 9 – paragraph 3 – point e
Article 9 – paragraph 3 – point e
(e) the annual reporting obligations towards the Member State or region if applicable, including reporting in accordance with the indicators referred to in the contribution agreement;
Amendment 281 #
Proposal for a regulation
Article 9 – paragraph 5 – point c
Article 9 – paragraph 5 – point c
(c) the Commission shall immediately inform the Member State, or region if applicable, where, as a result of calls on that part of the EU guarantee under the Member State compartment, the level of provisions for that part of the EU guarantee falls below 20 % of the initial provisioning;
Amendment 283 #
Proposal for a regulation
Article 9 – paragraph 5 – point d
Article 9 – paragraph 5 – point d
(d) if the level of provisions for that part of the EU guarantee under the Member State compartment reaches 10 % of the initial provisioning, the Member State or region concerned shall provide to the common provisioning fund up to 5 % of the initial provisioning upon request by the Commission.
Amendment 298 #
Proposal for a regulation
Article 11 – paragraph 1 a (new)
Article 11 – paragraph 1 a (new)
1a. The InvestEU Fund shall not support activities related to production, processing, distribution, storage or combustion of fossil fuels.
Amendment 299 #
Proposal for a regulation
Article 11 – paragraph 3 – point c
Article 11 – paragraph 3 – point c
(c) a third country referred to in point (a) of paragraph 2, where applicable, provided that the principles and rights that are enshrined in the European treaties and in the Charter of Fundamental Rights of the European Union are respected by that country;
Amendment 300 #
Proposal for a regulation
Article 11 – paragraph 3 – point d
Article 11 – paragraph 3 – point d
Amendment 309 #
Proposal for a regulation
Article 12 – paragraph 2 – point e
Article 12 – paragraph 2 – point e
(e) provides sufficient risk diversification, provided that excessive- financial-risk operations should be avoided;
Amendment 322 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. The CommissionSteering Committee shall be advised by an advisory board which shall have two configurations, namely representatives of implementing partners and representatives of Member States.
Amendment 325 #
Proposal for a regulation
Article 17 – paragraph 5 – point a – point ii
Article 17 – paragraph 5 – point a – point ii
(ii) provide advice to the CommissionSteering Committee about market failures and sub- optimal investment situations and market conditions;
Amendment 328 #
Proposal for a regulation
Article 17 a (new)
Article 17 a (new)
Amendment 333 #
Proposal for a regulation
Article 18 – paragraph 4 a (new)
Article 18 – paragraph 4 a (new)
4a. The Decision of the United Kingdom to withdraw from the Union under Article 50 of the TEU on 29 March 2019 poses a significant challenge to the Union economy with substantial trade in goods and services between the UK and the EU27. With potential consequences for GDP in the EU27 as a result of the withdrawal, the InvestEU fund should aim to dedicate at least 65% of its budget to assist micro, small and medium enterprises.
Amendment 335 #
Proposal for a regulation
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
1. An independent Investment Committee shall be established. It shall
Amendment 338 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 2
Article 19 – paragraph 2 – subparagraph 2
Each configuration of the Investment Committee shall be composed of sixeven remunerated external experts. The experts shall be selected in accordance with [Article 237] of the [Financial Regulation] and be appointed by the Commission for a fixed term of up to four years. Their term shall be renewable but shall not exceed seven years in total. The Commission may decide to renew the term of office of an incumbent member of the Investment Committee without availing itself of the procedure laid down in this paragraph.
Amendment 340 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 5
Article 19 – paragraph 2 – subparagraph 5
Fourive members shall be permanent members of all four configurations of the Investment Committee. In addition, the four configurations shall each have two experts with experience in investment in sectors covered by that policy window. At least onthree of the permanent members shall have expertise in sustainable investthe fields of climate action, environmental protection and management. The Commission shall assign the Investment Committee members to its appropriate configuration or configurations. The Investment Committee shall elect a chairperson from among its permanent members.
