pa_legam - europarl.europa.eu · web viewsimplification is the key word, however, and it will be...

European Parliament2014-2019

Committee on Industry, Research and Energy

2018/0229(COD)

9.11.2018

OPINIONof the Committee on Industry, Research and Energy

for the Committee on Budgets and the Committee on Economic and Monetary Affairs

on the proposal for a regulation of the European Parliament and of the Council establishing the InvestEU Programme(COM(2018)0439 – C8-0257/2018 – 2018/0229(COD))

Rapporteur for opinion: Seán Kelly(*)

(*) Associated committees – Rule 54 of the Rules of Procedure

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SHORT JUSTIFICATION

In order to ensure that Parliament will lead negotiations on the MFF package, ambitious deadlines have been set for reports and opinions so that Parliamentary discussions can begin in the autumn. This has meant there has been less time than usual to consult colleagues and stakeholders during the drafting process. For this reason, this report should be read as an initial proposal that will be added to in the coming weeks when there is more time for all to respond to the Commission’s proposal on the InvestEU Programme.

First and foremost, this proposal is welcome. Although EFSI and other programmes have in recent years been extremely successful in leveraging risk and mobilising needed investments into the EU economy particularly as Member States recovered from the economic downturn of a decade ago, there still exist market problems that have prevented investment from happening in particular areas, and investment rates, despite strong recent progress, are still below 2009 levels. This is at a time in which there are significant threats on the horizon for the EU economy. The UK’s decision to withdraw from the European Union has already placed a huge amount of uncertainty on many of the EU’s businesses, particularly those who depend on regular trade with the UK market, and many of whom are required to cross the border into the UK on a daily basis to conduct their business activities. At the same time, an increasingly inward-looking and protectionist United States poses a significant threat to many EU companies, particularly with the imposition of tariffs by the US President on goods such as aluminium and steel. It will be important to significantly increase the level of investment in the EU in order to enable our businesses to cope as much as possible with the potential impacts, and InvestEU can make a big impact in this regard.

Regarding the proposal itself, the move to a single investment support mechanism for internal action for the 2021-2027 period is a welcome move that can bring much simplification around EU financial instruments. Simplification is the key word, however, and it will be important to ensure that this is indeed the case; the InvestEU Programme must not create any additional complexity or difficulty for project promoters and investors, it is imperative that it indeed delivers actual simplification.

InvestEU builds on the success of EFSI, which was set up after the financial crisis, and became the launch pad for investment in the areas of our economy that needed it most. The aim was to mobilise €315 billion worth of investment from its inception to its completion. It is soon expected to reach this target, mostly through private capital. Almost a third of that money (28%) has gone towards financing SMEs in Europe, and approximately 22% was allocated for Research, Development and Innovation activities. An additional 22% went to energy-related projects. It will be important that InvestEU takes the successful elements of EFSI and maintains them, while allowing flexibility where needed for different types of instruments. One umbrella should not necessarily imply a one-size fits all approach - it will be important to get the correct approach, particularly for RDI and SME funding, which should draw on the lessons learned through instruments such as COSME and InnovFin.

Certain changes to the Commission proposal are put forward in order to account for this. Regarding additionally, EFSI focused on riskier projects - ones that would not have otherwise received investment. It will be important to ensure that InvestEU also delivers additionality in

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this sense, with some flexibility needed on the ‘high risk’ element, given the different scope of InvestEU. An article on additionality is added by the rapporteur for this reason.

Additionally, a steering committee is introduced, moving closer to the governing structures that have been in place for EFSI. The introduction of the steering committee is intended to ensure the right balance between policy and banking experience in governing the programme and will give representation to the Commission, the EIB and other Implementing Partners, and an expert appointee of the European Parliament. This will bring more balance to the strategic decision-making of InvestEU than is the case in the Commission proposal.

Finally, a clearer role for the EIB Group, as has successfully been the case for EFSI, would be welcome. The EIB is the treaty-based bank, has significant experience in the implementation of financial instruments, and is the only financial institution covering all Member States and EU policies. Due to the need for more small-scale projects it is also welcome to add the possibility for other implementing partners, such as national promotional banks.

AMENDMENTS

The Committee on Industry, Research and Energy calls on the Committee on Budgets and the Committee on Economic and Monetary Affairs, as the committees responsible, to take into account the following amendments:

Amendment 1

Proposal for a regulationRecital 1

Text proposed by the Commission Amendment

(1) With 1.8% of EU GDP, down from 2.2% in 2009, infrastructure investment activities in the Union in 2016 were about 20% below investment rates before the global financial crisis. Thus, while a recovery in investment-to-GDP ratios in the Union can be observed, it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment. More importantly, the current investment levels and forecasts do not cover the Union’s structural investment needs 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, continued support is

(1) With1.8% of EU GDP, down from 2.2% in 2009, infrastructure investment activities in the Union in 2016 were about 20% below investment rates before the global financial crisis. Thus, while a recovery in investment-to-GDP ratios in the Union can be observed, it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment and growth remains unevenly distributed among Member States. More importantly, the current investment levels and forecasts do not cover the Union’s structural investment needs for sustaining a long-term growth rate in the face of technological change and global competitiveness, including for innovation, research, skills, infrastructure, small and medium-sized enterprises ('SMEs'), start-

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necessary to address market failures and sub-optimal investment situations to reduce the investment gap in targeted sectors to achieve the Union's policy objectives.

ups, and the need to address key societal challenges such as sustainability or population ageing. Consequently, continued support is necessary to address market failures and suboptimal investment situations to reduce the investment gap in targeted sectors to achieve the Union's policy objectives. In this regard it is important that the InvestEU Programme continues to support otherwise difficult to fund projects that provide European citizens with long-term economic, environmental and societal benefits.

Amendment 2



(2) Evaluations have underlined that the variety of financial instruments delivered under the 2014-2020 Multiannual Financial Framework period has led to some overlaps. That variety has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules. Absence of compatible rules also hampered the combination of several Union funds although such combination would have been beneficial to support projects in need of different types of funding. Therefore, a single fund, the InvestEU Fund, should be set up in order to achieve a more efficiently functioning support to final recipients by integrating and simplifying the financial offer under a single budgetary guarantee scheme, thereby improving the impact of Union intervention while reducing the cost to the Union budget.

(2) Evaluations have underlined that the variety of financial instruments delivered under the 2014-2020 Multiannual Financial Framework period has led to some overlaps and unclear processes for the blending of the European Structural Investment Funds with the market instruments developed by the Union. That variety has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules. Absence of compatible rules also hampered the combination of several Union funds although such combination would have been beneficial to support projects in need of different types of funding. Therefore, a single fund, the InvestEU Fund, should be set up in order to achieve additionality, a more efficiently functioning support to final recipients by integrating and simplifying the financial offer under a single budgetary guarantee scheme, thereby improving the impact of Union intervention while reducing the cost to the Union budget.

Amendment 3

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(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 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.

(3) In the last years, the Union has adopted strategies to complete the Single Market and to stimulate sustainable growth and jobs. The InvestEU Fund should exploit and reinforce synergies between those strategies through providing support to investment and access to financing.

Amendment 4



(5) The InvestEU Fund should contribute to improving the competitiveness of the Union, including in the field of innovation and digitisation, the sustainability of the Union's economic growth, the social resilience and inclusiveness and the integration of the Union capital markets, including solutions addressing their fragmentation and diversifying sources of financing for the Union enterprises. To that end, it should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments underpinned by a guarantee from the Union's budget and by contributions from implementing partners. It should be demand-driven while support under the InvestEU Fund should at the same time focus on contributing to meeting policy objectives of the Union.

(5) The InvestEU Fund should contribute to improving the competitiveness of the Union, including in the field of innovation and digitisation, scientific excellence, the sustainability of the Union's economic growth, advancing technologies and innovations combatting climate change, the social resilience and inclusiveness and the integration of the Union capital markets, including solutions addressing their fragmentation and diversifying sources of financing for the Union enterprises. To that end, it should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments underpinned by a guarantee from the Union's budget and by contributions from implementing partners. It should be demand-driven while support under the InvestEU Fund should at the

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same time focus on contributing to meeting policy objectives of the Union including providing strategic, long-term economic, societal and environmental benefits in key areas with a strong focus on greatly enhancing access to finance for SMEs.

Amendment 5

Proposal for a regulationRecital 5 a (new)


(5a) Access to finance remains an essential issue for companies in the cultural and creative sector. To further develop this highly innovation sector, the dedicated guarantee facility created in Creative Europe will be continued under InvestEU as it has showed to successfully strengthen the financial capacity and competitiveness of cultural and creative sectors companies.

Amendment 6

Proposal for a regulationRecital 5 b (new)


(5b) The various debt and equity products offered under InvestEU and its thematic windows must cover a large spectrum of risk, including very high risks in particular in the RDI and Digitisation and SMEs windows, as it was the case under Horizon 2020 InnovFin.

Amendment 7

Proposal for a regulationRecital 5 c (new)


(5c) Cultural and creative sectors are one of the most resilient and fastest

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growing sectors of the European economy, which generate economic and cultural value from intellectual property and individual creativity. However, the intangible nature of their assets limits their access to private financing. Thus, one of the greatest challenges for the sectors is to increase their access to finance, which is essential to invest, scale-up and compete at the international level. Therefore the InvestEU Programme should facilitate access to finance for SMEs and organisations from cultural and creative sectors.

Amendment 8



(6) The InvestEU Fund should support investments in tangible and intangible assets to foster growth, 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.

