### to deliver scientific , economic and societal impact in pursuit of this general objective , the union should invest in research and innovation through horizon europe - a framework programme for research and innovation 2021 - 2027 to support the creation and diffusion of high - quality knowledge and technologies , to strengthen the impact of research and innovation in developing , supporting and implementing union policies , to support the uptake of innovative solutions in industry and society to address global challenges and promote industrial competitiveness ; to foster all forms of innovation , including breakthrough innovation , and strengthen market deployment of innovative solutions ; and optimise the delivery of such investment for increased impact within a strengthened european research area . ### to deliver scientific , economic , climate and societal impact in pursuit of this general objective , the union should invest in research and innovation through horizon europe - a framework programme for research and innovation 2021 - 2027 to support the creation and diffusion of high - quality knowledge and technologies within and outside the union , to strengthen the impact of research and innovation in developing , supporting and implementing union policies and commitments , to support the uptake of innovative solutions in industry and society to improve human well - being and to address global challenges , notably the sdgs and the paris agreement and promote industrial competitiveness ; to foster all forms of innovation , including breakthrough innovation , and strengthen market deployment of innovative solutions ; and optimise the delivery of such investment for increased impact within a strengthened european research area .


### in addition to the criteria set out in article 197 of the financial regulation , for beneficiaries with project - based remuneration , costs of personnel are eligible up to the remuneration that the person is paid for work in similar projects funded by national schemes . ### by derogation from the criteria set out in article 197 of the financial regulation , for beneficiaries with project - based remuneration , costs of personnel are eligible based on unique remuneration calculated at the european union level for researchers participating in the programme , in accordance with the principle ' equal pay for equal work ' .


### a proposal shall be evaluated on the basis of the following award criteria : ### the anonymous projects shall be evaluated by eu independent external experts on the basis of the following criteria :


### the programme should seek synergies with other union programmes , from their design and strategic planning , to project selection , management , communication , dissemination and exploitation of results , to monitoring , auditing and governance . with a view to avoiding overlaps and duplication and increasing the leverage of union funding , transfers from other union programmes to horizon europe activities can take place . in such cases they will follow horizon europe rules ### the programme should seek synergies with other union programmes , contributing to policy coherence for development in accordance with article 208 of the treaty on the functioning of the european union , from their design and strategic planning , to project selection , management , communication , dissemination and exploitation of results , to monitoring , auditing and governance . with a view to avoiding overlaps and duplication and increasing the leverage of union funding , transfers from other union programmes to horizon europe activities can take place . in such cases they will follow horizon europe rules .


### evidence that the european partnership is more effective in achieving the related objectives of the programme , in particular in delivering clear impacts for the eu and its citizens , notably in view of delivering on global challenges and research and innovation objectives , securing eu competitiveness and contributing to the strengthening of the european research and innovation area and international commitments ; ### evidence that the european partnership is more effective in achieving the related objectives of the programme , in particular in delivering clear impacts for the eu and its citizens , notably in view of delivering on global challenges as embodied by the sdgs and research and innovation objectives , securing eu competitiveness and contributing to the strengthening of the european research and innovation area and international commitments ;


### marie skłodowska - curie actions : equipping researchers with new knowledge and skills through mobility and exposure across borders , sectors and disciplines , as well as structuring and improving institutional and national recruitment , training and career development systems ; in so doing , the marie skłodowska - curie actions help to lay the foundations of europe ' s excellent research landscape , contributing to boosting jobs , growth , and investment , and solving current and future societal challenges . ### marie skłodowska - curie actions : equipping researchers with new knowledge and skills through mobility and exposure across borders , sectors and disciplines , as well as structuring and improving institutional and national recruitment , training and career development systems ; in so doing , the marie skłodowska - curie actions help to lay the foundations of europe ' s excellent research landscape , contributing to boosting meaningful jobs that meet all current union labour laws and rights , sustainable growth , and investment , and solving current and future societal challenges .


### areas of intervention : manufacturing technologies ; digital technologies ; advanced materials ; artificial intelligence and robotics ; next generation internet ; high performance computing and big data ; circular industries ; low carbon and clean industry ; space ### areas of intervention : manufacturing technologies ; digital technologies ; advanced materials ; artificial intelligence and robotics ; next generation internet ; high performance computing and big data ; circular industries ; low carbon and clean industry ; space ; maritime industry


### the pillar ' global challenges and industrial competitiveness ' should be established through clusters of research and innovation activities , in order to maximise integration across the respective work areas while securing high and sustainable levels of impact in relation to the resources that are expended . it will encourage cross - disciplinary , cross - sectoral , cross - policy and cross - border collaboration in pursuit of the un sdgs and the competitiveness of the union ' s industries therein . ### the pillar ' global challenges and industrial competitiveness ' should be allocated at least 60% of the financial envelope for the implementation of the framework programme as defined in article 9 . it should be established through clusters of research and innovation activities , in order to maximise integration across the respective work areas while securing high and sustainable levels of impact in relation to the resources that are expended . it will encourage cross - disciplinary , cross - sectoral , cross - policy and cross - border collaboration in pursuit of the un sdgs and the competitiveness of the union ' s industries therein . the activities under this pillar should cover the full range of research and innovation activities such as basic and applied research , development , piloting , demonstration , and support for public procurement , pre - normative research and standard setting , and market uptake of innovations to ensure that europe stays at the cutting - edge of research in strategically defined priorities . to ensure a multistakeholder approach and the consideration of societal needs , relevant stakeholders together with civil society should be actively involved in the research agenda setting through the strategic planning process and the development of work programmes .


### with the aim of deepening the relationship between science and society and maximising benefits of their interactions , the programme should engage and involve citizens and civil society organisations in co - designing and co - creating responsible research and innovation agendas and contents , promoting science education , making scientific knowledge publicly accessible , and facilitating participation by citizens and civil society organisations in its activities . it should do so across the programme and through dedicated activities in the part ' strengthening the european research area ' . the engagement of citizens and civil society in research and innovation should be coupled with public outreach activities to generate and sustain public support for the programme . the programme should also seek to remove barriers and boost synergies between science , technology , culture and the arts to obtain a new quality of sustainable innovation . ### with the aim of deepening the relationship between science and society and maximising benefits of their interactions , the programme should work to address and overcome barriers to societal engagement and actively engage and involve citizens , academia and civil society organisations in co - designing and co - creating responsible research and innovation agendas and contents , promoting science education , making scientific knowledge publicly accessible , and facilitating participation by citizens and civil society organisations in its activities . it should do so across the programme and through dedicated activities in the part ' strengthening the european research area ' . the engagement of citizens and civil society in research and innovation should be coupled with public outreach activities to generate and sustain public support for the programme . the measures taken to improve the involvement of citizens and civil society will be reported on in horizon europe annual reports . the programme should also seek to remove barriers and boost synergies between science , technology , culture and the arts to obtain a new quality of sustainable innovation .


### the activities developed under the programme should aim at eliminating gender inequalities and promoting equality between women and men in research and innovation , in compliance with articles 2 and 3 of the treaty on european union and article 8 of the tfeu . the gender dimension should be adequately integrated in research and innovation content and followed through at all stages of the research cycle . ### the activities developed under the programme should aim at eliminating gender inequalities and promoting equality between genders in research and innovation , in compliance with articles 2 and 3 of the treaty on european union and article 8 of the tfeu . the gender dimension should be adequately integrated in research and innovation content and followed through at all stages of the research cycle .


### it is the union ' s objective to strengthen its scientific and technological bases and encourage its competitiveness , including in its industry , while promoting all research and innovation activities to deliver on the union ' s strategic priorities , which ultimately aim at promoting peace , the union ' s values and the well - being of its peoples . ### it is the union ' s objective to encourage social progress and the sustainability and resilience of its society , by strengthening its scientific and technological bases and encourage its competitiveness , including in its industry , while promoting all research and innovation activities deemed appropriate to support the implementation of other union policies and the honouring of the union ' s international commitments , in particular under the paris agreement , the addis ababa action agenda , the un ' s 2030 agenda and the the sustainable development goals targets 3b , 9 . 5 and 17 . 6 - 17 . 9 , to deliver on the union ' s political strategic priorities and commitments , which ultimately aim at promoting peace , tackling climate change , sustainable development as embodied by the sdgs , the union ' s values , and the well - being of its peoples .


