### the centre shall request the european chemicals agency and the european food safety authority to provide the information and data at their disposal on the new psychoactive substance . ### the centre shall request the european chemicals agency , the european food safety authority and the european centre for disease prevention and control to provide the information and data at their disposal on the new psychoactive substance .


### the centre shall request the european chemicals agency and the european food safety authority to provide the information and data at their disposal on the new psychoactive substance . ### the centre shall request the european chemicals agency , the european centre for disease prevention and control and the european food safety authority to provide without undue delay the information and data at their disposal on the new psychoactive substance .


### the centre shall respect the conditions on use of the information , which are communicated to the centre , including conditions on information and data security and protection of confidential business information . ### the centre shall respect the conditions on use of the information , which are communicated to the centre , including conditions on information and data security and protection of confidential data , including sensitive data or confidential business information .


### within two weeks from the receipt of the combined initial report referred to in article 5b , the commission may request the centre to assess the potential risks posed by several new psychoactive substances with similar chemical structure and to draw up a combined risk assessment report . the combined risk assessment shall be conducted by the scientific committee of the centre . ### within two weeks from the receipt of the combined initial report referred to in article 5b , the commission may request the centre to assess the potential risks posed by several new psychoactive substances with similar chemical structure and to draw up a combined risk assessment report . the combined risk assessment shall be conducted by the scientific committee .


### the scientific committee shall assess the risks posed by the new psychoactive substance or group of new psychoactive substances . the committee may be extended as deemed necessary by the director , acting on the advice of the chairperson of the scientific committee , by including experts representing the scientific fields relevant for ensuring a balanced assessment of the risks of the new psychoactive substance . the director shall designate them from a list of experts . the management board shall approve the list of experts every three years . ### the scientific committee of the centre shall assess the risks posed by the new psychoactive substance or group of new psychoactive substances . the committee may be extended as deemed necessary by the director , acting on the advice of the chairperson of the scientific committee , by including experts representing the scientific fields relevant for ensuring a balanced assessment of the risks of the new psychoactive substance . the director shall designate them from a list of experts . the management board shall approve the list of experts every three years .


### the scientific committee shall assess the risks posed by the new psychoactive substance or group of new psychoactive substances . the committee may be extended as deemed necessary by the director , acting on the advice of the chairperson of the scientific committee , by including experts representing the scientific fields relevant for ensuring a balanced assessment of the risks of the new psychoactive substance . the director shall designate them from a list of experts . the management board shall approve the list of experts every three years . ### the scientific committee shall assess the risks posed by the new psychoactive substance or group of new psychoactive substances . the committee may be extended as deemed necessary by the director , acting on the advice of the chairperson of the scientific committee , by including experts representing the scientific fields relevant for ensuring a balanced assessment of the risks of the new psychoactive substance , including a psychologist specialising in addiction . the director shall designate them from a list of experts . the management board shall approve the list of experts every three years .


### no risk assessment shall be carried out where the new psychoactive substance has been assessed within the united nations system , but it has been decided not to schedule it under the 1961 single convention on narcotic drugs , as amended by the 1972 protocol , or the 1971 convention on psychotropic substances , except where there is significant information that is new or of particular relevance for the union . ### no risk assessment shall be carried out where the new psychoactive substance has been assessed within the united nations system , but it has been decided not to schedule it under the 1961 single convention on narcotic drugs , as amended by the 1972 protocol , or the 1971 convention on psychotropic substances , except where there are sufficient data and information available to suggest the need for a risk assessment report at the union level , the reasons for which shall be indicated in the initial report .


