### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the banking union and the need to reform the european stability mechanism; ### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the banking union and the need to reform the european stability mechanism; with a credible european deposit insurance scheme , a package to reduce non-performing loans and a structural reform of the banking sector to prevent financial institutions from being “too big to fail” and separate essential banking services for citizens from trading activities and speculation;


### 17. calls for the systematic inclusion of tax matters in the country specific recommendations (csrs) , with the aim of ensuring economic coherence across eu member states as well as the fairness of eu tax systems; believes that the csrs could ensure a fair balance between sources of revenue and should also include innovative elements aiming at promoting the green deal; further believes that they should also support member states in tackling tax avoidance and aggressive tax planning; ### 17. calls for the systematic inclusion of tax matters in the country specific recommendations (csrs) , with the aim of ensuring economic coherence across eu member states as well as the fairness of eu tax systems; believes that the csrs could ensure a fair balance between sources of revenue and should also include innovative elements aiming at promoting the green deal; further believes that they should also support member states in tackling tax avoidance and aggressive tax planning; strongly agrees with the commission that taxes and subsidies should support the transition to a sustainable economy; calls on the commission to issue ambitious country specific recommendations to promote a swift phase-out of fossil fuels subsidies;


### 18. notes that the eu-28 employment rate currently stands at 73.1 % - the highest annual average ever recorded - while unemployment stands at 7.6 % in the euro area and 6.3 % in the eu as a whole; ### 18. notes that the eu-28 employment rate currently stands at 73.1 % - the highest annual average ever recorded - while unemployment stands at 7.6 % in the euro area and 6.3 % in the eu as a whole; stresses the need for creating socially and environmentally sustainable jobs; stresses that social sustainability includes good working conditions , effective worker representation and collective bargaining rights , as well as the payment of , at least , living wages;


### 24. welcomes the asgs 2020’s proposals for fostering social and regional convergence towards better living and working conditions in the eu; ### 24. welcomes the asgs 2020’s proposals for fostering social and regional convergence towards better living and working conditions in the eu; calls on the commission to integrate targets and indicators related to sdgs 8 (decent work and economic growth) and 10 (reduced inequalities) into the social scoreboard;


### 1. calls on the member states to urgently agree on capital increase , both cash-in and callable in nature; calls for risks to be taken in the area of green and digital innovation in order to catalyse the just and digital transitions and to stop the financing of stranded assets; ### 1. calls on the member states to urgently agree on capital increase , both cash-in and callable in nature; welcomes the role the eib has been playing in the economic recovery linked to the crisis caused by the covid-19 pandemic; expects in this context for more risks be taken in the area of green and digital innovation in order to catalyse the just and digital transitions; expects from the bank the immediate halt to financing of stranded assets; while acknowledging the potential crowding-out effects of the recovery and resilience facility (rrf) , calls on the bank to ensure additionality of investment;


### 1. calls on the member states to urgently agree on capital increase , both cash-in and callable in nature; calls for risks to be taken in the area of green and digital innovation in order to catalyse the just and digital transitions and to stop the financing of stranded assets; ### 1. calls on the member states to urgently agree on capital increase , both cash-in and callable in nature; calls for expansive investment approach in the area of green and digital innovation in order to catalyse the just and digital transitions and to prevent the financing of stranded assets;


### 1. expresses serious concerns about the severe macroeconomic imbalances deriving from the covid-19 crisis and their related impact on economic growth , investment , resilience , employment rates and socio-economic inequalities; ### 1. expresses serious concerns about the severe macroeconomic imbalances deriving from the covid-19 crisis and their related impact on sustainable economic growth , investment , resilience , employment rates and socio-economic inequalities;


### 1. recognises the important role that the eib , the world’s largest multilateral lender , can play in contributing to the union’s development policy objectives , and in particular its potential to promote climate action and to support the recovery from shocks such as covid-19; ### 1. recognises the important role of the eib , the world’s largest multilateral lender; notes that despite dedicating only around 10% of its overall annual disbursements for activities outside the european union , it can still improve its role in contributing to the union’s development policy objectives , and in particular its potential to promote climate action , social and human rights , and to support the recovery from shocks such as covid-19;


### 2. reiterates that all financial flows of the european investment bank (eib) group should be consistent with the goal of achieving net zero emissions by 2050 at the latest and the union’s new climate objective for 2030; looks forward to the adoption in 2020 of an ambitious climate bank roadmap 2021-25 (cbrm) , which is to include a detailed strategic and operational framework with milestones and a shadow carbon price of at least eur 100/tonne by 2025; calls for all financial intermediaries and corporate clients to have a decarbonisation plan in place by the end of 2021; ### 2. reiterates that all financial flows of the european investment bank (eib) group should be consistent with the goal of achieving net zero emissions by 2050 at the latest and the union’s new climate objective for 2030; welcomes the adoption of the climate bank roadmap 2021-25 (cbr) on 13 november 2020 , and in particular welcomes the inclusion of the shadow carbon pricing mechanism; underlines however that the roadmap's provisions alone will not be enough for the bank to be aligned with the paris agreement's objectives; calls on the eib to shorten the transition period allowing non-paris aligned projects to be approved only until the end of 2021; calls for all eib group's financial intermediaries and corporate clients to have a decarbonisation plan in place by the end of 2021; expects a more holistic corporate-level engagement and further requirements for corporate compliance with eu climate targets; warns the eib against potential double-standards with regards to the roadmap implementation in and outside the eu , and calls on the eib to apply the same level of climate ambition for all its loans1a; looks forward to the implementing document of the cbr to strengthen the ambition of the bank.


### 2. reiterates that all financial flows of the european investment bank (eib) group should be consistent with the goal of achieving net zero emissions by 2050 at the latest and the union’s new climate objective for 2030; looks forward to the adoption in 2020 of an ambitious climate bank roadmap 2021-25 (cbrm) , which is to include a detailed strategic and operational framework with milestones and a shadow carbon price of at least eur 100/tonne by 2025; calls for all financial intermediaries and corporate clients to have a decarbonisation plan in place by the end of 2021; ### 2. reiterates that all financial flows of the european investment bank (eib) group should be fully consistent with the goal of achieving net zero emissions by 2050 at the latest and the union’s new climate objective for 2030; welcomes the adoption of the climate bank roadmap 2021-25 (cbr) , which reconfirms the eib´s lasting commitment to align all its operations with the objectives of the paris agreement , and which includes a strategic and operational framework with milestones and a proposed shadow carbon price of 80 eur/t in 2020 , rising to 250 eur/t in 2030 and up to 800 eur/t in 2050; calls on the eib to request all financial intermediaries and corporate clients to have a decarbonisation plan in place as soon as possible and by the end of 2025 at the latest;


### 2. underlines the eib’s crucial role in supporting the economic recovery in the short and medium term in conjunction with the next generation eu recovery instrument , the eu’s long-term budget , the european fund for strategic investments (efsi) and other european financial instruments; welcomes the eib’s financial engagement in the efsi as a way to help overcome the investment gap in the eu; welcomes , moreover , the eib’s central role in supplying advisory support under the investeu advisory hub; ### 2. underlines the eib’s crucial role in supporting the economic recovery in the short and medium term in conjunction with the european green deal , the european climate law , the next generation eu recovery instrument , the eu’s long-term budget , the european fund for strategic investments (efsi) and other european financial instruments; welcomes the eib’s financial engagement in the efsi as a way to help overcome the investment gap in the eu; welcomes , moreover , the eib’s central role in supplying advisory support under the investeu advisory hub;


### 2. stresses the ‘policy first’ principle underpinning the european fund for sustainable development plus (efsd+) , which should enhance coherence and coordination among the eib , the commission and member states in identifying investment operations that can contribute to sustainable development; ### 2. stresses the ‘policy first’ principle and the notion of ‘open architecture’ underpinning the european fund for sustainable development plus (efsd+) - external action guarantee(eag) , which should enhance coherence and coordination among the eib , ebrd , european development finance institutions (dfis) , national development agencies , the commission and member states in identifying investment operations that can contribute to sustainable development; is concerned about the use of eu development funds for de-risking private investment given the lack of evidence as to the capacity of this financial modality to demonstrate additionality and fulfil development objectives , as recently reported per the final review of efsd as well as the opinion of the european court of auditors (no 7/2020); stresses the need for donors to prioritise grant-based financing as the default option , especially to ldcs , and not favour blending , guarantee or any loans over grants , that fall short of sdgs and could increase the burden of debt;