### transparency and openness of the european partnership as regards the identification of priorities and objectives , and the involvement of partners and stakeholders from different sectors , including international ones when relevant ; ### transparency and openness of the european partnership as regards the identification of priorities and objectives , and the involvement of partners and a wide range of stakeholders from different sectors , including civil society and international ones when relevant ;


### for activities making use of human embryonic stem cells , as appropriate , details of licensing and control measures that shall be taken by the competent authorities of the member states concerned as well as details of the ethics approvals that shall be obtained before the activities concerned start . ### for activities making use of human embryonic stem cells or animals , as appropriate , details of licensing and control measures that shall be taken by the competent authorities of the member states concerned as well as details of the ethics approvals that shall be obtained before the activities concerned start .


### the programme should promote and integrate cooperation with third countries and international organisations and initiatives based on common interest , mutual benefit and global commitments to implement the un sdgs . international cooperation should aim to strengthen the union ' s research and innovation excellence , attractiveness and economic and industrial competitiveness , to tackle global challenges , as embodied in the un sdgs , and to support the union ' s external policies . an approach of general opening for international participation and targeted international cooperation actions should be followed , including through appropriate eligibility for funding of entities established in low to middle income countries . at the same time , association of third countries to the programme should be promoted . ### the programme should promote and integrate cooperation with third countries and international organisations and initiatives based on common interest , mutual benefits and global commitments to implement the un sdgs and the paris agreement . international cooperation should aim to strengthen the union ' s excellence in research and innovation , in particular eco - innovation , attractiveness and economic and industrial sustainability and competitiveness , to tackle global social challenges , as embodied in the paris agreement and the un sdgs , and to support the union ' s external policies with a special focus on reduction and eradication of poverty . an approach of general opening for international participation and targeted international cooperation actions including with low - and middle income countries , should be followed . appropriate eligibility criteria concerning different levels of r&i capacities for funding of entities in low to middle income countries should be applied . at the same time , association of third countries to the programme should be promoted in order to encourage the contribution of worldwide talent to the delivery of the programme .


### entities established in a non - associated third country should in principle bear the cost of their participation . however , for low to middle income countries and exceptionally for other non - associated third countries they could be eligible for funding in an action if : ### entities established in a non - associated third country should bear the cost of their participation . low to middle income countries and exceptionally for other non - associated third countries they could be eligible for funding in an action if :


### transparency and openness of the european partnership as regards the identification of priorities and objectives , and the involvement of partners and stakeholders from different sectors , including international ones when relevant ; ### transparency and openness of the european partnership as regards the identification of priorities and objectives , and the involvement of partners and a wide range of stakeholders from different sectors , including international ones when relevant ;


### to strengthen the impact of research and innovation in developing , supporting and implementing union policies , and support the uptake of innovative solutions in industry and society to address global challenges ; ### to strengthen the impact of research and innovation in developing , supporting and implementing union policies , in particular the sdgs and the paris agreement and support the equitable access and uptake of innovative solutions in industry and society to address global challenges ;


### proposal for a regulation of the european parliament and of the council amending council regulations no 850 / 98 , no 2187 / 2005 , no 1967 / 2006 , no 1098 / 2007 , no 254 / 2002 , no 2347 / 2002 and no 1224 / 2009 and repealing no 1434 / 98 as regards the landing obligation ### proposal for a regulation of the european parliament and of the council amending council regulations no 850 / 98 , no 2187 / 2005 , no 1967 / 2006 , no 1098 / 2007 , no 254 / 2002 , no 2347 / 2002 , no 1224 / 2009 and no 1380 / 2013 and repealing no 1434 / 98 as regards the landing obligation


### biodegradable municipal waste accounts for a large proportion of municipal waste . landfilling of untreated biodegradable waste poses significant negative enviornmental effects in terms of greenhouse gas emissions and pollution of surface water , groundwater , soil and air . while directive 1999 / 31 / ec already sets landfill diversion targets for biodegradable waste it is appropriate to put in place further restrictions on the landfilling of biodegradable waste by prohibiting the landfilling of biodegradable waste that has been separately collected in accordance with article 22 of directive 2008 / 98 / ec . ### biodegradable municipal waste accounts for a large proportion of municipal waste . landfilling of untreated biodegradable waste poses significant negative environmental effects in terms of greenhouse gas emissions and pollution of surface water , groundwater , soil and air . while directive 1999 / 31 / ec already sets landfill diversion targets for biodegradable waste it is appropriate to put in place further restrictions on the landfilling of biodegradable waste by prohibiting the landfilling of biodegradable waste , which should be separately collected in accordance with article 22 of directive 2008 / 98 / ec .


### the efsi should target projects delivering high societal and economic value . in particular , the efsi should target projects that promote job creation , long - term growth and competitiveness . the efsi should support a wide range of financial products , including equity , debt or guarantees , to best accommodate the needs of the individual project . this wide range of products should allow the efsi to adapt to market needs whilst encouraging private investment in the projects . the efsi should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money . the requirement for consistency with state aid principles should contribute to such effective and strategic use . ### the efsi should target projects delivering high societal and economic value . in particular , the efsi should target projects that promote job creation and long - term sustainable growth including within the agricultural sector , which will optimise the potential of local indigenous enterprises . the efsi should support a wide range of financial products , including equity , debt or guarantees , to best accommodate the needs of the individual project . the efsi should not be a substitute for private finance but should instead catalyse private finance by addressing market failures so as to ensure the most equitable and uniform use of public money . the requirement for consistency with state aid principles whilst acknowledging the need for each member state to organise and prioritise funding for public services , should contribute to such equitable and uniform use of public money .


### the efsi should support strategic investments with high economic value added contributing to achieving union policy objectives . ### the efsi should support strategic investments with high social or economic value , within the agricultural sector , including contributing to achieving sustainable and equitable european union policy objectives .


### the purpose of the efsi shall be to support investments in the union and to ensure increased access to financing for companies having up to 3000 employees , with a particular focus on small and medium enterprises , through the supply of risk bearing capacity to the eib . ### the purpose of the efsi shall be to support investments in the union and to ensure increased access to financing for small and medium enterprises , including small and medium - sized farms , through the supply of risk bearing capacity to the eib .


### the purpose of the efsi shall be to support investments in the union and to ensure increased access to financing for companies having up to 3000 employees , with a particular focus on small and medium enterprises , through the supply of risk bearing capacity to the eib . ### the purpose of the efsi shall be to support public and private investments across member states and to ensure increased access to financing for companies having up to 3000 employees , social economy enterprises and service providers , with a particular focus on small and mediums enterprises and local indigenous companies through the supply of risk bearing capacity to the eib . the overall objective of the efsi shall be to promote and guarantee sustainable , inclusive and long - term growth across all regions and quality job creation as well as an emphasis on infrastructure investments projects .


### the efsi should target investments that are expected to be economically and technically viable , which may entail a degree of appropriate risk , whilst still meeting the particular requirements for efsi financing . ### the efsi should target investments that are expected to encourage sustainable development across peripheral regions which are socially viable , which may entail a degree of appropriate risk , whilst still meeting the particular requirements for efsi financing .


### the efsi should support strategic investments with high economic value added contributing to achieving union policy objectives . ### the efsi should support strategic investments with high economic , social and environmental value added contributing to achieving union policy objectives .


### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . ### the investment committee shall be composed of eight independent experts and the managing director . independent experts shall have a high level of relevant experience in project structuring and financing , as well as macroeconomic expertise . the investment committee shall have a pluridisciplinary composition encompassing a broad range of expertise in various sectors , such as agricultural , rural development and sustainability , transport , research and smes . a specialist in agricultural policies and rural and sustainable development and a specialist in environmental policy shall be appointed as independent experts in the investment committee . the investment committee shall be appointed by the steering board for a renewable fixed term of three years .


### the commission shall develop general performance requirements to facilitate the recognition of road markings and road signs . for this purpose , the commission shall adopt an implementing act in accordance with the procedure referred to in article 13 . ; ### the commission shall develop minimum performance requirements to facilitate the recognition of road markings and road signs , and to improve their connectivity and their interoperability with cooperative intelligent transport systems devices installed on connected and automated vehicles . for this purpose , the commission shall adopt an implementing act in accordance with the procedure referred to in article 13 . ” ;


### this directive shall apply to roads which are part of the trans - european network , to motorways and to primary roads , whether they are at the design stage , under construction or in operation . ### this directive shall apply to roads which are part of the trans - european network , all motorways , all primary roads and all main rural and main urban roads not covered by the primary road network definition , under construction or in operation .


