### 4. notes that the euro area is going through a prolonged period of subdued growth (1.1 % in the euro area and 1.4% in the eu as a whole in 2019) , with growth in the euro area in 2020 and 2021 forecast at 1.2 % and for the eu in 2020 and 2021 forecast at 1.4 %; also notes that the inflation rate is forecast to further slow down , to 1.2 % in 2019 and 2020 , in a context of high uncertainty due to geopolitical tensions and brexit; is concerned at the high level of private debt; ### 4. notes with concern that the euro area is going through a prolonged period of subdued growth (1.1 % in the euro area and1.4% in the eu as a whole in 2019) , with growth in the euro area in 2020 and2021 forecast at 1.2 % and for the eu in 2020 and 2021 forecast at 1.4 %; also notes that the inflation rate is forecast to further slow down , to 1.2 % in2019 and 2020 , in a context of high uncertainty due to geopolitical tensions and brexit; is concerned at the high level of private and public debt;


### 5. calls on the european commission to extend the european semester by completing the current approach based on fiscal and budgetary discipline with climate and environmental discipline without weakening the current eu economic governance process; calls therefore on the european commission to develop a new climate indicator , mirroring the economic indicators and assessing the discrepancy between member states budget and a paris aligned scenario of their national budget; stresses the need for this indicator to provide member states with an indication on their trajectory of temperature under the framework of the paris agreement , thus enabling the extended european semester to provide recommendations about the decrease of the climate debt; ### 5. stresses the need for the european semester to provide member states with recommendations about the trajectory towards the objectives of the european green deal; however , calls on the european commission to not weaken the current eu economic governance process , and to not overburden the country-specific recommendations as there are concerns about member states’ commitment to these csrs given that progress on the current recommendations is worse than in previous years;


### 5. is concerned that post-crisis investment has been on a downward path in the eu in spite of historically low interest rates , currently standing at 3.4 % , with overall infrastructure investment now at about 75 % of its pre-crisis level; whereas 80 % of the shortfall is the result of cutbacks in the public sector , which have occurred particularly in countries subject to adverse macroeconomic conditions and the more severe fiscal constraints imposed on disadvantaged regions already characterised by poor infrastructure quality and weak socio-economic outcomes , but also , and surprisingly , in countries with a large fiscal space; ### 5. is concerned that post-crisis investment has been on a downward path in the eu in spite of historically low interest rates , currently standing at 3.4 % , with overall infrastructure investment now at about 75 % of its pre-crisis level; underlines that targeted investments in tangibles and intangibles that increase productivity , skills and innovation will increase our long-term growth potential;


### 6. underlines the importance of structured and systematic dialogue with civil society at the national level with a view of increasing ownership. ### 6. underlines the importance of structured and systematic dialogue with national parliaments and civil society at the national level with a view of increasing ownership.


### 6. endorses the conclusion of the european fiscal board (efb) that the fiscal framework has not protected the quality of public expenditure , and welcomes the efb’s proposal for a ‘golden rule’ to protect public investment; calls , therefore , for the reform of the stability and growth pact and the introduction of a golden rule aimed at implementing sound fiscal policy on an equal footing with investment within the eu’s policy objectives; whereas this should cover the investment foreseen for the realisation of the green deal , the digital revolution , the sdgs and the epsr rights , including expenditure aimed at reducing poverty and inequality related to social protection , health services and long-term care , and education and training; ### 6. endorses the conclusion of the european fiscal board (efb) calling for a simpler stability and growth pact based on more observable metrics;


### 6. endorses the conclusion of the european fiscal board (efb) that the fiscal framework has not protected the quality of public expenditure , and welcomes the efb’s proposal for a ‘golden rule’ to protect public investment; calls , therefore , for the reform of the stability and growth pact and the introduction of a golden rule aimed at implementing sound fiscal policy on an equal footing with investment within the eu’s policy objectives; whereas this should cover the investment foreseen for the realisation of the green deal , the digital revolution , the sdgs and the epsr rights , including expenditure aimed at reducing poverty and inequality related to social protection , health services and long-term care , and education and training; ### 6. endorses the conclusion of the european fiscal board (efb) that the current eu fiscal framework entails multiple sources of unnecessary complexity , and welcomes the efb’s proposal to simplify the stability and growth pact (sgp) and make it more effective;


### 6. endorses the conclusion of the european fiscal board (efb) that the fiscal framework has not protected the quality of public expenditure , and welcomes the efb’s proposal for a ‘golden rule’ to protect public investment; calls , therefore , for the reform of the stability and growth pact and the introduction of a golden rule aimed at implementing sound fiscal policy on an equal footing with investment within the eu’s policy objectives; whereas this should cover the investment foreseen for the realisation of the green deal , the digital revolution , the sdgs and the epsr rights , including expenditure aimed at reducing poverty and inequality related to social protection , health services and long-term care , and education and training; ### 6. endorses the conclusion of the european fiscal board (efb) that the fiscal framework has not protected the quality of public expenditure , and notes the efb’s proposal for a ‘golden rule’ to protect some public investment; calls , therefore , for the reform of the stability and growth pact and the introduction of a limited golden rule aimed at implementing sound fiscal policy on an equal footing with certain growth-enhancing investment within the eu’s policy objectives; whereas this should cover the investment foreseen for the realisation of the green deal , the digital revolution , the sdgs and the epsr rights , including expenditure aimed at reducing poverty and inequality related to social protection , health services and long-term care , and education and training;


### a. whereas the improvement in the economic situation and low interest rates provide an opportunity to implement ambitious reforms , in particular measures aimed at encouraging public investment to tackle climate change and its social consequences and create full-time jobs; ### a. whereas the improvement in the economic situation and low interest rates provide an opportunity to implement ambitious structural reforms and consolidate national budgets;


### a. whereas the improvement in the economic situation and low interest rates provide an opportunity to implement ambitious reforms , in particular measures aimed at encouraging public investment to tackle climate change and its social consequences and create full-time jobs; ### a. whereas the improvement in the economic situation and low interest rates provide an opportunity to implement ambitious reforms , in particular measures aimed at fostering sustained growth , labour market participation , long-term employment , tackle climate change and its social consequences;


### b. whereas inequality of income in the euro area has increased since the beginning of the financial crisis; whereas there are between 50 and 100 million people affected by energy poverty in europe; ### b. whereas inequality of income in the euro area has increased since the beginning of the financial crisis;


### c. having regard to the need for a european climate law with a legally binding goal of reaching net zero greenhouse gas emissions by 2050 at the latest and an intermediate target of at least 65 % for 2030; ### deleted


### environment ### responsible fiscal policies


### 7. highlights the problem of too low a level of public investment; calls on the commission to assess the cost of not taking action in this area , in particular by evaluating the difference between the need for investment and the actual investments made; ### 7. highlights the problem of too low a level of public and private investment , particularly on innovation; welcomes the fact that in some member states investments already exceed the pre-crisis level , regrets that in others investment is still lagging behind or is not picking up at the necessary speed;


### 7. highlights the problem of too low a level of public investment; calls on the commission to assess the cost of not taking action in this area , in particular by evaluating the difference between the need for investment and the actual investments made; ### 7. highlights the problem of too low a level of public and private investment; calls on the commission to assess the cost of not taking action in this area , in particular by evaluating the difference between the need for investment and the actual investments made;


### 7. highlights the problem of too low a level of public investment; calls on the commission to assess the cost of not taking action in this area , in particular by evaluating the difference between the need for investment and the actual investments made; ### 7. highlights the problem of too low a level of private investment; calls on the commission to create a regulatory framework that is supportive of private investment;


### 8. calls for a european green industrial strategy; ### deleted


### 8. calls for a european green industrial strategy; ### 8. welcomes the announcement that the commission will come forward with a new european industrial strategy , as well as an sme strategy , in march 2020; stresses that the industrial strategy should put focus on incentivising value chains for economically viable and sustainable products , processes and business models aiming at achieving climate-neutrality , resource efficiency , circularity and a non-toxic environment , while maintaining and developing international competitiveness and avoiding the delocalisation of european industries;


### 9. shares the concern expressed in others of the efb’s conclusions regarding the pro-cyclical elements in the eu fiscal rules , which forced member states to adjust their economies in a poor or difficult economic situation , failing to improve the quality of public finance and promote investment; welcomes the efb’s recommendation of a seven-year cycle mirroring the mff so as to better coordinate member states’ public accounts , and especially investment; ### 9. notes that the european economy is in its seventh consecutive year of economic growth; shares the concern expressed in others of the efb’s conclusions that even though this growth was unexpectedly job-rich and tax revenues turned out higher than planned , a large share of these tax revenues was located in countries that already had fiscal space , and most of the countries that needed to reduce their high debt levels spent their higher revenues instead of building fiscal buffers; thereby the efb notes that aggregate fiscal policy in the euro area has been overly expansionary;