### 3. expects the eib to comply with article 191 of the treaty on the functioning of the european union and to put on hold disbursement , and , if necessary , to withdraw funding , if there is evidence or a serious risk of adverse impacts; expects the eib to conduct thorough monitoring that fully takes into account concerns expressed by concerned parties and stakeholders , in particular those pertaining to human rights violations; ### 3. expects the eib to comply with article 191 of the treaty on the functioning of the european union by applying the precautionary principle , and to put on hold disbursement , and , if necessary , to withdraw funding , if there is evidence or a serious risk of adverse impacts on climate , and/or environment , and/or local communities; calls for the suspension of funding where local authorities have notified possible violations of the relevant legislation , at least until investigations and judicial processes at national level are concluded; expects the inclusion of human rights due diligence obligation for all projects in order to prevent any abuse , unfair expropriation or violence against local populations , and demands from the bank to take immediate and firm action once it is informed , for instance by human rights and environmental activists or whistleblowers , of the involvement of a client or beneficial owner in a human rights and environment defenders reprisal , and withdraw funding when such involvement is proven; recalls that the commission asked the eib to share more information on the effective application of contractual clauses enabling the eib to halt or withdraw funding 1a and expects that the parliament will have full access to this information; expects the eib to conduct thorough monitoring that fully takes into account concerns expressed by concerned parties and stakeholders , in particular those pertaining to human rights violations; demands that the bank take immediate and firm action once it is informed of the involvement of a client or beneficial owner in a human rights or environmental defenders reprisal;


### 3. expects the eib to comply with article 191 of the treaty on the functioning of the european union and to put on hold disbursement , and , if necessary , to withdraw funding , if there is evidence or a serious risk of adverse impacts; expects the eib to conduct thorough monitoring that fully takes into account concerns expressed by concerned parties and stakeholders , in particular those pertaining to human rights violations; ### 3. expects the eib to comply with articles 11 and 191 of the treaty on the functioning of the european union and to put on hold disbursement , and , if necessary , to withdraw funding , if there is evidence or a serious risk of adverse impacts; expects the eib to conduct thorough monitoring that fully takes into account concerns expressed by concerned parties and stakeholders , in particular those pertaining to human rights violations;


### 3. calls on the shareholders of the eib to agree on a capital increase , both cash-in and callable in nature; emphasises that a capital increase should go hand in hand with greater transparency and democratic accountability; ### 3. notes that according to the commission’s 2030 climate target plan , annually in the period 2021-2030 the eu will need to invest € 350 billion more than it did in the period 2011-2020; stresses that an even larger role for the eib is required to meet this climate investment gap; calls on the board of governors to seize the opportunity of favourable lending conditions for the eib to increase issuance and maturity of bonds; calls on the shareholders of the eib to agree on a capital increase , both cash-in and callable in nature; emphasises that a capital increase should go hand in hand with greater transparency and democratic accountability as well as more environmental sustainability;


### 3. calls on the eib to maximise additionality and the development impact of its operations outside the union by increasing its engagement in ldcs , enhancing the transparency of operations carried out by financial intermediaries , cooperating with eu delegations , and increasing its presence on the ground where necessary; ### 3. calls on the eib to ensure additionality and the development impact of its operations outside the union by increasing its engagement in ldcs , enhancing the transparency of operations carried out by financial intermediaries notably thanks to the disclosure of the name of the final beneficiary , the amount received , the type of project and related environmental information , cooperating with eu delegations , and increasing its presence on the ground with additional staff focusing on development issues;


### 4. expects the cbrm and the eib’s revised transport lending policy not to fall below the standard of eu taxonomy; calls for no new loans to be granted that hinder the decarbonisation of transport , and , in particular , no new financing to be awarded for the expansion of airports , for increased road capacity , for port expansions in europe and related infrastructure or for the shipping of liquefied natural gas; ### 4. expects the eib’s revised transport lending policy to be fully aligned with the paris agreement objectives and to complement the recently adopted cbr; calls for no new loans to be granted that hinder the decarbonisation of transport , and , in particular , no new financing to be awarded for the expansion of airports , for increased road capacity , for port expansions in europe and related infrastructure or for the shipping of liquefied natural gas; states that the expansion and creation of special economic zones should not be subject to eib funding; believes that more funding should be directed at low-carbon transportation , especially cycling and public transport , in particular to serve the underserved communities and localities.


### 4. expects the cbrm and the eib’s revised transport lending policy not to fall below the standard of eu taxonomy; calls for no new loans to be granted that hinder the decarbonisation of transport , and , in particular , no new financing to be awarded for the expansion of airports , for increased road capacity , for port expansions in europe and related infrastructure or for the shipping of liquefied natural gas; ### 4. believes that the cbr and the eib’s revised transport lending policy may not fall below the recommendations of the technical expert group on sustainable finance1a and must apply the do no harm principle; calls for no new loans to be granted that hinder the decarbonisation of transport or transition towards sustainable , affordable and zero carbon mobility; highlights the need to ensure full alignment of eib activities in the area of mobility with the eu climate goals;


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


### 4. recalls the need for robust ex ante impact assessments to mitigate the risks of eib operations on human rights and on environmental , labour and social standards , and the need for meaningful consultations with stakeholders , including civil society organisations; stresses that the eib needs to deal with complaints in a transparent and effective manner; ### 4. recalls the need for robust and publicly available ex ante impact assessments to mitigate the risks of eib operations on human rights and on environmental , labour and social standards , and the need for regular and meaningful consultations with stakeholders , including civil society organisations; stresses that the eib needs to deal with complaints in a transparent and effective manner ensuring that local communities have access to independent entities such as a reinforced eib complaint mechanism with effective redress and the european ombudsman; calls on the revision of the eib's environmental and social standards in 2021 to address these major issues;


### 5. welcomes the review of the eib environmental social standards and calls for a wide and inclusive public consultation; expects all projects to include more comprehensive gender and human rights dimensions and due diligence obligations; calls for the eib to publish ‘know your customer’ checks before approving any project. ### 5. welcomes the review of the eib environmental social standards and calls for a wide and inclusive public consultation; expects all projects to include more comprehensive gender and human rights dimensions and due diligence obligations for all projects; welcomes the progress achieved in the implementation of the eib gender strategy , and looks forward to an ambitious version of the upcoming gender action plan ii 2021-2024; suggests to draw on the example of the uk's development finance institution cdc group's gender strategy and toolkit; calls on the eib to collect gender-disaggregated data in order to assess and address gender inequality in lending; urges the eib to assess the gender impact of projects on the ground and conduct gender impact assessments of projects , and to connect with independent experts to this end; suggests that gender mainstreaming becomes a permanent point on the eib board’s agenda; asks the eib to allocate more human resources in charge of human rights and gender equality; calls for inclusion of the bank in the scope of the eu directive on the fight against money laundering and in particular to publish ‘know your customer’ checks before approving any project; underlines the importance of independent audits to reveal any shortcomings in the application of anti-money laundering standards , and asks for more transparency , especially to make public any decision made to address said shortcomings; demands that the european court of auditors be granted full auditing powers.


### 5. welcomes the review of the eib environmental social standards and calls for a wide and inclusive public consultation; expects all projects to include more comprehensive gender and human rights dimensions and due diligence obligations; calls for the eib to publish ‘know your customer’ checks before approving any project. ### 5. welcomes the review of the eib environmental social standards and calls for a wide and inclusive public consultation; expects all projects to include sound pollution prevention and biodiversity proofing , more comprehensive gender and human rights dimensions and due diligence obligations; calls for the eib to publish ‘know your customer’ checks before approving any project.