(6) The InvestEU Fund should support investments in tangible and intangible assets to foster sustainable growth, investment and employment, and thereby contributing to improved well-being, environment and fairer income distribution in the Union. Intervention through the InvestEU Fund should complement and not replace Union support delivered through grants. Investments should comply with the additionality requirement so that market failures or sub-optimal investment situations can be addressed and investments strive to create long-term high quality employment, public infrastructure and sustainable growth.

Amendment 9



(7) The Union endorsed the objectives set out in the United Nations Agenda 2030

(7) The Union endorsed the objectives set out in the United Nations Agenda 2030

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and its Sustainable Development Goals and the Paris Agreement in 2015 as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve the agreed objectives, including those embedded in the environmental policies of the Union, action pursuing sustainable development is to be stepped up significantly. Therefore, the principles of sustainable development should feature prominently in the design of the InvestEU Fund.

and its Sustainable Development Goals and the Paris Agreement in 2015 as well as the Sendai Framework for Disaster Risk Reduction 2015-2030. To achieve the agreed objectives, including those embedded in the environmental policies of the Union, action pursuing sustainable development is to be stepped up significantly. Therefore, the principles of sustainable development and safety should be the basis of the design of the InvestEU Fund, and fossil-fuel related investments should not be supported unless duly justified on the basis that the investment contributes to the objectives of the Energy Union.

Amendment 10



(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, the InvestEU Programme will contribute to mainstream climate actions and to the achievement of an overall target of 25 % of the Union budget expenditures supporting climate objectives. Actions under the InvestEU Programme are expected to contribute 30 % 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.

(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, the InvestEU Programme will contribute to mainstream climate actions and to the achievement of an overall target of 25 % of the Union budget expenditures supporting climate objectives. Actions under the InvestEU Programme are expected to contribute at least 40 % 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 11


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(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].

Justification

The Commission should ensure synergies between the different instruments established to support cost-effective deployment of renewable energy sources in Europe and avoid duplication. If deemed relevant and efficient by the Commission, the InvestEU Fund should subsequently contribute to other existing or upcoming platforms with similar objectives in the sector of renewable energy. This approach is recommended by the Commission's High Level Group on Sustainable Finance and was also implemented by the World Bank in similar projects in the past.

Amendment 12



(10) The contribution of the InvestEU Fund to the achievement of the climate target 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.

(10) The contribution of the InvestEU Fund to the achievement of the climate target and 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 investment 14 ] for determining whether an economic activity is environmentally sustainable. The

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InvestEU Programme will should also contribute to the implementation of other dimensions of the Sustainable Development Goals (SDGs).

__________________ __________________14 COM(2018)353. 14 COM(2018)353.

Amendment 13



(11) 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 air, soil and water pollution, 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 the InvestEU Fund related operations. Environmental protection and related risk prevention and management should be integrated in the preparation and implementation of investments. The EU should also track its biodiversity-related and air pollution control-related expenditure in order to fulfil the reporting obligations under the Convention on Biological Diversity and Directive (EU) 2016/2284 of the European Parliament and of the Council15 Investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies coherent with that developed under other Union programmes applying to climate, biodiversity and air pollution management in order to allow assessing the individual and combined impact of investments on the key components of the natural capital, including air, water, land and biodiversity.

(11) 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 air, soil, inland water and ocean pollution, 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 the InvestEU Fund related operations. Environmental protection and related risk prevention and management should be integrated in the preparation and implementation of investments. The EU should also track its biodiversity-related and air pollution control-related expenditure in order to fulfil the reporting obligations under the Convention on Biological Diversity and Directive (EU) 2016/2284 of the European Parliament and of the Council15 Investment allocated to environmentally sustainability objectives should therefore be tracked using common methodologies coherent with that developed under other Union programmes applying to climate, biodiversity and air pollution management in order to allow assessing the individual and combined impact of investments on the key components of the natural capital,

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including air, water, land and biodiversity.

__________________ __________________15 Directive (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).

15 Directive (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 14



(12a) The InvestEU Programme should also integrate the gender perspective in all its working and decision making processes, make sure that committees and projects teams are gender balanced and ensure that the implementation of this fund contributes to the promotion of gender equality in compliance with EU gender mainstreaming obligations (article 8 TFEU).

Amendment 15



(13) Low infrastructure investment rates in the Union during the financial crisis undermined the Union's ability to boost sustainable growth, 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, including energy efficiency and renewable energy, environmental, climate action, maritime

(13) Low infrastructure investment rates in the Union during the financial crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. Sizeable investments in the European infrastructure, notably with regard to interconnection and energy efficiency and to creating a Single European Transport Area, are fundamental to meet the Union's sustainability targets, including the EU’s commitments towards the SDGs, and the 2030 energy and climate targets.

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and digital infrastructure. 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.

Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy, environmental, climate action, maritime and digital infrastructure, supporting e.g. development and deployment of Intelligent Transport Systems (ITS). InvestEU should prioritise areas that are under-invested, and in which additional investment is required, including sustainable mobility energy efficiency, and actions that contribute to the achievement of the 2030 and long-term 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 maximising synergies across relevant Union programmes in the areas i.a. of transport, energy and digital. 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 16



(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

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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 17



(13b) The Energy Performance of Buildings directive (Directive (EU) 2018/844) requires Member States to establish a long-term renovation strategy to support the renovation of the national stock of residential and non-residential buildings, both public and private, into a highly energy efficient and decarbonised building stock by 2050, facilitating the cost-effective transformation of existing buildings into nearly zero-energy buildings. Member States are also required to facilitate access to appropriate mechanisms for the aggregation of projects and the reduction of the perceived risk for investors and the private sector.

Amendment 18


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(14) Whereas the level of overall investment in the Union is increasing, investment in higher-risk activities such as research and innovation is still inadequate. The resulting underinvestment in research and innovation is damaging to the industrial and economic competitiveness of the Union and the quality of life of its citizens. The InvestEU Fund should provide the appropriate financial products to cover different stages in 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.

(14) Whereas the level of overall investment in the Union is increasing, investment in higher-risk activities such as research and innovation is still inadequate. Given the public funding of research and innovation activities drives productivity growth and is crucial to boost private research and innovation activities, the resulting underinvestment in research and innovation is damaging to the industrial and economic competitiveness of the Union and the quality of life of its citizens. The InvestEU Fund should provide the appropriate financial products to cover different stages in 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 EU excellence in sustainable technologies at a global level. In order to address the need to support investment in higher-risk activities such as research and innovation, it is essential that Horizon Europe, in particular the EIC, works in synergy with the financial products to be deployed under InvestEU. Additionally, innovative SMEs and start-ups face difficulties in access to finance, especially those focusing on intangible assets, hence the need for the EIC to work in close complementarity with the dedicated financial products under InvestEU to ensure a continuity of support for such SMEs. In that regard, the experience gained from the financial instruments deployed under Horizon 2020 such as InnovFin and the loan guarantee for SMEs under COSME should serve as a strong basis to deliver this targeted support.

Amendment 19

Proposal for a regulation

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Recital 14 a (new)


(14a) To provide the best possible advice to InvestEU beneficiaries, as well as to support synergies with Horizon Europe, services provided by the EIB InnovFin Advisory should be strengthened.

Amendment 20



(15) A significant effort is urgently needed to invest in 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.

(15) A significant effort is urgently needed to invest in and boost the digital transformation and to distribute the benefits of it to all Union citizens and businesses, in urban and rural areas. The strong policy framework of the Digital Single Market Strategy should now be matched by investment of a similar ambition, including in artificial intelligence in line with the Digital Europe Programme, particularly with regard to ethics, machine learning, internet of things, biotechnology and Fintech, which can increase efficiencies in mobilising capital for entrepreneurial ventures.

Amendment 21



(15a) As the single market is negatively impacted by the digital divide, created by lack of network access, uneven speeds between regions and lack of knowledge, the digital transformation of the society should empower citizens, especially the young digital natives, to feel secure to use new technologies, learning about privacy, security and basic safeguards that will

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protect them from malicious activity and increase their potential for the economy. Therefore a comprehensive approach to increase coverage, achieve similar levels of connectivity and equal knowledge for all is needed.

Amendment 22



(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 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.

(16) Small and medium-sized enterprises (SMEs) represent over 99% of businesses in the Union and their economic value is significant and crucial. However, they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral. Gender disparities also need to be addressed, as female creativity and entrepreneurial potential are an under-exploited source of growth and jobs that should be further developed. 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 lack of access to capital for SMEs is exacerbated by the comparatively small European private equity industry, and 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 by simplifying their access to finance and providing more diversified sources of funding is necessary for increasing the ability of SMEs to finance

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their creation, growth, innovation and sustainable development, ensure their competitiveness, 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. Programmes such as COSME have been important for SMEs in the they have facilitated access to finance in all phases of their lifecycle, and this was added to by EFSI for which there was a quick SME uptake. The InvestEU Fund should therefore build on these successes and provide an opportunity to focus on specific, more targeted financial products.

Amendment 23



(16a) Undertakings providing services of general interest play an essential and strategic role in key sectors with large network industries (energy, water, waste, environment, postal services, transport and telecommunications), health, education and social services. The European Union, by supporting these undertakings, safeguards the wellbeing of its citizens and democratic choices, inter alia concerning the quality of services;

Amendment 24



(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

(17) As set out in the reflection paper on the social dimension of Europe16, the European Pillar of Social Rights17 and the EU framework on the EU Convention on

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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, 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, should be harnessed to support the social market value chain development and a more resilient Union.

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. Given the significant need for investment into social infrastructure, 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 gender equality, equal opportunities, 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

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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 COM(2017) 206. 16 COM(2017) 206.17 COM(2017) 250. 17 COM(2017) 250.18 Published as European Economy Discussion Paper 074 in January 2018.