### 10. notes that the debt levels of all the member states are above the pre-crisis level and are expected to exceed 60 % in 2021; further notes that in six member states the ratio will be higher than 90 %; highlights the fact that the fiscal rules have not contributed to bringing down the debt levels of highly indebted countries but have , rather , increased them; ### 10. notes with concern that the debt levels of all the member states are above the pre-crisis level and are expected to exceed 60 % in 2021; further notes that in six member states the ratio will be higher than 90 %; points out that a stricter enforcement of the fiscal rules is necessary;


### 10. notes that the debt levels of all the member states are above the pre-crisis level and are expected to exceed 60 % in 2021; further notes that in six member states the ratio will be higher than 90 %; highlights the fact that the fiscal rules have not contributed to bringing down the debt levels of highly indebted countries but have , rather , increased them; ### 10. notes that the debt levels of all the member states are above the pre-crisis level and are expected to exceed 60 % in 2021; further notes that in six member states the ratio will be higher than 90 %; highlights the fact that favourable macro-economic conditions and the low interest rate environment have not been used by highly indebted countries to bringing down the debt levels;


### 10. notes that the debt levels of all the member states are above the pre-crisis level and are expected to exceed 60 % in 2021; further notes that in six member states the ratio will be higher than 90 %; highlights the fact that the fiscal rules have not contributed to bringing down the debt levels of highly indebted countries but have , rather , increased them; ### 10. notes that the debt levels of all the member states are above the pre-crisis level and are expected to exceed 60 % in 2021; further notes that in six member states the ratio will be higher than 90 %; highlights the fact that the poor enforcement of the fiscal rules have prevented bringing down the debt levels of highly indebted countries but have , rather , increased them;


### 11. supports flexibility in the implementation of the sgp as proposed by the commission in 2015; considers that much more flexibility should be introduced in order to boost investment and ecological transition in the eu; calls , therefore , for the reform of the sgp and the introduction of a euro area fiscal capacity; ### 11. takes note of the flexibility in the implementation of the sgp as proposed by the commission in 2015; considers that less flexibility going forward would be desirable in order to increase the transparency , enforceability and credibility of the sgp;


### 11. supports flexibility in the implementation of the sgp as proposed by the commission in 2015; considers that much more flexibility should be introduced in order to boost investment and ecological transition in the eu; calls , therefore , for the reform of the sgp and the introduction of a euro area fiscal capacity; ### 11. underlines that the fiscal stances at national and euro area level must balance long-term sustainability of public finances in full compliance with the stability and growth pact (sgp) , respecting flexibility in the implementation of the sgp as proposed by the commission in 2015 , with short-term macroeconomic stabilisation;


### 12. reiterates its call for a european stabilisation function and a european unemployment benefit reinsurance scheme , with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances; ### deleted


### 12. reiterates its call for a european stabilisation function and a european unemployment benefit reinsurance scheme , with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances; ### 12. reiterates its call for a budgetary instrument for competitiveness and convergence (bicc) , with a view to protecting citizens and reducing pressure on the single currency during economic shocks so as to overcome social and economic imbalances;


### macroeconomic imbalances ### structural reforms


### 13. notes that the commission warranted in-depth reviews for 13 member states identified as having imbalances; supports the suggestion made in the alert mechanism report (amr) 2020 that a rebalancing of current account deficits and surpluses in the euro area is needed urgently and would be beneficial for all member states; ### 13. notes that the commission warranted in-depth reviews for 13 member states identified as having imbalances;


### 14. is concerned about the accelerating rise in house prices; ### 14. is concerned about the accelerating rise in house prices; stresses that rising housing prices are having an impact on household private debt; underlines that private debt , if excessive , can play a significant role in the stability of the euro area; recalls the need for appropriate macro prudential supervision;


### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the banking union and the need to reform the european stability mechanism; ### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; emphasises the importance of completing the banking union;


### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the banking union and the need to reform the european stability mechanism; ### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must be risk-based;


### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the banking union and the need to reform the european stability mechanism; ### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; emphasises the importance of completing the banking union , under the right circumstances and without pooling existing risks;


### 16. calls for qualified majority voting in council on tax matters; ### deleted


### 16. calls for qualified majority voting in council on tax matters; ### 16. stresses that the principle of unanimity voting in council on tax matters should remain;


### 17. calls for the systematic inclusion of tax matters in the country specific recommendations (csrs) , with the aim of ensuring economic coherence across eu member states as well as the fairness of eu tax systems; believes that the csrs could ensure a fair balance between sources of revenue and should also include innovative elements aiming at promoting the green deal; further believes that they should also support member states in tackling tax avoidance and aggressive tax planning; ### 17. believes that the csrs should include innovative elements aiming at promoting the green deal; further believes that they should also support member states in tackling tax avoidance and aggressive tax planning;


### 17. calls for the systematic inclusion of tax matters in the country specific recommendations (csrs) , with the aim of ensuring economic coherence across eu member states as well as the fairness of eu tax systems; believes that the csrs could ensure a fair balance between sources of revenue and should also include innovative elements aiming at promoting the green deal; further believes that they should also support member states in tackling tax avoidance and aggressive tax planning; ### 17. believes that the csrs could ensure a fair balance between sources of revenue and should also include innovative elements aiming at promoting the green deal; further believes that they should also support member states in tackling tax avoidance and aggressive tax planning;


### labour situation ### employment policies


### 18. notes that the eu-28 employment rate currently stands at 73.1 % - the highest annual average ever recorded - while unemployment stands at 7.6 % in the euro area and 6.3 % in the eu as a whole; ### 18. notes that the eu-28 employment rate currently stands at 73.1 % - the highest annual average ever recorded - while unemployment stands at 7.6 % in the euro area and 6.3 % in the eu as a whole; is concerned about the high level of youth unemployment in many member states;


### 18. notes that the eu-28 employment rate currently stands at 73.1 % - the highest annual average ever recorded - while unemployment stands at 7.6 % in the euro area and 6.3 % in the eu as a whole; ### 18. notes that the eu-28 employment rate currently stands at 73.1 % - the highest annual average ever recorded - while unemployment stands at 7.6 % in the euro area and6.3 % in the eu as a whole; notes that significant differences between member states remain;


### 20. takes note of amr 2020’s finding that wage growth at euro area level remains below what would be expected at the current levels of unemployment on the basis of historical data , and that this affects the inflation rate; highlights that the currently low productivity and inflation together with structural reforms transferring collective bargaining to the enterprise level are detrimental to wage growth and are leading to greater income inequality and an increase in the numbers of working poor , with in-work poverty affecting almost one in ten workers in europe; accordingly advocates wage growth; ### 20. notes that labour markets have continued to improve and unemployment has fallen in all eu member states , notably for youth and the long-term unemployed; takes note of amr 2020’s finding that labour market tightening was reflected in stronger wage growth , and that real wage growth is above labour productivity growth since 2018; moreover , stresses amr 2020’s finding that unit labour costs (ulcs) have been growing at a faster pace in many member states due to both wage acceleration and reduced productivity growth; accordingly advocates wage growth in line with productivity growth , in order to ensure the competitiveness of the eu economy , especially in times of increasing global tensions;


### 20. takes note of amr 2020’s finding that wage growth at euro area level remains below what would be expected at the current levels of unemployment on the basis of historical data , and that this affects the inflation rate; highlights that the currently low productivity and inflation together with structural reforms transferring collective bargaining to the enterprise level are detrimental to wage growth and are leading to greater income inequality and an increase in the numbers of working poor , with in-work poverty affecting almost one in ten workers in europe; accordingly advocates wage growth; ### 20. takes note of amr 2020’s finding that wage growth at euro area level remains below what would be expected at the current levels of unemployment on the basis of historical data , and that this affects the inflation rate; highlights the importance of collective bargaining for sustained wage growth and flexibility for companies; stresses that union policies , including those implementing the social pillar , must not undermine any labour markets dependent on collective bargaining , nor infringe upon matters subject to collective bargaining in these countries;


### 21. agrees that it is a matter of great concern that income inequality is above pre-crisis levels in some countries , being frequently linked to unequal opportunities in access to education , training and social protection; ### 21. agrees that it is a matter of great concern that income inequality is above pre-crisis levels in some countries , being frequently linked to unequal opportunities in access to education and training; therefore calls on the member states to set in place proper policies , and to provide investment to ensure equal access to lifelong education and training;


### 23. stresses that equality between women and men , gender mainstreaming and gender budgeting must become key elements of the european semester , leading to action on gender pay , gender career development and the gender pension gap (which currently stands at 40 % in the eu); ### deleted


### 23. stresses that equality between women and men , gender mainstreaming and gender budgeting must become key elements of the european semester , leading to action on gender pay , gender career development and the gender pension gap (which currently stands at 40 % in the eu); ### 23. stresses that increased efforts are required by the member states to promote gender equality at all levels of the workforce;


