### 12. underlines the principle of non-discrimination under gatt article iii; stresses that treating imports and domestic production in the same way is a key criterion for ensuring wto compatibility of any measure , and that , therefore , all existing measures on carbon leakage under union law should immediately cease to apply as soon as the cbam enters into force , as this mechanism would apply carbon pricing to imports similar to what is applied to eu installations under the eu ets; ### 12. underlines the principle of non-discrimination under gatt article iii; stresses that treating imports and domestic production in the same way is a key criterion for ensuring compatibility of any measure with wto rules , and that , therefore , all existing measures on carbon leakage under union law should immediately cease to apply as soon as the cbam enters into force , as this mechanism would apply carbon pricing to imports similar to what is applied to eu installations under the eu ets;


### 13. calls on the commission to address this concern during the upcoming reform of the eu ets , ensuring the eu ets delivers , through ambitious and meaningful carbon pricing , on the necessary ghg emissions reduction in line with the updated 2030 union climate target and the objective of reaching net zero ghg emissions within the union by 2050 at the latest , fully respecting the polluter pays principle; stresses that export rebates risk creating perverse climate effects , incentivising less efficient production methods for european exporting industries; urges the commission to refrain from including export rebates in its proposal; ### 13. calls on the commission to address this concern during the upcoming reform of the eu ets , ensuring the eu ets delivers , through ambitious and meaningful carbon pricing , on the necessary ghg emissions reduction in line with the updated 2030 union climate target and the objective of reaching net zero ghg emissions within the union by 2050 at the latest , fully respecting the polluter pays principle; is of the opinion that the phasing out of free allowances should be considered with the introduction of export rebates in order to ensure a level-playing field within and outside the eu for european companies; these rebates should be designed to incorporate free allowances in their calculation , based on benchmarks reflecting the most efficient installations , and therefore to maintain ghg reduction incentives for eu exporting companies; export rebates should not lead to any kind of competitive advantages for eu exporting industries in third countries; stresses that the commission should carry out a proper analysis regarding the wto-compatibility of export rebates as well as mechanism to avoid market distortions for sectors covered by a carbon border adjustment mechanism;


### 13. calls on the commission to address this concern during the upcoming reform of the eu ets , ensuring the eu ets delivers , through ambitious and meaningful carbon pricing , on the necessary ghg emissions reduction in line with the updated 2030 union climate target and the objective of reaching net zero ghg emissions within the union by 2050 at the latest , fully respecting the polluter pays principle; stresses that export rebates risk creating perverse climate effects , incentivising less efficient production methods for european exporting industries; urges the commission to refrain from including export rebates in its proposal; ### 13. calls on the commission to ensure in the upcoming reform of the eu ets that it delivers , through ambitious and meaningful carbon pricing , on the necessary ghg emissions reduction in line with the updated 2030 union climate target and the objective of reaching net zero ghg emissions within the union by 2050 at the latest , fully respecting the polluter pays principle; stresses that any revenue from an eu cbam must contribute to reducing global carbon emissions and reaching the aim of a climate neutral eu by 2050;


### 13. calls on the commission to address this concern during the upcoming reform of the eu ets , ensuring the eu ets delivers , through ambitious and meaningful carbon pricing , on the necessary ghg emissions reduction in line with the updated 2030 union climate target and the objective of reaching net zero ghg emissions within the union by 2050 at the latest , fully respecting the polluter pays principle; stresses that export rebates risk creating perverse climate effects , incentivising less efficient production methods for european exporting industries; urges the commission to refrain from including export rebates in its proposal; ### 13. calls on the commission to address this concern during the upcoming reform of the eu ets , ensuring the eu ets delivers , through ambitious and meaningful carbon pricing , on the necessary ghg emissions reduction in line with the updated 2030 union climate target and the objective of reaching net zero ghg emissions within the union by 2050 at the latest , fully respecting the polluter pays principle; stresses that export rebates risk creating perverse climate effects , incentivising less efficient production methods for european exporting industries;