### pedestrian crossings ; ### pedestrian and cycling crossings ;


### this directive shall apply to roads which are part of the trans - european network , to motorways and to primary roads , whether they are at the design stage , under construction or in operation . ### this directive shall apply to cover all roads which are part of the trans - european network , all motorways , all primary roads and all main rural and main urban roads not covered by the primary road network definition .


### observed bicycle volumes ; ### observed bicycle volumes on both sides , noting “along” or “crossing” ;


### existence of pedestrian crossings . ### existence of pedestrian and cycling crossings .


### pedestrian crossing facility on entry arm of minor road joining network . ### pedestrian and cycling crossing facilities on entry arm of minor road joining network .


### roadside hazards and distance from carriageway edge ; ### roadside hazards and distance from carriageway or cycle path edge ;


### ‘ network - wide road assessment’ means an assessment of the safety of the road network within the scope of this directive in order to benchmark accident and impact severity risk ; ### ‘ network - wide road assessment’ means an assessment of the safety of the road network within the scope of this directive in order to benchmark high accident concentration sections , accident and impact severity risk ;


### the commission shall report to the european parliament and to the council by 28 february 2024 and every five years thereafter on the operation of this regulation , its contribution to the eu ' s overall 2030 greenhouse gas emission reduction target and its contribution to the goals of the paris agreement , and may make proposals if appropriate . ### within six months of the facilitative dialogue which is to be convened under the unfccc in 2018 to take stock of the collective efforts of parties in relation to progress towards the global long - term goal , and within six months of the global stocktake in 2023 and every five years thereafter , the commission shall submit a report to the european parliament and to the council on the operation of this regulation , its contribution to the eu ' s overall 2030 , 2040 and 2050 greenhouse gas emission reduction targets and assess its contribution to the long - term mitigation goals of the paris agreement and the need to update this regulation to enhance the union´s climate action . that report shall be accompanied , where appropriate , by legislative proposals .


### subject to the flexibilities provided for in articles 5 , 6 and 7 , to the adjustment pursuant to article 10 and taking into account any deduction resulting from the application of article 7 of decision no 406 / 2009 / ec , each member state shall ensure that its greenhouse gas emissions in each year between 2021 and 2029 do not exceed the level defined by a linear trajectory , starting in 2020 on the average of its greenhouse gas emissions during 2016 , 2017 and 2018 determined pursuant to paragraph 3 and ending in 2030 on the limit set for that member state in annex i to this regulation . ### subject to the flexibilities provided for in articles 5 , 6 and 7 , to the adjustment pursuant to article 10 and taking into account any deduction resulting from the application of article 7 of decision no 406 / 2009 / ec , each member state shall ensure that its greenhouse gas emissions in each year between 2021 and 2029 do not exceed the level defined by a linear trajectory , starting in 2020 on the average of its greenhouse gas emissions during 2016 , 2017 and 2018 determined pursuant to paragraph 3 , using the 2020 targets established in decision no 406 / 2009 / ec as a maximum limit , and ending in 2030 on the limit set for that member state in annex i to this regulation .


### in 2027 and 2032 , if the reviewed greenhouse gas emissions of a member state exceed its annual emission allocation for any specific year of the period , pursuant to paragraph 2 of this article and the flexibilities used pursuant to articles 5 to 7 , the following measures shall apply : ### if a member state exceeds its annual emission allocation for any specific year of the period , pursuant to paragraph 2 of this article and the flexibilities used pursuant to articles 5 to 7 , the following measures shall apply :


### where the commission considers that a foreign direct investment is likely to affect projects or programmes of union interest on grounds of security or public order , the commission may issue an opinion addressed to the member state where the foreign direct investment is planned or has been completed . ### where the commission considers that a foreign direct investment is likely to affect projects or programmes of union interest on grounds of security or public order , the commission may issue an advisory opinion addressed to the member state where the foreign direct investment is planned . however , &#160 ; the member state shall have the right to pursue with the foreign investment .


### to that end , it is also important to ensure a minimum level of information and coordination with regard to foreign direct investments falling under the scope of this regulation in all member states . this information should be made available by the member states in which the foreign direct investment is planned or has been completed upon request of the member states or of the commission . relevant information includes aspects such as the ownership structure of the foreign investor and the financing of the planned or completed investment , including , when available , information about subsides granted by third countries . ### to that end , it is also important to ensure a minimum level of information and coordination with regard to foreign direct investments falling under the scope of this regulation in all member states . this information should be made available by the member states in which the foreign direct investment is planned upon request of the member states or of the commission . relevant information includes aspects such as the ownership structure of the foreign investor and the financing of the planned , including , when available , information about subsides granted by third countries .


### in order to facilitate the cooperation with other member states and the screening of foreign direct investment by the commission , member states should notify their screening mechanisms and any amendment thereto to the commission , and should report on the application of their screening mechanisms on a regular basis . for the same reason , member states that do not have a screening mechanism should also report on the foreign direct investments that took place in their territory , on the basis of the information available to them . ### in order to facilitate the cooperation with other member states and the screening of foreign direct investment by the commission , member states should notify their screening mechanisms and any amendment thereto to the commission , and should report on the application of their screening mechanisms on a regular basis . however , member states that do not have a screening mechanism should report annually on the foreign direct investments that took place in their territory where such investments pertain to projects and programmes of union interest . all reporting obligations should be applicable from . . . [ two years after entry into force of this regulation ] .


### there is currently no comprehensive framework at eu - level for the screening of foreign direct investments on the grounds of security or public order . ### there is currently no comprehensive framework at union level for the screening of foreign direct investments on the grounds of security or public order . there are however several outlying countries which , due to austerity policies which had been imposed on them , were virtually forced to privatise key companies that consequently ended up in foreign ownership .


### a broad range of investments which establish or maintain lasting and direct links between investors from third countries and undertakings carrying out an economic activity in a member state should be covered . ### the framework for the screening of foreign direct investment could cover a broad range of investments which establish or maintain lasting and direct links between investors from third countries and undertakings carrying out an economic activity in a member state , to the extent that they relate to security , public order , environment standards and social risks .


### where a member state considers that a foreign direct investment planned or completed in another member state is likely to affect its security or public order , it may provide comments to the member state where the foreign direct investment is planned or has been completed . the comments shall be forwarded to the commission in parallel . ### where a member state considers upon justification that a foreign direct investment planned in another member state is likely to affect its security or public order , it may provide comments to the member state where the foreign direct investment is planned . the comments shall be forwarded to the commission in parallel .


### pursuant to the international commitments undertaken in the world trade organisation , the organisation for economic cooperation and development , and in the trade and investment agreements concluded with third countries , the union and members states may adopt restrictive measures relating to foreign direct investment on the grounds of security or public order , subject to certain requirements . ### pursuant to the international commitments undertaken in the world trade organisation , the organisation for economic cooperation and development , and in the trade and investment agreements concluded with third countries , the union and members states may adopt restrictive measures relating to foreign direct investment only on the grounds of security or public order and fundamental rights subject to certain requirements .


### the commission may request from the member state where the foreign direct investment is planned or has been completed any information necessary to issue the opinion referred to in paragraph 1 . ### the commission may request from the member state where the foreign direct investment is planned any information necessary to issue the advisory opinion referred to in paragraph 1 .


### pursuant to the international commitments undertaken in the world trade organisation , the organisation for economic cooperation and development , and in the trade and investment agreements concluded with third countries , the union and members states may adopt restrictive measures relating to foreign direct investment on the grounds of security or public order , subject to certain requirements . ### pursuant to the international commitments undertaken in the world trade organisation , the organisation for economic cooperation and development , and in the trade and investment agreements concluded with third countries , the union and members states may adopt restrictive measures relating to foreign direct investment only on the grounds of security or public order , subject to certain requirements .


### member states shall establish timeframes for issuing screening decisions . such timeframes shall allow them to take into account the comments of member states referred to in article 8 and the opinion of the commission referred to in articles 8 and 9 . ### member states shall establish timeframes for issuing screening decisions and make them publicly available . such timeframes shall allow them to take into account the comments of member states referred to in article 8 and the advisory opinion of the commission referred to in articles 8 and 9 .