18 Published as European Economy Discussion Paper 074 in January 2018.

Amendment 25



(17a) The projects funded under InvestEU should promote equality between women and men, in particular in research and innovation, by addressing the underlying causes of gender imbalance, by exploiting the full potential of both female and male researchers, and by integrating the gender dimension into the research and innovation content; as well as by paying particular attention to ensuring gender balance in evaluation panels and in other relevant advisory and expert bodies. Activities should also aim at implementation of principles relating to equality between women and men as laid down in Articles 2 and 3 of the Treaty on European Union and in Article 8 TFEU and Directive 2006/54/EC on the implementation of the principle of equal opportunities and equal treatment of men and women in matters of employment and occupation.

Amendment 26



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(19a) The InvestEU Fund should also support just transition actions and strategies supporting investments addressing the situation of workers in specific sectors like coal/lignite mining, automotive, that could be affected from the transition to a low-carbon economy. The Invest EU fund should be able to support the transformation of those economies towards sustainable activities and attract alternative innovative businesses, start-ups, and industries with the aim of building a sustainable regional economy. Further synergies with additional supporting schemes like the modernisation Fund to be set up for the period 2021-2030 as well as other national and Union ‘s programmes addressing fair transition should also be promoted.

Amendment 27



(19b) That fund should ensure equality in the funding of projects and projects throughout the EU, with a close focus on the poorest and least developed regions.

Amendment 28



(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. This should allow

(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, and provided those

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continuing cooperating with the relevant countries, where appropriate, in particular in the fields of research and innovation as well as SMEs.

countries respect human rights. 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 29



(23a) The budget of €3.105 million (in constant prices) for Research and Innovation under the Invest EU should not be taken from the Horizon Europe Programme's overall budget of 120 billion (in constant prices), but instead will be additional to that budget.

Amendment 30



(24) The EU guarantee underpinning the InvestEU Fund should be implemented indirectly by the Commission relying on implementing partners with outreach to final recipients. A guarantee agreement allocating guarantee capacity from the InvestEU Fund should be concluded by the Commission with each implementing partner, to support its financing and investment operations meeting the InvestEU Fund objectives and eligibility criteria. The InvestEU Fund should be provided with a specific governance structure to ensure the appropriate use of the EU guarantee.

(24) The EU guarantee underpinning the InvestEU Fund should be implemented indirectly by the Commission relying on implementing partners with outreach to final recipients. A guarantee agreement allocating guarantee capacity from the InvestEU Fund should be concluded by the Commission with each implementing partner, to support its financing and investment operations meeting the InvestEU Fund objectives and eligibility criteria. In order to improve transparency, efficiency, accountability and ensure the appropriate use of the EU guarantee, the InvestEU Fund should be provided with a specific governance structure, completely separate from that of the EIB Group.

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Amendment 31



(26) The Commission should assess the compatibility of investment and financing operations submitted by the implementing partners with Union law and policies whereas the decisions on financing and investment operations should ultimately be taken by an implementing partner.

(26) As Steering Committee with an executive role to make decisions in accordance with Article 17, consisting of appointees by the European Commission, The European Investment Bank, the Implementing Partners, and a non-voting 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. The Steering Committee should assess the compatibility of investment and financing operations submitted by the implementing partners with Union law and policies whereas the decisions on financing and investment operations should ultimately be taken by an implementing partner.

Amendment 32



(27) A Project Team consisting of experts put at the disposal of the Commission by the implementing partners in order to provide professional expertise in financial and technical assessment of proposed financing and investment operations should score those submitted by the implementing partners to be assessed by the Investment Committee.

deleted

Amendment 33


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(28) An Investment Committee composed of independent experts should conclude on the granting of the support from the EU guarantee to financing and investment operations fulfilling the eligibility criteria, thereby providing external expertise in investment assessments in relation to projects. The Investment Committee should have different configurations to best cover different policy areas and sectors.

(28) An Investment Committee composed of independent experts should conclude on the granting of the support from the EU guarantee to financing and investment operations fulfilling the eligibility criteria, thereby providing external expertise in investment assessments in relation to projects. The Investment Committee should have different configurations to best cover different policy areas and sectors, and should always include at least two experts with experience in climate action, environmental protection and management.

Amendment 34



(29) In selecting implementing partners for the deployment of the InvestEU Fund, the Commission should consider the counterpart's capacity to fulfil the objectives of the InvestEU Fund and contribute its own resources, in order to ensure adequate geographical coverage and diversification, to crowd-in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub-optimal investment situations. Given its role under the Treaties, its capacity to operate in all Member States and the existing experience under the current financial instruments and the EFSI, the European Investment Bank (‘EIB’) Group should remain a privileged implementing partner under the InvestEU Fund's EU compartment. In addition to the EIB Group, national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities

(29) In selecting implementing partners for the deployment of the InvestEU Fund, the Commission should consider the counterpart's capacity and potential to fulfil the objectives of the InvestEU Fund and contribute its own resources, in order to ensure adequate geographical coverage and diversification, to crowd-in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub-optimal investment situations. Given its role under the Treaties, its capacity to operate in all Member States and the existing experience under the current financial instruments and the EFSI, the European Investment Bank (‘EIB’) Group should remain a privileged implementing partner under the InvestEU Fund's EU compartment. In addition to the EIB Group, national or regional promotional banks or institutions should be able to offer a complementary financial product range given that their experience

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at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the Union. Moreover, it should be possible to have other international financial institutions as implementing partners, in particular when they present a comparative advantage in terms of specific expertise and experience in certain Member States. It should also be possible for other entities fulfilling the criteria laid down in the Financial Regulation to act as implementing partners.

and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the Union, combining the characteristics of their financial products with the requirements of the fund. Moreover, it should be possible to have other international financial institutions as implementing partners, in particular when they present a comparative advantage in terms of specific expertise and experience in certain Member States. It should also be possible for other entities fulfilling the criteria laid down in the Financial Regulation to act as implementing partners.

Amendment 35



(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 States.

(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 two 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 States.

Amendment 36



(31) The EU guarantee under the Member State compartment should be

(31) The EU guarantee under the Member State compartment should be

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allocated to any implementing partner eligible according to [Article 62(1)(c)] of the [Financial Regulation], including national or regional promotional banks or institutions, the EIB, the European Investment Fund and other multilateral development banks. When selecting implementing partners under the Member State compartment, the Commission should take into account the proposals made by each Member State. In accordance with [Article 154] of the [Financial Regulation], the Commission must carry out an assessment of the rules and procedures of the implementing partner to ascertain that they provide a level of protection of the financial interest of the Union equivalent to the one provided by the Commission.

allocated to any implementing partner eligible according to [Article 62(1)(c)] of the [Financial Regulation], including national or regional promotional banks or institutions, the EIB, the European Investment Fund and other multilateral development banks. Where the deployment of the Member State compartment is to target policy actions already addressed by the EU through similar financing and investment operations, the Member State compartment and the EU compartment should have the same implementing partners. When selecting implementing partners under the Member State compartment, the Commission should take into account the proposals made by each Member State. In accordance with [Article 154] of the [Financial Regulation], the Commission must carry out an assessment of the rules and procedures of the implementing partner to ascertain that they provide a level of protection of the financial interest of the Union equivalent to the one provided by the Commission. The evaluation should ensure limited bureaucratic barriers and costs that do not affect return on investment and influence rates.

Amendment 37



(35) The InvestEU Advisory Hub should support the development of a robust pipeline of investment projects in each policy window. In addition, a cross-sectoral component under the InvestEU Programme should be foreseen to ensure a single-entry point and cross-policy project development assistance for centrally managed Union programmes.

(35) The InvestEU Advisory Hub should support the development of a robust pipeline of investment projects in each policy window providing for effective implementation of geographic diversification with a view to contributing to the Union objective of economic, social, and territorial cohesion and reducing regional disparities. The Advisory Hub should pay particular attention to the necessity of aggregating small projects and bundle them into larger portfolios. In

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addition, a cross-sectoral component under the InvestEU Programme should be foreseen to ensure a single-entry point and cross-policy project development assistance for centrally managed Union programmes.

Amendment 38



(36) In order to ensure a wide geographic outreach of the advisory services across the Union and to successfully leverage local knowledge about the InvestEU Fund, a local presence of the InvestEU Advisory Hub should be ensured, where needed, taking into account existing support schemes, with a view to provide tangible, proactive, tailor-made assistance on the ground.

(36) In order to ensure a wide geographic outreach of the advisory services across the Union and to successfully leverage local knowledge about the InvestEU Fund, a presence of the InvestEU Advisory Hub should be ensured in every Member State, with a particular focus on ensuring a presence in regions that face difficulties in developing projects under the InvestEU Fund, taking into account existing support schemes, with a view to provide tangible, proactive, tailormade assistance on the ground. The expertise of national promotional banks in generating, bundling and financing projects should be pooled into advisory hubs and their role as implementing partners should continue to be valued.

Amendment 39



(37a) Given the positive track record of national promotional banks in generating, bundling and financing projects, for example on small scale energy efficiency and renewable energy projects on a local and regional level, their expertise should be pooled into advisory hubs and their role as implementing partners should

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continue to be valued.

Amendment 40



(47a) The programme should be accessible to beneficiaries thanks to greater publicity and transparency, including on the part of financial and banking intermediaries. There is therefore a need for more information and constant monitoring of the implementation of the actions.

Amendment 41

Proposal for a regulationArticle 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.

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 42

Proposal for a regulationArticle 2 – paragraph 1 – point 1


(1) 'blending operations' means operations supported by the Union budget combining non-repayable forms of support or repayable support or both from the Union budget with repayable forms of support from development or other public finance institutions, as well as from

(1) ‘additionality’ means additionality as defined in Article 8a (new).