Amendment 343 #
Proposal for a regulation
Article 19 – paragraph 3 – subparagraph 2
Article 19 – paragraph 3 – subparagraph 2
CVs and declarations of interest of each member of the Investment Committee shall be made public and constantly updated. Each member of the Investment Committee shall communicate without delay to the Commission and the Steering Committee all information needed to check on an ongoing basis the absence of any conflict of interest.
Amendment 355 #
Proposal for a regulation
Article 20 – paragraph 1 a (new)
Article 20 – paragraph 1 a (new)
1a. The InvestEU Advisory Hub shall provide advisory support at regional and local level to promote projects with positive climate, environmental and social impact and abiding by the ‘Energy Efficiency First’ principle. Project development assistance to continue to shall be part of the support provided by the Hub.
Amendment 358 #
Proposal for a regulation
Article 20 – paragraph 2 – point f a (new)
Article 20 – paragraph 2 – point f a (new)
(fa) undertaking communication and visibility actions to raise awareness of the available support to project promoters and to financial intermediaries provided by the Advisory Hub, and more generally of the opportunities available under InvestEu.
Amendment 365 #
Proposal for a regulation
Article 20 – paragraph 6
Article 20 – paragraph 6
6. The InvestEU Advisory Hub shall have locala presence, where necessary. It shall be established in particular in Member States or in each Member State, with a particular focus on ensuring a local presence in 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 for support referred to in paragraph 1.
Amendment 376 #
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
Audits on the use of the Union funding carried out by the European Court of Auditors together with those performed by persons or entities, including by others than those mandated by the Union institutions or bodies, shall form the basis of the overall assurance pursuant to [Article 127] of the [Financial Regulation].
Amendment 384 #
Proposal for a regulation
Annex II – paragraph 1 – introductory part
Annex II – paragraph 1 – introductory part
The financing and investment operations may fall under one or more of the following areas but shall not support activities related to production, processing, distribution, storage or combustion of fossil fuels:
Amendment 396 #
Proposal for a regulation
Annex II – paragraph 1 – point 1 – point d
Annex II – paragraph 1 – point 1 – point d
(d) production and supply of synthetic fuels from renewable/carbon-neutral sources; alternative fuel sources;
Amendment 401 #
Proposal for a regulation
Annex II – paragraph 1 – point 1 – point e
Annex II – paragraph 1 – point 1 – point e
(e) carbon-capture and -storage infrastructure.operations to support the transition to a net-zero GHG emission economy at the latest by 2050
Amendment 413 #
Proposal for a regulation
Annex II – paragraph 1 – point 2 – point e
Annex II – paragraph 1 – point 2 – point e
(e) zero-emission alternative fuels infrastructure, including electric charging infrastructure.
Amendment 422 #
Proposal for a regulation
Annex II – paragraph 1 – point 4
Annex II – paragraph 1 – point 4
4. Development of digital connectivity infrastructure, in particular through projects supporting deployment of very high capacity digital networks., with a particular focus to rural and peripheral areas and lagging regions, provided that the risks deriving from electromagnetic pollution are strongly limited;
Amendment 449 #
Proposal for a regulation
Annex II – paragraph 1 – point 7 – point a
Annex II – paragraph 1 – point 7 – point a
(a) provision of working capital and investmentresources and investment with a particular focus to support micro, small and medium enterprises;
Amendment 473 #
Proposal for a regulation
Annex II – paragraph 1 – point 13 – point c
Annex II – paragraph 1 – point 13 – point c
(c) to underpin space entrepreneurship, including in downstream development;
Amendment 482 #
Proposal for a regulation
Annex III – point 3 – point 3.2
Annex III – point 3 – point 3.2
3.2 Investment supporting energy and climate objectives for 2030 and 2050
Amendment 483 #
Proposal for a regulation
Annex III – point 4 – point 4.1
Annex III – point 4 – point 4.1
4.1 Energy: Additional renewable energy generation capacity installed (MW) by source