### 5. emphasises the importance of the additionality factor to be provided by the eib to investments across the eu; underlines the need to coordinate strategies with other european institutions and national development banks; ### 5. emphasises the importance of the additionality factor to be provided by the eib to investments across the eu; underlines the need to coordinate strategies with other european institutions and multilateral and national development banks;


### 5. calls on the eib to engage in closer dialogue with the european parliament , notably in the context of the efsd+ and the ongoing discussions on the future european financial architecture for development. ### 5. calls on the eib to engage in closer and transparent dialogue with the european parliament , notably in the context of the efsd+ and the ongoing discussions on the future european financial architecture for development , the future development and climate bank and as to the role of the eib in this new framework;


### 6. stresses the importance of avoiding further geographical imbalances in the eib’s lending activity so as to ensure a broader geographical and sectoral allocation of investments , reduce regional disparities and enhance convergence; welcomes the efforts already made by the eib in this regard; ### 6. stresses the importance of avoiding further geographical imbalances in the eib’s lending activity so as to ensure a broader geographical and sectoral allocation of investments , reduce regional disparities and enhance convergence and cohesion; welcomes the efforts already made by the eib in this regard;


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


### 12. welcomes the adoption by the eib board of directors of the eib climate bank roadmap for 2021-2025 , which provides a crucial framework to support the implementation of the european green deal and marks a decisive step towards making the eib the eu climate bank , promoting sustainable investments and protecting the environment during the critical decade ahead; ### 12. welcomes the adoption by the eib board of directors of the eib climate bank roadmap for 2021-2025 and the inclusion of the shadow carbon pricing mechanism in particular , which provides a crucial framework to support the implementation of the european green deal and marks a decisive step towards making the eib the eu climate bank , promoting sustainable investments and protecting the environment during the critical decade ahead;


### 13. welcomes the proposal to increase eib financing for climate action and environmental sustainability , including renewable energies , from around 30 % to at least 50 % by 2025 , which would unlock investment of more than eur 1 trillion over the next decade; ### 13. welcomes the proposal to increase eib financing for climate action and environmental sustainability , including renewable energies , from around 30 % to at least 50 % by 2025;


### 14. notes , however , that the roadmap envisages the introduction of a transition period until the end of 2022 , which would mean that the eib will not be aligned with the objectives of the paris agreement until 2023 at the earliest; ### 14. notes , however , that the roadmap envisages the introduction of a transition period until the end of 2022 , which would mean that the eib will not be aligned with the objectives of the paris agreement until 2023 at the earliest; calls on the eib to shorten the transition period allowing non-paris aligned projects to be approved only until the end of 2021;


### 15. recalls that the review of the eib’s transport lending policy is a key priority; stresses the importance of aligning the eib’s transport portfolio with the paris agreement as soon as possible; ### 15. recalls that the review of the eib’s transport lending policy is a key priority; calls on the eib to fully align its transport portfolio and transport lending policy with the paris agreement as soon as possible;


### 16. highlights the crucial role of the eib in meeting the goals of the just transition mechanism and asks for more commitment and concrete action in this respect , namely through structural programme loans , investeu and as a financing partner for the public sector loan facility; ### 16. highlights the crucial role of the eib in meeting the goals of the just transition mechanism and asks for more commitment and concrete action in this respect , namely through structural programme loans , investeu and as a financing partner for the public sector loan facility; calls on the eib to only support sustainable projects that fully comply with the do-no harm principle and provide real additionality; underlines in particular the importance to prioritise projects that support less developed regions and which generate a positive impact on reducing gender inequality , with a view of achieving a successful just and inclusive transition that leaves none behind; invites the eib to use its role as financing partner for the public sector loan facility as an opportunity to strengthen its capacity to finance smaller projects and community-led initiatives and to build partnerships with municipalities and other public entities;


### 17. considers that investment in innovation , infrastructure and skills are crucial elements to recover from the economic and social crisis , ensure sustainable growth and create high-quality jobs and long-term competitiveness; ### 17. considers that investment in innovation , infrastructure and skills are crucial elements to recover from the economic and social crisis , ensure sustainable growth and create high-quality jobs and long-term competitiveness; highlights in this regard the need to upscale lending to female led smes to promote a more gender equal recovery;


### 27. welcomes the eib’s launch of a public consultation on the review of its transparency policy in december 2020; recalls its request for the eib to step up its transparency policy in line with the best practices and standards employed by other financial institutions; asks the eib to publish more regular , in-depth and comprehensive information on the financial intermediaries responsible for leveraging eib funds and to include contractual clauses concerning mandatory disclosures from these institutions on lending activity; ### 27. welcomes the eib’s launch of a public consultation on the review of its transparency policy in december 2020; notes however that the current proposal falls short to meet the demands made by the european parliament and civil society organisations to step up its transparency policy in line with the best practices and standards employed by other financial institutions and to ensure the timely publication of more ample information on all its financing activities; calls on the eib to increase proactive transparency by making non-confidential documents publicly available in a user friendly database in a timely manner; reiterates its call to operate on the basis of the ‘presumption of disclosure’ rather than the ‘presumption of confidentiality’; calls for the timely publication of the full agendas and minutes of meetings of the management committee and board of directors’; underlines that the future transparency policy should reinforce the transparency requirements for all its operations and require project promoters to make environmental impact assessment (eia) and related documents publicly available , by including stringent transparency obligations in the specific contractual clauses signed with all eib clients; asks the eib to publish more regular , in-depth and comprehensive information on the financial intermediaries responsible for leveraging eib funds and to include contractual clauses concerning mandatory disclosures from these institutions on lending activity;


### 28. welcomes the eib’s group strategy on gender equality and gender action plan; regrets the fact that women are still not sufficiently represented in managerial and senior office positions; believes that more needs to be done in this regard during the implementation of the second phase of the action plan in 2021; ### 28. welcomes the progress achieved with the implementation of the eib’s group strategy on gender equality and gender action plan and calls on the eib to further develop its strategy and internal capacity to mainstream gender equality in its lending policy in view of the upcoming gender action plan ii 2021-2024; urges the eib to collect gender-disaggregated data and develop tools and methodologies to conduct gender analysis and gender impact assessment for eib projects and operations both inside and outside the european union , and to consult with independent experts to this end; regrets the fact that women are still not sufficiently represented in managerial and senior office positions; believes that more needs to be done in this regard during the implementation of the second phase of the action plan in 2021;


### 29. welcomes the fact that the eib will review its environmental and social standards and calls for a wide and inclusive public consultation on these issues; invites the eib to take account of the do-no harm principle in its operations; calls on the eib to take this opportunity to strengthen its human rights policy; ### 29. welcomes the fact that the eib will review its environmental and social standards and calls for a wide and inclusive public consultation on these issues; expects invites the eib to apply the do-no harm principle throughout all its operations; calls on the eib to take this opportunity to strengthen its human rights policy; expects all projects to include more comprehensive gender and human rights dimensions in due diligence obligations;


### 30. welcomes the fact that the eib is currently working to develop counterparty alignment guidelines; ### 30. welcomes the fact that the eib is currently working to develop counterparty alignment guidelines; calls on the eib to develop an ambitious action plan for a “counterparts alignment framework” which should include requirements for all financial intermediaries and corporate clients to have in place a credible decarbonisation plan aligned with the paris agreement using science-based emission targets by the end of 2021;


### (1) the coordination of the economic policies of the member states is a matter of common concern. the member states whose currency is the euro have a particular interest in and a responsibility to conduct economic policies that promote the proper functioning of the economic and monetary union and to avoid policies that jeopardise it in the context of broad guidelines formulated by the council. ### (1) the coordination of the economic policies of the member states is a matter of common concern. the member states whose currency is the euro have a particular interest in and a responsibility to conduct economic policies that promote the proper functioning of the economic and monetary union and to avoid policies that jeopardise it in the context of broad guidelines formulated by the union institutions.


