33 Amendments of Ramona STRUGARIU related to 2020/2245(INI)
Amendment 1 #
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
— having regard to the ECA Special Report, ‘The European Investment Advisory Hub - Launched to boost investment in the EU, the Hub’s impact remains limited’
Amendment 2 #
Motion for a resolution
Recital B
Recital B
B. whereas the primary objective of the EIB is to contribute to the balanced and steady development of the internal market in the interest of the Union, by facilitating the financing of projects for developing less-developed regions, and projects of common interest to several Member States which are of such a size or nature that they cannot be entirely financed by the various means available in the individual Member States, according to Article 309 TFEU;
Amendment 3 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas the EIB Group is treaty- bound to contribute to EU integration and regional development, in accordance with article 309 TFEU and Protocol 28 ;
Amendment 5 #
Motion for a resolution
Recital C
Recital C
C. whereas the EU has experienced severe under investment since the financial crisis while facing an urgent investment demand to cope with the required green and digital transformation of the economy and society;
Amendment 6 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. Whereas the EIB is expected to support a fair green transition through the Just Transition Mechanism;
Amendment 7 #
Motion for a resolution
Recital F
Recital F
F. whereas public policy goals such as social coheterritorial and social cohesion, youth unemployment, tackling povery and social exclusion and sustainable development should be at the core focus and targets of the Bank;
Amendment 11 #
Motion for a resolution
Recital G
Recital G
G. whereas the EIB is considering plans to become the ‘EU Development Bank’first Multilateral Development Bank to be aligned with the Paris Agreement and the Council already asked the EIB and the EBRD to present these plans for future discussions;
Amendment 12 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
H a. whereas the EIB plays an important role outside the EU through its external lending activities as the biggest multilateral financial institution in the world;
Amendment 13 #
Motion for a resolution
Recital H b (new)
Recital H b (new)
H b. whereas EIB plays a central role in the efforts of the EU to ensure the implementation of the Agenda for Sustainable Development;
Amendment 16 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the adoption of a new tax policy in March 2019, incorporating measures to counter tax avoidance via tax integrity due diligence checks and an anti- tax avoidance toolbox; notes that the EIB will not be able to invest in countries featured on the EU black list of prohibited jurisdictions, and non-compliant jurisdictions will receive ‘enhanced vigilance’; reiterates that heightened tax due diligence should apply whenever tax havens appears in the corporate structure of clients, promoters or intermediaries; stresses the importance of the independence and efficiency of its Fraud Investigations Division;
Amendment 17 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Calls on the EIB to make full use of its Anti-Tax Avoidance Toolbox for risk-sensitive projects in the course of its tax due diligence and to use relocation requirements when necessary; notes the revised EIB Group AML-CFT Framework and calls on the EIB to update its policy in light of the 5th Anti- Money Laundering Directive entering into force in January 2020 and to cooperate with relevant authorities to ensure adequate sanctions for breach of law and stringent standards on financial intermediaries;
Amendment 21 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes EIB Group Update on COVID-19 in the EIB Financial Report 2019, shedding light on the emergency response package adopted in 2020 to support the SME and mid-cap sectors in the Union, encompassing liquidity lines and guarantee schemes for banks and asset- backed securities purchase programs and considering the creation of a European Guarantee Fund (EGF) focused on financing support to SMEs; urges the EIB to require companies supported by the European Guarantee Fund or other funding programmes put in place to tackle the COVID-19 crisito enforce the Porto Social Commitment adopted on May 7 2021 and to achieve the 2030 targets proposed by the European Commission in the European Pillar of Social Rights Action Plan, as well as to comply with binding social and environmental conditions, including the adoption of decarbonisation plans, as to increase their resilience, and to refrain to pay out dividends, bonuses and share buy backs for at least the next 2 years after benefiting from support;
Amendment 24 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Welcomes in this sense the SMEs window in the InvestEU fund; Stresses the need to focus on long-term financing, namely by supporting projects that would not be financed otherwise, in particular for innovative start-ups and SMEs emphasises however that the EIB’s financing activities are no substitute for sustainable fiscal policies in the Member States; Calls on the EIB to increase investment in break through innovations, especially for the green transition, in order to support European companies;
Amendment 26 #
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9 b. 9b Calls on the EIB to increase financing to address the technological transition, support development of skills adapted to the current and future labour market needs, further promote the investment in digital skills of employees and entrepreneurs, digital infrastructure and capacity-building for digitalization, provide funds for long term research and innovation, SMEs, support the social economy and enhance social and territorial cohesion, namely by filling current investment gaps in public housing and infrastructure;
Amendment 27 #
Motion for a resolution
Paragraph 9 c (new)
Paragraph 9 c (new)
Amendment 28 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Underlines that financial needs of farmers, especially young and new entrants are significant, and that famers and enterprises in this sector have a lower rate of success when applying for financing; calls for the EIB to work on financing initiatives that will boost accessibility for the agricultural sector;