### 14. supports the commission’s intention to use revenues generated by the cbam as new own resources for the eu budget , and asks the commission to ensure full transparency about the use of those revenues; believes these revenues should be earmarked for supporting the just transition and decarbonisation of europe’s economy , and for stepping up the union’s contribution to international climate finance in favour of least developed countries and small island developing states , which are most vulnerable to climate change; ### 14. supports the commission’s intention to use revenues generated by the cbam as new own resources for the eu budget , and asks the commission to ensure full transparency about the use of those revenues; stresses that a part of those revenues should flow back to least developed countries when their exports are covered by a cbam in the form of a contribution to international climate finance in favour of least developed countries and small island developing states; believes that a significant part of these revenues should be earmarked for supporting the just transition and decarbonisation of europe’s economy;


### 14. supports the commission’s intention to use revenues generated by the cbam as new own resources for the eu budget , and asks the commission to ensure full transparency about the use of those revenues; believes these revenues should be earmarked for supporting the just transition and decarbonisation of europe’s economy , and for stepping up the union’s contribution to international climate finance in favour of least developed countries and small island developing states , which are most vulnerable to climate change; ### 14. supports the commission’s intention to use revenues generated by the cbam as new own resources for the eu budget , and asks the commission to ensure full transparency about the use of those revenues; believes these revenues should be earmarked for supporting the objectives and targets under the green deal , and for stepping up the union’s contribution to international climate finance in favour of least developed countries and small island developing states , which are most vulnerable to climate change;


### a. whereas the union has set up legislative and budgetary instruments to provide additional support to workers who are suffering from the consequences of major structural changes in world trade patterns or of the global financial and economic crisis and to assist their reintegration into the labour market; ### a. whereas the union has set up legislative and budgetary instruments to provide additional support to workers who are suffering from the consequences of major structural changes in world trade patterns or of the global financial and economic crisis and to assist their necessary and prompt reintegration into the labour market;


### 6. calls on the commission to continue to invite the parliament to these meetings and seminars in accordance with the relevant provisions of the framework agreement on relations between the european parliament and the european commission; ### 6. calls on the commission to continue to invite systematically the parliament to these meetings and seminars in accordance with the relevant provisions of the framework agreement on relations between the european parliament and the european commission;


### 9. reminds applicant member states of their role in publicising the actions funded by egf to the targeted beneficiaries , local and regional authorities , social partners , the media and the general public , as set out in article 12 of the egf regulation; ### 9. reminds applicant member states of their key role in publicising widely the actions funded by egf to the targeted beneficiaries , local and regional authorities , social partners , the media and the general public , as set out in article 12 of the egf regulation;


### (37) in order to enhance cooperation with long-standing members sharing eu values , contributions from member parties having their seat in a country outside the union but in the council of europe , should be allowed. however , such contributions should be subject to a cap in relation to total contribution , to limit the risk of foreign interference. ### (37) in order to enhance cooperation with long-standing members sharing eu values , contributions from member parties having their seat in a country outside the union but in the council of europe , should be allowed. however , such contributions should be subject to a cap in relation to total contribution , to limit the risk of foreign interference. the above contributions should be subject to monitoring and control of the purpose of these donations and proving an absence of politically motivated interference , including indirect interference , of non-democratic third countries.


### (39) in order to reach out to their members and constituencies across the union , european political parties should have the right to use their funding for cross-border political campaigns. the funding and limitation of election expenses for parties and candidates in those campaigns should be governed by the rules applicable in each member state. ### (39) in order to reach out to their members and constituencies across the union , european political parties should have the right to use their funding for cross-border political campaigns , conducted in the context of elections to the european parliament , including the setting up of union-wide lists and referendum campaigns. the funding and limitation of election expenses for parties and candidates in those campaigns should be governed by the rules applicable in each member state.