### the ownership structure of the foreign investor and of the undertaking in which the foreign direct investment is planned or has been completed , including information on the ultimate controlling shareholder or shareholders ; ### the ownership structure of the foreign investor and of the undertaking in which the foreign direct investment is planned , including information on the ultimate controlling shareholder or shareholders ;


### in order to facilitate the cooperation with other member states and the screening of foreign direct investment by the commission , member states should notify their screening mechanisms and any amendment thereto to the commission , and should report on the application of their screening mechanisms on a regular basis . for the same reason , member states that do not have a screening mechanism should also report on the foreign direct investments that took place in their territory , on the basis of the information available to them . ### in order to facilitate the cooperation with other member states and the screening of foreign direct investment by the commission , member states should notify their screening mechanisms and any amendment thereto to the commission , and should report on the application of their screening mechanisms on a regular basis . however , member states that do not have a screening mechanism may also report on the foreign direct investments that took place in their territory , on the basis of the information available to them .


### a mechanism which enables member states to cooperate and assist each other where a foreign direct investment in one member state may affect the security or public order of other member states should be set up . member states should be able to provide comments to a member state in which the investment is planned or has been completed , irrespective of whether the member states providing comments or the member states in which the investment is planned or has been completed maintain a screening mechanism or are screening the investment . the comments of member states should also be forwarded to the commission . the commission should also have the possibility , where appropriate , to issue an opinion to the member state in which the investment is planned or has been completed , irrespective of whether this member state maintains a screening mechanism or is screening the investment and irrespective of whether other member states have provided comments . ### a mechanism which enables member states to cooperate and assist each other where a foreign direct investment in one member state may affect the security or public order of other member states should be set up . member states should be able to provide comments to a member state in which the investment is planned , irrespective of whether the member states providing comments or the member states in which the investment is planned maintain a screening mechanism or are screening the investment . the comments of member states should also be forwarded to the commission . the commission should also have the possibility , where appropriate , to issue an opinion to the member state in which the investment is planned , irrespective of whether this member state maintains a screening mechanism or is screening the investment and irrespective of whether other member states have provided comments .


### member states that do not maintain screening mechanisms shall provide the commission with an annual report covering foreign directs investments that took place in their territory , on the basis of information available to them . ### member states that do not maintain screening mechanisms shall upon justified request be able to provide the commission with an annual report covering foreign directs investments that took place in their territory , on the basis of information available to them .


### where the commission considers that a foreign direct investment is likely to affect projects or programmes of union interest on grounds of security or public order , the commission should have the possibility to address an opinion to the member states in which such investment is planned or completed within a reasonable timeframe . the member states should take utmost account of the opinion and provide an explanation to the commission if they do not follow this opinion , in compliance with their duty of sincere cooperation under article 4 teu . the commission should also have the possibility to request from those member states the information necessary for its screening of such investment . ### where the commission considers that a foreign direct investment is likely to affect projects or programmes of union interest on grounds of security or public order , the commission should have the possibility to address an opinion to the member states in which such investment is planned within a reasonable timeframe . the member states should take utmost account of the opinion and provide an explanation to the commission if they do not follow this opinion , in compliance with their duty of sincere cooperation under article 4 teu . the commission should also have the possibility to request from those member states the information necessary for its screening of such investment .


### the opinion of the commission shall be communicated to the other member states . ### the advisory opinion of the commission shall be communicated to the other member states .


### member states may maintain , amend or adopt mechanisms to screen foreign direct investments on the grounds of security or public order , under the conditions and in accordance with the terms set out in this regulation . ### member states may maintain , amend or adopt mechanisms to assess foreign direct investments on their own territory on the grounds of national interest , security or public order , or environmental standards and social risks , under the conditions and in accordance with the terms set out in this regulation . nationalisation shall be considered a means to employ when job losses , environmental standards and social conditions are at stake .


### it is appropriate to lay down the essential elements of the procedural framework for the screening of foreign direct investment by member states to allow investors , the commission and other member states to understand how such investments are likely to be screened and to ensure that these investments are screened in a transparent manner and that they are non - discriminatory between third countries . those elements should at least include the establishment of timeframes for the screening and the possibility for foreign investors to seek judicial redress of screening decisions . ### it is appropriate to lay down the essential elements of the procedural framework for the screening of foreign direct investment by member states to allow investors , the commission and other member states to understand how such investments are likely to be assessed and to ensure that these investments are assessed in a transparent manner and that they are non - discriminatory between third countries . those elements should at least include the establishment of timeframes for the assessing and the possibility for foreign investors to seek judicial redress of screening decisions .


### the commission may request from the member state where the foreign direct investment is planned or has been completed any information necessary to issue the opinion referred to in paragraph 1 . ### the commission may request from the member state where the foreign direct investment is planned any information as referred to in article 10 necessary to issue the opinion referred to in paragraph 1 , unless this information is sensitive , unreasonable , inaccessible or impossible to obtain .


### a mechanism which enables member states to cooperate and assist each other where a foreign direct investment in one member state may affect the security or public order of other member states should be set up . member states should be able to provide comments to a member state in which the investment is planned or has been completed , irrespective of whether the member states providing comments or the member states in which the investment is planned or has been completed maintain a screening mechanism or are screening the investment . the comments of member states should also be forwarded to the commission . the commission should also have the possibility , where appropriate , to issue an opinion to the member state in which the investment is planned or has been completed , irrespective of whether this member state maintains a screening mechanism or is screening the investment and irrespective of whether other member states have provided comments . ### a mechanism which enables member states to cooperate and assist each other where a foreign direct investment in one member state may affect the security or public order of other member states should be set up . member states should be able to provide comments to a member state in which the investment is planned irrespective of whether the member states providing comments or the member states in which the investment is planned maintain a screening mechanism or are screening the investment . the comments of member states should also be forwarded to the commission . the commission should also have the possibility , where appropriate , to issue an opinion to the member state in which the investment is planned , irrespective of whether this member state maintains a screening mechanism or is screening the investment and irrespective of whether other member states have provided comments . those member states which do not have a screening mechanism already implemented should have the unique right to decide if they decide to implement a screening mechanism .


### member states shall ensure that the information requested by the commission and other member states pursuant to articles 8 and 9 is made available to the commission and the requesting member states without undue delay . ### member states shall ensure that the information requested by the commission and other member states upon justification pursuant to articles 8 and 9 is made available to the commission and the requesting member states without undue delay .


### member states shall establish timeframes for issuing screening decisions . such timeframes shall allow them to take into account the comments of member states referred to in article 8 and the opinion of the commission referred to in articles 8 and 9 . ### member states shall establish timeframes for issuing screening decisions and make them publicly available . such timeframes shall allow them to take into account the comments of member states referred to in article 8 and the opinion of the commission referred to in articles 8 and 9 .


### it is important to provide legal certainty and to ensure eu wide coordination and cooperation by establishing a framework for the screening of foreign direct investment in the union on grounds of security or public order . this is without prejudice to the sole responsibility of the member states for the maintenance of national security . ### it is important to provide legal certainty and to ensure eu wide coordination and cooperation by establishing a framework for the screening of foreign direct investment in the union on grounds of security or public order . this should not interfere with the exclusive competence of member states for maintaining their national security .


### the commission or a member state which duly considers that a foreign direct investment is likely to affect its security or public order may request from the member state where the foreign direct investment is planned or has been completed , any information necessary to provide comments referred to in paragraph 2 , or to issue the opinion referred to in paragraph 3 . ### the commission or a member state which duly considers that a foreign direct investment is likely to affect its security or public order may request from the member state where the foreign direct investment is planned any information necessary to provide comments referred to in paragraph 2 , or to issue the opinion referred to in paragraph 3 , while paying utmost attention to the potential sensitivity of the information .


### as union legislation already transposes many of the obligations of the convention , this regulation should only lay down provisions that complement the union acquis and that are needed to ensure its full alignment with the convention and , accordingly , to enable the union and its member states to ratify and implement it . ### as union legislation already transposes many of the obligations of the convention , this regulation should lay down provisions that complement the union acquis and that are needed to ensure its full alignment with the convention and , accordingly , to enable the union and its member states to ratify and implement it . this regulation should also lay down new provisions that go beyond the convention , in keeping with the strategy and union legislation on the environment and protection of human health , particularly in the field of waste .


