41 Amendments of Ville NIINISTÖ related to 2020/0108(COD)
Amendment 3 #
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 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 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, in particular those expressed in the European Green Deal, 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 11 #
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 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 18 #
Proposal for a regulation
Recital 8
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 22 #
Proposal for a regulation
Recital 9
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 27 #
Proposal for a regulation
Recital 10
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 objectivesand 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 39 #
Proposal for a regulation
Recital 12
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 allocaEU should fully contributed to environmentally sustainability objectives should therefore be trackedthe 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 42 #
Proposal for a regulation
Recital 13
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 climateUnion's climate and environment objectives should not be eligible for support under this Regulation.
Amendment 47 #
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. 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 73 #
Proposal for a regulation
Recital 35
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 75 #
Proposal for a regulation
Recital 40
Recital 40
(40) The EU guarantee underpinning the InvestEU Fund should be implemented indirectly by the Commission relying on implementing partners with outreach to financial intermediaries, where applicable, and final recipients. The selection of the implementing partners should be transparent and free from any conflict of interest. The Commission should conclude a guarantee agreement allocating guarantee capacity from the InvestEU Fund with each implementing partner to support its financing and investment operations that meet the InvestEU Fund eligibility criteria and contribute to meeting its objectives. The management of the risk related to the EU guarantee should not hamper direct access to the EU guarantee by the implementing partners. Once the EU guarantee is granted under the EU compartment to implementing partners, they should be fully responsible for the whole investment process and the due diligence related to the financing or investment operations. The InvestEU Fund should support projects that typically have a higher risk profile than the projects supported by the normal operations of the implementing partners and that could not have been carried out during the period in which the EU guarantee could be used, or could not have been carried out to the same extent, by other public or private sources without InvestEU support. However, specific conditions may apply to the additionality criterion in relation to the financing and investment operations under the strategic European investment window stemming from its objective.
Amendment 93 #
Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)
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)
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 97 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) growth and employment in the Union economy, the sustainabilitysustainable development and high- quality employment in the Union, in particular the achievement of the Union economy's climate and its environmental 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 99 #
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 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.
Amendment 102 #
Proposal for a regulation
Article 3 – paragraph 2 – point e
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.
Amendment 104 #
Proposal for a regulation
Article 7 – paragraph 1 – point a
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 particularand 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 111 #
Proposal for a regulation
Article 7 – paragraph 1 – point e – introductory part
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 transitionsachievement 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 114 #
Proposal for a regulation
Article 7 – paragraph 1 – point e – point i
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 121 #
Proposal for a regulation
Article 7 – paragraph 1 – point e – point ii
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 123 #
Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – introductory part
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 futurachievement of the Union’s climate and environment objectives, and for the sustainable transformation of its industrial base, including
Amendment 134 #
Proposal for a regulation
Article 7 – paragraph 1 – point e – point iv – point b
Article 7 – paragraph 1 – point e – point iv – point b
(b) renewable energy technologies, energy storage technologies including batteries, sustainable transport technologies, cleanrenewable-based hydrogen and fuel cell applications, decarbonisation technologies for industry, carbon capture and storage, circular economy technologies,
Amendment 141 #
Proposal for a regulation
Article 7 – paragraph 1 – point e – point vi
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 143 #
Proposal for a regulation
Article 7 – paragraph 1 – point e – point vii – introductory part
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 149 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
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 152 #
Proposal for a regulation
Article 7 – paragraph 3
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 climateUnion'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 155 #
Proposal for a regulation
Article 7 – paragraph 4 – introductory part
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 158 #
Proposal for a regulation
Article 7 – paragraph 4 – point b
Article 7 – paragraph 4 – point b
(b) account for the consolidatedminimise 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)
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 163 #
Proposal for a regulation
Article 7 – paragraph 4 – point d
Article 7 – paragraph 4 – point d
(d) identify projects that are inconsistent with the achievement of climatethe Union's climate and environment objectives;
Amendment 166 #
Proposal for a regulation
Article 7 – paragraph 6 – introductory part
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 169 #
Proposal for a regulation
Article 7 – paragraph 8
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 186 #
Proposal for a regulation
Article 23 – paragraph 1 – point d a (new)
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 189 #
Proposal for a regulation
Article 23 – paragraph 5 – subparagraph 4
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 requirementsinformation on progress towards the climate and environment spending targets set out in Article 7(6).
Amendment 224 #
Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 1 – paragraph 1 – point f
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 225 #
Proposal for a regulation
Annex V – part 1 – paragraph 2 – point 2 – paragraph 1 – point 3
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 229 #
Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – introductory part
Annex V – part 2 – paragraph 1 – point 12 – introductory part
(12) Investments related to mining or to the extrathe 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 232 #
Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point a
Annex V – part 2 – paragraph 1 – point 12 – point a
Amendment 234 #
Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point b
Annex V – part 2 – paragraph 1 – point 12 – point b
Amendment 235 #
Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 – point c
Annex V – part 2 – paragraph 1 – point 12 – point c
Amendment 237 #
Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 12 a (new)
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 239 #
Proposal for a regulation
Annex V – part 2 – paragraph 1 – point 15 a (new)
Annex V – part 2 – paragraph 1 – point 15 a (new)
(15 a) Investment in capacity expansion of airport and motorway infrastructure;