### 25. highlights the time constraints on the current european semester process , which form an obstacle to full debate and the proper involvement in the process of civil society organisations , social partners , and even national parliaments and the ep , and contribute significantly to the lack of a sense of ownership and implementation; calls for the extension of the semester cycle to a biannual or triannual period , with the possibility of revision in case of major economic shocks; ### 25. highlights the time constraints on the current european semester process , which form an obstacle to full debate and the proper involvement in the process of civil society organisations , social partners , and even national parliaments and the ep , and contribute significantly to the lack of a sense of ownership and implementation;


### 1. calls on the member states to urgently agree on capital increase , both cash-in and callable in nature; calls for risks to be taken in the area of green and digital innovation in order to catalyse the just and digital transitions and to stop the financing of stranded assets; ### 1. calls on the member states to urgently agree on capital increase , both cash-in and callable in nature; calls on the eib to provide the necessary growth capital to enable smes to scale up their operations; stresses the importance of digitalisation and calls for risks to be taken in the area of green and digital innovation in order to catalyse the just and digital transitions and to stop the financing of stranded assets; stresses however that green investments must be viable and the eib must maintain a high-credit standing (aaa); notes that the climate problem cannot be solved without support of the industry , a large scale change can only be achieved if the industry is taken on board and the necessary incentives are given for innovative climate solutions;


### 1. recognises the important role that the eib , the world’s largest multilateral lender , can play in contributing to the union’s development policy objectives , and in particular its potential to promote climate action and to support the recovery from shocks such as covid-19; ### 1. recognises the important role that the eib , the world’s largest multilateral lender , can play in contributing to the union’s development policy objectives , and in particular its contribution to tackle poverty and food crisis , to promote climate action , development and the achievement of the sdgs as wells as to support the recovery from shocks such as covid-19;


### 2. reiterates that all financial flows of the european investment bank (eib) group should be consistent with the goal of achieving net zero emissions by 2050 at the latest and the union’s new climate objective for 2030; looks forward to the adoption in 2020 of an ambitious climate bank roadmap 2021-25 (cbrm) , which is to include a detailed strategic and operational framework with milestones and a shadow carbon price of at least eur 100/tonne by 2025; calls for all financial intermediaries and corporate clients to have a decarbonisation plan in place by the end of 2021; ### 2. reiterates that all financial flows of the european investment bank (eib) group should be consistent with the goal of achieving net zero emissions by 2050 at the latest and the union’s new climate objective for 2030; welcomes the adoption of the ambitious climate bank roadmap 2021-25 (cbr) , making the eib the first multilateral development bank to be paris aligned by the end of 2020 and defining how the eib group will align all its activities with the goals and principles of the paris agreement in line with the eu’s aim to be carbon neutral by 2050; calls to explore possible options for all financial intermediaries and corporate clients to have a decarbonisation plan in place by the end of 20251a , stresses that such new requirements must not go at the detriment of access to finance for smes;


### 2. stresses the ‘policy first’ principle underpinning the european fund for sustainable development plus (efsd+) , which should enhance coherence and coordination among the eib , the commission and member states in identifying investment operations that can contribute to sustainable development; ### 2. stresses the ‘policy first’ principle underpinning the european fund for sustainable development plus (efsd+) , which should further enhance coherence and coordination among the eib , the commission and member states in identifying investment operations that can contribute to sustainable development;


### 3. expects the eib to comply with article 191 of the treaty on the functioning of the european union and to put on hold disbursement , and , if necessary , to withdraw funding , if there is evidence or a serious risk of adverse impacts; expects the eib to conduct thorough monitoring that fully takes into account concerns expressed by concerned parties and stakeholders , in particular those pertaining to human rights violations; ### 3. expects the eib to comply with article 191 of the treaty on the functioning of the european union and to put on hold disbursement , and , if necessary , to withdraw funding , if there is evidence or a serious risk of adverse impacts; expects the eib to conduct thorough monitoring that fully takes into account concerns expressed by concerned parties and stakeholders , in particular those pertaining to human rights violations and breaches of the rule of law;


### 3. expects the eib to comply with article 191 of the treaty on the functioning of the european union and to put on hold disbursement , and , if necessary , to withdraw funding , if there is evidence or a serious risk of adverse impacts; expects the eib to conduct thorough monitoring that fully takes into account concerns expressed by concerned parties and stakeholders , in particular those pertaining to human rights violations; ### 3. expects the eib to comply with article 191 of the treaty on the functioning of the european union and , if possible within legal remits established for the financing , to put on hold disbursement , and , if necessary , to withdraw funding , if there is evidence or a serious risk of adverse impacts; expects the eib to commit to the protection of human rights as enshrined in its environmental and social framework;


### 3. calls on the shareholders of the eib to agree on a capital increase , both cash-in and callable in nature; emphasises that a capital increase should go hand in hand with greater transparency and democratic accountability; ### 3. notes that the eib is a highly leveraged institution; invites the shareholders of the eib to reflect on the optimal equity structure; welcomes the recent capital increase of the of the european investment fund (eif)1a;


### 4. expects the cbrm and the eib’s revised transport lending policy not to fall below the standard of eu taxonomy; calls for no new loans to be granted that hinder the decarbonisation of transport , and , in particular , no new financing to be awarded for the expansion of airports , for increased road capacity , for port expansions in europe and related infrastructure or for the shipping of liquefied natural gas; ### 4. expects the cbrm and the eib’s revised transport lending policy not to fall below the standard of eu taxonomy; calls for no new loans to be granted that hinder the decarbonisation of transport , and , in particular , for a reduction in the level of financing to be awarded for the expansion of airports , for increased road capacity , for port expansions in europe and related infrastructure or for the shipping of liquefied natural gas , while adjusting the decarbonisation requirements for this type of investment;


### 4. expects the cbrm and the eib’s revised transport lending policy not to fall below the standard of eu taxonomy; calls for no new loans to be granted that hinder the decarbonisation of transport , and , in particular , no new financing to be awarded for the expansion of airports , for increased road capacity , for port expansions in europe and related infrastructure or for the shipping of liquefied natural gas; ### 4. expects the cbr and the eib’s revised transport lending policy to align with the standard of eu taxonomy; expects the eib to align its transport activities with the climate bank roadmap , but also with the commission’s upcoming strategy for sustainable and smart mobility as a response to the new european green deal , and with other areas of eu transport policy;


### 4. asks the eib as the eu’s public bank to make the utmost concerted efforts to deliver strong , policy-driven financing activity which gives priority to public purpose projects , in particular those that would not otherwise be ‘bankable’ , both within and outside the eu , with a view to addressing the unprecedented global challenges of the decades to come; ### 4. asks the eib as the eu’s public bank to make the utmost concerted efforts to deliver strong , policy-driven financing activity in line with the respective legal provisions which gives priority to public purpose projects , in particular those that would not otherwise be ‘bankable’ , both within and outside the eu , with a view to addressing the unprecedented global challenges of the decades to come;


### 4. asks the eib as the eu’s public bank to make the utmost concerted efforts to deliver strong , policy-driven financing activity which gives priority to public purpose projects , in particular those that would not otherwise be ‘bankable’ , both within and outside the eu , with a view to addressing the unprecedented global challenges of the decades to come; ### 4. asks the eib as the eu’s public bank to make the utmost concerted efforts to deliver strong , policy-driven financing activity which gives priority to projects that promote economic growth , and in particular those that would not otherwise be ‘bankable’ , both within and outside the eu , with a view to addressing the unprecedented global challenges of the decades to come;


### 5. welcomes the review of the eib environmental social standards and calls for a wide and inclusive public consultation; expects all projects to include more comprehensive gender and human rights dimensions and due diligence obligations; calls for the eib to publish ‘know your customer’ checks before approving any project. ### 5. welcomes the review of the eib environmental social standards and acknowledges that the eib systematically reports on economic , social and environmental impacts and provides ex-ante as well as ex-post evaluations of the screening exercise regarding environmental and social impacts.


### 5. emphasises the importance of the additionality factor to be provided by the eib to investments across the eu; underlines the need to coordinate strategies with other european institutions and national development banks; ### 5. emphasises the importance of the additionality factor to be provided by the eib to investments across the eu; underlines the need to coordinate strategies with other european institutions and national development banks; stresses that the eib must seek to avoid crowding out private investments through its activities;


### 6. stresses the importance of avoiding further geographical imbalances in the eib’s lending activity so as to ensure a broader geographical and sectoral allocation of investments , reduce regional disparities and enhance convergence; welcomes the efforts already made by the eib in this regard; ### 6. stresses the importance of avoiding further geographical imbalances in the eib’s lending activity so as to ensure a broader geographical and sectoral allocation of investments , reduce regional disparities and enhance convergence , also taking into account growth objectives and accountability with regard to investments in the return on funding; welcomes the efforts already made by the eib in this regard;


### 11. underlines that in the light of the successive waves of covid-19 infections , these instruments will need to be further strengthened and extended; asks the eib to stand ready to launch new supportive financial initiatives; ### 11. underlines that in the light of the successive waves of covid-19 infections , these instruments will need to be further strengthened and extended; asks the eib to stand ready to launch new supportive financial initiatives if necessary;


### 13. welcomes the proposal to increase eib financing for climate action and environmental sustainability , including renewable energies , from around 30 % to at least 50 % by 2025 , which would unlock investment of more than eur 1 trillion over the next decade; ### 13. acknowledges that the proposal to increase eib financing for climate action and environmental sustainability , including renewable energies , from around 30 % to at least 50 % by 2025 , would involve supporting the measures proposed and current objectives put forward by the european commission and endorsed by the european parliament; considers that it has to align itself with the priorities set out in the recovery and resilience plan.