### most of the criteria established in council directive 1999 / 31 / ec41 for the temporary storage of mercury waste should apply to the permanent storage of mercury waste in underground storage facilities . the applicability of some of those criteria should depend on the specific characteristics of each underground storage facility , as determined by the competent authorities of the member states in charge of the implementation of directive 1999 / 31 / ec . __________________ 41 council directive 1999 / 31 / ec of 26 april 1999 on the landfill of waste . ### due to the hazardous properties of mercury , its high market value and its compact volume that make it very attractive for black market procurement , the criteria for temporary storage should be the same as for permanent storage . exceptionally and only for a period of less than 12 months , temporary storage should be allowed based on the criteria established in council directive1999 / 31 / ec41 . the applicability of some of those criteria should depend on the specific characteristics of each underground storage facility , as determined by the competent authorities of the member states in charge of the implementation of directive 1999 / 31 / ec . __________________ 41 council directive 1999 / 31 / ec of 26 april 1999 on the landfill of waste .


### from 1 january 2019 onwards dental facilities shall be equipped with amalgam separators aimed at retaining and collecting amalgam particles . those separators shall be maintained as required to ensure a high level of retention . ### from 1 january 2018 onwards dental facilities shall be equipped with amalgam separators aimed at retaining and collecting amalgam particles . those separators shall be maintained as required to ensure a high level of retention .


### most mercury emissions and associated exposure risks result from anthropogenic activities , including primary mercury mining and processing , the use of mercury in products , industrial processes and artisanal and small - scale gold mining and mercury emissions originating in particular from coal combustion and the management of mercury waste . ### most mercury emissions and associated exposure risks result from anthropogenic activities , including primary mercury mining and processing , the use of mercury in products , industrial processes and artisanal and small - scale gold mining , contaminated sites and mercury emissions originating in particular from coal combustion and the management of mercury waste .


### the import of mercury and of mixtures listed in annex i for uses other than disposal as waste shall be prohibited . ### the import of mercury and of mercury mixtures for compounds listed in annex i and their disposal as waste shall be prohibited .


### the manufacturing and placing on the market of new mercury - added products and the establishment of new mercury - based manufacturing processes would increase the use of mercury and of mercury compounds and mercury emissions within the union . such new activities should therefore be prohibited unless an assessment demonstrates that these uses would provide significant environmental and health benefits and that no technically and economically feasible mercury - free alternatives providing such benefits are available . ### the manufacturing and placing on the market of new mercury - added products and the establishment of new mercury - based manufacturing processes would increase the use of mercury and of mercury compounds and mercury emissions within the union . such new activities should therefore be prohibited unless an assessment demonstrates that these uses would provide significant health benefits and that no technically feasible mercury - free alternatives providing such benefits are available .


### swift ratification of the convention by the union and its member states will encourage major global mercury users and emitters , that are signatories of the convention , to ratify and implement it . ### swift ratification of the convention by the union and its member states will encourage major global mercury users and emitters that are signatories of the convention , to ratify and implement it . further action undertaken by the union , going beyond the convention requirements , would lead the way , as it was the case with regulation no . 1102 / 2008 , for mercury - free products and processes .


### having regard to the treaty on the functioning of the european union , and in particular article 192 and article 207 thereof , ### having regard to the treaty on the functioning of the european union , and in particular article 192 thereof ,


### significant progress has been achieved in the union in the past 10 years in the field of mercury management following the adoption of the strategy and of a wide range of measures concerning mercury emissions , supply , demand and use and the management of mercury surplus and stocks . ### significant progress has been achieved in the union in the past 10 years in the field of mercury management following the adoption of the strategy and of a wide range of measures concerning mercury emissions , supply , demand and use and the management of mercury surplus and stocks . nonetheless further action is required as currently the demand of the market for mercury is estimated at 260 - 400 t / y and even after the foreseen phase - out of the use of mercury in the chlor - alkali industry by 2017 the projected demand for mercury in 2025 - 2030 is estimated at 40 - 220 t / y .


### a list of individual stocks of mercury exceeding 50 metric tonnes , which are located in their territory and , where member states are made aware , a list of sources of mercury supply generating annual stocks of mercury exceeding 10 metric tonnes . ### a list of individual stocks and sites of mercury or mercury compounds exceeding 10 metric tonnes cumulatively , which are located in their territory and a list of sources of mercury supply generating annual stocks of mercury exceeding 10 metric tonnes ;


### the export , import and manufacturing of a range of mercury - added products accounting for a significant share of the use of mercury and mercury compounds within the union and globally should be prohibited . ### the export , import and manufacturing of mercury - added products should be phased - out with an ultimate short - term target that all products containing intentionally added mercury should be prohibited .


### by way of derogation from point of article 5 of directive 1999 / 31 / ec , mercury waste may be stored in one of the following ways : ### by way of derogation from paragraph 1 mercury waste may be stored temporarily under the following conditions :


### the production of sodium or potassium methylate or ethylate shall be carried out in accordance with the following requirements : ### the production of sodium or potassium methylate or ethylate shall be carried out in accordance with point of part i and the following requirements :


### from 1 january 2019 : acetaldehyde production ### from 1 january 2018 : where mercury is used as a catalyst


### the mercury export ban set out in regulation no 1102 / 2008 of the european parliament and of the council39 should be complemented by restrictions on the import of mercury depending on the source , the intended use and the place of origin of mercury . the national authorities designated in accordance with regulation no 649 / 2012 of the european parliament and of the council40 should perform the administrative functions linked to the implementation of such restrictions . __________________ 39 regulation no 1102 / 2008 of the european parliament and of the council of 22 october 2008 on the banning of exports of metallic mercury and certain mercury compounds and mixtures and the safe storage of metallic mercury . 40 regulation no 649 / 2012 of the european parliament and of the council of 4 july 2012 concerning the export and import of hazardous chemicals . ### the mercury export ban set out in regulation no1102 / 2008 of the european parliament and of the council39 should be implemented together with a full import ban . the national authorities designated in accordance with regulation no 649 / 2012 of the european parliament and of the council40 should perform the administrative functions linked to the implementation of such measures . __________________ 39 regulation no 1102 / 2008 of the european parliament and of the council of 22 october 2008 on the banning of exports of metallic mercury and certain mercury compounds and mixtures and the safe storage of metallic mercury . 40 regulation no 649 / 2012 of the european parliament and of the council of 4 july 2012 concerning the export and import of hazardous chemicals .


### the commission shall adopt decisions , by means of implementing acts , to provide a template for those questionnaires and to make an electronic reporting tool available to the member states . ### the commission shall adopt delegated acts , in accordance with article 17 , supplementing this regulation by laying down a template for those questionnaires in order to make an electronic reporting tool available to the member states .


### upon notification by the member state concerned , the commission shall verify in particular whether it has been demonstrated that the new mercury - added product or new manufacturing process would provide significant environmental and health benefits and that no technically and economically feasible mercury - free alternatives providing such benefits are available . ### upon notification by the member state concerned , the commission shall verify in particular whether it has been demonstrated that the new mercury - added product or new manufacturing process would provide significant health benefits and that no technically feasible mercury - free alternatives providing such benefits are available .


### - take steps to reduce , and where feasible eliminate , the use of mercury and mercury compounds in , and the emissions and releases to the environment of mercury from , such mining and processing ; ### - prohibit the use of mercury and mercury compounds in , and the emissions and releases to the environment of mercury from , such mining and processing ;


### the manufacture and placing on the market of mercury - added products not covered by any known use prior to 1 january 2018 shall be prohibited . ### the manufacture and placing on the market of mercury - added products not covered by any approved use prior to the entry into force of this regulation shall be prohibited .


### it shall apply from 1st january 2018 . ### it shall apply from the date of its entry into force .


### the use of dental amalgam in an encapsulated form and the implementation of amalgam separators should be made mandatory to protect dental practitioners and patients from mercury exposure and to ensure that resulting mercury waste are not released into the environment , but are collected and subjected to sound waste management . given the size of the undertakings from the dentristy sector concerned by this change , it is appropriate to provide sufficient time to adapt to the new provision . ### the use of dental amalgam in an encapsulated form and the implementation of amalgam separators are already widespread in the european union . these measures in addition to the collection and sound management of dental amalgam and amalgam waste are considered as sufficient , but they fail to address the problem of perpetual demand of mercury in the union and the negative impact on the environment . to protect dental practitioners , patients and the environment from mercury exposure , the use of dental amalgam should be phased out , as it is already the case in several union countries .