### (2) in order to ensure the proper functioning of the economic and monetary union , member states whose currency is the euro should take measures to enhance the resilience of their economies through targeted structural reforms and investment. the euro summit of december 2018 mandated the eurogroup to work on the design , modalities of implementation and timing of a budgetary instrument for competitiveness and convergence for the euro area. to ensure that member states carry out structural reforms and investment in a consistent , coherent and well-coordinated manner , it is necessary to establish a governance framework to enable the council to provide strategic orientations on reform and investment priorities to be undertaken within the euro area by the member states. such a framework would enhance convergence and competitiveness of the euro area. the council should also provide country-specific guidance on individual reforms and investment objectives of the member states whose currency is the euro , which can be supported by the budgetary instrument for convergence and competitiveness. since such a framework is specific to the member states whose currency is the euro , only members of the council representing those member states should take part in votes under this regulation. ### (2) in order to ensure the proper functioning of the economic and monetary union , member states whose currency is the euro should take measures to enhance the resilience of their economies. the euro summit of december 2018 mandated the eurogroup to work on the design , modalities of implementation and timing of a budgetary instrument for competitiveness and convergence for the euro area. to ensure that member states reform and invest in their economies in a consistent , coherent and well-coordinated manner , it is necessary to establish a governance framework to enable the european parliament and the council to provide strategic orientations on reform and investment priorities to be undertaken within the euro area by the member states in the context of the budgetary instrument for convergence and competitiveness. such a framework would enhance convergence and competitiveness of the euro area. all members of the european parliament can take part in votes and only members of the council representing those member states should take part in votes under this regulation.


### (2) in order to ensure the proper functioning of the economic and monetary union , member states whose currency is the euro should take measures to enhance the resilience of their economies through targeted structural reforms and investment. the euro summit of december 2018 mandated the eurogroup to work on the design , modalities of implementation and timing of a budgetary instrument for competitiveness and convergence for the euro area. to ensure that member states carry out structural reforms and investment in a consistent , coherent and well-coordinated manner , it is necessary to establish a governance framework to enable the council to provide strategic orientations on reform and investment priorities to be undertaken within the euro area by the member states. such a framework would enhance convergence and competitiveness of the euro area. the council should also provide country-specific guidance on individual reforms and investment objectives of the member states whose currency is the euro , which can be supported by the budgetary instrument for convergence and competitiveness. since such a framework is specific to the member states whose currency is the euro , only members of the council representing those member states should take part in votes under this regulation. ### (2) in order to ensure the proper functioning of the economic and monetary union , member states whose currency is the euro should take measures to enhance the resilience of their economies through targeted structural reforms and investment. the euro summit of december 2018 mandated the eurogroup to work on the design , modalities of implementation and timing of a budgetary instrument for competitiveness and convergence for the euro area. to ensure that member states carry out structural reforms and investment in a consistent , coherent and well-coordinated manner , it is necessary to establish a governance framework to enable the council to provide strategic orientations on reform and investment priorities to be undertaken within the euro area by the member states. in order for this framework to enhance convergence and competitiveness of the euro area this instrument should primarily support the most vulnerable members states participating in the instrument. the council should also provide country-specific guidance on individual reforms and investment objectives of the member states whose currency is the euro , which can be supported by the budgetary instrument for convergence and competitiveness. since such a framework is specific to the member states whose currency is the euro , only members of the council representing those member states should take part in votes under this regulation.


### (3) at the union level , the european semester of economic policy coordination is the framework for the identification of national reform priorities of the member states and for the monitoring of the implementation of those priorities. this regulation addresses the need to establish coherence between the reform and investment priorities for the euro area as a whole and the reform and investment objectives of the individual member states whose currency is the euro , and to ensure their consistency with the european semester. ### (3) at the union level , the european semester of economic policy coordination is the framework for the identification of national reform priorities of the member states and for the monitoring of the implementation of those priorities. this regulation addresses the need to establish coherence between the reform and investment priorities for the euro area as a whole and the reform and investment objectives of the individual member states whose currency is the euro , and of erm ii member states participating on a voluntary basis , and to ensure their consistency with the european semester.


### (3) at the union level , the european semester of economic policy coordination is the framework for the identification of national reform priorities of the member states and for the monitoring of the implementation of those priorities. this regulation addresses the need to establish coherence between the reform and investment priorities for the euro area as a whole and the reform and investment objectives of the individual member states whose currency is the euro , and to ensure their consistency with the european semester. ### (3) the strategic orientations for the reform and investment priorities , as referred to in recital (4) , together with the euro-area recommendations and national reform programmes in the context of the european semester , form the framework for the identification of national reform priorities of the member states. this regulation addresses the need to establish coherence between the reform and investment priorities for the euro area and the european semester , the paris agreement , as well as the social pillar as strategic policies of the union.


### (4) on an annual basis , the council should set out strategic orientations on the reform and investment priorities for the euro area , as part of the recommendation on the economic policy of the euro area. the strategic orientations should be adopted by the council acting by qualified majority on a recommendation from the commission , and after the eurogroup has discussed the reforms and investment priorities that it considers relevant and appropriate for inclusion therein. the annual euro summit will play its role. ### (4) on an annual basis , and for the purpose of the allocation process of the budgetary instrument , as referred to in xxx [the risp regulation] , the european parliament and the council should jointly set out the strategic orientations for the reform and investment priorities of the euro area. the strategic orientations should be adopted by european parliament acting by simple majority and the council acting by qualified majority on a recommendation from the commission , and after the european parliament and the council’s respective body have discussed the reforms and investment priorities that they considers relevant and appropriate for inclusion therein. priorities should ensure coherence with the european semester , the paris agreement , as well as the social pillar.


### (4) on an annual basis , the council should set out strategic orientations on the reform and investment priorities for the euro area , as part of the recommendation on the economic policy of the euro area. the strategic orientations should be adopted by the council acting by qualified majority on a recommendation from the commission , and after the eurogroup has discussed the reforms and investment priorities that it considers relevant and appropriate for inclusion therein. the annual euro summit will play its role. ### (4) on an annual basis , the council should set out strategic orientations on the reform and investment priorities for the euro area , as part of the recommendation on the economic policy of the euro area. the strategic orientations should be adopted by the council acting by qualified majority on a recommendation from the commission , and after the eurogroup has discussed the reforms and investment priorities that it considers relevant and appropriate for inclusion therein.


### (5) to ensure that strategic orientations reflect the evolving experience of the implementation of the budgetary instrument for convergence and competitiveness , the commission should , alongside its recommendation on the strategic orientations , as part of its recommendation on the economic policy of the euro area , inform the council of how the strategic orientations have been followed during the preceding years. ### (5) to ensure that strategic orientations reflect the evolving experience of the implementation of the budgetary instrument for convergence and competitiveness , the commission should inform the european parliament and the council of how the strategic orientations have been followed during the preceding years.


### (5) to ensure that strategic orientations reflect the evolving experience of the implementation of the budgetary instrument for convergence and competitiveness , the commission should , alongside its recommendation on the strategic orientations , as part of its recommendation on the economic policy of the euro area , inform the council of how the strategic orientations have been followed during the preceding years. ### (5) to ensure that strategic orientations reflect the evolving experience of the implementation of the budgetary instrument for convergence and competitiveness , the commission should , alongside its recommendation on the strategic orientations , as part of its recommendation on the economic policy of the euro area , inform the european parliament and the council of how the strategic orientations have been followed during the preceding years.


### (6) the member states whose currency is the euro can decide to submit proposals for reform and investment packages under the budgetary instrument for convergence and competitiveness. to that end , the council will adopt a recommendation providing country-specific guidance on the objectives of reforms and investment that can be supported under the budgetary instrument for convergence and competitiveness in member states whose currency is the euro. this council recommendation should be consistent with the strategic orientations adopted under this regulation , and with the country-specific recommendations that are adopted , in parallel , under the european semester of economic policy coordination further to discussions , where appropriate , within the relevant treaty-based committees. the council recommendation shall also duly take into account any macroeconomic adjustment programme approved in accordance with the relevant provisions of regulation (eu) no 472/2013 of the european parliament and of the council9 . ### (6) following the adoption of the euro area recommendations for the purpose of the budgetary instrument for convergence and competitiveness , the member states whose currency is the euro may submit proposals for packages of reforms and investments under the budgetary instrument for convergence and competitiveness.