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commercial finance institutions and investors; for the purposes of this definition, Union programmes financed from sources other than the Union budget, such as the EU Emissions Trading System (ETS) Innovation Fund, can be assimilated to Union programmes financed by the Union budget;

Amendment 43

Proposal for a regulationArticle 2 – paragraph 1 – point 1 a (new)


(1 a) "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.

Amendment 44

Proposal for a regulationArticle 2 – paragraph 1 – point 17 a (new)


(17a) 'EIB' means the European Investment Bank, the European Investment Fund or any subsidiary of the European Investment Bank;

Amendment 45

Proposal for a regulationArticle 2 – paragraph 1 – point 17 b (new)


(17b) ‘additionality’ means additionality as defined in Article 8a(new).

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Amendment 46

Proposal for a regulationArticle 3 – paragraph 1 – point a


(a) the competitiveness of the Union, including innovation and digitisation;

(a) the competitiveness of the Union, including research, innovation and digitisation;

Amendment 47

Proposal for a regulationArticle 3 – paragraph 1 – point b


(b) the sustainability of the Union economy and its growth;

(b) the sustainable growth of the Union economy, aiming towards the achievement of the UN Sustainable Development Goals and the objectives of the Paris Climate Agreement;

Amendment 48



(b) to support financing and investment operations in research, innovation and digitisation;

(b) to support financing and investment operations in research, innovation and digitisation in all policy windows, including support for the upscaling of innovative companies and bringing technologies to market;

Amendment 49

Proposal for a regulationArticle 3 – paragraph 2 – point c


(c) to increase the access to and the availability of finance for SMEs and, in duly justified cases, for small mid-cap

(c) to increase and simplify the access to and the availability of finance for, and to enhance the global competitiveness of,

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companies; innovative start-ups, SMEs including micro-enterprises and, in duly justified cases, for small mid-cap companies;

Amendment 50

Proposal for a regulationArticle 3 – paragraph 2 – point d a (new)


(d a) to contribute to an overall target of at least 30% of the EU budget expenditures that must support climate objectives, and to increase investment in climate mitigation and adaption, particularly the EU’s 2030 climate and Energy targets monitored by Regulation EU (XX) [Governance of the Energy Union] by ensuring at least 40% of the InvestEU fund contributes to climate objectives.

Amendment 51

Proposal for a regulationArticle 4 – paragraph 1 – subparagraph 1


The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR 38 000 000 000 (current prices). It shall be provisioned at the rate of 40 %.

The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR 38 000 000 000 (constant prices), of which at least EUR 28 500 000 000 shall be allocated to the EIB Group. It shall be provisioned at the rate of 35 %. The EIB shall:

- As an implementing partner grant access to its allocation of the EU Guarantee for national and regional promotional banks;

- establish a structural dialogue with national and regional promotional banks for the development and implementation of financial instruments and projects;

- report annually to the European Parliament on the functioning of the

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guarantee, the contribution to the objectives set out in article 3, and its cooperation with national and regional actors.

The Commission shall assess the share given to the EIB group at a midterm review no later than December 2024 and propose a change of up to 10 %, if necessary.

Amendment 52

Proposal for a regulationArticle 4 – paragraph 1 – subparagraph 2 a (new)


The projects to be financed with the additional amount shall be dedicated exclusively for actions eligible under the eligibility criteria in the Rules of the Union programme under which the amount has been transferred and the InvestEU programme shall aim to also cover the highest risk tranche.

Amendment 53



3. The financial envelope for the implementation of the measures provided in Chapters V and VI shall be EUR 525 000 000 (current prices).

3. The financial envelope for the implementation of the measures provided in Chapters V and VI shall be EUR 725 000 000 (current prices).

Amendment 54



4. The amount referred to in paragraph 3 may also be used for technical and administrative assistance for the

4. The amount referred to in paragraph 3 may also be used for technical and administrative assistance for the

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implementation of the InvestEU Programme, such as preparatory, monitoring, control, audit and evaluation activities including corporate information technology systems.

implementation of the InvestEU Programme, such as preparatory, monitoring, control, audit and evaluation activities including corporate information technology systems. Such use shall have the aim of reducing administrative burden for beneficiaries and shall not exceed 5% of the value of the financial envelope defined in paragraph 1.

Amendment 55



(a) be consistent with the policy objectives and comply with the eligibility criteria set out in the rule on the Union programme under which the support is decided;

(a) be consistent with the policy objectives and comply with the eligibility criteria set out in the rule on the Union programme under which the support is decided; not a single financing or investment operation covered by the EU guarantee may undermine or go against the implementation of the SDGs, the EU’s commitments in the Paris Agreement, the EU's 2030 climate and energy objectives and the achievement of a net-zero greenhouse gas emissions economy by 2050;

Amendment 56

Proposal for a regulationArticle 7 – paragraph 1 – introductory part


1. The InvestEU Fund shall operate through the following four policy windows that shall address market failures or sub-optimal investment situations within their specific scope:

1. The InvestEU Fund shall operate through the following four policy windows that shall address market failures or sub-optimal investment situations within their specific scope, and where relevant shall draw from experience gained under financial instruments that have been operational under the previous multiannual financial framework:

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Amendment 57



(a) sustainable infrastructure policy window: comprises sustainable investment in the areas of transport, energy, digital connectivity, supply and processing of raw materials, space, oceans and water, waste, 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;

(a) sustainable infrastructure policy window: comprises sustainable investment in the areas of transport, including multimodal transport, road safety, tourism, energy, in particular the increased deployment of renewable energy, energy efficiency in line with the 2030 and 2050 energy frameworks, improving interconnection levels, digital connectivity and access including in rural areas, supply and processing of raw materials, space, oceans, inland water, waste avoidance and 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, and meet the environmental or social sustainability standards of the Union;

Amendment 58

Proposal for a regulationArticle 7 – paragraph 1 – point a a (new)


(aa) Renovation and maintenance infrastructure sub window: comprises of sustainable investments in:

- Renovation of rail and road bridges and tunnels for the sake of their safety;

- Buildings renovation projects focused on energy savings, deployment of decentralised renewable energy and the integration of buildings into a connected energy, storage, digital and transport system;

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Amendment 59



(b) research, innovation and digitisation policy window: comprises research and innovation activities, transfer of research results to the market, demonstration and deployment of innovative solutions and support to scaling up of innovative companies other than SMEs as well as digitisation of Union industry;

(b) research, innovation and digitisation policy window: comprises research, product development and innovation activities, transfer of technologies and research results to the market, supporting market enablers and cooperation between enterprises, demonstration and deployment of innovative solutions and support to scaling up of innovative companies including start-ups and SMEs as well as digitisation of Union industry, based on the experiences gained, in particular with the InnovFin;

Amendment 60



(c) SMEs policy window: access to and availability of finance for SMEs and, in duly justified cases, for small mid-cap companies;

(c) SMEs policy window: simplified access to and availability of finance for start-us, SMEs, including innovative ones, and, in duly justified cases, for small mid-cap companies, in particular to improve global competitiveness, innovation, digitisation and sustainability;

Amendment 61

Proposal for a regulationArticle 7 – paragraph 1 – point d


(d) social investment and skills policy window: comprises microfinance, social enterprise finance and social economy; skills, education, training and related services; social infrastructure (including

(d) social investment and skills policy window: comprises microfinance, social enterprise finance, female entrepreneurship and social economy; skills, education, training and related

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social and student housing); social innovation; health and long-term care; inclusion and accessibility; cultural activities with a social goal; integration of vulnerable people, including third country nationals.

services, including student loans; social infrastructure (including social and student housing); social innovation; health and long-term care; inclusion and accessibility; cultural activities in particular with a social goal; integration of vulnerable people, including third country nationals.

Amendment 62



Financing and investment operations under the sustainable infrastructure policy window referred to in point (a) of paragraph (1) shall be subject to climate, environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate, environment and social dimension. For that purpose, promoters requesting financing shall provide adequate information based on guidance to be developed by the Commission. Projects below a certain size defined in the guidance shall be excluded from the proofing.

Financing and investment operations under the sustainable infrastructure policy window referred to in point (a) of paragraph (1) shall be subject to climate, environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate, environment and social dimension. For that purpose, promoters requesting financing shall provide adequate information based on guidance to be developed by the Commission, in form of a delegated act and taking into account the criteria established by the [Regulation on the establishment of a framework to facilitate sustainable investment COM(2018)353] to determine whether an economic activity is environmentally sustainable. Where appropriate projects below a certain size defined in the guidance may be exempted from the proofing.

Amendment 63

Proposal for a regulationArticle 7 – paragraph 3 – subparagraph 2 – point a


a) as regards adaptation, ensure the resilience to the potential adverse impacts of climate change through a climate

a) as regards adaptation, ensure the resilience to the potential adverse impacts of climate change through a climate

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vulnerability and risk assessment, including relevant adaptation measures, and, as regards mitigation, integrate the cost of greenhouse gas emissions and the positive effects of climate mitigation measures in the cost-benefit analysis;

vulnerability and risk assessment, including relevant adaptation measures, and, as regards mitigation, integrate the cost of greenhouse gas emissions and the positive effects of climate mitigation measures in the cost-benefit analysis and ensure compliance with the EU environmental objectives and standards;

Amendment 64

Proposal for a regulationArticle 7 – paragraph 3 – subparagraph 2 – point b a (new)


b a) estimate the impact on employment and good quality job creation;

Amendment 65



4. Implementing partners shall provide the information necessary to allow the tracking of investment that contributes to meeting the Union objectives on climate and environment, based on guidance to be provided by the Commission.