### in order to ensure that the aims of this regulation are achieved and obstacles to its application are prevented , in particular in order to avoid absconding and secondary movements between member states , it is necessary to establish clear obligations to be complied with by the applicant in the context of the procedure , of which he or she should be duly informed in a timely manner . violation of those legal obligations should lead to appropriate and proportionate procedural consequences for the applicant and to appropriate and proportionate consequences in terms of his or her reception conditions . in line with the charter of fundamental rights of the european union , the member state where such an applicant is present should in any case ensure that the immediate material needs of that person are covered . ### in order to ensure that the aims of this regulation are achieved and obstacles to its application are prevented , in particular in order to avoid absconding and secondary movements between member states , it is necessary to establish clear obligations to be complied with by the applicant in the context of the procedure , of which he or she should be duly informed in a timely manner . failure to comply with those obligations must not prejudice the right of the applicant to a fair and equitable process or entail unnecessary , inappropriate and disproportionate consequences in terms of his or her reception conditions . in line with the charter of fundamental rights of the european union and the european convention for the protection of human rights and fundamental freedoms , the member state where such an applicant is present should in any case ensure that the immediate basic needs of that person are covered .


### in order to ensure the speedy determination of responsibility and allocation of applicants for international protection between member states , the deadlines for making and replying to requests to take charge , for making take back notifications , and for carrying out transfers , as well as for making and deciding on appeals , should be streamlined and shortened to the greatest extent possible . ### in order to ensure the speedy determination of responsibility and allocation of applicants for international protection between member states , the deadlines for making and replying to requests to take charge , for making take back notifications , and for carrying out transfers , as well as for making and deciding on appeals , should be shortened to the greatest extent possible while respecting the fundamental rights of applicants .


### a key based on the size of the population and of the economy of the member states should be applied as a point of reference in the operation of the corrective allocation mechanism in conjunction with a threshold , so as to enable the mechanism to function as a means of assisting member states under disproportionate pressure . the application of the corrective allocation for the benefit of a member state should be triggered automatically where the number of applications for international protection for which a member state is responsible exceeds 150% of the figure identified in the reference key . in order to comprehensively reflect the efforts of each member state , the number of persons effectively resettled to that member state should be added to the number of applications for international protection for the purposes of this calculation . ### a key based on the size of the population and of the economy of the member states should be applied as a point of reference in the operation of the corrective allocation mechanism in conjunction with a threshold , so as to enable the mechanism to function as a means of assisting member states under disproportionate pressure . the application of the corrective allocation for the benefit of a member state should be triggered automatically where the number of applications for international protection for which a member state is responsible exceeds 150% of the figure identified in the reference key , but taking in consideration the applicant preference motivated by familiar reunification . in order to comprehensively reflect the efforts of each member state , the number of persons effectively resettled to that member state should be added to the number of applications for international protection for the purposes of this calculation . the unaccompanied minors represent a distinct category , and should therefore require specific attention and a distinct key to be applied .


### 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 and the need to address key societal challenges such as sustainability or population ageing . consequently , continued support is 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 . ### 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 , start - 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 .


### the union endorsed the objectives set out in the united nations agenda 2030 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 . ### the union endorsed the objectives set out in the united nations agenda 2030 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 .


### 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 . ### 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 30 % of the union budget expenditures supporting climate objectives . actions under the investeu programme are expected to contribute at least 30 % of the overall financial envelope of the investeu programme to climate objectives , while recognising the demand - driven nature of the investeu fund . financing for smes and small midcap companies should not be included in that computation . 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 .


### 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 . ### 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 over the mff 2021 - 2027 period and an annual target of 30 % as soon as possible and at the latest by 2027 . 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 .


### 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 . __________________ 14 com353 . ### 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 investeu programme will should also contribute to the implementation of other dimensions of the sustainable development goals . __________________ 14 com353 .


### 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 . __________________ 14 com353 . ### the contribution of the investeu fund to the achievement of the climate target will be tracked through a tracking system developed by the commission by means of delegated acts 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 exhibiting special mitigation impacts or contributing to building climate resilience . __________________ 14 com353 .


### 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 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 . _________________ 15 directive 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 . ### 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 . an unsustainable use of resources is the root cause of many of these environmental risks . 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 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 . _________________ 15 directive 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 .