### 14. notes , however , that the roadmap envisages the introduction of a transition period until the end of 2022 , which would mean that the eib will not be aligned with the objectives of the paris agreement until 2023 at the earliest; ### deleted


### 15. recalls that the review of the eib’s transport lending policy is a key priority; stresses the importance of aligning the eib’s transport portfolio with the paris agreement as soon as possible; ### 15. recalls that the review of the eib’s transport lending policy is a key priority; stresses the importance of broadly aligning the eib’s transport portfolio with the overall policy trajectory of the union;


### 18. reiterates that supporting smes and mid-caps must remain a fundamental objective for the eib , notably to assist them with decarbonisation and access to ict tools; welcomes efforts made to provide online assistance and counselling to smes in accessing eib lending; ### 18. reiterates that supporting smes and mid-caps must remain a key priority for the eib , notably to assist them with decarbonisation and access to ict tools; stresses that smes often have limited administrative ressources available and thus benefit form easily accessible financing channels; welcomes efforts made to provide online assistance and counselling to smes in accessing eib lending;


### 21. notes that during the ongoing covid-19 crisis , social welfare systems in the member states have come under unprecedented strain; calls on the eib to partner with the commission and member states to strengthen social welfare systems and increase investment in the social sector , including by establishing similar targets for social investment to those for digital and green investments; ### deleted


### 22. calls on the eib to play an active role in helping member states to deliver on the implementation of the european pillar of social rights , while standing ready to align with the forthcoming commission action plan and the social summit in porto; points to the importance of ex-ante and ex-post evaluations of the sustainability , economic , social and environmental impact of projects; ### deleted


### 29. welcomes the fact that the eib will review its environmental and social standards and calls for a wide and inclusive public consultation on these issues; invites the eib to take account of the do-no harm principle in its operations; calls on the eib to take this opportunity to strengthen its human rights policy; ### deleted


### d. whereas smes are the backbone of the region’s economy which has more than 95% of its enterprises with less than 250 workers and whereas the 38 enterprises concerned by this application are smes; ### d. whereas smes are the backbone of the region’s economy which has more than 95% of its enterprises with less than 250 workers and whereas the 38 enterprises concerned by this application are smes; whereas galicia is part of the atlantic axis association and its economy considerably relies on cross-border companies and workers;


### 6. underlines that those redundancies took place in a context of high level of unemployment (11 ,7% in 2019) in the region of galicia; welcomes , therefore , the re-skilling and up-skilling measures provided by this egf support to make the regional shipbuilding sector , and the overall labour market , more resilient and competitive in the future; ### 6. underlines that those redundancies took place in a context of high level of unemployment (11 ,7% in 2019) in the region of galicia; welcomes , therefore , the re-skilling and up-skilling measures provided by this egf support to make the regional shipbuilding sector , the cross-border economy and the overall labour market , more resilient and competitive in the future;


### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which are below historical averages and insufficient to fulfil the eu’s sustainability , social and innovation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the eib to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability , social and innovation gains; ### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which are below historical averages and insufficient to fulfil the eu’s sustainability , economic , social , competitiveness , innovation and job-creation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib may be necessary , provided that such lending complies with eib eligibility criteria and considering that the preservation of the eib's triple-a rating is of utmost importance , in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the eib to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability , economic , social , competitiveness , innovation and job-creation gains;


### 2. reiterates the need to reduce the inequalities in the geographical distribution of eib financing , given that 57% went to six member states in 2018; calls for a fair and transparent geographical distribution of projects and investment , with a special focus on less-developed regions; ### 2. reiterates the need to improve the geographical distribution of eib financing; calls for an enhanced geographical distribution of projects and investments; calls for the eib to address systemic shortcomings that prevent certain regions or countries from taking full advantage of the eib's financial activities considering the market and demand driven nature of eib financing;


### 2. welcomes the commitment by the commission president-elect to turn sections of the eib into a climate bank , and the commitments from the eib president to increase the share of eib financing for climate action and environmental sustainability to at least 50 % by 2025 and to align all eib financing activities with the goals of the paris agreement by the end of 2020; calls on the commission to present an ambitious new european sustainable investment plan , including additional financial commitments , as soon as possible , and to fully support the eib in its sustainability ambitions; ### 2. welcomes the commitment by the commission president-elect to turn sections of the eib into a climate bank , and the decision from the eib board of directors to increase the share of eib financing for climate action and environmental sustainability to at least 50 % by 2025 and to align all eib financing activities with the goals of the paris agreement by the end of 2020; calls on the commission to present an ambitious new european sustainable investment plan , including additional financial commitments , as soon as possible , and to fully support the eib in its sustainability ambitions; underlines the importance of complementing these goals by measures to ensure eib financing contributes to a just transition for those regions or countries more affected so that no one is left behind;


### 3. calls on the eib to greatly strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval , in order to improve accessibility and involve all member states; ### 3. calls on the eib to greatly strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval , in order to improve accessibility and involve all member states; is of the opinion that the next mff provisions should include the necessary allocations for such advisory services at least at the level foreseen in the european commission´s proposal from may 2018;


### 3. stresses that in order for the eib to become the eu’s climate bank , it should stop all financial support to fossil fuel projects by the end of 2020 , and align all its activities , including eif operations , with the paris agreement’s goals; calls on the eib to make decarbonisation commitments a condition for companies to receive eib support; calls on the eib to apply the eu taxonomy framework , once it has been formally adopted , as a benchmark for its climate and environmental investments; calls on the eib to develop a credible methodology to measure , disclose and achieve ‘paris alignment’ of its financing operations; ### 3. welcomes the decision of the eib to end financial support to fossil fuel projects by the end of 2021 and to align all its portfolio , including eif operations , with the goals of the paris agreement; calls on the eib to encourage decarbonisation commitments for companies that receive eib support and to offer advice on how companies can decarbonise; calls on the eib to apply the eu taxonomy framework , once it has been formally adopted , as a benchmark for its climate and environmental investments; calls on the eib to develop a credible methodology to measure , disclose and achieve ‘paris alignment’ of its financing operations;


### 4. stresses that the key quantitative target of the european fund for strategic investments (efsi) of mobilising eur 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the eib to increase the share of efsi and investeu financing to projects that substantially contribute to the eu’s sustainability and social objectives; calls on the commission to ensure that investeu’s sustainability-proofing methodologies are fully consistent with the eu’s sustainability objectives; ### 4. stresses that the key quantitative target of the european fund for strategic investments (efsi) of mobilising eur 500 billion of additional private and public investment should not be the main drivers of success for efsi , and that sustainability and social impact should be equally important measures; calls on the eib to devote adequate financing through efsi and investeu to projects that substantially contribute to the eu’s sustainability and social objectives , in line with relevant eu regulations; calls on the commission to ensure that investeu’s sustainability-proofing methodologies are fully consistent with the eu’s sustainability objectives;


### 5. calls on the eib group to be more transparent about its economic operations , its use of the eu budget guarantee , the additionality of eib operations and on possible future plans for a development subsidiary at the eib , and for the eib group to improve its accountability on these issues; calls for a memorandum of understanding between the eib and parliament to improve access to eib documents and data related to strategic orientation and financing policies in the future in order to strengthen the bank’s accountability. ### 5. calls on the eib group to ensure a high level of transparency and accountability about its economic operations , its use of the eu budget guarantee , the additionality of eib operations and on possible future plans for a development subsidiary at the eib , and for the eib group to improve its accountability on these issues; acknowledges that the eib group’s transparency policy is based on a presumption of disclosure and that everyone can access its documents and information; calls for a memorandum of understanding between the eib and parliament to improve access to eib documents and data related to strategic orientation and financing policies in the future in order to strengthen the bank’s accountability.