### (6) the member states whose currency is the euro can decide to submit proposals for reform and investment packages under the budgetary instrument for convergence and competitiveness. to that end , the council will adopt a recommendation providing country-specific guidance on the objectives of reforms and investment that can be supported under the budgetary instrument for convergence and competitiveness in member states whose currency is the euro. this council recommendation should be consistent with the strategic orientations adopted under this regulation , and with the country-specific recommendations that are adopted , in parallel , under the european semester of economic policy coordination further to discussions , where appropriate , within the relevant treaty-based committees. the council recommendation shall also duly take into account any macroeconomic adjustment programme approved in accordance with the relevant provisions of regulation (eu) no 472/2013 of the european parliament and of the council9 . ### (6) the member states whose currency is the euro can decide to submit proposals for reform and investment packages under the budgetary instrument for convergence and competitiveness. to that end , and after having heard the european parliament , the council will adopt a recommendation providing country-specific guidance on the objectives of reforms and investment that can be supported under the budgetary instrument for convergence and competitiveness in member states whose currency is the euro. this council recommendation should be consistent with the strategic orientations adopted under this regulation , and with the country-specific recommendations that are adopted , in parallel , under the european semester of economic policy coordination further to discussions , where appropriate , within the relevant treaty-based committees. the council recommendation shall also duly take into account any macroeconomic adjustment programme approved in accordance with the relevant provisions of regulation (eu) no 472/2013 of the european parliament and of the council9 .


### (7) the council recommendation providing country-specific guidance on the objectives of reforms and investment in member states whose currency is the euro , adopted by qualified majority , should be based on a commission recommendation. this process should be without prejudice to the voluntary nature of participation of member states whose currency is the euro in the budgetary instrument for convergence and competitiveness , and without prejudice to the commission’s prerogatives as regards its implementation. ### deleted


### (7) the council recommendation providing country-specific guidance on the objectives of reforms and investment in member states whose currency is the euro , adopted by qualified majority , should be based on a commission recommendation. this process should be without prejudice to the voluntary nature of participation of member states whose currency is the euro in the budgetary instrument for convergence and competitiveness , and without prejudice to the commission’s prerogatives as regards its implementation. ### (7) the council recommendation providing country-specific guidance on the objectives of reforms and investment in member states whose currency is the euro , adopted by qualified majority , should be based on a commission recommendation. this process should be without prejudice to the voluntary nature of participation of member states whose currency is the euro in the budgetary instrument for convergence and competitiveness , and without prejudice to the commission’s prerogatives as regards its implementation. the orientation must be in coherence with the overall union policies.


### (8) within the governance framework set out in this regulation , the council should set out the strategic orientations for the euro area as a whole and provide country-specific guidance on the objectives of reform and investment packages of the individual member states whose currency is the euro. the commission implements the union’s budget under article 317 tfeu , which includes the management of spending programmes. the commission responsibilities with regard to the budgetary instrument for convergence and competitiveness [within the reform support programme] under regulation (eu) xxxx/xx should not be affected. ### (8) within the governance framework set out in this regulation , the council , after having heard the relevant committee within the european parliament , should set out the strategic orientations for the euro area as a whole and provide country-specific guidance on the objectives of reform and investment packages of the individual member states whose currency is the euro. the governance framework should also make sure that the instrument is coherent with other union policies. as it would be part of the union budget , it must be in coherence with the overall union policies and satisfy budgetary principles and requirements in terms of sound financial management , budgetary control and parliamentary accountability. the commission implements the union’s budget under article 317 tfeu , which includes the management of spending programmes. the commission responsibilities with regard to the budgetary instrument for convergence and competitiveness [within the reform support programme] under regulation (eu) xxxx/xx should not be affected.


### (8) within the governance framework set out in this regulation , the council should set out the strategic orientations for the euro area as a whole and provide country-specific guidance on the objectives of reform and investment packages of the individual member states whose currency is the euro. the commission implements the union’s budget under article 317 tfeu , which includes the management of spending programmes. the commission responsibilities with regard to the budgetary instrument for convergence and competitiveness [within the reform support programme] under regulation (eu) xxxx/xx should not be affected. ### (8) the commission implements the union’s budget under article 317 tfeu , which includes the management of spending programmes. the commission responsibilities with regard to the budgetary instrument for convergence and competitiveness [within the reform and investment support programme] under regulation (eu) xxxx/xx should not be affected.


### (9) on the basis of an assessment by the commission , the council , shall establish which member states are experiencing a severe economic downturn for the purpose of a modulation of national co-financing rates provided for in regulation (eu) xxxx/xx [reform support programme regulation] , and without prejudice to the application of article 2(2) of council regulation (ec) 1467/97 as amended. ### (9) at the request of the concerned member state and on the basis of an assessment by the commission , and duly taking into account the relevant resolutions of the european parliament , the council should be able to establish , for the purpose of a modulation of national co-financing rates provided for in regulation (eu)xxxx/xx [reform and investment support programme regulation] , that a member state is experiencing a severe economic downturn or that it no longer experiences a severe economic downturn.


### (10) in order to enhance the dialogue between the union institutions , in particular between the european parliament , the council and the commission , and to ensure greater transparency and accountability in that economic dialogue , the competent committee of the european parliament can invite the president of the council , the commission and , where appropriate , the president of the eurogroup to appear before the committee to discuss the measures taken pursuant to this regulation. ### (10) in order to enhance the dialogue between the union institutions , in particular between the european parliament , the council and the commission , and to ensure greater transparency and accountability in that economic dialogue , the competent committee of the european parliament can invite the president of the council and the union's finance minister to appear before the committee to discuss the measures taken pursuant to this regulation. the use of the instrument must be in coherence with the overall union policies and satisfy budgetary principles and requirements in terms of sound financial management , budgetary control and parliamentary accountability.


### 1. this regulation lays down provisions for the governance framework relevant for the budgetary instrument for convergence and competitiveness for the euro area within the reform support programme under regulation (eu) xxx/xx10 . ### 1. this regulation lays down provisions for the governance framework relevant for the budgetary instrument for convergence and competitiveness for the euro area within the reform and investment support programme under regulation (eu) xxx/xx10 .


### for the purposes of this regulation , the following definitions apply: ### for the purposes of this regulation , ‘euro-area recommendation’ means the european parliament's and the council's joint recommendation on the strategic orientations on the reform and investment priorities of the euro area.


### ‘country-specific recommendations’ means the council recommendations addressed to each member state in accordance with article 121(2) and article 148(4) tfeu in the context of the european semester of economic policy coordination; ### deleted


### ‘euro-area recommendation’ means the council recommendation on the economic policy of the euro area in accordance with article 136 in conjunction with article 121(2) tfeu. ### deleted


### this regulation shall contribute to the convergence and competitiveness of the economies of the member states whose currency is the euro by defining a governance framework relevant for the budgetary instrument for convergence and competitiveness , which sets out: ### this regulation shall contribute to the convergence and competitiveness of the economies of the member states whose currency is the euro by defining a governance setting out the strategic orientations on the reform and investment priorities of the euro area.


### the strategic orientations on the reform and investment priorities of the euro area as a whole; ### deleted


### country-specific guidance on the objectives of reforms and investment relevant for the budgetary instrument for convergence and competitiveness consistent with the country-specific recommendations. ### deleted


### 1. on a recommendation from the commission and after discussion in the eurogroup , the council shall establish , as part of the euro-area recommendation and on an annual basis , the strategic orientations for the reform and investment priorities of the euro area. ### 1. on a recommendation from the commission and the european parliament and the council , according to their respective procedure and for the purpose of the budgetary instrument for convergence and competitiveness , shall jointly establish on an annual basis , the strategic orientations for the reform and investment priorities of the euro area.


### 1. on a recommendation from the commission and after discussion in the eurogroup , the council shall establish , as part of the euro-area recommendation and on an annual basis , the strategic orientations for the reform and investment priorities of the euro area. ### 1. on a recommendation from the commission and having heard the european parliament , the council shall establish , as part of the euro-area recommendation and on an annual basis , the strategic orientations for the reform and investment priorities of the euro area.


### 2. in parallel to its recommendation referred to in paragraph 1 , the commission shall inform the council on how the strategic orientations of the preceding years have been followed by the member states. ### 2. the commission shall inform the european parliament and the council on how the strategic orientations of the preceding years have been followed by the member states.