### 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 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 . ### 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 sustainability targets of the union and its member states , including the 2030 energy and climate targets as well as the objectives adopted in the paris agreement . accordingly , support from the investeu fund should target investments into clean transport , energy , especially energy efficiency and renewable energy , environmental , climate action , maritime and digital infrastructure , with particular attention for vital infrastructural and social investments related to the transformation of regions in transition . in this context , synergy should also be sought , in so far as possible , with regional and national policy objectives , such as the removal of asbestos from roofs , homes and soil . 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 .


### 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 . ### a significant effort is urgently needed to invest in digital transformation , to promote digital skills and combat the inter - generational gap in order to maximise the distribution of the benefits thereof 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 .


### 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 . ### 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 .


### small and medium - sized enterprises 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 . ### small and medium - sized enterprises 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 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 .


### 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 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 . __________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 . ### 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 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 and targeted at sectors facing challenges related to workforce shortages , adaptation to new technologies and employment opportunities for women , such as in transport . 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 , tourism 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 resources , 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 . __________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 .


### 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 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 . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 . ### as set out in the reflection paper on the social dimension of europe16 and the european pillar of social rights17 , and the eu framework for the un convention on 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 , culture , employment , health and social services . 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 and social services sector , social housing , 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 , social infrastructure , sustainable and social finance , 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 and social solidarity institutions , 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 a total investment gap of at least eur 1 , 5 trillion for the period between 2018 and 2030 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 alternative types of financial providers such as ethical , social and sustainable actors , and from foundations , should be harnessed to support the social market value chain development and a more resilient union . _________________ 16 com 206 . 17 com 250 . 18 published as european economy discussion paper 074 in january 2018 .


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


### 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 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 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 . ### 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 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 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 .


### 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 . ### 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 . at the end of the investment period , the share of investment in any three member states ' national promotional banks or institutions together should not exceed 45% of the total portfolio , measured by signed loans or investment amounts .


### the eu guarantee under the member state compartment should be allocated to any implementing partner eligible according to [ article 62 ] 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 . ### the eu guarantee under the member state compartment should be allocated to any implementing partner eligible according to [ article 62 ] 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 .


### 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 . ### the investeu advisory hub should support the development of a robust pipeline of investment projects in each policy window and shall be managed by the commission , in cooperation with the implementing partners , and other market building institutions including philanthropic actors . 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 .


### 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 . ### the investeu advisory hub should support the development of a robust pipeline of investment projects in each policy window , while taking due account of the expertise and local capacity of the implementing partners . 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 .


### 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 . ### 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 , complementing existing support schemes and the presence of local partners , with a view to provide tangible , proactive , tailor - made assistance on the ground . in order to facilitate the provision of advisory support at local level , the investeu advisory hub should cooperate with national , regional or local promotional banks or institutions , and the managing authorities of the european structural and investment funds , as well as benefit from and make use of their expertise . in member states where national , regional or local promotional banks or institutions do not exist , the investeu advisory hub should provide , where appropriate , and at the request of the member state concerned , proactive advisory support on the establishment of such bank or institution .


### 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 . ### 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 .


### to support financing and investment operations in research , innovation and digitisation ; ### 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 ;


### to support financing and investment operations in research , innovation and digitisation ; ### to support financing and investment operations in research , innovation and digitisation ; inter alia to allow for a timely shift to a low carbon and circular economy ;


### the amount referred to in paragraph 3 may also be used for technical and administrative assistance for the implementation of the investeu programme , such as preparatory , monitoring , control , audit and evaluation activities including corporate information technology systems . ### the amount referred to in paragraph 3 may also be used for technical and administrative assistance for the 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 .


### 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 ; ### 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 ; at least 35 % of the investment under investeu shall contribute to meeting union climate objectives .