### 8. calls for a detailed roadmap to be drawn up in 2020 to reach the overall target of 50% climate lending by 2025 , as well as guarantees regarding the climate neutrality of the remaining loans , following an open and transparent public consultation process; ### 8. calls for the eib to extensively inform stakeholders and the wider audience on the manner in which the eib intends to reach the overall target of 50% climate lending by 2025 , as well as how the eib will fully take on board the climate considerations of the remaining loans;


### 8. calls for a detailed roadmap to be drawn up in 2020 to reach the overall target of 50% climate lending by 2025 , as well as guarantees regarding the climate neutrality of the remaining loans , following an open and transparent public consultation process; ### 8. calls for a detailed roadmap to be drawn up in 2020 to reach the overall target of 50% climate lending by 2025 , as well as guarantees regarding the climate neutrality of the remaining loans , following an open and transparent public consultation process; stresses that green investments must be viable;


### 9. calls for a strengthening of the eligibility criteria for climate action in order to avert the risk of investments not resulting in significant reductions in greenhouse gases (ghg) , in particular with regard to bioenergy , low-carbon gases , carbon capture and storage and compensation programmes; considers that a general anti-abuse provision should support all eib operations and be included in its declaration on environmental and social standards , which needs to be reviewed in 2020 and aligned with the 1.5°c global warming objective; ### 9. calls for a consistent implementation of the eligibility criteria for climate action in order to ensure that the financed projects are in line with the overall objectives of the eu in this field;


### 10. is alarmed that of the 20 largest energy lending projects in 2017 , only six included their carbon footprint in their environmental and social data sheets; ### deleted


### 11. welcomes the new eib carbon footprint evaluation methodology and calls for its systematic implementation , with a particular focus on marginal demand emissions and indirect emissions (‘type 3’); calls for projects to be evaluated comprehensively and not merely by means of an economic life-cycle analysis of their emissions; ### 11. welcomes the new eib carbon footprint evaluation methodology and calls for its systematic implementation; calls for projects to be evaluated comprehensively and not merely by means of an economic life-cycle analysis of their emissions;


### 12. is of the opinion that the eib should require its intermediary clients to disclose their exposure to fossil fuels , and should apply restrictions to heavily exposed intermediaries; expects that , by the end of 2020 , all intermediaries will have a decarbonisation plan , which is indispensable for their financing to continue; ### deleted


### 12. is of the opinion that the eib should require its intermediary clients to disclose their exposure to fossil fuels , and should apply restrictions to heavily exposed intermediaries; expects that , by the end of 2020 , all intermediaries will have a decarbonisation plan , which is indispensable for their financing to continue; ### 12. is of the opinion that the eib should explore possible options to set more stringent requirements for intermediary clients to disclose their exposure to fossil fuels , and possible restrictions to heavily exposed intermediaries; stresses that such new requirements should not go at the detriment of access to finance for smes;


### 13. is of the opinion that , in line with best practices in the commercial banking sector3 , eib financing should be subject to ambitious scientific objectives and commitments , with a view to phasing out its support to clients whose activities lead to significant ghg emissions; ### 13. is of the opinion that , in line with best practices in the commercial banking sector3 , eib financing should be subject to ambitious scientific objectives and commitments;


### 13. is of the opinion that , in line with best practices in the commercial banking sector3 , eib financing should be subject to ambitious scientific objectives and commitments , with a view to phasing out its support to clients whose activities lead to significant ghg emissions; ### 13. is satisfied that , in line with best practices in the commercial banking sector 3a , eib financing is subject to ambitious scientific objectives and commitments , welcomes that eib has ended its support to the coal sector effectively already in 2013 by the adoption of the 2013 version of its energy lending policy;


### 14. welcomes the new eib energy lending policy and the example it sets for other banks; regrets that exceptions are applicable to the approval of gas projects until the end of 2021 and that support for gas projects planned for the transport of low-carbon gases is set to continue; calls for this policy to be reviewed in the medium term (by the start of 2022) to close the gaps in gas infrastructure to bring it in line with the european sustainable finance taxonomy and the european green pact , and to be consistent with the development of appropriate new external actions in the eu; ### 14. takes note of the new eib energy lending policy and the example it sets for other banks; insists on the need to continue support for gas projects planned for the transport of low-carbon gases; stresses the need to ensure that the use of energy sources such as natural gas and their subsequent financing continues in the transition phase to the objective of achieving climate neutrality by 2050 at the latest;


### 14. welcomes the new eib energy lending policy and the example it sets for other banks; regrets that exceptions are applicable to the approval of gas projects until the end of 2021 and that support for gas projects planned for the transport of low-carbon gases is set to continue; calls for this policy to be reviewed in the medium term (by the start of 2022) to close the gaps in gas infrastructure to bring it in line with the european sustainable finance taxonomy and the european green pact , and to be consistent with the development of appropriate new external actions in the eu; ### 14. welcomes the new eib energy lending policy and the example it sets for other banks; welcomes that exceptions are applicable to the approval of gas projects until the end of 2021 and that support for gas projects planned for the transport of low-carbon gases is set to continue; calls for this policy to be reviewed in the medium term (by the start of 2022) to close the gaps in gas infrastructure to bring it in line with the european sustainable finance taxonomy and the european green pact , and to be consistent with the development of appropriate new external actions in the eu;


### 15. insists that the eib urgently and fully implement the principle of energy efficiency in all its energy lending , taking into account the impact of energy efficiency on future demand and its contribution to energy security; ### 15. insists that the eib implements the principle of energy efficiency in its energy lending , taking into account the impact of energy efficiency on future demand and its contribution to energy security;


### 16. calls on the eib to make the review of its transport policy a key priority; calls for a new transport financing policy to decarbonise the eu transport sector by 2050; ### 16. looks forward to the eib's review of its transport policy to be announced later this year; calls for a new transport financing policy to decarbonise the eu transport sector by 2050;


### 17. calls for rigorous policies to be implemented in carbon-intensive industrial sectors in which the eib is active , such as cement , petrochemicals and steel , with a view to phasing out all ‘brown’ loans and aligning all sectoral loans , focusing on the promotion of a circular economy; ### 17. calls for new policies to be implemented in carbon-intensive industrial sectors in which the eib is active , such as cement , petrochemicals and steel , with a view to focusing on the sustainability of these sectors and carefully weighing the consequences of any termination of ongoing contracts , focusing on the promotion of a circular economy;


### 17. calls for rigorous policies to be implemented in carbon-intensive industrial sectors in which the eib is active , such as cement , petrochemicals and steel , with a view to phasing out all ‘brown’ loans and aligning all sectoral loans , focusing on the promotion of a circular economy; ### 17. calls for new policies to be implemented in carbon-intensive industrial sectors in which the eib is active , such as cement , petrochemicals and steel , focusing on the sustainability of these sectors and on the promotion of a circular economy;


### 18. reminds the eib that biodiversity protection is a key element of adaptation to climate change and that the restoration of ecosystems is the only proven technology when it comes to negative emissions; calls on the eib to commit to ending the financing of projects which contribute to the loss and degradation of biodiversity and ecosystems , and to increase substantially its funding to achieve the eu’s objectives in this area , in particular the objective of zero net deforestation and the objectives of marine and coastal protection; ### 18. reminds the eib that biodiversity protection is a key element of adaptation to climate change and that the restoration of ecosystems is the only proven technology when it comes to negative emissions; notes that all eib projects undergo a biodiversity risk assessment and must comply with the biodiversity standards of the bank; calls on the eib to increase its funding to achieve the eu’s objectives in this area , in particular the objective of zero net deforestation and the objectives of marine and coastal protection;


### 22. stresses that , in order to achieve these ambitions , the eib may need to take further risks , in addition to increasing its own funds and building expertise in innovative financing instruments; calls for the eib to ensure it has adequate resources , including appropriate capitalisation , to enable it to use innovative instruments to finance projects with significant potential to produce sustainable , social and innovative gains; ### 22. stresses that , in order to achieve these ambitions , the eib may need to take further risks , in addition to increasing its own funds and building expertise in innovative financing instruments; calls on the eib shareholders to ensure adequate resources , including appropriate capitalisation , to enable it to use innovative instruments to finance projects with significant potential to produce sustainable , social and innovative gains;


### 23. urges the eib , the largest multilateral lender in the world , to maintain its leading role in future eu financing mechanisms for third countries; opposes the recent initiatives to encourage the eib to be more active in defence and security , migration management and border control; ### 23. urges the eib , the largest multilateral lender in the world , to maintain its leading role in future eu financing mechanisms for third countries;


### 26. urges the eib to adopt a comprehensive and coherent human rights strategy , which includes the risk of reprisals against human rights defenders; recommends that this strategy include the systematic assessment of human rights risks , including an ex-ante evaluation , and continuous monitoring on the ground; calls on the eib to include in its contracts clauses allowing for the suspension of disbursements in the case of serious violations of human rights or environmental and social standards; ### 26. notes that human rights principles are fully integrated into the bank’s key due diligence procedures and standards , including ex-ante assessments; recalls that the eib is directly bound by the eu charter of fundamental rights and that contractual clauses with clients allow for suspension of contracts in case of violations of human rights; welcomes the revision of the 2009 statement of environmental and social principles and standards;


### 27. recommends that the eib recruit human rights specialists so that it has a better understanding of local situations and can monitor any abuses; ### 27. welcomes that the eib already employs human rights specialists , asks whether a better understanding of local situations and monitoring might be achieved by extending the eib’s local staff in partner countries;