4. Implementing partners shall provide the information necessary to allow the tracking of investment that contributes to meeting the Union objectives on climate and environment, based on guidance to be provided by the Commission and assess where appropriate compliance of operations with the Regulation on the establishment of a framework to facilitate sustainable investment (COM(2018)353);

Amendment 66

Proposal for a regulationArticle 7 – paragraph 4 a (new)


4 a. The SMEs policy window shall offer support also to beneficiaries that were supported by the different EU

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guarantee facilities merged under InvestEU, in particular the Cultural and Creative Sectors Guarantee Facility from the Creative Europe Programme.

Amendment 67



5. Implementing partners shall target that at least 50 % of the investment under the sustainable infrastructure policy window contribute to meeting the Union objectives on climate and environment.

5. Implementing partners shall target that:

- at least 65% of the investment under the sustainable infrastructure policy window significantly contribute to meeting the Union objectives on climate and environment, in line with the Paris Agreement;

- at least 35% of the investment under the research, innovation and digitisation policy window contribute to Horizon Europe Objectives;

- a significant share of the guarantee offered to SMEs and small mid-caps under the SME policy window should support innovative SMEs;

- at least 30% of the investment under the social investment and skills policy window contribute to the objectives of Horizon Europe and Erasmus+;

The Commission together with implementing partners shall seek that the part of the budgetary guarantee used for the SIW is distributed aiming at a balance between the actions in the different areas.

Amendment 68

Proposal for a regulationArticle 8 a (new)

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Article 8 a

Additionality

1. For the purposes of this Regulation, ‘additionality’ means the support by the InvestEU Fund of operations which address market failures or sub-optimal investment situations, including long-term return on investments or higher risk financing needs for projects delivering long term environmental and societal benefits, and which could not have been carried out during the period in which the EU guarantee can be used, or not to the same extent, by implementing partners without InvestEU Fund support. Projects supported by the InvestEU Fund shall support the objectives laid down in Article 3.

2. Without prejudice to the requirement to meet the definition of additionality as set out in the first subparagraph, the following elements are strong indications of additionality:

- projects proposed that carry a risk corresponding to EIB special activities, as defined in Article 16 of the EIB Statute, or an equivalent level of risk, especially if such projects present country-, sector- or region-specific risks, in particular those experienced in less developed regions and transition regions and/or if such projects present risks associated with innovation, in particular in growth-,sustainability- and productivity-enhancing unproven technologies;

- projects proposed by implementing partners considered by the Investment Committee to carry a level of risk equivalent to that described in the first indent of this subparagraph.

Amendment 69

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1. Amounts allocated by a Member State under Article [10(1)] of Regulation [[CPR] number] or Article [75(1)] of Regulation [[CAP plan] number] 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 concerned.

1. In line with Article 21 of Regulation (EU) XX [... Common Provisions Regulation], Member States or regions, as applicable and on a voluntary basis, may request the transfer of parts of their financial 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] 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 concerned.

Amendment 70



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 and the Commission.

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 71



a) the overall amount of the part of the EU guarantee under the Member State compartment pertaining to the Member State, its provisioning rate, the amount of

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

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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 concerned;

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 concerned;

Amendment 72



c) the implementing partner or partners which have expressed their interest and the obligation of the Commission to inform the Member State about the implementing partner or partners selected;

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 73

Proposal for a regulationArticle 9 – paragraph 3 – point e


e) the annual reporting obligations towards the Member State, including reporting in accordance with the indicators referred to in the contribution agreement;

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 74



(c) the Commission shall immediately inform the Member State 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

(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

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guarantee falls below 20 % of the initial provisioning;

provisions for that part of the EU guarantee falls below 20 % of the initial provisioning;

Amendment 75



(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 concerned shall provide to the common provisioning fund up to 5 % of the initial provisioning upon request by the Commission.

(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 76



2. Support of the EU guarantee may be granted for financing and investment operations covered by this Regulation for an investment period ending on 31 December 2027. Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 13(1)(a) shall be signed by 31 December 2028.

2. Support of the EU guarantee may be granted for financing and investment operations covered by this Regulation for an investment period ending on 31 December 2027. This support must entail higher provisioning rates for SMEs which show that they are facing objective difficulties in gaining access to credit. Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 13(1)(a) shall be signed by 31 December 2028.

Amendment 77



(a) comply with the conditions set out in [points (a) to (e) of Article 209(2)] of

(a) comply with the conditions set out in [points (a) to (e) of Article 209(2)] of

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[the Financial Regulation], in particular with the additionality requirement set out in [point (b) of Article 209(2)] of [the Financial Regulation] and, where appropriate, maximising private investment in accordance with [point (d) of Article 209(2)] of the [Financial Regulation];

[the Financial Regulation], in particular by realising additionality as set out in Article [8a], achieving a leverage and multiplier effect by mobilising a global investment exceeding the size of the Union guarantee, and where appropriate, maximising private investment in accordance with [point (d) of Article 209(2)] of the [Financial Regulation];

Amendment 78



(b) contribute to the Union policy objectives and fall under the scope of the areas eligible for financing and investment operations under the appropriate window in accordance with Annex II to this Regulation; and

(b) contribute to, complement and are consistent with Union policy objectives, particularly those related to Union climate and environmental objectives, and fall under the scope of the areas eligible for financing and investment operations under the appropriate window in accordance with Annex II to this Regulation; and

Amendment 79

Proposal for a regulationArticle 11 – paragraph 1 – point c a (new)


(c a) are technically viable from an environmental and social point of view , in accordance with the eligibility criteria set out in Annex II of this regulation.

Amendment 80

Proposal for a regulationArticle 11 – paragraph 1 – point c b (new)


(c b) The InvestEU fund shall not support activities related to fossil fuels, unless such activities are duly justified on

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the grounds that they contribute to or facilitate the achievement of the objectives of the Energy Union, namely Energy Security, the Integration of the internal Energy Market, enhancing the efficiency of energy use, decarbonisation of the economy in line with the Paris Agreement, and technological breakthroughs in low-carbon and clean technologies driving the energy transition and improving competitiveness.

Amendment 81



(c) a third country referred to in point (a) of paragraph 2, where applicable;

(c) a third country referred to in point (a) of paragraph 2, where applicable, and which respects human rights;

Amendment 82



For the EU compartment, the eligible counterparts shall have expressed their interest and shall be able to cover financing and investment operations in at least three Member States. The implementing partners may also cover together financing and investment operations in at least three Member States by forming a group.

For the EU compartment, the eligible counterparts shall have expressed their interest and shall be able to cover financing and investment operations in at least three Member States. The implementing partners may also cover together financing and investment operations in at least two Member States by forming a group. This criteria is also fulfilled when the implementing partners identify a common market failure in their respective markets and address this market failure or suboptimal investment situation with locally adapted, but similar instruments.

Amendment 83

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Where the deployment of the Member State compartment is to target policy actions already addressed by the EU compartment through similar financing and investment operations, the Member State compartment and the EU compartment shall have the same implementing partners.

Amendment 84



(d) achieves geographical diversification;

(d) achieves geographical diversification by Member State and by region;

Amendment 85

Proposal for a regulationArticle 12 – paragraph 2 – point e


(e) provides sufficient risk diversification;

(e) provides sufficient risk diversification while avoiding excessive financial risk operations;

Amendment 86

Proposal for a regulationArticle 12 – paragraph 2 – point f a (new)


(f a) achieves additionality as laid out in Article 8a.

Amendment 87

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1a. National Promotional Banks and Institutions are also financial institutions with the corresponding rules and procedures. It must be ensured that the requirements of [Article 154] of the [Financial Regulation] are proportionate to their size and/or geographical scope. Existing data, supervisory processes and State aid should be taken into account.

Justification

The European Commission proposed the inclusion of such 'NPBIs' as 'implementing partners', and they can hardly pass the 'pillar assessment' provided for by [Article 154] of [the Financial Regulation] and satisfy the criterion of at least three Member States.

Amendment 88

Proposal for a regulationChapter 4 a (new)


All bodies participating in the decision-making and selection of projects shall act according to the principles of transparency, accountability and guaranteed stakeholder participation, including from civil society organisations. They should be composed of independent experts from various technical backgrounds, including climate experts, and aim for gender balance. Information on projects, selection procedure and decision-making shall be published, while respecting commercially sensitive information.

(This amendment shall serve as introduction to the chapter and apply thus to Articles 17-19. It shall appear before Article 17 in the text.)

Amendment 89

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Article 16a

Governance

All bodies participating in the Governance of the InvestEU Programme, as set out in Articles 17, 18 and 19 of this Regulation, shall act according to the principles of transparency, accountability and will ensure stakeholder participation, in particular, where relevant, from co-investors, public authorities, experts, education, training and research institutions, the relevant social partners and representatives of civil society. They should be composed of relevant independent experts and aim for gender balance. Information on projects and decision-making shall be published, while respecting commercially sensitive information.

Amendment 90



1. The Commission shall be advised by an advisory board which shall have two configurations, namely representatives of implementing partners and representatives of Member States.

1. The Steering Committee shall be advised by an advisory board which shall have two configurations, namely representatives of implementing partners and representatives of Member States.

Amendment 91

Proposal for a regulationArticle 17 – paragraph 5 – point a – point ii


(ii) provide advice to the Commission about market failures and sub-optimal investment situations and market

(ii) provide advice to the Steering Committee about market failures and sub-optimal investment situations and market

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conditions; conditions;

Amendment 92



Article 17 a

Steering Committee

1. The InvestEU fund shall be governed by a Steering Committee which, for the purpose of the use of the EU guarantee, is to determine, in conformity with the general objectives set out in Article 3.