### 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 ; ### research , innovation and digitisation policy window : comprises research and innovation activities , knowledge transfer and transfer of research results to the market , demonstration and deployment of innovative solutions and support to scaling up of innovative companies and towards innovation clusters , as well as digitisation of union industry ;


### social investment and skills policy window : comprises microfinance , social enterprise finance and social economy ; skills , education , training and related services ; social infrastructure ; social innovation ; health and long - term care ; inclusion and accessibility ; cultural activities with a social goal ; integration of vulnerable people , including third country nationals . ### social investment window : comprises microfinance , social enterprise finance and social economy ; a just transition for workers , skills , education , training and related services ; social infrastructure ; health and long - term care with a particular focus on the poorer members of society ; and the integration of the most vulnerable people , including third country nationals legally residing in one of the member states of the eu .


### social investment and skills policy window : comprises microfinance , social enterprise finance and social economy ; skills , education , training and related services ; social infrastructure ; social innovation ; health and long - term care ; inclusion and accessibility ; cultural activities with a social goal ; integration of vulnerable people , including third country nationals . ### social investment and skills policy window : comprises ethical and sustainable finance , microfinance , workers buyouts , social enterprise finance and social economy ; skills , education , training and related services ; social infrastructure ; social innovation ; health and long - term care ; inclusion and accessibility ; cultural activities with a social goal ; cultural and creative sectors , including with intercultural dialogue and social cohesion goals ; integration of vulnerable people , including third country nationals .


### social investment and skills policy window : comprises microfinance , social enterprise finance and social economy ; skills , education , training and related services ; social infrastructure ; social innovation ; health and long - term care ; inclusion and accessibility ; cultural activities with a social goal ; integration of vulnerable people , including third country nationals . ### social investment and skills policy window : comprises microfinance , social enterprise finance , female entrepreneurship and social economy ; skills , education , training and related services , including student loans ; social infrastructure ; 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 .


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


### 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 . ### 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 compliance of operations with the regulation on the establishment of a framework to facilitate sustainable investment 353 ) ;


### 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 . ### 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 353 ) ;


### 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 . ### 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 .


### 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 . ### at least 40 % of the investment under investeu shall contribute to meeting union climate objectives . implementing partners shall target that at least 55 % and 10 % of the investment under the sustainable infrastructure policy window contribute to meeting the union objectives on , respectively , climate and environment . clear eligibility criteria , and a reliable transparent tracking method , shall be further detailed in the investment guidelines adopted in accordance with paragraph 6 . those guidelines shall also set out a methodology for assessing to what extent social investments aimed to assist carbon intensive regions undergoing transition contribute to the thresholds referred to in the first two subparagraphs .


### 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 .


### 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 .


### 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 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 ; ### 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 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 or region concerned ;


### 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 ; ### the implementing partner or partners selected in agreement with the member state ;


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


### 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 ### 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


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


### achieves geographical diversification ; ### achieves a balanced geographical diversification between member states ;


### provides sufficient risk diversification ; ### provides sufficient risk diversification while avoiding excessive financial risk operations ;


### 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 . ### 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 . where involved , implementing partners should participate in the investment committee .


### 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 be managed by the european investment bank and will build on the expertise of the commission , the eib group and other institutions , such as npbis , and 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 . ### 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 .


### the investeu advisory hub shall be available as a component under each policy window referred to in article 7 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 covering all the sectors under that window . in addition , cross - sectoral and capacity building advisory services shall be available .


### 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 ; ### supporting actions and leveraging local knowledge to facilitate the use of the investeu fund support across the union and contributing actively 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 ;


### 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 ; ### 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 ;


### 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 performance reporting system shall ensure that data for monitoring implementation and results are suitable for an in - depth analysis of the progress achieved and the difficulties encountered and 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 .