### 29. welcomes the fact that , as recommended in the latest parliament reports , public summaries are now to be made of management board meetings; stresses the need to publish the content of meetings of all the eib’s governing bodies systematically; ### 29. welcomes the fact that , as recommended in the latest parliament reports , public summaries are now to be made of management board meetings and of the efsi operation scoreboard for projects supported by the efsi guarantee , understands however that certain limits apply with regard to document transparency to ensure protection of confidential information provided by eib's clients and project partners;


### 30. asks the eib to publish all information relating to direct loans subject to the approval of the management board , including by publishing for each project the opinion of the commission and that of the member state in which the project is located; ### deleted


### 32. calls for the eib to ensure the highest level of integrity of its financial intermediaries , and that their loans be subject to the same transparency requirements as other types of loan; calls on the eib to cease working with financial intermediaries with a negative track record of transparency , fraud , corruption , organised crime or money laundering; ### 32. welcomes that intermediary operations are subject to the same transparency requirement as other types of loans based on the eib’s transparency policy; calls on the eib to cease working with financial intermediaries with a negative track record of transparency , fraud , corruption , organised crime or money laundering;


### 35. welcomes the adoption of the revised eib group policy towards weakly regulated , non-transparent and non-cooperative jurisdictions8 ; stresses the importance of ensuring the good quality of information on final beneficiaries and calls on the eib to publish on its website the beneficial ownership of its clients; ### 35. welcomes the adoption of the revised eib group policy towards weakly regulated , non-transparent and non-cooperative jurisdictions8 ; notes that the eib publishes details of its clients for each operation on its website;


### 39. calls as a matter of urgency for parliament’s powers be strengthened as regards the strategic direction and policies of the eib , in order to ensure democratic scrutiny of investments; ### deleted


### 3. strongly supports the recent reform of the advance payment system , which raises the level of advances from 10 % to 25 % of the expected contribution and from a maximum of eur 30 million to eur 100 million; questions , however , whether the reform addresses all the hurdles that are currently keeping member states from requesting advance payments , in light of the low application rate; urges the commission to disburse advance payments for covid-19 applications as fast as possible; ### 3. strongly supports the recent reform of the advance payment system , which raises the level of advances from 10 % to 25 % of the expected contribution and from a maximum of eur 30 million to eur 100 million; questions , however , whether the reform addresses all the hurdles that are currently keeping member states from requesting advance payments , in light of the low application rate; asks the commission to reflect on additional ways to promote this option , in a dialogue with member states authorities; urges the commission to disburse advance payments for covid-19 applications as fast as possible;


### 4. draws attention to events such as covid-19 , which is severely affecting all of europe , forest fires across the continent , including in unusual places such as the arctic , and the series of violent earthquakes in europe , particularly in italy in 2016-2017 , causing hundreds of deaths and some eur 22 billion in damage , and in croatia in march 2020; points out , moreover , that storms , extreme rainfall and flooding have caused considerable damage in many cities and valleys , and that increasingly violent hurricanes have caused devastation in the outermost regions , such as hurricane irma in 2017 in saint-martin , and hurricane lorenzo in 2019 in the azores , which were particularly destructive; ### 4. draws attention to the fact that the risks of natural , ecological and health disasters have now become systemic: the covid-19 pandemic severely impacting the lives of all europeans and the whole economy , forest fires across the continent , including in unusual places such as the arctic , and the series of violent earthquakes in europe , particularly in italy in 2016-2017 , causing hundreds of deaths and some eur 22 billion in damage , as well as in croatia in march 2020 and december 2020; points out , moreover , that storms , extreme rainfall and flooding have caused considerable damage in many cities and valleys , and that increasingly violent hurricanes have caused devastation in the outermost regions , such as hurricane irma in 2017 in saint-martin , and hurricane lorenzo in 2019 in the azores , which were particularly destructive; reminds in this context that fragile territories , such as islands , are often the most affected by the impact of climate change;


### 5. points out that it is vital that aid and funds be sent every more rapidly to affected regions , and that links with the union civil protection mechanism (ucpm) and the erdf climate-change adaptation component are essential in order to create a comprehensive package; ### 5. points out that it is vital that aid and funds be sent every more rapidly to affected regions , and that links with the union civil protection mechanism (ucpm) and the erdf climate-change adaptation component are essential in order to create a comprehensive package; stresses the importance of granting immediate aid to affected regions , with administrative and procurement procedures coming afterwards;


### 5. points out that it is vital that aid and funds be sent every more rapidly to affected regions , and that links with the union civil protection mechanism (ucpm) and the erdf climate-change adaptation component are essential in order to create a comprehensive package; ### 5. points out that it is vital that aid and funds are sent as rapidly as possible to affected regions , and that links with the union civil protection mechanism (ucpm) and the erdf climate-change adaptation component , as well as with territorial cooperation programmes are essential in order to create a comprehensive response and resilience package;


### a. whereas the european union solidarity fund (eusf) , established by council regulation (ec) no 2012/2002 in order to provide financial assistance to member states and accession countries undergoing major disasters , represents true european added value and the materialisation of a will , that has sometimes been lacking , to provide mutual assistance at union level; ### a. whereas the european union solidarity fund (eusf) , established by council regulation (ec) no 2012/2002 in order to provide financial assistance to member states and accession countries undergoing major disasters , represents true european added value and the materialisation of a will to provide mutual assistance at union level;


### b. whereas , in its resolution of 17 april 2020 on eu coordinated action to combat the covid-19 pandemic and its consequences , parliament pointed out that solidarity among the member states was not an option , but an obligation , stemming inter alia from articles 2 and 21 of the treaty on european union (teu) , and was part and parcel of our european values , as set out in article 3 of the teu; ### b. whereas , in its resolution of 17 april 2020 on eu coordinated action to combat the covid-19 pandemic and its consequences , parliament pointed out that solidarity among the member states was an obligation , stemming inter alia from articles 2 and 21 of the treaty on european union (teu) , and was part and parcel of our european values , as set out in article 3 of the teu;


### c. noting with interest that , according to a recent survey , more than two thirds of europeans believe that the european union should equip itself with more resources to deal with crises such as covid-19; ### c. noting with interest that , according to a recent survey , more than two thirds of europeans believe that the european union should equip itself with more resources to deal with unexpected crises , such as covid-19;


### g. whereas the fund’s regulatory framework was revised in 2014 by amending regulation (eu) no 661/2014 , in particular with a view to simplifying procedures , shortening the time frame for replying after the submission of applications , clarifying the eligibility criteria for requests for assistance in the event of regional disasters , extending the implementation period and introducing advance payments , as called for by parliament on several occasions; whereas , however , further progress is needed; ### g. whereas the fund’s regulatory framework was revised in 2014 by amending regulation (eu) no 661/2014 , in particular with a view to simplifying procedures , shortening the time frame for replying after the submission of applications , clarifying the eligibility criteria of requests for assistance in the event of regional disasters , extending the implementation period and introducing advance payments , as called for by parliament on several occasions; whereas , further progress has been achieved through the march 2020 amendment of the regulation especially as regards the increase of the level of advance payments and the simplification of the eusf mobilisation;


### i. regretting , however , that , although the reform of the regulation in 2014 contributed to a 12% reduction in the time between the submission of the application for assistance and the relevant payment , the period required in order for the full grant to be deployed is still too long when the aid is being urgently awaited; ### i. whereas , although the reform of the regulation in 2014 contributed to a 12% reduction in the time between the submission of the application for assistance and the relevant payment , the period required in order for the full grant to be deployed is still long;


### j. regretting , likewise , that the fund’s assistance does not cover the additional costs of rebuilding energy- and resource-efficient infrastructure that is more disaster-resilient and climate-resilient , as called for in the european green deal; ### j. whereas the fund’s assistance does not cover the additional costs of rebuilding energy- and resource-efficient infrastructure that is more disaster-resilient and climate-resilient;


### k. noting with interest that , as illustrated by the covid-19 crisis , there is a high degree of complementarity between cohesion policy instruments and the eusf , the fund which responds to natural disasters in the short and medium term , while cohesion policy is geared to longer-term planning with regard to civil protection and preventive and risk management infrastructure; ### k. noting with interest that , as illustrated by the covid-19 crisis , there is a high degree of complementarity between cohesion policy instruments and the eusf , the fund which responds to natural disasters in the short and medium term , while cohesion policy is geared to longer-term planning with regard to civil protection and preventive and risk management infrastructure; whereas the current health crisis has a very significant human dimension and the union and the member states should accordingly act in a spirit of solidarity;


### k. noting with interest that , as illustrated by the covid-19 crisis , there is a high degree of complementarity between cohesion policy instruments and the eusf , the fund which responds to natural disasters in the short and medium term , while cohesion policy is geared to longer-term planning with regard to civil protection and preventive and risk management infrastructure; ### k. noting with interest that , as illustrated by the covid-19 crisis , there is a high degree of complementarity between cohesion policy instruments and the eusf , the fund which responds to natural disasters in the short and medium term , while cohesion policy is geared to longer-term planning with regard to civil protection , preventive and risk management infrastructure , as well as resilience measures , contributing to the objectives of the european green deal;