2. The Steering Committee shall:

(a) comprise of seven members: three appointed by the Commission, one by the advisory board in its configuration of the representatives of the implementing partners, one by the European Investment Bank, and two experts appointed as non-voting members by the European Parliament. The appointed experts shall not seek or take instructions from Union institutions, bodies, offices or agencies, from any Member State government or from any other public or private body and shall act in full independence. The experts shall perform their duties impartially and in the interest of the InvestEU Fund;

(b) elect a Chairperson from among its voting members for a fixed term of three years, renewable once;

(c) discuss and take the utmost possible account of the positions of all members. If the members cannot converge in their positions, the steering committee shall take its decisions by unanimous vote among its voting members. The minutes of the steering committee meetings shall provide a substantive account of the positions of all members.

3. The steering committee shall ensure that the strategic orientation of InvestEU

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is in line with the objectives set out in Article 3, and that the proposed financing and investment operations by the implementing partners comply with Union law and policies. When carrying out its tasks under this Regulation, the steering committee shall pursue only the objectives set out in this Regulation.

4. The Steering Committee shall determine the operating policies and procedures necessary for the functioning of InvestEU and the rules applicable to the operations with investment platforms and national promotional banks or institutions.

5. The Steering Committee shall prepare the scoreboard on the proposed financing and investment operations for the Investment Committee.

The scoreboard shall, in particular, contain an assessment of: (a) the risk profile of the proposed financing and investment operations;

(b) the benefit for final recipients;

(c) the respect of the eligibility criteria.

Each implementing partner shall provide adequate and harmonised information to the Steering Committee in order for it to be able to prepare the scoreboard.

6. The Steering Committee shall regularly organise a consultation of relevant stakeholders - in particular co-investors, public authorities, experts, education, training and research institutions, the relevant social partners and representatives of civil society - on the orientation and implementation of the investment policy carried out under this regulation.

Amendment 93

Proposal for a regulationArticle 18

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Article 18 deleted

Project team

1. A project team consisting of experts, put at the disposal of the Commission by the implementing partners free of charge for the Union budget, shall be established.

2. Each implementing partner shall assign experts to the project team. The number of the experts shall be established in the guarantee agreement.

3. The Commission shall confirm whether the proposed financing and investment operations by the implementing partners comply with Union law and policies.

4. Subject to the confirmation by the Commission referred to in paragraph 3, the project team shall perform a quality control of the due diligence of the proposed financing and investment operations carried out by the implementing partners. Financing and investment operations shall be then submitted to the Investment Committee for approval of the coverage by the EU guarantee.

The project team shall prepare the scoreboard on the proposed financing and investment operations for the Investment Committee.

The scoreboard shall, in particular, contain an assessment of:

(a) the risk profile of the proposed financing and investment operations;

(b) the benefit for final recipients;

(c) the respect of the eligibility criteria.

Each implementing partner shall provide adequate and harmonised information to the project team in order for it to be able

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to carry out its risk analysis and prepare the scoreboard.

5. A project team expert shall not assess the due diligence or appraisal relating to a potential financing or investment operation submitted by the implementing partner that has put the expert at the disposal of the Commission. That expert shall also not prepare the scoreboard in relation to those proposals.

6. Each project team expert shall declare to the Commission any conflict of interest and shall communicate without delay to the Commission all information needed to check on an ongoing basis the absence of any conflict of interest.

7. The Commission shall lay down detailed rules for the functioning of the project team and for the verification of conflict of interest situations.

8. The Commission shall lay down detailed rules for the scoreboard to enable the Investment Committee to approve the use of the EU guarantee for a proposed financing or investment operation.

Amendment 94



(b) verify their compliance with this Regulation and the relevant investment guidelines, giving particular attention to the additionality requirement referred to in [Article 209(2)(b)] of the [Financial Regulation] and to the requirement to crowd in private investment referred to in [Article 209(2)(d)] of the [Financial Regulation]; and

(b) verify their compliance with this Regulation and the relevant investment guidelines, giving particular attention to the additionality requirement referred to in [Article 209(2)(b)] of the [Financial Regulation], the sustainability proofing referred to in Article 7(3), and to the requirement to crowd in private investment referred to in [Article 209(2)(d)] of the [Financial Regulation]; and

Amendment 95

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Each configuration of the Investment Committee shall be composed of six 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.

Each configuration of the Investment Committee shall be composed of seven 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 96



Four 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 one of the permanent members shall have expertise in sustainable investment. 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.

Five 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 two of the permanent members shall have expertise in investment in the 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 97


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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 all information needed to check on an ongoing basis the absence of any conflict of interest.

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 98



Conclusions of the Investment Committee approving the support of the EU guarantee to a financing or investment operation shall be publicly accessible and shall include the rationale for the approval. The publication shall not contain commercially sensitive information.

Conclusions of the Investment Committee approving the support of the EU guarantee to a financing or investment operation shall be publicly accessible and shall include the rationale for the approval, the criteria applied and the scoreboard of indicators. Particular focus should be given to compliance with the additionality criterion. The publication shall not contain commercially sensitive information.

Amendment 99



The scoreboard shall be publicly available after the signature of a financing or investment operation or sub-project, if applicable. The publication shall not contain commercially sensitive information or personal data not to be disclosed under the Union data protection rules.

The scoreboard shall be publicly available after the signature of a financing or investment operation or sub-project, if applicable. The publication shall not contain commercially sensitive information or personal data not to be disclosed under the Union data protection rules. A rate of the projects rejected over the projects accepted per Member State should be included annually. A justification of acceptance or rejection should be

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provided for every project.

Amendment 100



Twice a year, the conclusions of the Investment Committee rejecting the use of the EU guarantee shall be transmitted to the European Parliament and to the Council, subject to strict confidentiality requirements.

Twice a year, the conclusions, the criteria applied and the scoreboard indicators related to of the Investment Committee rejecting the use of the EU guarantee shall be transmitted to the European Parliament and to the Council, subject to strict confidentiality requirements.

Amendment 101



The InvestEU Advisory Hub shall provide advisory support for the identification, preparation, development, structuring, procuring and implementation of investment projects, or enhance the capacity of promoters and financial intermediaries to implement financing and investment operations. Its support may cover any stage of the life-cycle of a project or financing of a supported entity, as appropriate.

The InvestEU Advisory Hub shall provide advisory support for the identification, preparation, development, structuring, procuring and implementation of investment projects, or enhance the capacity of promoters and financial intermediaries to implement financing and investment operations. Its support may cover any stage of the life-cycle of a project or financing of a supported entity, as appropriate. Experts in the Advisory Hub will work in close cooperation with the EIB InnovFin Advisory.

Amendment 102



The InvestEU advisory Hub shall provide information and advisory support at regional and local level, with a particular

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emphasis on SMEs and start-ups. It will build on the experience already gathered from the European Investments Advisory Hub run under EFSI, and shall include a communication and project development assistance component to build capacity for the development of sustainable projects, and to aggregate smaller projects into larger ones.

Amendment 103



The InvestEU Advisory Hub shall be available as a component under each policy window referred to in Article 7(1) covering all the sectors under that window. In addition, cross-sectoral advisory services shall be available.

The InvestEU Advisory Hub shall be available as a component under each policy window referred to in Article 7(1) covering all the sectors under that window, in particular for those contributing to EU climate objectives. In addition, cross-sectoral advisory services shall be available.

Amendment 104



(b) assisting project promoters, where appropriate, in developing their projects to fulfil the objectives and eligibility criteria set out in Articles 3, 7 and 11 and facilitating development of aggregators for small-scale projects; however, such assistance does not prejudge the conclusions of the Investment Committee on the coverage of the support of the EU guarantee to such projects;

(b) assisting project promoters, where appropriate, in developing their projects to fulfil the objectives and eligibility criteria set out in Articles 3, 7 and 11 and facilitating development of aggregators for small-scale projects, as well as assist in the formation of thematic and regional investment platforms by providing legal assistance and an appropriate template of an investment platform agreement; however, such assistance does not prejudge the conclusions of the Investment Committee on the coverage of the support of the EU guarantee to such projects;

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Amendment 105



(c) supporting actions and leveraging local knowledge to facilitate the use of the InvestEU Fund support across the Union and contributing actively where possible to the objective of sectorial and geographical diversification of the InvestEU Fund by supporting the implementing partners in originating and developing potential financing and investment operations;

(c) supporting actions and leveraging local knowledge, particularly in terms of assisting small, medium and micro enterprises, local authorities, entities and communities, and advising on the opportunities available to them in all policy windows, to facilitate the use of the InvestEU Fund support across the Union and contributing actively where possible to the objective of sectorial and geographical diversification of the InvestEU Fund by supporting the implementing partners in originating and developing potential financing and investment operations;

Amendment 106

Proposal for a regulationArticle 20 – paragraph 2 – point f a (new)


(f a) where applicable proactively advising in line with the energy efficiency first principle as outlined in the Governance of the Energy Union Regulation;

Amendment 107

Proposal for a regulationArticle 20 – paragraph 2 – point f b (new)


(f b) undertaking communication actions to raise awareness of the available support to project promoters and to financial and other intermediaries provided by the Advisory Hub, and more generally the opportunities available

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under InvestEU.

Amendment 108



4. Fees may be charged for the services referred to in paragraph 2 to cover part of the costs for providing those services.

4. Commensurate fees may be charged for the services referred to in paragraph 2 to cover part of the costs for providing those services.

Amendment 109



6. The InvestEU Advisory Hub shall have local presence, where necessary. It shall be established in particular in Member States or 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.