### 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 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


### 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 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 ] of the [ financial regulation ] . ### in addition , each implementing partner shall submit every six months a report to the commission and the european parliament 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 indicators laid down in annex iii to this regulation . the report shall also include operational , statistical , financial and accounting data , to the largest extent possible while protecting the confidentiality of private and commercially sensitive information , 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 ] of the [ financial regulation ] .


### 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 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 ] of the [ financial regulation ] . ### 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 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 ] 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 .


### expansion of the generation , supply or use of clean and sustainable renewable energy ; ### expansion of the generation , accelerating the deployment , supply or implementation of clean and sustainable renewable energy solutions ; ;


### energy efficiency and energy savings ; ### energy efficiency , energy transition and energy savings ;


### production and supply of synthetic fuels from renewable / carbon - neutral sources ; alternative fuels ; ### 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 directive 2009 / 28 / ec ] ;


### 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 : ### development of sustainable and safe transport infrastructures and mobility solutions , and equipment and innovative technologies in accordance with union transport priorities and the commitments taken under the paris agreement , in particular through :


### 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 : ### 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 :


### supporting the renewal and retrofitting of transport mobile assets with the view of deploying low - emission mobility solutions ; ### supporting the renewal and retrofitting of transport mobile assets with the view of deploying low - emission mobility solutions , including the use of alternative fuels and synthetic fuels from renewable / carbon - neutral sources in vehicles of all transport modes ;


### railway infrastructure , other rail projects , and maritime ports ; ### railway infrastructure , other rail projects , inland waterway infrastructure and maritime ports and motorways of the sea ;


### alternative fuels infrastructure , including electric charging infrastructure . ### alternative propulsion infrastructure , including electric charging infrastructure ;


### 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 ; ### 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 ;


### research , including research infrastructure and support to academia , and innovation projects contributing to the objectives of [ horizon europe ] ; ### support to research infrastructure and research and innovation projects in all thematic areas and defined in , and contributing to the objectives of , horizon europe ;


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


### development and deployment of digital technologies and services , in particular through : ### developmen , deployment and scaling - up of digital technologies and services , in particular through :


### financial support to entities employing up to 3 000 employees , with a particular focus on smes and small mid - cap companies , in particular through : ### financial support to entities employing up to 3 000 employees , with a particular focus on smes , small mid cap companies and social enterprises , in particular through :


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


### tourism . ### tourism sector .


### microfinance , social enterprise finance and social economy ; ### ethical and sustainable finance , microfinance , social enterprise finance and social economy ;


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


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


### to underpin space entrepreneurship ; ### to underpin space entrepreneurship including downstream development ;


### 2energy : number of households with improved energy consumption classification ### 2energy : 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


### 3digital : additional households with broadband access of at least 100 mbps upgradable to gigabit speed ### 3digital : 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


### 1contribution to the objective of 3% of the union ' s gdp invested in research , development and innovation ### 1contribution to the objective of 3% of the union ' s gdp invested in research , development and innovation throughout the programme


### 2number of enterprises supported carrying out research and innovation projects ### 2number of enterprises supported carrying out research and innovation projects throughout the programme


### 2number of enterprises supported by stage ### 2number of enterprises supported by stage in particular innovative smes


### this directive establishes a framework concerning the infringements of union customs legislation and provides for sanctions for those infringements . ### this directive establishes a framework concerning the infringements of union customs legislation and provides for bands of sanctions for those infringements .


### where the customs infringement relates to specific goods , a pecuniary fine up to 15 % of the value of the goods ; ### where the customs infringement relates to specific goods , a pecuniary fine of between 5% and 15 % of the value of the goods or of the duties evaded ;


### where the customs infringement relates to specific goods , a pecuniary fine up to 30 % of the value of the goods ; ### where the customs infringement relates to specific goods , a pecuniary fine of between 10% and 30 % of the value of the goods or of the duties evaded ;


### member states shall ensure that they exercise jurisdiction over the customs infringements referred to in articles 3 to 6 in accordance with any of the following criteria : the customs infringement is committed in whole or in part within the territory of that member state ; the person committing the customs infringement is a national of that member state ; the goods related to the customs infringement are present in the territory of that member state . ### member states shall ensure that they exercise jurisdiction over the customs infringements referred to in articles 3 to 6 in accordance with the order of priority of the following criteria : the customs infringement is committed in whole or in part within the territory of that member state ; the goods related to the customs infringement are present in the territory of that member state ; the person committing the customs infringement is a national of that member state .