### without prejudice to commission decision 2000 / 532 / ec44 , the following shall be considered as waste and be disposed of without endangering human health or harming the environment in accordance with directive 2008 / 98 / ec : __________________ 44 commission decision 2000 / 532 / ec of 3 may 2000 replacing decision 94 / 3 / ec establishing a list of wastes pursuant to article 1 of council directive 75 / 442 / eec on waste and council decision 94 / 904 / ec establishing a list of hazardous waste pursuant to article 1 of council directive 91 / 689 / eec on hazardous waste . ### without prejudice to commission decision 2000 / 532 / ec44 and the definition of mercury waste in point 3 of article 2 of this regulation , the following shall be considered as waste and be disposed of without endangering human and animal health or harming the environment in accordance with directive 2008 / 98 / ec : __________________ 44 commission decision 2000 / 532 / ec of 3 may 2000 replacing decision 94 / 3 / ec establishing a list of wastes pursuant to article 1 of council directive 75 / 442 / eec on waste and council decision 94 / 904 / ec establishing a list of hazardous waste pursuant to article 1 of council directive 91 / 689 / eec on hazardous waste .


### the economic and financial crisis has led to a lowering of the level of investments within the union . investment has fallen by approximately 15% since its peak in 2007 . the union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on member states . this lack of investment slows economic recovery and negatively affects job creation , long - term growth prospects and competitiveness . ### the austerity policies in response to the economic and financial crisis have led to a lowering of the level of investments within the union . investment has fallen by approximately 15% since its peak in 2007 in relative terms , while the absolute loss in investment due to the deep recession in some member states is much larger . the union suffers in particular from a lack of investment as a consequence of arbitrary fiscal constraints on member states , due rules of the stability and growth pact and the fiscal compact , resulting in a deeper recession , sluggish recovery and uncertainty regarding the economic future . this lack of investment , which has been particularly severe in member states most affected by the crisis and the policies prescribed in the memorandums of understanding signed with the troika , slows economic recovery and negatively affects job creation and long - term growth prospects .


### decisions on the use of the efsi support for infrastructure and large mid - cap projects should be made by an investment committee . the investment committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects . the investment committee should be accountable to a steering board of the efsi , who should supervise the fulfilment of the efsi ' s objectives . to effectively benefit from the experience of the eif , the efsi should support funding to the eif to allow the eif to undertake individual projects in the areas of small and medium enterprises and small mid - cap companies . ### decisions on the use of the efsi support for infrastructure and large mid - cap projects should be rooted in an investment committee . the investment committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects and in accordance with the strategic guidelines set out in this regulation . the investment committee , whose composition must be approved by the european parliament , should be accountable to a steering board of the efsi , who should supervise the fulfilment of the efsi ' s objectives . to effectively benefit from the experience of the eif , the efsi should support funding to the eif to allow the eif to undertake individual projects in the areas of small and medium enterprises and small mid - cap companies .


### comprehensive action is required to reverse the vicious circle created by a lack of investment . structural reforms and fiscal responsibility are necessary preconditions for stimulating investment . along with a renewed impetus towards investment financing , these preconditions can contribute to establishing a virtuous circle , where investment projects help support employment and demand and lead to a sustained increase in growth potential . ### comprehensive action is required to reverse the vicious circle created by a lack of investment . increased public investment and reforms that reduce inequality , support rising wages and social transfers and enhance fiscal sustainability through a fair and progressive tax system , constitute a way to establish a virtuous circle , where investment projects help support employment and demand and lead to a sustained increase in growth potential .


### the efsi should target projects with a higher risk - return profile than existing eib and union instruments to ensure additionality over existing operations . the efsi should finance projects across the union , including in the countries most affected by the financial crisis . the efsi should only be used where financing is not available from other sources on reasonable terms . ### the efsi should target projects with a risk - return profile to ensure additionality over existing operations . the efsi should finance projects across the union , including in the countries most affected by the financial crisis .


### in accordance with the treaty on the functioning of the european union , infrastructure and project investments supported under efsi should be consistent with state aid rules . to that end , the commission has announced that it will formulate a set of core principles , for the purpose of state aid assessments , which a project will have to meet to be eligible for support under the efsi . if a project meets these criteria and receives support from the efsi , the commission has announced that any national complementary support , will be assessed under a simplified and accelerated state aid assessment whereby the only additional issue to be verified by the commission will be the proportionality of public support . the commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds . ### in accordance with the treaty on the functioning of the european union , infrastructure and project investments supported under efsi should be consistent with state aid rules , especially when they are intended to finance essential public services or major projects of social interest . to that end , the commission has announced that it will formulate a set of core principles , for the purpose of state aid assessments , which a project will have to meet to be eligible for support under the efsi . if a project meets these criteria and receives support from the efsi , the commission has announced that any national complementary support will be assessed under a simplified and accelerated state aid assessment whereby the only additional issue to be verified by the commission will be the proportionality of public support . the commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds .


### the efsi should support strategic investments with high economic value added contributing to achieving union policy objectives . ### the efsi should support strategic investments with high economic , social and environmental value added contributing to achieving union policy objectives , and to the union ' s social and territorial cohesion . these investments should be in line with the objectives and criteria set out in this regulation in the sectors of transport , telecommunications and energy , to develop and modernize the energy infrastructure , increase competitiveness and enhance the security of the union ' s energy system , by promoting energy interconnections and synchronisation of power systems with the rest of the union , expanding renewable energy and energy and resource efficiency , contributing to sustainable development ; by developing broadband and digital service networks ; as well as sustainable transport networks and by exploiting potential synergies between those sectors ; and which strengthen the european scientific and technological base , support scientific collaboration between academia and industry , improve exploitation and market - uptake of research results , facilitate patenting and technology transfer , and foster benefits for society as well as better exploitation of the economic and industrial potential of policies of innovation , research and technological development , including research infrastructure , pilot and demonstration facilities . the efsi should improve access to finance and the competitiveness of enterprises and other entities , with special emphasis on smes . the efsi should contribute to the transformation to a sustainable , circular and resource efficient economy , boosting innovation , skills and sustainable local job creation .


### the efsi should support strategic investments with high economic value added contributing to achieving union policy objectives . ### the efsi should support public and private strategic investments with high economic , social and environmental value added contributing to achieving union policy objectives .


### an assessment of the added value , the mobilisation of private sector resources , the estimated and actual outputs , outcomes and impact of eib financing and investment operations at an aggregated basis ; ### an assessment of the added value , the mobilisation of public and private sector resources , the estimated and actual outputs , outcomes and impact of eib financing and investment operations at an aggregated basis ; and an evaluation of the impact , accessibility and costs to the citizen , in particular when related to projects involving the development and / or reinforcement of infrastructures and provision of essential services , namely in the areas of social protection , social and care services , social economy , education and training , health , research , development information , communication technology and innovation .


### the efsi agreement shall be open to accession by member states . subject to the consent of existing contributors , the efsi agreement shall also be open to accession by other third parties , including national promotional banks or public agencies owned or controlled by member states , and private sector entities . ### the efsi agreement shall be open to accession by member states . subject to the consent of existing contributors , the efsi agreement shall also be open to accession by other public third parties , including national promotional banks or public agencies owned or controlled by member states .