6. The InvestEU Advisory Hub shall have a presence, in each Member State, with a particular focus on ensuring a presence in regions that face difficulties in developing projects under the InvestEU Fund in order to support the exchange of good practices and information and to increase knowledge of investment opportunities in the regions as well. The Hub shall establish a direct dialogue between businesses, intermediaries and Community institutions. 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 110



1. The InvestEU Portal shall be established by the Commission. It shall be an easily accessible and user-friendly

1. The InvestEU Portal shall be established by the Commission. It shall provide an easily accessible and user-

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project database, providing relevant information for each project.

friendly project database, giving more visibility to projects and allowing investors to identify investment opportunities in their sector or area of interest.

Amendment 111



3. The performance reporting system shall ensure that data for monitoring implementation and results are collected efficiently, effectively and in a timely manner. To that end, proportionate reporting requirements shall be imposed on implementing partners and other recipients of Union funds, as appropriate.

3. The performance reporting system shall ensure that data for monitoring implementation and results are collected efficiently, effectively and in a timely manner. To that end, proportionate reporting requirements shall be imposed on implementing partners and other recipients of Union funds, as appropriate. The reporting system shall provide a clear mapping of the policy windows detailed in the eligible areas for financing and investment operations as laid down in Annex II

Justification

A clear mapping of the projects on the basis of the 4 windows and the more detailed areas for financing and investment is important in order to assess properly its performance.

Amendment 112



5. In addition, each implementing partner shall submit every six months a report to the Commission on the financing and investment operations covered by this Regulation, broken down by the EU compartment and the Member State compartment by Member State, as appropriate. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance

5. In addition, each implementing partner shall submit every six months a report to the Commission on the financing and investment operations covered by this Regulation, broken down by the EU compartment and the Member State compartment by Member State, as appropriate. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance

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indicators laid down in Annex III to this Regulation. The report shall also include operational, statistical, financial and accounting data on each financing and investment operation and at the compartment, policy window and the InvestEU Fund level. One of those reports shall contain the information the implementing partners shall provide in accordance with [Article 155(1)(a)] of the [Financial Regulation].

indicators laid down in Annex III to this Regulation. The report shall also, where appropriate and proportional, include operational, statistical, financial and accounting data on each financing and investment operation and at the compartment, policy window and the InvestEU Fund level. One of those reports shall contain the information the implementing partners shall provide in accordance with [Article 155(1)(a)] of the [Financial Regulation]. Wherever possible, those reports should be identical to reports already required at national or regional level. The Commission shall compile and assess implementing partners’ reports and submit a summary in the form of public annual reports, providing information on the level of implementation of the programme against its objectives and performance indicators, indicating risks and opportunities for the financing and investment operations supported by the InvestEU programme.

Amendment 113



5a. The Commission, shall publish on their web-portal information on financing and investment operations, including information on expected impacts and benefits of the projects, taking into account the protection of confidential and commercially sensitive information. The web-portal shall also provide public access to a registry of eligible counterparts.

In accordance with relevant transparency policies and Union rules on data protection and on access to documents and information, the implementing partners and other recipients of Union funds shall proactively and systematically

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make publicly available on their websites information relating to all financing and investment operations covered by this programme, relating in particular to the manner in which those projects contribute to the achievement of the objectives and requirements of this Regulation. Such information shall always take into account the protection of confidential and commercially sensitive information. Implementing partners shall make public Union support in all information, which they publish on financing and investment operations covered by this programme in accordance with this Regulation.

Amendment 114



2. By 30 September 2025, the Commission shall carry out an interim evaluation on the InvestEU Programme, in particular on the use of the EU guarantee.

2. By 31 December 2024, the Commission shall carry out an interim evaluation on the InvestEU Programme, in particular on the use of the EU guarantee.

Amendment 115



Audits on the use of the Union funding carried out 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].

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 116


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2. The Commission shall implement information and communication actions relating to the InvestEU Programme and its actions and results. Financial resources allocated to the InvestEU Programme shall also contribute to the corporate communication of the political priorities of the Union, as far as they are related to the objectives referred to in Article 3.

2. The Commission shall launch an effective, informative and EU-wide communication strategy to accompany the InvestEU Programme in order increase the visibility of this programme, especially for SMEs, and therefore to attract the best potential projects. Financial resources allocated to the InvestEU Programme shall also contribute to the corporate communication of the political priorities of the Union, as far as they are related to the objectives referred to in Article 3.

Amendment 117

Proposal for a regulationAnnex I – paragraph 1 a (new)


In accordance with Article 4 of this Regulation, this distribution may be modified during the financial year in line with developments in the various objectives referred to in Article 3(2) of this Regulation.

Amendment 118

Proposal for a regulationAnnex II – paragraph 1 – introductory part


The financing and investment operations may fall under one or more of the following areas:

The financing and investment operations shall fall under one or more of the following areas:

Amendment 119

Proposal for a regulationAnnex II – paragraph 1 – point 1 – point a

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(a) expansion of the generation, supply or use of clean and sustainable renewable energy;

(a) expansion of the generation, accelerating the deployment, supply or implementation of clean and sustainable renewable energy solutions; ;

Amendment 120

Proposal for a regulationAnnex II – paragraph 1 – point 1 – point b


(b) energy efficiency and energy savings (with a focus on reducing demand through demand-side management and the refurbishment of buildings);

(b) energy efficiency, energy transition and energy savings (with a focus on reducing demand through demand-side management and the refurbishment of buildings);

Amendment 121

Proposal for a regulationAnnex II – paragraph 1 – point 1 – point c


(c) development, smartening and modernisation of sustainable energy infrastructure (transmission and distribution level, storage technologies);

(c) development, smartening and modernisation of sustainable energy infrastructure (transmission and distribution level, storage technologies, smart grids) and increasing the level of electricity interconnection between Member States;

Amendment 122

Proposal for a regulationAnnex II – paragraph 1 – point 1 – point d


(d) production and supply of synthetic fuels from renewable/carbon-neutral sources; alternative fuels;

(d) production and supply of sustainable synthetic fuels from renewable/carbon-neutral sources, and alternative fuels, in line with the provisions set out in [Renewable Energy

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Directive 2009/28/EC];

Amendment 123

Proposal for a regulationAnnex II – paragraph 1 – point 1 – point e


(e) carbon-capture and -storage infrastructure.

(e) infrastructure for carbon-capture, and for carbon storage in industrial processes, bio-energy plants and manufacturing facilities towards the energy transition.

Amendment 124

Proposal for a regulationAnnex II – paragraph 1 – point 2 – introductory part


2. Development of sustainable transport infrastructures, and equipment and innovative technologies in accordance with Union transport priorities and the commitments taken under the Paris Agreement, in particular through:

2. Development of sustainable transport infrastructures, innovative mobility solutions and equipment and innovative technologies in accordance with Union transport priorities and the commitments taken under the Paris Agreement, in particular through:

Amendment 125



(a) projects supporting development of the TEN-T infrastructure, including its urban nodes, maritime and inland ports, multimodal terminals and their connection to the main networks;

(a) projects supporting the sustainable development of the TEN-T infrastructure, including its urban nodes, maritime and inland ports, airports, multimodal terminals and their connection to the main networks;

Amendment 126


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(b) smart and sustainable urban mobility projects (targeting low-emission urban transport modes, accessibility, air pollution and noise, energy consumption and accidents);

(b) smart and sustainable urban mobility projects (targeting zero and low-emission urban transport modes, accessibility, air pollution and noise, energy consumption and road safety);

Amendment 127



(c) supporting the renewal and retrofitting of transport mobile assets with the view of deploying low-emission mobility solutions;

(c) supporting the renewal and retrofitting of transport mobile assets with the view of deploying zero and low-emission mobility solutions;

Amendment 128



(d) railway infrastructure, other rail projects, and maritime ports;

(d) railway infrastructure, other rail projects, inland waterways infrastructure and maritime ports;

Amendment 129

Proposal for a regulationAnnex II – paragraph 1 – point 2 – point e


(e) alternative fuels infrastructure, including electric charging infrastructure.

(e) alternative fuels infrastructure in line with the provisions set out in Article 25 of [Renewable Energy Directive 2009/28/EC], including deployment of electric charging infrastructure.

Amendment 130

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(c) projects and enterprises in the fields of environmental resource management and clean technologies;

(c) projects and enterprises in the fields of environmental resource management and sustainable technologies;

Amendment 131

Proposal for a regulationAnnex II – paragraph 1 – point 3 – point f


(f) climate change actions, including natural hazard disaster risk reduction;

(f) climate change actions, including natural hazard disaster risk reduction, climate adaptation and mitigation;

Amendment 132

Proposal for a regulationAnnex II – paragraph 1 – point 3 – point g


(g) projects and enterprises that implement circular economy by integrating resource efficiency aspects in the production and product life-cycle, including the sustainable supply of primary and secondary raw materials;

(g) projects and enterprises that implement circular economy by integrating energy and resource efficiency aspects in the production and product life-cycle, including the sustainable supply and recycling of primary and secondary raw materials;

Amendment 133

Proposal for a regulationAnnex II – paragraph 1 – point 4


4. Development of digital connectivity infrastructure, in particular through projects supporting deployment of very high capacity digital networks.

4. Development of digital connectivity infrastructure, in particular through projects supporting deployment of very high capacity digital networks, 5G connectivity and improving digital connectivity and access, particularly to

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rural areas and peripheral regions.

Amendment 134



(a) research, including research infrastructure and support to academia, and innovation projects contributing to the objectives of [Horizon Europe];

(a) support to research infrastructure and research and innovation projects in all thematic areas and defined in, and contributing to the objectives of, Horizon Europe;

Amendment 135



(b) corporate projects; (b) corporate projects, including training and the promotion of the creation of clusters and business networks;

Amendment 136



(d) collaboration projects between academia and industry;

(d) collaborative research and innovation collaboration projects between academia, research and innovation organisations and industry; public-private partnerships and civil society organisations;

Amendment 137

Proposal for a regulationAnnex II – paragraph 1 – point 5 – point f


(f) new effective healthcare products, (f) new effective and accessible

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including pharmaceuticals, medical devices and advanced therapy medicinal products.

healthcare products, including pharmaceuticals, medical devices, diagnostics and advanced therapy medicinal products, new antimicrobials and innovative development processes that avoid using animal testing.