### member states shall ensure that in case more than one member state claims jurisdiction over the same customs infringement , the member state in which criminal proceedings are pending against the same person in connection with the same facts exercises jurisdiction . where jurisdiction cannot be determined pursuant to the first subparagraph , member states shall ensure that the member state whose competent authority first initiates the proceedings concerning the customs infringement against the same person in connection with the same facts exercises jurisdiction . ### member states shall ensure that in case more than one member state claims jurisdiction over the same customs infringement , the member state in which criminal proceedings are pending against the same person in connection with the same facts exercises jurisdiction .


### the european fund for sustainable development should be composed of regional investment platforms , which will combine financing from existing blending facilities and the efsd guarantee . the existing blending facilities for africa are created by commission decision c5210 and by commission implementing decision c3436 for the neighbourhood . each regional investment platform should have an operational board that supports the commission in defining regional and sectorial investment goals , regional , sectorial and thematic investment windows , formulates opinions on the blending operations and discusses the use of the efsd guarantee in line with the investment windows to be defined . ### the efsd should be composed of regional investment platforms , which will combine financing from existing blending facilities and the efsd guarantee . the regional investment platforms should be created by transforming the existing blending facilities created by commission decisions . the regional investment platforms for africa and the neighbourhood should be established first , and the geographical scope of the efsd could be extended by a delegated act . each regional investment platform should have an operational board that supports the commission in defining regional and sectorial investment goals , regional , sectorial and thematic investment windows , formulates opinions on the blending operations and discusses the use of the efsd guarantee in line with the investment windows to be defined .


### coordination and coherence of the efsd with the european investment bank ' s external lending mandate as set out in decision [ to be adopted ] , including the eib resilience initiative , as well as with the acp investment facility23 should be ensured through the strategic board of the efsd . __________________ 23 annex ii to the cotonou agreement ### a strategic board of the efsd should be created to support the commission in setting strategic guidance and overall investment goals as well as in ensuring an appropriate and diversified geographical and thematic coverage for investment windows . it should support overall coordination , complementarity and coherence between the regional investment platforms , between the three pillars of the eip , between the eip and the union ' s other initiatives on migration , as well as with union external financing instruments and trust funds , with the eib’s external lending mandate , including the eib resilience initiative , and with the acp investment facility23 . __________________ 23 annex ii to the cotonou agreement


### the efsd guarantee should be granted to eligible counterparts for financing and investment operations or guarantee instruments for an initial investment period up to 31 december 2020 . ### the efsd guarantee should be granted to eligible counterparts for financing and investment operations or guarantee instruments for an initial investment period up to 31 december 2020 . implementation of the efsd guarantee shall be , whenever possible , under the lead of a european eligible counterpart .


### in order to increase the impact of the efsd guarantee in view of the needs in the regions concerned , member states should have the possibility of providing contributions in the form of a guarantee or cash . those contributions could be earmarked by region , sector or investment window . ### in order to increase the impact of the efsd guarantee in view of the needs in the regions concerned , member states and efta countries should have the possibility of providing contributions in the form of a guarantee or cash . those contributions could be earmarked by countries , region , sector or investment window .