Amendment 29 #
Motion for a resolution
Subheading 2
Subheading 2
EFSI and InvestEU functioning and effectiveness
Amendment 33 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Takes note of the results presented in the European Investment Advisory Hub Report 2019; commendhighlights the positive impact of the European Investment Advisory Hub (EIAH); calls to further strengthen the EIB’s in-house financial and capacities to ensure long-lasting commitment to the implementation and long-term financing horizon of EU missions such as cancer, adapting to climate change, ensuring a fair transition in the regions most impacted by the Green Deal transformations, protecting our oceans, living in greener cities and ensuring soil health and food; welcomes that in following up ECA’s recommendation a ‘Study on the root causes of the geographical spread of EFSI supported investment in response to recommendation 5 of the European Court of Auditors [Click and drag to move] ‘ performance audit on EFSI’ was presented in July 2019; takes note of the conclusions of this analysis; observes that the EFSI Steering Board emphasised the importance of achieving wide geographical distribution of EFSI investment to contribute to sustainable long-term economic convergence across the Union;
Amendment 35 #
11 b. Calls on the EIB to make geographical distribution of EIB financing more balanced, in accordance with its role in ensuring territorial and social cohesion; calls for the EIB to address shortcomings that prevent certain regions or Member States from taking full advantage of its financial instruments;
Amendment 36 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11 a. Calls for strengthening technical assistance and financial expertise of local and regional authorities, especially in regions with low investment capacity, before project approval, in order to improve accessibility; calls for a more intensified cooperation with national promotional banks and institutions;
Amendment 38 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Recalls that in November 2019, in line with the political ambition behind the European Green Deal, the EIB Board of Directors decided to increase the level of climate and environment commitment for the EIB Group with the aim to transform the EIB from ‘an EU bank supporting climate’ into ‘the EU multilateral climate bank’ and pledged to gradually increase the share of its financing dedicated to climate action and environmental sustainability to reach 50% of its operations in 2025 and to align all financing activities with the goals of the Paris Agreement from the end of 2020; welcomes the adoption of the Climate Roadmap; calls on the EIB ensureto assess the consistency of thate projects already in the pipeline before November 2020 are consistent with the objective of climate neutrality by 2050 despite, taking into account the transition period foreseen until the end of 2022;
Amendment 41 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes the EIB’s use of a progressively increasing shadow cost of carbon as part of the overall approach to ensure that EIB operations are consistent with the 1.5˚C target, while ensuring a just transition towards a carbon-neutral economy that leaves no one behind;
Amendment 49 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the Energy Lending Policy agreed by the EIB Board of Directors in November 2019 and in particular the decision to end financing for fossil fuel energy projects; notes however that gas infrastructure projects included in the 4th list of Projects of Common Interest and gas projects already under appraisal by 14 November 2019 are not excluded from EIB financing until the end of 2021; Highlight that these projects could be financed as long as they contribute to the task of the EIB to facilitate a just transition and a balanced development in the EU; points to the Ombudsman Decision in case 1991/2019/KR including the observation that the sustainability of gas on the PCI List were not properly assessed; expresses its concern thatNotes that, according to the Ombudsman Decision, in 2019 the EIB provided 604 million euro of financing to oil and natural gas transmission and distribution; stresses that these projects are at risk of contributing to a lock-in of carbon intensive infrastructure and stranded assets; calls on the EIB to assess and address these risks; Points out that natural gas plays an important role in ensuring a just transition, as an enabling and bridging technology which can facilitate the phasing-out of solid fossil fuels, therefore significantly reducing GHG emissions;
Amendment 54 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Notes that under the current Energy Lending Policy, gas-fired power plants and gas network projects that are planned to transport low carbon gas are eligible under the condition of a ‘credible plan’; calls on the EIB to specify the criteria for these plans to be considered credible, in accordance with its mandate in contributing to a just transition, in order to avoid the risk of supporting gas projects which are not aligned with climate targets;
Amendment 59 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Expresses its concern over the risk that the EIB and the EIF finance carbon intensive activities via financial intermediaries; calls on the EIB Group to introducefurther monitor the compliance of binding environmental, social, governance and fair taxation criteria as part of the upcoming guidelines on counterparty alignment, including lists of restricted activities and the requirement for clients to have clear and binding decarbonisation plans in line with the Paris Agreement;