### o. regretting that people in the eu are not very aware of the existence of the solidarity fund , in particular because the fund largely intervenes only after reconstruction work has been completed , in the form of reimbursements; ### o. whereas more efforts should be done to increase the visibility of eusf assistance on the ground , which is not very evident for citizens , in particular because the fund largely intervenes only after reconstruction work has been completed , in the form of reimbursements;


### 1. expresses its deep concern that extreme weather events and natural disasters will only increase and intensify alongside climate change; ### 1. expresses its deep concern that extreme weather events and natural disasters will only increase and intensify alongside climate change; stresses the need for member states to make further efforts to invest in climate impact alleviation measures , bearing in mind that many natural disasters are the direct consequence of human activities;


### 9. is of the view that the risks of natural , ecological and health disasters have now become systemic and that the least developed and most fragile territories , such as islands , are often the most affected by the impact of climate change; ### deleted


### 10. considers it vital to improve disaster risk prevention and management in europe; recommends , in this regard , that member states put in place , together with the commission , disaster management plans for accurate and rapid damage assessment; ### 10. considers it vital to improve disaster risk prevention and management in europe; recommends , in this regard , that member states put in place , together with the commission , disaster management plans for accurate and rapid damage assessment; stresses that the eusf is a straightforward and immediately applicable instrument that the eu can make available to local authorities;


### 11. calls on the commission to continue its work on simplifying the eusf; ### 11. invites the commission , in the context of a future reform , to continue its work on simplifying the eusf mobilisation to ensure a swifter response to the intensification of natural disasters , especially at regional level;


### 13. calls on the commission to ensure the dissemination of good practices with regard to governance and institutional coordination structures in disaster situations; ### 13. calls on the commission to ensure the dissemination of good practices with regard to governance and institutional coordination structures in disaster situations; stresses the need to improve information and communication mechanisms to raise awareness among european citizens of the financial support provided for member states in order to counter eurosceptic trends;


### 14. points to the difficulties faced by beneficiary countries when it comes to determining the precise amount of damage in a very short period of time and suggests that the commission consider alternative simplified methods for determining how much the fund should contribute; ### 14. points to the difficulties faced by beneficiary countries when it comes to determining the precise amount of damage in a very short period of time and suggests that the commission prepares guidance on simplified methods to be used for determining the contribution of the fund;


### 15. draws particular attention to the situation of local authorities which have little experience in eu-funded projects and calls on the commission to provide them with increased operational support , in particular administrative support; ### 15. draws particular attention to the situation of local authorities which have little experience in eu-funded projects and calls on the commission to provide them with increased technical and operational support , in particular administrative support;


### 15. draws particular attention to the situation of local authorities which have little experience in eu-funded projects and calls on the commission to provide them with increased operational support , in particular administrative support; ### 15. draws particular attention to the situation of local authorities which have little experience in eu-funded projects and calls on the commission to provide them with increased operational support , in particular administrative support; calls on the member states to improve communications with local and regional authorities in the successive phases of evaluation , preparation of applications and project implementation , with a view speeding up administrative procedures;


### 17. believes that all lessons should be learned from hurricane irma that struck saint-martin in 2017 and calls for the eusf and other emergency aid schemes to be extended to overseas countries and territories (octs); ### deleted


### 18. points out that in its revised proposal of 27 may 2020 on the mff 2021-2027 the commission provided for a maximum annual budget of eur 1 billion for the eusf (in 2018 prices) and therefore notes with concern that under the agreement on the new mff , the eusf has been merged with the emergency aid reserve (ear) into a new ‘solidarity and emergency aid reserve’ (sear) package , with an overall annual budgetary allocation of eur 1.2 billion; ### 18. points out that in its revised proposal of 27 may 2020 on the mff 2021-2027 the commission provided for a maximum annual budget of eur 1 billion for the eusf (in 2018 prices) but notes that under the agreement on the new mff , the eusf has been merged with the emergency aid reserve (ear) into a new ‘solidarity and emergency aid reserve’ (sear) package , with an overall annual budgetary allocation of eur 1.2 billion;


### 19. considers that the establishment of a sear may have the advantage of some flexibility , but notes that , in its current form , the eusf allocation remains uncertain , since it depends on the amounts mobilised by the ear; undertakes , accordingly , closely to monitor the management of the sear in order to see whether the funding amount and allocation key provided for in this new financial instrument meet the needs of the eusf , in view of the extension of its scope and the scale and proliferation of emergencies resulting , in particular , from climate change; ### 19. considers that the establishment of a sear may have the advantage of providing for flexibility; points out nevertheless that , in its current form , the eusf allocation remains uncertain , since it depends on the amounts mobilised by the ear; considers necessary to closely to monitor the management of the sear in order to see whether the funding amount and allocation key provided for in this new financial instrument meet the needs of the eusf , in view of the extension of its scope and the scale and proliferation of emergencies resulting , in particular , from climate change;


### 20. welcomes the fact that the revised eusf adopted in april 2020 has increased the level of advance payments from 10% to 25% of the amount of the financial contribution anticipated and the maximum amount of the advances from eur 30 million to eur 100 million; points out , however , that for countries facing major disasters , the effectiveness of the fund is directly linked to the level of advance payments and is of the view that it should be much higher , amounting to at least 33%; ### 20. welcomes the fact that the revised eusf adopted in march 2020 has increased the level of advance payments from 10% to 25% of the amount of the financial contribution anticipated and the maximum amount of the advances from eur 30 million to eur 100 million; points out , in this context the importance of advance payments for increasing the effectiveness of interventions and calls for increased efforts to be made in order to reduce the average time of their release;


### 20. welcomes the fact that the revised eusf adopted in april 2020 has increased the level of advance payments from 10% to 25% of the amount of the financial contribution anticipated and the maximum amount of the advances from eur 30 million to eur ### 20.


### 21. notes that the average time needed to make advance payments is five months and calls on the commission to consider some more reactive solutions; ### deleted


### 22. notes with regret that it takes on average one year for the entire grant to reach the beneficiary and that the fund cannot therefore , under the current conditions , claim to act as an instrument for rapid intervention; calls on the commission to expedite payment procedures and to explore ways of simplifying , as much as possible , the administrative procedures required to access aid , in order to relieve disaster-stricken regions or countries from unnecessary administrative burdens; ### 22. moreover , notes that , on average , it takes one year for the entire grant to reach the beneficiary; calls on the commission to explore ways of simplifying the mobilisation of the fund to the biggest extent possible in the context of a future reform in order to ensure a rapid intervention and prompt relief for disaster-stricken regions and/or countries; believes in this regard that an assessment of the eusf budget might become necessary in the future;


### 23. believes that , in the future , the eusf budget will have to be increased in order to make it a real tool for eu solidarity; ### deleted


### 24. calls for the criteria for determining operations that are ‘eligible’ for assistance from the fund to take greater account of the latest risk prevention principles , so as to enable countries to improve the quality of their infrastructure during reconstruction and thus be better prepared to deal with disasters; ### 24. calls for the criteria for determining operations that are ‘eligible’ for assistance from the fund to take greater account of the latest risk prevention principles , with a view to contributing to the improvement of their infrastructure quality during reconstruction and thus be better prepared to deal with disasters;


### 26. calls on the commission to strengthen synergies between the eusf and cohesion funds , as well as with the ucpm , with a view to effective and structured risk management in the short , medium and long term , not only through the construction of sustainable , energy- and resource-efficient infrastructure , but also through the deployment of preventive measures; ### 26. calls on the commission to strengthen synergies between the eusf and cohesion funds , as well as with the ucpm , with a view to effective and structured risk management for reconstruction projects in the short , medium and long term , not only through the construction of sustainable , energy- and resource-efficient infrastructure , but also through the deployment of preventive measures;


### 28. takes the view that this broadening of the scope of the eusf requires a larger budget; ### deleted


### 30. calls on the commission and the member states to improve the visibility of the fund’s assistance through ad hoc , targeted communication activities , and to make rapid response and delivery of aid a priority , in order specifically to highlight the union’s added value in the event of natural and health disasters and its ability to put genuine mutual assistance into practice by providing significant budgetary resources; ### 30. calls on the commission and the member states to improve the visibility of the fund’s assistance through ad hoc , targeted communication activities , in parallel to making the rapid response and delivery of aid a priority , in order specifically to highlight the union’s added value in the event of natural and health disasters and its ability to put genuine mutual assistance into practice by providing significant budgetary resources;


### 1. recalls that a carbon border tax has long been a candidate for a genuine and green source of own revenue for the eu budget and was among the ‘basket’ of preferred options for new own resources taken up in parliament’s legislative resolution of 16 september1 ; ### 1. recalls that a carbon border tax has long been a candidate for a genuine and green source of own revenue for the eu budget and was among the ‘basket’ of new own resources taken up in parliament’s legislative resolution of 16 september1 ;


### 1. believes that the main aim of the carbon border adjustment mechanism (cbam) should be to support the eu’s green objectives by fighting carbon leakage; ### 1. believes that the main aim of the carbon border adjustment mechanism (cbam) should be to support the eu’s green objectives;


### 1. believes that the main aim of the carbon border adjustment mechanism (cbam) should be to support the eu’s green objectives by fighting carbon leakage; ### 1. believes that main aims of the carbon border adjustment mechanism (cbam) should be to support the eu’s green objectives by fighting carbon leakage and creating a level playing field between domestic and foreign producers , which would promote the competitiveness of companies based in the eu and low-carbon production within the eu.