### in order to protect the financial interests of the union , with a view to establishing whether there has been fraud , corruption , money laundering or any other illegal activity affecting the financial interests of the union in connection with any financing and investment operations covered by this regulation , the european anti - fraud office is entitled to carry out investigations in accordance with regulation no 883 / 2013 of the european parliament and of the council26 , council regulation no 2185 / 9627 and council regulation no 2988 / 9528 . __________________ 26 regulation no 883 / 2013 of the european parliament and of the council of 11 september 2013 concerning investigations conducted by the european anti - fraud office and repealing regulation no 1073 / 1999 of the european parliament and of the council and council regulation no 1074 / 1999 . 27 council regulation no 2185 / 96 of 11 november 1996 concerning on - the - spot checks and inspections carried out by the commission in order to protect the european communities’ financial interests against fraud and other irregularities . 28 council regulation no 2988 / 95 of 18 december 1995 on the protection of the european communities financial interests . ### with a view to fighting financial crime , in particular by uncovering cases of fraud , corruption , and money laundering , and to combating any other illegal activity affecting the financial interests of the union in connection with any financing and investment operations covered by this regulation , the european anti - fraud office is entitled to carry out investigations in accordance with regulation no 883 / 2013 of the european parliament and of the council26 , council regulation no 2185 / 9627 and council regulation no 2988 / 9528 . __________________ 26 regulation no 883 / 2013 of the european parliament and of the council of 11 september 2013 concerning investigations conducted by the european anti - fraud office and repealing regulation no 1073 / 1999 of the european parliament and of the council and council regulation no 1074 / 1999 . 27 council regulation no 2185 / 96 of 11 november 1996 concerning on - the - spot checks and inspections carried out by the commission in order to protect the european communities’ financial interests against fraud and other irregularities . 28 council regulation no 2988 / 95 of 18 december 1995 on the protection of the european communities financial interests .


### the efsd shall contribute to the achievement of the sustainable development goals of the 2030 agenda with a particular focus on sustainable growth , job creation , socio - economic sectors and on the support to micro , small and medium sized enterprises , thus addressing root causes of migration and contributing to sustainable reintegration of returned migrants in their countries of origin while maximising additionality , delivering innovative products and crowding in private sector funds . ### the efsd shall contribute to the achievement of the sustainable development goals of the 2030 agenda , leaving no one behind , and be guided by the objectives set out in article 21 of the treaty on european union and article 208 tfeu and the internationally agreed development effectiveness principles , thus contributing to the union ' s development and neighbourhood policies and the new partnership framework with third countries under the european agenda on migration , with a particular focus on poverty eradication , long - term sustainable and inclusive growth , job creation , socio - economic sectors and on the support to micro , small and medium sized enterprises . in so doing , the efsd shall , inter alia , contribute to addressing the specific socio - economic root causes of migration and foster sustainable reintegration of migrants returning to their countries of origin or transit , as well as strengthen resilience of host communities .


### the efsd shall contribute to the achievement of the sustainable development goals of the 2030 agenda with a particular focus on sustainable growth , job creation , socio - economic sectors and on the support to micro , small and medium sized enterprises , thus addressing root causes of migration and contributing to sustainable reintegration of returned migrants in their countries of origin while maximising additionality , delivering innovative products and crowding in private sector funds . ### the efsd shall contribute to the achievement of the sustainable development goals of the 2030 agenda and be guided by the objectives set out in article 21 of the treaty on european union and article 208 tfeu and the internationally agreed development effectiveness principles , thus contributing to the union ' s development and neighbourhood policies and the new partnership framework with third countries under the european agenda on migration , with a particular focus on poverty eradication , long - term sustainable and inclusive growth , job creation , socio - economic sectors and on the support to micro , small and medium sized enterprises . in so doing , the efsd shall , inter alia , contribute to addressing the specific socio - economic root causes of migration and foster sustainable reintegration of migrants returning to their countries of origin or transit , as well as strengthen resilience of host communities .


### the efsd shall be composed of regional investment platforms , which will combine financing from existing blending facilities and the efsd guarantee . ### the efsd shall be composed of regional investment platforms , established on the basis of existing external action blending facilities of the union and combining their blending operations and the efsd guarantee .