Amendment 66 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Notes that the financing provided within the Union in 2019 for transport was higher than in 2018 (EUR 9 325 million against EUR 8 237 million in 2018) and that contraction of financing for road and motorways was offset by increases in financing of railways and air transport; stresses the importance of aligning the Transport Lending Policy and the EIB’s transport portfolio with the Climate Bank Roadmap, in particular the decarbonisation of the transport sector by 2050; regrets the EIB’s support in 2019 to airport expansions in several Member States; welcomes the EIB’s commitment to pull back from financing airport capacity expansion; calls for the upcoming revision of the Transport Lending Policy to explicitly exclude financing of projects locking-in carbon intensive, in particular the expansion of airports and infrastructure for Liquefied Natural Gas, to limit the financing of motorwaysCalls for the upcoming revision of the Transport Lending Policy to be aligned with the Paris Agreement as well as with the EIB role in ensuring a just transition as well as a balanced social and territorial development across the EU; therefore, calls on the EIB to support transport projects, such as motorways and airport expansions, that are sustainable and environmental friendly and contribute to bridging the infrastructure and economic divide within the European Union; calls for the Policy to increase support for modal shifts towards zero-carbon mobility both for freight and passengers at urban and inter-urban level, such as rail, safe cycling and clean public transport, in particular for underserved communities and localities, and for renewables-based electrification infrastructure;
Amendment 70 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Notes that the Union development policy will be implemented via the new Neighbourhood, Development and International Cooperation Instrument (NDICI) of which the EIB is key implementer; calls on the EIB to align its financing strategy with the levels of ambition and commitment to common values and objectives shown by the partner countries; expresses concern about the use of EU development funds for de- risking private investment given the lack of evidence as to its capacity to provide additionality and fulfil development objectives, as recently reported in the final review of EFSD as well as the opinion of the European Court of Auditors (No 7/2020); stresses the need for donors to prioritise grant-based financing as the default option, especially to LDCs avoiding an increase of debt burden;
Amendment 75 #
Motion for a resolution
Subheading 4 a (new)
Subheading 4 a (new)
Notes that the EIB is bound by the EU Charter of Fundamental Rights and that human rights principles are integrated into its due diligence procedures and standards, including publicly available ex- ante assessments; Calls on the EIB to ensure that its complaints mechanism is fully functional in order to detect and redress possible human rights violations in EIB-related projects;
Amendment 81 #
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Calls on the EIB to fully support the achievement of United Nations Sustainable Development Goals through its activities within the framework of specific mandates decided by the EU Council of Ministers and the European Parliament;
Amendment 89 #
Motion for a resolution
Paragraph 33 a (new)
Paragraph 33 a (new)
33 a. Calls on the EIB to establish a proper representation within its secretariat of nationals from all Member States, while at the same time respecting the competencies and merits of the candidates; calls on the EIB to publish gender and nationality breakdown of middle and senior management positions;
Amendment 94 #
Motion for a resolution
Paragraph 35
Paragraph 35
35. Calls on the EIB to finalise the revision of the EIB Group Anti Fraud Policy (AFP) launched in 2019, in line with demands expressed by the European Parliament; welcomes the intensive dialogue between EIB and OLAF on its updating; invites the EIB to take advantage of the OLAF’s support role, enhanced with the new Commission Anti-Fraud Strategy (CAFS) adopted in April 2019; maintains that the EPPO’s mandate should include the prosecution of criminal activities affecting the EIB financing; Calls for a stronger external scrutiny of EIB by the Court of Auditors;
Amendment 95 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Reiterates the importance of the involvement of local stakeholdersrelevant national, regional and local stakeholders, including climate experts, trade unions, civil society actor, business representatives, SMEs and academia when assessing impact of iInvestments; emphasises that consultations must be inclusive of all the interested communities, accessible to vulnerable groups, tailored on peculiarities of the stakeholders and continuous throughout the project lifecycle; calls for respecting the principle of compliance with the principle of free, prior, and informed consent from all the affected communities (besides the indigenous population) in case of land and natural resource-based investments, asks the EIB to report on the implementation of the above principles;
Amendment 99 #
Motion for a resolution
Paragraph 37
Paragraph 37
37. Points out that the Union has increasingly made use of financial instruments and budgetary guarantees provided to the EIB Group; recalls that, at present, the EIB Group operations not financed by the Union budget, but which still serve the same Union objectives, do not come under the Court’s audit mandate; points out that this results in the Court being unable to provide a complete overview of the links between the EIB Group operations and the Union budget; Calls on the EIB group to improve its accountability on these issues and suggests the idea of a quarterly dialogue with relevant committees of the Parliament to participate to the investment strategy of the EIB and ensure adequate oversight; stresses the importance of greater Parliament scrutiny over decision of the EIB board of directors and points to the possibility of Parliament having observer status in the board’s meetings to ensure better information sharing demands from the Commission to increase its transparency towards Parliament on the positions it takes in the EIB board of directors; asks for a Memorandum of Understanding between the EIB Group and the Parliament to improve Parliament’s access to EIB documents and data related to strategic orientation and financing policies in order to strengthen the Bank’s accountability; asks for the revision of the current Tripartite Agreement between the Commission, EIB and the Court with a view to define rules of engagement which enhance the role of the Court and further strengthen its auditing powers regarding EIB operations financed with EIB’s share capital;