### 1. believes that the main aim of the carbon border adjustment mechanism (cbam) should be to support the eu’s green objectives by fighting carbon leakage; ### 1. believes that the main aim of the carbon border adjustment mechanism (cbam) should be to support the eu’s green objectives by fighting carbon leakage; stresses that the cbam should come with a 2050 decarbonisation target and required transition plans for the eu industry;


### 1. believes that the main aim of the carbon border adjustment mechanism (cbam) should be to support the eu’s green objectives by fighting carbon leakage; ### 1. believes that the main aim of the carbon border adjustment mechanism (cbam) should be to support the eu’s green objectives and achieve the climate objectives set out in the paris agreement by fighting carbon leakage;


### 1. welcomes the paris agreement , the green deal and the goal of achieving climate neutrality by 2050; notes the lack of international climate efforts; believes that an eu carbon border adjustment mechanism (‘the mechanism’) could incentivise international efforts to combat climate change; ### 1. welcomes the paris agreement , the green deal and the goal of achieving climate neutrality by 2050; notes the significant divergence of climate efforts between different countries; underlines that eu climate policy must go hand in hand with increased economic growth and competitiveness for the european industry based on the principles of free and fair competition; believes that an eu carbon border adjustment mechanism (‘the mechanism’) should serve to incentivise international efforts to combat climate change , therefore asks the commission to consider all available options while drawing up proposal for any such mechanism;


### 1. welcomes the paris agreement , the green deal and the goal of achieving climate neutrality by 2050; notes the lack of international climate efforts; believes that an eu carbon border adjustment mechanism (‘the mechanism’) could incentivise international efforts to combat climate change; ### 1. welcomes the paris agreement , the green deal and the goal of achieving climate neutrality by 2050; notes the lack of international climate efforts; believes that an eu carbon border adjustment mechanism (‘the mechanism’) which is compatible with world trade organisation agreements could incentivise international efforts to combat climate change only in the absence of progress towards a global co2 price;


### — having regard to the agreement adopted at the 21st conference of the parties to the unfccc (cop21) in paris on 12 december 2015 (the paris agreement) , ### deleted


### — having regard to the special report of the intergovernmental panel on climate change (ipccc) entitled ‘global warming of 1.5°c’ , ### deleted


### c. whereas the union and its member states are committed to delivering climate action on the basis of the latest available scientific evidence; ### c. whereas the union and its member states are committed to delivering climate action on the basis of the latest available scientific evidence and impact assessments on how climate actions affect european businesses and competitiveness;


### d. whereas ensuring effective and meaningful carbon pricing , as part of a broader regulatory environment , can act as an economic incentive to spur investments in the decarbonisation of the union’s economy; ### d. whereas ensuring effective and meaningful carbon pricing , as part of a broader regulatory environment , can act as an economic incentive to spur investments in innovation and new technologies , providing for the decarbonisation of the union’s economy;


### d. whereas ensuring effective and meaningful carbon pricing , as part of a broader regulatory environment , can act as an economic incentive to spur investments in the decarbonisation of the union’s economy; ### d. whereas ensuring effective and meaningful carbon pricing , as part of a broader regulatory environment , can act as an economic incentive to spur investments in the decarbonisation of the union’s economy and to address carbon leakage;


### e. whereas existing carbon leakage provisions under union law have failed to demonstrate their effectiveness in delivering the necessary decarbonisation of the sectors concerned; ### deleted


### e. whereas existing carbon leakage provisions under union law have failed to demonstrate their effectiveness in delivering the necessary decarbonisation of the sectors concerned; ### e. whereas existing union law has been effective in delivering the climate goals adopted up to date , and the decarbonisation of various sectors of economy is progressing , although not at the pace necessary to achieve the increased ghg reduction target for 2030;


### e. whereas existing carbon leakage provisions under union law have failed to demonstrate their effectiveness in delivering the necessary decarbonisation of the sectors concerned; ### e. whereas existing carbon leakage provisions under union law should be ameliorated to protect the competitiveness of the european industry vis-à-vis competitors from countries with lower climate ambitions;


### e. whereas existing carbon leakage provisions under union law have failed to demonstrate their effectiveness in delivering the necessary decarbonisation of the sectors concerned; ### e. whereas existing carbon leakage provisions under union law have demonstrated moderate effectiveness in delivering the necessary decarbonisation of the sectors concerned;


### e. whereas existing carbon leakage provisions under union law have failed to demonstrate their effectiveness in delivering the necessary decarbonisation of the sectors concerned; ### e. whereas existing carbon leakage provisions under union law have helped to reduce the risk of carbon leakage , but additional efforts are needed to achieve the necessary decarbonisation of the sectors concerned;


### 2. strongly deplores the non-cooperative and disloyal behaviour of some of the union’s trade partners in international climate negotiations , as recently observed at cop25; considers that this behaviour hampers our collective global ability to reach the objectives of the paris agreement; ### 2. deplores the non-cooperative behaviour of some of the union’s trade partners in international climate negotiations , as recently observed at cop25; considers that this behaviour hampers our collective global ability to reach the objectives of the paris agreement as those objectives will only be met through a collective international effort;


### 2. strongly deplores the non-cooperative and disloyal behaviour of some of the union’s trade partners in international climate negotiations , as recently observed at cop25; considers that this behaviour hampers our collective global ability to reach the objectives of the paris agreement; ### 2. is of the opinion that only collective international effort can lead to the achievement of the ambitious objectives set by the paris agreement , therefore calls the union’s trade partners for a more cooperative approach in international climate negotiations , leading to adoption of the necessary and ambitious measures that will allow the achievement of the objectives;


### 2. strongly deplores the non-cooperative and disloyal behaviour of some of the union’s trade partners in international climate negotiations , as recently observed at cop25; considers that this behaviour hampers our collective global ability to reach the objectives of the paris agreement; ### 2. urges and encourages all of the union’s international partners to science based and constructive behaviour in international climate negotiations; and to work to reach the objectives of the paris agreement;


### 2. proposes that the cbam be implemented as an extension of the eu emissions trading system (eu ets) , which would require importers to purchase allowances for the volume of carbon emissions incorporated in their products; notes that the mechanism should ensure a single carbon price , both for domestic producers and importers; ### 2. proposes that the cbam be implemented as an extension of the eu emissions trading system (eu ets) , which would require importers to purchase allowances for the volume of carbon emissions incorporated in their products; emphasizes that the eu ets shall accelerate , through a rebasing of the cap and adjustment of the linear reduction factor resulting in ambitious and meaningful carbon pricing , reaching the necessary ghg emissions reduction in line with the updated 2030union climate target and the objective of net zero ghg emissions within the union by 2050; notes that the mechanism should ensure a single carbon price , both for domestic producers and importers;


### 2. proposes that the cbam be implemented as an extension of the eu emissions trading system (eu ets) , which would require importers to purchase allowances for the volume of carbon emissions incorporated in their products; notes that the mechanism should ensure a single carbon price , both for domestic producers and importers; ### 2. proposes that the cbam be implemented as an extension of the eu emissions trading system (eu ets) , which would require importers to purchase allowances for the volume of carbon emissions incorporated in their products; notes that the mechanism should ensure a single carbon price , both for domestic producers and importers; believes that any cbam must not place an undue burden on european enterprises , especially small and medium-sized enterprises (smes);


### 2. proposes that the cbam be implemented as an extension of the eu emissions trading system (eu ets) , which would require importers to purchase allowances for the volume of carbon emissions incorporated in their products; notes that the mechanism should ensure a single carbon price , both for domestic producers and importers; ### 2. proposes that the cbam be implemented as a complementary measure to the eu emissions trading system (eu ets) , which would require importers to purchase allowances from a specific virtual pool mirroring the eu carbon price , as long as third countries do not have a cap and trade system comparable to the eu ets for the volume of carbon emissions incorporated in their products; notes that the mechanism should ensure a single carbon price , both for domestic producers and importers;


### 2. underlines that international carbon pricing and fully competitive low-emission solutions would render the mechanism obsolete; stresses , therefore , that the eu needs to step up efforts in this respect; ### 2. underlines that international carbon pricing and fully competitive low-emission solutions would render the mechanism obsolete; stresses , therefore , that the eu needs to step up efforts in this respect; recalls that many technical solutions for mitigating co2 are still at the pilot stage and far from being economically feasible; underlines that the union’s increased climate ambition at the core of the green deal will increase the risk of carbon leakage in many industrial sectors;