24 Amendments of Nicolás GONZÁLEZ CASARES related to 2020/0108(COD)
Amendment 31 #
Proposal for a regulation
Recital 1
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 40 #
Proposal for a regulation
Recital 5
Recital 5
(5) The InvestEU Fund should contribute to improving the competitiveness and socio-economic convergenceinvestment 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 44 #
Proposal for a regulation
Recital 6
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 58 #
Proposal for a regulation
Recital 14
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 65 #
Proposal for a regulation
Recital 18
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 79 #
Proposal for a regulation
Recital 24
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, the EU Data Strategy, the White Paper on Artificial Intelligence and the Digital Future of Europe, 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.
Amendment 89 #
Proposal for a regulation
Recital 28
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 and 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) supply chains and resilience to supply shocks; (viii) 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 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 121 #
Proposal for a regulation
Article 3 – paragraph 1 – point g
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 technologiesinnovation ecosystems for technological entrepreneurship development in building transformative technologies and accelerating tech-transfer, game-changing innovations and inputs to businesses and consumers.
Amendment 125 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
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 SMEstart-ups, SMEs and small mid-cap companies;
Amendment 128 #
Proposal for a regulation
Article 3 – paragraph 2 – point e
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 130 #
Proposal for a regulation
Article 3 – paragraph 2 – point e a (new)
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)
Article 3 – paragraph 2 – point e b (new)
Amendment 132 #
Proposal for a regulation
Article 3 – paragraph 2 – point e c (new)
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 203 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
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 205 #
Proposal for a regulation
Article 24 – paragraph 2 – point c
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 209 #
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 2
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 239 #
Proposal for a regulation
Annex III – point 8 – point 8.7 a (new)
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 241 #
Proposal for a regulation
Annex III – point 8 – point 8.7 b (new)
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)
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)
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)
Annex III – point 8 – point 8.7 e (new)
Amendment 253 #
Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point b
Annex V – part 2 – paragraph 1 – point 12 – point b
(b) projects related to pollution prevention and controlthat contribute to the Union’s environmental objectives on climate change mitigation and adaptation, through accelerating the full phase-out of solid fossil fuels;
Amendment 258 #
Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c c (new)
Annex V – part 2 – paragraph 1 – point 12 – point c c (new)
(cc) projects where the activities supported contribute to reducing energy poverty;