Amendment 138



6. Development and deployment of digital technologies and services, in particular through:

6. Developmen, deployment and scaling-up of digital technologies and services, in particular through:

Amendment 139



(a) artificial intelligence; (a) artificial intelligence in line with the Digital Europe Programme, particularly with regards to ethics;

Amendment 140

Proposal for a regulationAnnex II – paragraph 1 – point 6 – point a a (new)


(a a) Quantum technology;

Amendment 141

Proposal for a regulationAnnex II – paragraph 1 – point 6 – point f a (new)


(f a) robotics and automatisation.

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Amendment 142



7. Financial support to entities employing up to 3 000 employees, with a particular focus on SMEs and small mid-cap companies, in particular through:

7. Financial support to entities employing up to 3 000 employees. The SME window shall only focus on SMEs and small mid-cap companies, in particular through:

Amendment 143



(a) provision of working capital and investment;

(a) provision of working capital and investment, particularly relating to actions that drive an entrepreneurial culture and environment and promote the creation and growth of micro, small and medium enterprises ;

Amendment 144



(b) provision of risk financing from seed to expansion stages to ensure technological leadership in innovative and sustainable sectors.

(b) provision of risk financing from seed to expansion stages to ensure technological leadership in innovative and sustainable sectors, including enhancing their digitisation and innovation capacity, and to ensure their global competitiveness.

Amendment 145


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9. Tourism. 9. Sustainable tourism.

Amendment 146



(a) microfinance, social enterprise finance and social economy;

(a) microfinance, social enterprise finance, female entrepreneurship, promotion of gender equality and social economy;

Amendment 147

Proposal for a regulationAnnex II – paragraph 1 – point 11 – point d – point i


(i) education and training, including early childhood education and care, educational facilities, student housing and digital equipment;

(i) education and training, including early childhood education and care, educational facilities, student housing and digital equipment and student loans;

Amendment 148

Proposal for a regulationAnnex II – paragraph 1 – point 11 – point h


(h) innovative health solutions, including health services and new care models;

(h) innovative health solutions, including health services, healthcare system management, e-health, preventive medicine, precision medicine and new care models;

Amendment 149



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12. Development of the defence industry, thereby enhancing the Union's strategic autonomy, in particular through support for:

deleted

(a) the Union’s defence industry supply chain, in particular through financial support to SMEs and mid-caps;

(b) companies participating in disruptive innovation projects in the defence sector and closely related dual-use technologies;

(c) the defence sector supply chain when participating in collaborative defence research and development projects, including those supported by the European Defence Fund;

(d) defence research and training infrastructure.

Amendment 150



(b) to foster the competitiveness of space systems and technologies, addressing in particular vulnerability of supply chains;

(b) to foster the competitiveness of space systems and technologies, addressing in particular independence of supply chains;

Amendment 151



(c) to underpin space entrepreneurship; (c) to underpin space entrepreneurship including downstream development;

Amendment 152

Proposal for a regulationAnnex II – paragraph 1 – point 13 a (new)

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13 a. Seas and Oceans, through the development of a sustainable Blue Economy in line with the objectives of the Integrated Maritime Policy in particular through

a. Maritime entrepreneurship

b. an innovative and competitive maritime industry

c. ocean literacy and blue careers

d. the implementation of the Sustainable Development Goals, in particular SDG 14 (Life Below Water)

e. renewable marine energy and circular economy

Amendment 153

Proposal for a regulationAnnex III – point 1 – introductory part


1. Volume of InvestEU financing (broken down by policy window)

1. Volume of InvestEU financing (broken down by the points and sub-points of the eligible areas for financing and investment operations as laid down in Annex II)

Amendment 154

Proposal for a regulationAnnex III – point 1 – point 1.4 a (new)


1.4 a Synergies with other EU programmes

Amendment 155


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2. Geographical coverage of InvestEU financing (broken down by policy window)

2. Geographical coverage of InvestEU financing (broken down by by the points and sub-points of the eligible areas for financing and investment operations as laid down in Annex II)

Amendment 156



2.1 a Number of regions covered by projects

Amendment 157

Proposal for a regulationAnnex III – point 3 – point 3.2


3.2 Investment supporting climate objectives

3.2 Investment supporting energy and climate objectives, and, where applicable, detailed per policy window and category, as well as share of climate relevance

Amendment 158



4.1 Energy: Additional renewable energy generation capacity installed (MW)

4.1 Energy: Additional renewable energy generation capacity installed (MW) by source

Amendment 159


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4.2 Energy: Number of households with improved energy consumption classification

4.2 Energy: Number of households, number of public and commercial premises with improved energy consumption classification, including the degree of improvement in the classification or equivalent figure, or number of households renovated to NZEB and passive house standard

Amendment 160



4.3 Digital: Additional households with broadband access of at least 100 Mbps upgradable to Gigabit speed

4.3 Digital: Additional households, commercial and/ or public buildings with broadband access of at least 100 Mbps upgradable to Gigabit speed, or number of WIFI- hotspots created

Amendment 161



4.5 a Number of alternative fuel infrastructure points deployed

Amendment 162

Proposal for a regulationAnnex III – point 4 – point 4.5 b (new)


4.5 b Emissions reduction: amount of CO2 emissions reduced

Amendment 163

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5.1 Contribution to the objective of 3% of the Union's GDP invested in research, development and innovation

5.1 Contribution to the objective of 3% of the Union's GDP invested in research, development and innovation throughout the programme

Amendment 164



5.2 Number of enterprises supported carrying out research and innovation projects

5.2 Number of enterprises supported carrying out research and innovation projects throughout the programme

Amendment 165



5.2 a Number of projects that before got support through Horizon Europe and/or the Digital Europe programme

Amendment 166



6.2 Number of enterprises supported by stage (early, growth/expansion)

6.2 Number of enterprises supported by stage (early, growth/expansion) in particular innovative SMEs

Amendment 167


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7. Social Investment and Skills 7. Gender disaggregated data on Social Investment and Skills

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PROCEDURE – COMMITTEE ASKED FOR OPINION

Title Establishing the InvestEU Programme

References COM(2018)0439 – C8-0257/2018 – 2018/0229(COD)

Committees responsible Date announced in plenary

BUDG14.6.2018

ECON14.6.2018

Opinion by Date announced in plenary

ITRE14.6.2018

Associated committees - date announced in plenary

5.7.2018

Rapporteur Date appointed

Seán Kelly13.6.2018

Rule 55 – Joint committee procedure Date announced in plenary 5.7.2018

Discussed in committee 10.9.2018

Date adopted 5.11.2018

Result of final vote +:–:0:

3858

Members present for the final vote Zigmantas Balčytis, Bendt Bendtsen, José Blanco López, Jonathan Bullock, Cristian-Silviu Buşoi, Jerzy Buzek, Jakop Dalunde, Pilar del Castillo Vera, Ashley Fox, Theresa Griffin, Rebecca Harms, Seán Kelly, Jeppe Kofod, Jaromír Kohlíček, Peter Kouroumbashev, Miapetra Kumpula-Natri, Paloma López Bermejo, Edouard Martin, Tilly Metz, Dan Nica, Morten Helveg Petersen, Miroslav Poche, Carolina Punset, Massimiliano Salini, Neoklis Sylikiotis, Dario Tamburrano, Patrizia Toia, Evžen Tošenovský, Vladimir Urutchev, Kathleen Van Brempt, Lieve Wierinck, Anna Záborská, Flavio Zanonato, Carlos Zorrinho

Substitutes present for the final vote Amjad Bashir, Mario Borghezio, Rosa D’Amato, Jens Geier, Benedek Jávor, Werner Langen, Marian-Jean Marinescu, Rupert Matthews, Gesine Meissner, Clare Moody, Markus Pieper, Sofia Sakorafa, Giancarlo Scottà, Davor Škrlec, Pavel Telička

Substitutes under Rule 200(2) present for the final vote

Michael Gahler, Ulrike Rodust

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FINAL VOTE BY ROLL CALL IN COMMITTEE ASKED FOR OPINION

38 +ALDE Gesine Meissner, Morten Helveg Petersen, Carolina Punset, Pavel Telička, Lieve

WierinckPPE Bendt Bendtsen, Cristian-Silviu Buşoi, Jerzy Buzek, Pilar del Castillo Vera, Michael

Gahler, Seán Kelly, Werner Langen, Marian-Jean Marinescu, Markus Pieper, Massimiliano Salini, Vladimir Urutchev, Anna Záborská

S&D Zigmantas Balčytis, José Blanco López, Jens Geier, Theresa Griffin, Jeppe Kofod, Peter Kouroumbashev, Miapetra Kumpula-Natri, Edouard Martin, Clare Moody, Dan Nica, Miroslav Poche, Ulrike Rodust, Patrizia Toia, Kathleen Van Brempt, Flavio Zanonato, Carlos Zorrinho

VERTS/ALE Jakop Dalunde, Rebecca Harms, Benedek Jávor, Tilly Metz, Davor Škrlec

5 -

EFDD Jonathan Bullock

GUE/NGL Jaromír Kohlíček, Paloma López Bermejo, Sofia Sakorafa, Neoklis Sylikiotis

8 0

ECR Amjad Bashir, Ashley Fox, Rupert Matthews, Evžen Tošenovský

EFDD Rosa D'Amato, Dario Tamburrano

ENF Mario Borghezio, Giancarlo Scottà

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