### article 5 ### deleted


### 1. the council shall , on a recommendation from the commission , adopt a recommendation addressed to all member states whose currency is the euro providing , on an annual basis , country-specific guidance on the reform and investment objectives for the purposes of the reform and investment packages , which member states may subsequently submit under regulation (eu) xxxx/xx [reform support programme regulation]. ### 1. the council shall , on a recommendation from the commission , and after having heard the european parliament , adopt a recommendation addressed to all member states whose currency is the euro providing , on an annual basis , country-specific guidance on the reform and investment objectives for the purposes of the reform and investment packages , which member states may subsequently submit under regulation (eu) xxxx/xx [reform support programme regulation].


### where relevant , based on an assessment by the commission , the recommendation referred to in paragraph 1 of article 5 shall establish whether a member state is experiencing a severe economic downturn , for the purposes of a modulation of national co-financing rates provided for in regulation (eu) xxxx/xx [reform support programme regulation]. ### the council may establish , on the basis of a recommendation of the commission , at the request of the member state concerned , that a member state is experiencing a severe economic downturn , for the purposes of a modulation of national co-financing rates provided for in regulation (eu) xxxx/xx [reform and investment support programme regulation].


### in order to enhance the dialogue between the union institutions , in particular the european parliament , the council and the commission , and to ensure greater transparency and accountability , the competent committee of the european parliament may invite the president of the council , the commission and , where appropriate , the president of the eurogroup to appear before the committee to discuss the measures taken pursuant to this regulation. ### in order to enhance the dialogue between the union institutions , in particular the european parliament , the council and the commission , and to ensure greater transparency and accountability , the competent committee of the european parliament may invite the president of the council and the union's finance minister to appear before the committee to discuss the measures taken pursuant to this regulation.


### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which are below historical averages and insufficient to fulfil the eu’s sustainability , social and innovation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the eib to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability , social and innovation gains; ### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which are below historical averages and insufficient to fulfil the eu’s sustainability , social and innovation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the eib to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability , social and innovation gains; calls on the eib to intervene when there are specific market failures , such as the financial crisis and difficulties in accessing finance for smes and innovators;


### 3. calls on the eib to greatly strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval , in order to improve accessibility and involve all member states; ### 3. calls on the eib to greatly strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval , in order to improve accessibility and involve all member states; in this regard also calls for the increase of provisioning under the mff to be dedicated to advisory services such as the advisory hub , jaspers , elena and fi-compass;


### 3. stresses that in order for the eib to become the eu’s climate bank , it should stop all financial support to fossil fuel projects by the end of 2020 , and align all its activities , including eif operations , with the paris agreement’s goals; calls on the eib to make decarbonisation commitments a condition for companies to receive eib support; calls on the eib to apply the eu taxonomy framework , once it has been formally adopted , as a benchmark for its climate and environmental investments; calls on the eib to develop a credible methodology to measure , disclose and achieve ‘paris alignment’ of its financing operations; ### 3. stresses that in order for the eib to become the eu’s climate bank , it should stop all financial support to fossil fuel projects by the end of 2020 , and align all its activities , including eif operations , with the paris agreement’s goals; calls on the eib to make decarbonisation commitments a condition for companies to receive eib support; calls on the eib to apply the eu taxonomy framework , once it has been formally adopted , as a benchmark for its climate and environmental investments; calls on the eib to develop a credible methodology to measure , disclose and achieve ‘paris alignment’ of its financing operations; stresses the importance of the projects planned to be financed or cofinanced by the eib being compatible with the national climate targets linked to the implementation of cop21;


### 4. regards the 10 standards laid down in the eib’s social and environmental manual as of paramount importance and as a precondition for participation in its lending operations; ### 4. regards the 10 standards laid down in the eib’s social and environmental manual as of paramount importance and as a precondition for participation in its lending operations , including in the areas of pollution prevention and abatement , biodiversity and ecosystems , climate-related standards , cultural heritage , involuntary resettlement , rights and interests of vulnerable groups , labour standards , occupational and public health , safety and security and stakeholder engagement;


### 4. stresses that the key quantitative target of the european fund for strategic investments (efsi) of mobilising eur 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the eib to increase the share of efsi and investeu financing to projects that substantially contribute to the eu’s sustainability and social objectives; calls on the commission to ensure that investeu’s sustainability-proofing methodologies are fully consistent with the eu’s sustainability objectives; ### 4. stresses that the key quantitative target of the european fund for strategic investments (efsi) of mobilising eur 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the eib to increase the share of efsi and investeu financing to projects that substantially contribute to the eu’s sustainability and social objectives; calls on the commission to ensure that investeu’s sustainability-proofing methodologies are fully consistent with the eu’s sustainability objectives; points in this context to the importance of carrying out thorough ex-ante and ex-post assessments in order to ascertain that works are sustainable and will provide real added value in economic , social , and environmental terms;


### 5. calls on the eib group to be more transparent about its economic operations , its use of the eu budget guarantee , the additionality of eib operations and on possible future plans for a development subsidiary at the eib , and for the eib group to improve its accountability on these issues; calls for a memorandum of understanding between the eib and parliament to improve access to eib documents and data related to strategic orientation and financing policies in the future in order to strengthen the bank’s accountability. ### 5. calls on the eib group to be more transparent about its economic operations , its use of the eu budget guarantee , the additionality of eib operations and on possible future plans for a development subsidiary at the eib , and for the eib group to improve its accountability on these issues; calls for a memorandum of understanding between the eib and parliament to improve access to eib documents and data related to strategic orientation and financing policies in the future in order to strengthen the bank’s accountability; points out that the bank's only shareholders are the member states; stresses that the european parliament , the court of auditors and the european anti-fraud office should have more external oversight powers in order to strengthen the reporting of the bank's activities;


### 6. calls for the european investment fund (eif) to be fully integrated into all eib climate measures; calls on the eif to give greater priority to innovation needs for the transition to a climate-neutral europe; ### 6. calls for the european investment fund (eif) to be fully integrated into all eib climate measures; calls on the eif to give greater priority to innovation needs for the transition to a climate-neutral europe; calls for the eif to ensure that in all its investment it is actively engaging with investee companies on enhancing their climate-related disclosures , reducing their emissions , and steering investment towards cost-effective alternatives , (e.g. energy efficiency , or climate-proofing for resilience);


### 8. calls for a detailed roadmap to be drawn up in 2020 to reach the overall target of 50% climate lending by 2025 , as well as guarantees regarding the climate neutrality of the remaining loans , following an open and transparent public consultation process; ### 8. reminds , that the eib’s climate strategy was adopted in 2015 together with eib’s eligible sectors and eligibility criteria for climate and the climate strategy implementation plan; asks for a review of the implementation strategy in 2020 for paris alignment , including concrete roadmap for reaching the 50% granular target by 2025; as well as guarantees for climate neutrality of the remaining lending following an open and transparent public consultation process;


### 10. is alarmed that of the 20 largest energy lending projects in 2017 , only six included their carbon footprint in their environmental and social data sheets; ### 10. is alarmed that of the 20 largest lending projects in 2017 , only seven included their carbon footprint in their environmental and social data sheets initially , while some lending that was managed through intermediaries was later reported; welcomes the decrease in the threshold for accounting in 2018 , calls for stringent climate accounting in particular , especially in the economic and financial appraisal of projects for climate tracking for allocated resources and actual spending based on the rio marker system differentiating between mitigation and adaptation and the different sectors , calls in this regard to update the estimation of utilization rates calculations;


### 11. welcomes the new eib carbon footprint evaluation methodology and calls for its systematic implementation , with a particular focus on marginal demand emissions and indirect emissions (‘type 3’); calls for projects to be evaluated comprehensively and not merely by means of an economic life-cycle analysis of their emissions; ### 11. welcomes the new eib carbon footprint evaluation methodology and calls for its systematic implementation , with a particular focus on marginal demand emissions and indirect emissions (‘type 3’) for all projects and tested against a range of these; calls for the inclusion of fugitive emissions from gas pipelines in scope in line with the ghg protocol; calls for a full life-cycle evaluation of emissions of projects and not only economic life-cycle analysis with a view to minimise detrimental impacts and maximise benefits on climate mitigation and adaptation;