### the efsi agreement shall provide that the efsi shall be governed by a steering board , which shall determine the strategic orientation , the strategic asset allocation and operating policies and procedures , including the investment policy of projects that efsi can support and the risk profile of the efsi , in conformity with the objectives under article 5 . the steering board shall elect one of its members to be chairperson . 2 . for as long as the only contributors to the efsi are the union and the eib , the number of members and votes within the steering board shall be allocated based on the respective size of contributions in the form of cash or guarantees . the steering board shall take decisions by consensus . 3 . when other parties accede to the efsi agreement in accordance with article 1 , the number of members and votes within the steering board shall be allocated based on the respective size of contributions from contributors in the form of cash or guarantees . the number of members and votes of the commission and the eib , according to paragraph 2 , shall be recalculated accordingly . the steering board shall strive to make decisions by consensus . if the steering board is not able to decide by consensus within a deadline set by the chairperson , the steering board shall take a decision by simple majority . no decision of the steering board shall be adopted if the commission or the eib votes against it . 4 the efsi agreement shall provide that the efsi shall have a managing director , who shall be responsible for the day - to - day management of the efsi and the preparation and chairing of meetings of the investment committee referred to in paragraph 5 . the managing director shall be assisted by a deputy managing director . . the managing director shall report every quarter on the activities of the efsi to the steering board . the managing director and the deputy managing director shall be appointed by the steering board on a joint proposal of the commission and the eib for a renewable fixed term of three years . 5 . the efsi agreement shall provide that the efsi shall have an investment committee , which shall be responsible for examining potential operations in line with the efsi investment policies and approving the support of the eu guarantee for operations in line with article 5 , irrespective of their geographic location . the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . decisions of the investment committee shall be taken by simple majority . ### the efsi agreement shall provide that the efsi shall be governed by a steering board . the steering board shall determine the strategic orientation , the strategic asset allocation and operating policies and procedures , including the investment policy of projects that efsi can support and the risk profile of the efsi , in conformity with this regulation and set up investment guidelines in addition to but not in conflict with those of article 5 for the use of the eu guarantee to be implemented by the investment committee . the commission shall be empowered to adopt delegated acts in accordance with article 17 concerning the investment guidelines . 2 . for as long as the only contributors to the efsi are the union and the eib , the number of members and votes within the steering board shall be allocated based on the respective size of contributions in the form of cash or guarantees . the steering board shall take decisions by consensus . 3 . when other parties accede to the efsi agreement in accordance with article 1 , the number of members and votes within the steering board shall be allocated based on the respective size of contributions from contributors in the form of cash or guarantees . the number of members and votes of the commission and the eib , according to paragraph 2 , shall be recalculated accordingly . the steering board shall strive to make decisions by consensus . if the steering board is not able to decide by consensus within a deadline set by the chairperson , the steering board shall take a decision by simple majority . no decision of the steering board shall be adopted if the commission or the eib votes against it . 4 the efsi agreement shall provide that the efsi shall have a managing director , who shall be responsible for the day - to - day management of the efsi and the preparation and chairing of meetings of the investment committee referred to in paragraph 5 . the managing director shall be assisted by a deputy managing director . the managing director shall report every quarter on the activities of the efsi to the steering board . the managing director and the deputy managing director shall be appointed by the steering board on a joint proposal of the commission and the eib for a renewable fixed term of three years . 5 . the efsi agreement shall provide that the efsi shall have an investment committee , which shall be responsible for examining potential operations that are fully in line with objectives and criteria established in article 5 of this regulation and irrespective of their geographic location . the investment committee shall be composed of at least six independent experts and the managing director . in appointing the experts to the investment committee , the steering board shall ensure that the composition of the investment committee is diversified and that these experts have a high level of relevant market experience in project structuring and project financing in the areas of investment projects as listed in article 5 . 2 . the investment committee shall be appointed by the steering board for a renewable fixed term of up to three years the experts shall be appointed in an open and transparent selection procedure . decisions of the investment committee shall be taken by simple majority .


### the investment committee shall be composed of six independent experts and the managing director . independent experts shall have a high level of relevant market experience in project finance and be appointed by the steering board for a renewable fixed term of three years . ### the investment committee shall be composed of eight independent experts and the managing director . independent experts shall have a high level of relevant market experience in project structuring and project financing , as well as macroeconomic expertise . the investment committee shall have a pluridisciplinary composition encompassing a broad range of expertise in various sectors , such as research and development , transport and smes . it shall be appointed by the steering board for a renewable fixed term of three years .


### the economic and financial crisis has led to a lowering of the level of investments within the union . investment has fallen by approximately 15% since its peak in 2007 . the union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on member states . this lack of investment slows economic recovery and negatively affects job creation , long - term growth prospects and competitiveness . ### the economic and financial crisis has led to a lowering of the level of investments within the union . investment has fallen by approximately 15% since its peak in 2007 . the union suffers in particular from a lack of investment as a consequence of fiscal constraints on member states and sluggish growth , thereby resulting in market uncertainty regarding the economic future . this lack of investment , which has been particularly severe in member states most affected by the crisis , slows economic recovery and negatively affects job creation , long - term growth prospects and competitiveness .


### throughout the economic and financial crisis , the union has made efforts to promote growth , in particular through initiatives set out in the europe 2020 strategy that put in place an approach for smart , sustainable and inclusive growth . the european investment bank has also strengthened its role in instigating and promoting investment within the union , partly by way of an increase in capital in january 2013 . further action is required to ensure that the investment needs of the union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects . ### throughout the economic and financial crisis , the union has promoted policies that deepen the recession and impede recovery , regardless of initiatives set out in the europe 2020 strategy that put in place an approach for smart , sustainable and inclusive growth . the european investment bank has strengthened its role in instigating and promoting investment within the union , partly by way of an increase in capital in january 2013 . further action is required to ensure that the investment needs of the union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects .


### the efsi should target projects delivering high societal and economic value . in particular , the efsi should target projects that promote job creation , long - term growth and competitiveness . the efsi should support a wide range of financial products , including equity , debt or guarantees , to best accommodate the needs of the individual project . this wide range of products should allow the efsi to adapt to market needs whilst encouraging private investment in the projects . the efsi should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money . the requirement for consistency with state aid principles should contribute to such effective and strategic use . ### the efsi should target projects delivering high societal , environmental and economic value . in particular , the efsi should target projects that promote job creation and long - term growth . the efsi should support a wide range of financial products , including equity , debt or guarantees , to best accommodate the needs of the individual project . this wide range of products should allow the efsi to adapt to market needs whilst encouraging public and private investment in the projects . . the efsi should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money .


### in accordance with its own transparency policies on access to documents and information , the eib shall make publicly available on its website information relating to all eib financing and investment operations and how they contribute to the general objectives referred to in article 5 . ### the eib shall make publicly available on its website detailed information relating to all eib financing and investment operations and the projects it finances directly or indirectly , and how they contribute to the general objectives referred to in article 5 .


### to ensure accountability to european citizens , the eib should regularly report to the european parliament and the council on the progress and impact of the efsi . ### to ensure accountability to european citizens , the eib should regularly report to the european parliament and the council twice a year on the progress and impact of the efsi .


### eib funding to the eif enabling it to undertake loans , guarantees , counter - guarantees , any other form of credit enhancement instrument , capital market instruments and equity or quasi - equity participations . these instruments shall be granted , acquired or issued for the benefit of operations carried out in the union , in compliance with this regulation and where eif financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled . ### eib funding to the eif enabling it to undertake loans , guarantees , counter - guarantees , capital market instruments and equity or quasi - equity participations . credit enhancement instruments such as project bonds shall not be granted until the evaluation of the project bond initiative has been carried out as requested by the relevant eu decision . these instruments shall be granted , acquired or issued for the benefit of operations carried out in the union , in compliance with this regulation and where eif financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled .


### the efsi should target projects delivering high societal and economic value . in particular , the efsi should target projects that promote job creation , long - term growth and competitiveness . the efsi should support a wide range of financial products , including equity , debt or guarantees , to best accommodate the needs of the individual project . this wide range of products should allow the efsi to adapt to market needs whilst encouraging private investment in the projects . the efsi should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money . the requirement for consistency with state aid principles should contribute to such effective and strategic use . ### the efsi should target projects delivering high societal and economic value . in particular , the efsi should target projects that promote job creation and long - term sustainable growth . the efsi should support a wide range of financial products , including equity , debt or guarantees , to best accommodate the needs of the individual project . the efsi should not be a substitute for private finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money . the requirement for consistency with state aid principles should contribute to such effective and strategic use .


