Activities of Frances FITZGERALD related to 2019/2126(INI)
Shadow opinions (1)
OPINION on the financial activities of the European Investment Bank – annual report 2019
Amendments (7)
Amendment 3 #
Draft opinion
Paragraph 1
Paragraph 1
1. Highlights the importance of the activities of the European Investment Bank (EIB) to increase the current levels of investment in the EU, which are below historical averages and insufficient to fulfil the EU’s sustainability, social and innoveconomic, social, competitiveness, innovation and job- creation ambitions; stresses that in order to achieve these ambitions, more risk- taking by the EIB may be necessary, provided that such lending complies with EIB eligibility criteria and considering that the preservation of the EIB's triple-A rating is of utmost importance, in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the EIB to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability, social and innoveconomic, social, competitiveness, innovation and job- creation gains;
Amendment 12 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Welcomes the fact that in 2018 the EIB Group invested €23.3 billion in SMEs and mid-caps and supported 374 000 smaller companies; considers that supporting SMEs must remain a fundamental objective for the EIB and urges to place greater emphasis on financing SMEs in order to reduce the funding gap for these companies;
Amendment 13 #
1 b. Notes that the EIB’s Investment Report for 2019 highlighted the fact that Infrastructure investment is stuck at 1.7% of EU GDP, the lowest in 15 years in Europe; strongly encourages the EIB to continue in its efforts to further support investment for a more sustainable and competitive European economy;
Amendment 19 #
Draft opinion
Paragraph 2
Paragraph 2
2. Welcomes the commitment by the Commission President-elect to turn sections of the EIB into a climate bank, and the commitmentsdecision from the EIB PresidentBoard of Directors to increase the share of EIB financing for climate action and environmental sustainability to at least 50 % by 2025 and to align all EIB financing activities with the goals of the Paris Agreement by the end of 2020; calls on the Commission to present an ambitious new European Sustainable Investment Plan, including additional financial commitments, as soon as possible, and to fully support the EIB in its sustainability ambitions; underlines the importance of complementing these goals by measures to ensure EIB financing contributes to a just transition for those regions or countries more affected so that no one is left behind;
Amendment 34 #
Draft opinion
Paragraph 3
Paragraph 3
3. Stresses that in order for the EIB to become the EU’s climate bank, it should stop allWelcomes the decision of the EIB to end financial support to fossil fuel projects by the end of 2020,1 and to align all its activitiesportfolio, including EIF operations, with the goals of the Paris Agreement’s goals; calls on the EIB to makencourage decarbonisation commitments a condition for companies tohat receive EIB support and to offer advice on how companies can decarbonise; calls on the EIB to apply the EU taxonomy framework, once it has been formally adopted, as a benchmark for its climate and environmental investments; calls on the EIB to develop a credible methodology to measure, disclose and achieve ‘Paris alignment’ of its financing operations;
Amendment 38 #
Draft opinion
Paragraph 4
Paragraph 4
4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobilising EUR 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the EIB to increase the share ofnot be the main drivers of success for EFSI, and that sustainability and social impact should be equally important measures; calls on the EIB to devote adequate financing through EFSI and InvestEU financing to projects that substantially contribute to the EU’s sustainability and social objectives, in line with relevant EU regulations; calls on the Commission to ensure that InvestEU’s sustainability-proofing methodologies are fully consistent with the EU’s sustainability objectives;
Amendment 61 #
Draft opinion
Paragraph 5
Paragraph 5
5. Calls on the EIB group to be more transparentensure a high level of transparency and accountability about its economic operations, its use of the EU budget guarantee, the additionality of EIB operations and on possible future plans for a development subsidiary at the EIB, and for the EIB group to improve its accountability on these issues; acknowledges that the EIB Group’s transparency policy is based on a presumption of disclosure and that everyone can access its documents and information; calls for a memorandum of understanding between the EIB and Parliament to improve access to EIB documents and data related to strategic orientation and financing policies in the future in order to strengthen the Bank’s accountability.