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


### 14. welcomes the new eib energy lending policy and the example it sets for other banks; regrets that exceptions are applicable to the approval of gas projects until the end of 2021 and that support for gas projects planned for the transport of low-carbon gases is set to continue; calls for this policy to be reviewed in the medium term (by the start of 2022) to close the gaps in gas infrastructure to bring it in line with the european sustainable finance taxonomy and the european green pact , and to be consistent with the development of appropriate new external actions in the eu; ### 14. welcomes the new eib energy lending policy especially its potential to be a game changer among financial institutions , in terms of roll-on effect on other banks; welcomes that the policy covers financial intermediaries , the prioritization of energy efficiency and renewable energy , with a positive reference to energy communities and micro-grids; regrets that exceptions are applicable to the approval of certain gas projects until the end of 2021 and that support for gas projects planned for the transport of low-carbon gases might continue; calls on the eib to clarify that it will not initiate any appraisal of any fossil fuel related project which had not been submitted to the bank prior to 14 november 2019 and also to issue clarifications as to how to avoid channelling funds to projects which could lock in use of fossil fuels for decades to come; calls for this policy to be regularly reviewed and constantly kept in line with the european sustainable finance taxonomy , so as to avoid any lock-in into carbon-intensive assets and to stay consistent with a pathway compatible to limit global warming under 1.5°c compared to pre-industrial levels and to be consistent with the development of appropriate new external actions in the eu;


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


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


### 19. welcomes the hydropower guidelines adopted in 20184 and calls for the extension of the transparency requirements to all infrastructure projects; ### 19. welcomes the hydropower guidelines adopted in 20184 and calls for the extension of the transparency requirements to all infrastructure projects including those financed by financial intermediaries;


### 21. considers that , given the strategic role of smes , the eib should reinforce its administrative and advisory capacities to provide information and technical support to smes with a view to facilitating their access to finance; ### 21. considers that , given the strategic role of smes , the eib should reinforce its administrative and advisory capacities to provide information and technical support to smes with a view to facilitating their access to finance; with a special focus on the less developed regions;


### the external lending mandate (elm) ### eib's activities outside the eu and the external lending mandate (elm)


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


### 24. notes that around 40% of elm operations go through financial intermediaries; ### 24. notes that around 40% of elm operations go through financial intermediaries and asks the eib to provide more comprehensive and more regular information on the redistribution of loans by financial intermediaries; asks the eib to maintain its checks on loans allocated via non-local financial intermediaries; highlights , in relation to npbis , the importance of , on the one hand , rethinking their relationships with the eib , the european bank for reconstruction and development (ebrd) and the development banks , in order to ensure coherence between their respective mandates and , on the other hand , of strengthening their cooperation with the commission , the eib and national , regional and local authorities , to create more synergies between the esi funds and eib financing instruments and loans , reduce administrative burdens , simplify procedures , increase administrative capacity , boost territorial development and cohesion and improve the visibility of esi funds and eib financing;


### 26. urges the eib to adopt a comprehensive and coherent human rights strategy , which includes the risk of reprisals against human rights defenders; recommends that this strategy include the systematic assessment of human rights risks , including an ex-ante evaluation , and continuous monitoring on the ground; calls on the eib to include in its contracts clauses allowing for the suspension of disbursements in the case of serious violations of human rights or environmental and social standards; ### 26. urges the eib to adopt a comprehensive and coherent human rights strategy , which includes the risk of reprisals against human rights defenders; recommends that this strategy include the systematic and through assessment of human rights risks and in particular should contain a protocol to avoid negative impact on human rights defenders as well as adequate responses in case it happens by , amongst others , guaranteeing effective right to access to information and requirement for a genuine and ex-ante consultation with indigenous people affected by the investment; the strategy should also include an ex-ante evaluation , and continuous monitoring on the ground , in collaboration with affected communities , human rights defenders and independent civil society organisations; calls on the eib to include in its contracts clauses allowing for the suspension of disbursements in the case of serious violations of human rights or environmental and social standards; and to ensure that complaints mechanisms are easily accessible even for remote , marginalised communities , and are timely and effective;


### 26. urges the eib to adopt a comprehensive and coherent human rights strategy , which includes the risk of reprisals against human rights defenders; recommends that this strategy include the systematic assessment of human rights risks , including an ex-ante evaluation , and continuous monitoring on the ground; calls on the eib to include in its contracts clauses allowing for the suspension of disbursements in the case of serious violations of human rights or environmental and social standards; ### 26. urges the eib to adopt a comprehensive and coherent human rights strategy , which includes the risk of reprisals against human rights defenders; protects whistle-blowers , and respects the due information and consultation of local communities , recommends that this strategy include the systematic assessment of human rights risks , including an ex-ante evaluation , and continuous monitoring on the ground; calls on the eib to include in its contracts clauses allowing for the suspension of disbursements in the case of serious violations of human rights or environmental and social standards;


### 28. recalls that the same principles of accountability and transparency should apply to all eu bodies7; ### 28. recalls that the same principles of accountability and transparency should apply to all eu bodies7; insists that the heightened economic role of the eib group , the increase in its investment capacity and use of the eu budget to guarantee its operations must go hand in hand with increased transparency and responsibility;


### 28. recalls that the same principles of accountability and transparency should apply to all eu bodies7 ; ### 28. recalls that the same principles of accountability and transparency should apply to all eu bodies7; notes the important role of eib within the just transition mechanism; hence calls for a transparent decision-making and a strong collaboration with the eu institutions in order to assure the coherence and the credibility of the objectives that were set;


### 29. welcomes the fact that , as recommended in the latest parliament reports , public summaries are now to be made of management board meetings; stresses the need to publish the content of meetings of all the eib’s governing bodies systematically; ### 29. welcomes the fact that , as recommended in the latest parliament reports , public summaries are now to be made of management board meetings; stresses the need to publish the content of meetings of all the eib’s governing bodies systematically , including the annual meeting of the council of governors and the meetings of the management committee;


### 32. calls for the eib to ensure the highest level of integrity of its financial intermediaries , and that their loans be subject to the same transparency requirements as other types of loan; calls on the eib to cease working with financial intermediaries with a negative track record of transparency , fraud , corruption , organised crime or money laundering; ### 32. calls for the eib to ensure the highest level of integrity of its financial intermediaries , and that their loans be subject to the same transparency requirements as other types of loan; calls on the eib to cease working with financial intermediaries with a negative track record of transparency , fraud , corruption , organised crime or money laundering and the respect of human rights;


### 34. expects the eib to adapt its internal policies to take account of the new legal framework put in place to combat not only tax fraud but also tax evasion; encourages the eib to work with the european anti-fraud office (olaf) and national authorities to prevent fraud and money laundering , and to ensure that the european public prosecutor takes a proactive interest in the eib’s activities; ### 34. expects the eib to adapt its internal policies to take account of the new legal framework put in place to combat not only tax fraud but also tax evasion; encourages cooperation by the eib with the european anti-fraud office (olaf) and national authorities to prevent fraud and money laundering; calls on the european public prosecutor to take a proactive interest in the eib’s activities by investigating , prosecuting and bringing to justice perpetrators of criminal offences affecting the eu's financial interests via the eib's operations;


### 36. takes note of the review of the eib complaints mechanism policy and procedures; calls on the eib to ensure the independence and effectiveness of that mechanism; ### 36. takes note of the review of the eib complaints mechanism policy and procedures; calls on the eib to ensure the independence and effectiveness of that mechanism; encourages the implementation of the recommendations made by the european ombudsman;


### 2. notes , while acknowledging that the eusf is not an instrument for rapid intervention in disaster situations , that aid disbursement has speeded up since the 2014 reform; requests , nevertheless , that the commission accelerate payments; ### 2. notes , while acknowledging that the eusf is not an instrument for rapid intervention in disaster situations , that aid disbursement has speeded up since the 2014 reform; requests , nevertheless , that the commission provide technical assistance to the national authorities in the application process , ensure that the assessment of applications is done in a timely manner and accelerate payments;


### 2. notes , while acknowledging that the eusf is not an instrument for rapid intervention in disaster situations , that aid disbursement has speeded up since the 2014 reform; requests , nevertheless , that the commission accelerate payments; ### 2. highlights , while acknowledging that the eusf is not an instrument for rapid intervention in disaster situations , that aid disbursement has speeded up since the 2014 reform; requests , nevertheless , that the commission accelerate payments;