### for as long as the only contributors to the efsi are the union and the eib , the number of members and votes within the steering board shall be allocated based on the respective size of contributions in the form of cash or guarantees . ### for as long as the only contributors to the efsi are the union and the eib , the number of members and votes within the steering board shall be allocated based on the respective size of contributions in the form of cash or guarantees . additional members and votes within the steering board shall be granted to the european parliament and to the european council


### comprehensive action is required to reverse the vicious circle created by a lack of investment . structural reforms and fiscal responsibility are necessary preconditions for stimulating investment . along with a renewed impetus towards investment financing , these preconditions can contribute to establishing a virtuous circle , where investment projects help support employment and demand and lead to a sustained increase in growth potential . ### deleted


### such measures may address any or part of a combined transport operation , such as the operation of a road or non - road leg including the vehicle used on such a leg , or such as the load unit or the transhipment operations . ### such measures may address any or part of a combined transport operation , such as the operation of a road or non - road leg including the vehicle used on such a leg , the use of alternative and less pollutant fuels , or such as the load unit or the transhipment operations , including the use of renewable energies in terminals .


### the main infrastructure bottleneck hampering the shift from road freight to other modes of transport is at the transhipment terminal level . the current distribution and coverage of transhipment terminals in the union , at least along the existing ten - t core and comprehensive network , is insufficient yet the capacity of existing transhipment terminals is reaching its limit and will need to develop in order to cope with overall freight traffic growth . investing in transhipment terminal capacity may reduce overall transhipment costs , and hence produce a derived modal shift , as demonstrated in some member states . member states should therefore ensure , in coordination with the neighbouring member states and with the commission , that more combined transport transhipment terminals and transhipment capacity are constructed or made available to transport operators . this would incentivise the use of freight transport alternatives and increase modal shift , thus making combined transport operations more competitive than road transport alone . the increased coverage and capacity of transhipment terminals should , at the very minimum , be established along the existing ten - t core and comprehensive networks . there should be on average at least one suitable transhipment terminal for combined transport located no further than 150 km from any shipment location in the union . ### the main infrastructure bottleneck hampering the shift from road freight to other modes of transport is at the transhipment terminal level . the current distribution and coverage of transhipment terminals in the union , at least along the existing ten - t core and comprehensive network , is in some cases insufficient yet the capacity of existing transhipment terminals is reaching its limit while other terminals are not exploited according to their real capacities that could enable to cope with overall freight traffic growth . investing in transhipment terminal capacity may reduce overall transhipment costs , and hence produce a derived modal shift , as demonstrated in some member states . member states should therefore ensure , in coordination with the neighbouring member states and with the commission , that existing combined transport transhipment terminals and transhipment capacity are modernised , fully exploited and made available to transport operators . this would incentivise the use of freight transport alternatives and increase modal shift , thus making combined transport operations more competitive than road transport alone . the coverage and increased capacity of transhipment terminals should , at the very minimum , be established along the existing ten - t core and comprehensive networks . there should be on average at least one suitable transhipment terminal for combined transport located no further than 150 km from any shipment location in the union .


### directive 92 / 106 / eec should be simplified and its implementation improved by reviewing the economic incentives to combined transport , with the aim of encouraging the shift of goods from road transport to modes which are more environmentally friendly , safer , more energy efficient and cause less congestion . ### directive 92 / 106 / eec should be simplified and its implementation improved by enhancing the economic incentives to combined transport , with the aim of encouraging the shift of goods from road transport to less polluting modes which are therefore more environmentally friendly , safer , more energy efficient and cause less congestion .


### member states should comply with the emission reduction commitments set out in this directive for 2020 and 2030 . so as to ensure demonstrable progress towards the 2030 commitments , member states should meet intermediate emission levels in 2025 , set on the basis of a linear trajectory between their emission levels for 2020 and those defined by the emission reduction commitments for 2030 , unless this would entail disproportionate costs . where the 2025 emissions cannot be so limited , member states should explain the reasons in their reports under this directive . ### so as to ensure demonstrable progress towards the 2030 commitments , member states should comply with the emission reduction commitments set out in this directive for 2020 , 2025 and 2030 on the basis of a linear trajectory between their emission levels for 2020 and those defined by the emission reduction commitments for 2030 .


### member states may establish adjusted annual national emission inventories for so2 , nox , nh3 , nmvoc and pm2 , 5 in accordance with annex iv where non - compliance with their national emission reduction commitments or their intermediate emission levels would result from applying improved emission inventory methods updated in accordance with scientific knowledge . ### member states may establish adjusted annual national emission inventories for so2 , nox , nh3 , nmvoc and pm2 , 5 in accordance with annex iv where non - compliance with their national emission reduction commitments would result from applying improved emission inventory methods updated in accordance with scientific knowledge .


### the reports referred to in paragraph 1 may include an evaluation of the environmental and socioeconomic impacts of this directive . ### the reports referred to in paragraph 1 shall include an evaluation of the environmental and socioeconomic impacts of this directive .


### in order to promote cost - effective achievement of the national emission reduction commitments and of the intermediate emission levels , member states should be entitled to account for emission reductions from international maritime traffic if emissions from that sector are lower than the levels of emissions that would result from compliance with union law standards , including the sulphur limits for fuels set in directive 1999 / 32 / ec of the council . 21 member states should also have the possibility to jointly meet their commitments and intermediate emission levels regarding methane and of making use of decision n°406 / 2009 / ec of the european parliament and of the council for so doing . 22 for the purpose of checking compliance with their national emission ceilings , emission reduction commitments and intermediate emission levels , member states could adjust their national emission inventories in view of improved scientific understanding and methodologies regarding emissions . the commission could object to the use of any of these flexibilities by a member state , should the conditions set out in this directive not be met . __________________ 21 council directive 1999 / 32 / ec of 26 april 1999 relating to a reduction in the sulphur content of certain liquid fuels and amending directive 93 / 12 / eec . 22 decision n°406 / 2009 / ec of the european parliament and of the council of 23 april 2009 on the effort of member states to reduce their greenhouse gas emissions to meet the community’s greenhouse gas emission reduction commitments up to 2020 . ### in order to promote cost - effective achievement of the national emission reduction commitments and of the intermediate emission levels , member states should be entitled to account for emission reductions from international maritime traffic if emissions from that sector are lower than the levels of emissions that would result from compliance with union law standards , including the sulphur limits for fuels set in directive 1999 / 32 / ec of the council . 21 member states should also have the possibility to jointly meet their commitments and intermediate emission levels regarding methane and of making use of decision n°406 / 2009 / ec of the european parliament and of the council for so doing . 22 for the purpose of checking compliance with their national emission ceilings , emission reduction commitments and intermediate emission levels , member states could adjust their national emission inventories in view of improved scientific understanding and methodologies regarding emissions . member states could average their national annual emissions for a given year , the year preceding that year and the year following it , provided that this average does not exceed their commitment , for unforeseen weather or economic conditions affecting their power supply . the commission could object to the use of any of these flexibilities by a member state , should the conditions set out in this directive not be met . __________________ 21 council directive 1999 / 32 / ec of 26 april 1999 relating to a reduction in the sulphur content of certain liquid fuels and amending directive 93 / 12 / eec . 22 decision n°406 / 2009 / ec of the european parliament and of the council of 23 april 2009 on the effort of member states to reduce their greenhouse gas emissions to meet the community’s greenhouse gas emission reduction commitments up to 2020 .


### member states shall , as a minimum , limit their annual anthropogenic emissions of sulphur dioxide , nitrogen oxides , volatile organic compounds other than methane , ammonia , particulate matter and methane in accordance with the national emission reduction commitments applicable from 2020 and 2030 , as laid down in annex ii . ### member states shall , as a minimum , limit their annual anthropogenic emissions of sulphur dioxide , nitrogen oxides , volatile organic compounds other than methane , ammonia , particulate matter , methane and mercury in accordance with the national emission reduction commitments applicable from 2020 , 2025 and 2030 , as laid down in annex ii .


### member states shall , where appropriate , coordinate the monitoring of air pollution impacts with other monitoring programmes established by virtue of union legislation , including directive 2008 / 50 / ec and directive 2000 / 60 / ec of the european parliament and of the council . 30 __________________ 30 directive 2000 / 60 / ec of the european parliament and of the council of 23 october 2000 establishing a framework for community action in the field of water policy ### member states shall coordinate the monitoring of air pollution impacts with other monitoring programmes established by virtue of union legislation , including directive 2008 / 50 / ec and directive 2000 / 60 / ec of the european parliament and of the council . 30 __________________ 30 directive 2000 / 60 / ec of the european parliament and of the council of 23 october 2000 establishing a framework for community action in the field of water policy