### the union shall provide an irrevocable and unconditional guarantee on first demand to the eligible counterpart for the financing and investment operations covered by this regulation starting in the african and neighbourhood partner countries . ### the union shall provide an irrevocable and unconditional guarantee on first demand to the eligible counterpart for the financing and investment operations covered by this regulation .


### the efsd guarantee shall support financing and investment operations which in particular : ### the efsd guarantee shall support financing and investment operations which address market failures or sub - optimal investment situations and which :


### are economically and financially viable , taking also into account the possible support from , and co - financing by , private and public partners to the project ; ### are economically and financially viable , with due regard to the possible support from , and co - financing by , private and public partners to the project , while taking into account the specific operating environment and capacities of countries identified as experiencing fragility or conflict , least - developed countries and heavily indebted poor countries where more concessional terms can be given ;


### are economically and financially viable , taking also into account the possible support from , and co - financing by , private and public partners to the project ; ### are demonstrated to be economically and financially viable , taking also into account the possible support from , and co - financing by , private and public partners to the project ;


### the commission may define investment windows for specific regions or partner countries or for both , for specific sectors , for specific projects or for specific categories of final beneficiaries or for both to be funded by instruments referred to in article 9 to be covered by the efsd guarantee up to a fixed amount . all requests for financial support within investment windows shall be made to the commission . ### after consultation with the strategic board , the commission shall define investment windows for specific regions or partner countries or for both , for specific sectors , for specific projects or for specific categories of final beneficiaries or for both to be funded by instruments referred to in article 9 to be covered by the efsd guarantee up to a fixed amount . all requests for financial support within investment windows shall be made to the commission .


### the commission may define investment windows for specific regions or partner countries or for both , for specific sectors , for specific projects or for specific categories of final beneficiaries or for both to be funded by instruments referred to in article 9 to be covered by the efsd guarantee up to a fixed amount . all requests for financial support within investment windows shall be made to the commission . ### the commission shall define investment windows for specific regions or partner countries or for both , for specific sectors , for specific projects or for specific categories of final beneficiaries or for both to be funded by instruments referred to in article 9 to be covered by the efsd guarantee up to a fixed amount . the choice of investment windows shall be duly justified by an analysis of the market failure or sub - optimal investment situations . such analysis shall be carried out by the commission in cooperation with potentially eligible counterparts and stakeholders . investment windows shall be defined with a view to allocating a significant share of the efsd guarantee to fragile and conflict - affected countries , landlocked countries and least - developed countries .


### loans ; ### loans , including local currency loans ;


### coverage and terms of the efsd guarantee agreements ### coverage and terms of the efsd guarantee


### member states may contribute to the efsd guarantee fund in the form of guarantees or cash . subject to commission approval , other contributors may contribute , in the form of cash . ### member states and efta countries may contribute to the efsd guarantee fund in the form of guarantees or cash . subject to commission approval , other contributors may contribute , in the form of cash .


### at least eur 400 000 000 of efsd guarantee coverage shall be allocated for investments in the partner countries eligible under the 11th edf throughout the implementation period of the efsd guarantee . ### at least eur 400 000 000 of efsd guarantee coverage shall be allocated for investments in the partner countries eligible under the 11th edf throughout the implementation period of the efsd guarantee , in line with the objectives of the cotonou partnership agreement .


### the remuneration of the guarantee ; ### the remuneration of the guarantee , which shall reflect the risk level . it shall be possible for the remuneration to be partly subsidised in order to give more concessional terms , in duly justified cases , in particular in the countries referred to in point of article 8 ;


### any surplus shall be paid to the general budget of the union ; ### without prejudice to paragraph 8 , any surplus shall constitute internal assigned revenue in accordance with article 21 of regulation no 966 / 2012 to the benefit of union development cooperation and neighbourhood instruments ;