### 4. welcomes the commission’s proposal of 27 may 2020 to increase the maximum annual amount of the eusf under the next long-term budget to eur 1 billion (at 2018 prices) , which has been parliament’s position from the outset; questions , however , whether this amount will be sufficient to cover all of the eligible applications in 2020 , taking into account the fund’s widened scope; ### 4. welcomes the commission’s proposal of 27 may 2020 to increase the maximum annual amount of the eusf under the next long-term budget to eur 1 billion (at 2018 prices) , which has been parliament’s position from the outset; questions , however , whether this amount will be sufficient to cover all of the eligible applications in 2020 , taking into account the fund’s widened scope and the rapid evolution of climate change , which makes natural disasters more frequent and unpredictable;


### 4. welcomes the commission’s proposal of 27 may 2020 to increase the maximum annual amount of the eusf under the next long-term budget to eur 1 billion (at 2018 prices) , which has been parliament’s position from the outset; questions , however , whether this amount will be sufficient to cover all of the eligible applications in 2020 , taking into account the fund’s widened scope; ### 4. welcomes the commission’s proposal of 27 may 2020 to increase the maximum annual amount of the eusf under the next long-term budget to eur 1 billion (at 2018 prices) , which has been parliament’s position from the outset; questions , however , whether this amount will be sufficient to cover all of the eligible applications in the coming years , taking into account the fund’s widened scope;


### 4. draws attention to events such as covid-19 , which is severely affecting all of europe , forest fires across the continent , including in unusual places such as the arctic , and the series of violent earthquakes in europe , particularly in italy in 2016-2017 , causing hundreds of deaths and some eur 22 billion in damage , and in croatia in march 2020; points out , moreover , that storms , extreme rainfall and flooding have caused considerable damage in many cities and valleys , and that increasingly violent hurricanes have caused devastation in the outermost regions , such as hurricane irma in 2017 in saint-martin , and hurricane lorenzo in 2019 in the azores , which were particularly destructive; ### 4. draws attention to events such as covid-19 , which is severely affecting all of europe , forest fires across the continent , including in unusual places such as the arctic , and the series of violent earthquakes in europe , particularly in italy in 2016-2017 , causing hundreds of deaths and some eur 22 billion in damage , and in croatia in march and december 2020; points out , moreover , that storms , extreme rainfall and flooding have caused considerable damage in many cities and valleys , and that increasingly violent hurricanes have caused devastation in the outermost regions , such as hurricane irma in 2017 in saint-martin , and hurricane lorenzo in 2019 in the azores , which were particularly destructive;


### 5. requests that the commission propose a revision of the regulation , which should enter into force as early as possible in the next multiannual financial framework (mff) to simplify and speed up the application procedure for member states , bring the level of advances up to 33 % and speed up the final disbursement; ### 5. requests that the commission propose a revision of the regulation , which should enter into force as early as the regulation on the multiannual financial framework (mff) for the period 2021-2027: - to simplify and speed up the application procedure for member states; - to bring the level of advances up to 33 % and speed up the final disbursement;- - to further increase the annual eusf envelope to eur 2 billion per year , which should be entered in the budget over and above the mff ceilings (both in commitment and payment appropriations) , in order to take into account the widened scope of the fund; -to ensure unlimited carry-over of uncommitted and unpaid appropriations to the following financial years and mffs; - to prioritise reimbursements that will secure more resilient and climate-friendly investments and reconstructions (such as earthquake-proof construction and natural (re)forestation); - to focus reimbursements on investments and reconstructions that are in line with the paris agreement and the green deal; - to include an island and coastal dimension in order to take into account the climate adaptation dimension of those territories particularly at risk;


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


### 12. is of the opinion that climate change and the intensification of natural disasters are making territories and regions increasingly vulnerable; calls on the commission , accordingly , to consider revising the eusf in order better to take into account disasters on a regional scale; ### 12. is of the opinion that climate change and the intensification of natural disasters are making territories and regions increasingly vulnerable; calls on the commission , accordingly , to consider revising the eusf in order better to take into account disasters on a regional scale; underlines , moreover , the role of erdf operational programmes , in synergy with rural development programmes , in the prevention and mitigation of hydrogeological risks;


### 13. calls on the commission to ensure the dissemination of good practices with regard to governance and institutional coordination structures in disaster situations; ### 13. calls on the commission to ensure the dissemination of good practices with regard to governance and institutional coordination structures in disaster situations and to ensure a qualitative analysis of the measures undertaken with regard to prevention in the framework of esi funds by the member states which were also recipient of eusf in the same affected areas;


### 14. points to the difficulties faced by beneficiary countries when it comes to determining the precise amount of damage in a very short period of time and suggests that the commission consider alternative simplified methods for determining how much the fund should contribute; ### 14. points to the difficulties faced by beneficiary countries when it comes to determining the precise amount of damage in a very short period of time and suggests that the commission consider alternative simplified methods for determining how much the fund should contribute , also in order to minimise the potential for errors and further delays;


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


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


### 20. welcomes the fact that the revised eusf adopted in april 2020 has increased the level of advance payments from 10% to 25% of the amount of the financial contribution anticipated and the maximum amount of the advances from eur 30 million to eur 100 million; points out , however , that for countries facing major disasters , the effectiveness of the fund is directly linked to the level of advance payments and is of the view that it should be much higher , amounting to at least 33%; ### 20. welcomes the fact that the revised eusf adopted in april 2020 has increased the level of advance payments from 10% to 25% of the amount of the financial contribution anticipated and the maximum amount of the advances from eur 30 million to eur 100 million; points out , however , that for countries facing major disasters , the effectiveness of the fund is directly linked to the level of advance payments and is of the view that it should be much higher , amounting to at least 50%;


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


### 21. notes that the average time needed to make advance payments is five months and calls on the commission to consider some more reactive solutions; ### 21. notes that the average time needed to make advance payments is five months and calls on the commission to consider some more reactive solutions , also exploring the option of setting up specific financial schemes aimed both at reducing the average time for advance payments and at the same time ensuring the protection of the eu budget ;


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


### 1. is deeply concerned that currently none of the nationally determined contributions (ndcs) submitted , including those of the union and its member states , are in line with the objective of pursuing efforts to limit the global temperature increase to 1.5°c above pre-industrial levels; ### 1. is deeply concerned that currently none of the nationally determined contributions (ndcs) submitted , including those of the union and its member states , are in line with the objective of holding the global temperature increase , as provided by the paris agreement , to well below 2°c , while pursuing efforts to limit the increase to 1.5°c above pre-industrial levels;


### 1. believes that the main aim of the carbon border adjustment mechanism (cbam) should be to support the eu’s green objectives by fighting carbon leakage; ### 1. believes that the main aim of the carbon border adjustment mechanism (cbam) should be to support the eu’s climate objectives and to contribute to the achievement of climate neutrality as of 2040;


### 1. welcomes the paris agreement , the green deal and the goal of achieving climate neutrality by 2050; notes the lack of international climate efforts; believes that an eu carbon border adjustment mechanism (‘the mechanism’) could incentivise international efforts to combat climate change; ### 1. welcomes the paris agreement and the green deal; supports the achievement of climate neutrality by 2040 and the intermediate goal of reducing co2 emissions by 65% by 2030; notes the lack of international mechanisms to ensure attainment of climate goals in line with the paris agreement; believes that an eu carbon border adjustment mechanism (‘the mechanism’) should incentivise international efforts to combat climate change , thereby creating a virtuous circle to combat climate change on an international level;


### 1. welcomes the paris agreement , the green deal and the goal of achieving climate neutrality by 2050; notes the lack of international climate efforts; believes that an eu carbon border adjustment mechanism (‘the mechanism’) could incentivise international efforts to combat climate change; ### 1. welcomes the paris agreement , the green deal and the goal of achieving climate neutrality by 2050; notes the lack of international climate efforts; believes that , if carefully designed within a comprehensive policy package and accompanied by stronger action in multilateral coordination , an eu carbon border adjustment mechanism (‘the mechanism’) could incentivise international efforts to combat climate change;


### c. whereas the union and its member states are committed to delivering climate action on the basis of the latest available scientific evidence; ### c. whereas the union and its member states have now the objective of achieving climate neutrality at the latest by 2050;