### (41) european political parties should not fund , directly or indirectly , other political parties and , in particular , national parties or candidates. european political foundations should not fund , directly or indirectly , european or national political parties or candidates. the prohibition of indirect funding should however not prevent european political parties from publicly supporting and engaging with their member parties in the union on issues of relevance for the union , or to support political activities in the common interest , to be able to fulfil their mission under article 10(4) teu. moreover , european political parties and their affiliated european political foundations should only finance activities in the context of national referendum campaigns when they concern the implementation of the teu and the tfeu . these principles reflect declaration no 11 on article 191 of the treaty establishing the european community annexed to the final act of the treaty of nice. ### (41) european political parties and foundations should not use the funding received from the general budget of the union for the sole benefit , directly or indirectly , of other political parties and , in particular , national , parties or candidates. the prohibition of indirect funding should however not prevent european political parties or political foundations from publicly supporting and engaging with their member parties or member organisations in the union on issues of relevance for the union , from supporting political activities in the common interest , or from engaging in educational activities , in order to be able to fulfil their mission under article 10(4) teu and act to reinforce the existence of the european demos. the prohibition of indirect funding should not prevent the participation of either representatives and staffers of political parties , nor of potentially politically active persons in events of european political foundations. moreover , european political parties and their affiliated european political foundations should only finance activities in the context of national referendum campaigns when they concern issues directly related to the union. these principles reflect declaration no 11 on article 191 of the treaty establishing the european community annexed to the final act of the treaty of nice.


### (41) european political parties should not fund , directly or indirectly , other political parties and , in particular , national parties or candidates. european political foundations should not fund , directly or indirectly , european or national political parties or candidates. the prohibition of indirect funding should however not prevent european political parties from publicly supporting and engaging with their member parties in the union on issues of relevance for the union , or to support political activities in the common interest , to be able to fulfil their mission under article 10(4) teu. moreover , european political parties and their affiliated european political foundations should only finance activities in the context of national referendum campaigns when they concern the implementation of the teu and the tfeu . these principles reflect declaration no 11 on article 191 of the treaty establishing the european community annexed to the final act of the treaty of nice. ### (41) european political parties should not fund , directly or indirectly , other political parties and , in particular , national parties or candidates. european political foundations should not fund , directly or indirectly , european or national political parties or candidates. the prohibition of indirect funding should however not prevent european political parties or political foundations from publicly supporting and engaging with their member parties or member organisations in the union on issues of relevance for the union , from supporting political activities in the common interest , or from engaging in educational activities , in order to be able to fulfil their mission under article 10(4) teu. the prohibition of indirect funding should not prevent the participation of both representatives and staffers of political parties , nor of potentially politically active persons in events of european political foundations. moreover , european political parties and their affiliated european political foundations should only finance activities in the context of national referendum campaigns when they concern the implementation of the teu and the tfeu . these principles reflect declaration no 11 on article 191 of the treaty establishing the european community annexed to the final act of the treaty of nice.


### (50) it is necessary to establish a common repository for the disclosures of european political parties. given its specific role in the implementation of this regulation , the authority should establish and manage such repository as a part of the registry for european political parties. the information contained in the repository should be transmitted by european political parties to the authority using a standard format and may be automated. european political parties should make available in the authority’s repository information to enable the wider context of the political advertisement and its aims to be understood. the information on the amount allocated to political advertising in the context of a specific campaign to be included in the repository may be based on an estimated allocation of funding. the amounts to be mentioned in the repository include donations for specific purposes or benefits in kind. ### (50) it is necessary to establish a common repository for the disclosures of european political parties. given its specific role in the implementation of this regulation , the authority should establish and manage such repository as a part of the registry for european political parties. the information contained in the repository should be transmitted by european political parties to the authority using a standard format and may be automated. european political parties should make available in the authority’s repository information to enable the wider context and objectives of the political advertisement. the information on the amount allocated to political advertising in the context of a specific campaign to be included in the repository may be based on a realistic estimation of funding and the actual amounts , once known. the amounts to be mentioned in the repository regarding information on political advertising , include donations for specific purposes , benefits in kind , contributions and their own resources.


### (10) ‘indirect funding’ means funding from which the member party derives a financial advantage , even where no funds are directly transferred; this should include cases which allow the member party to avoid expenditure which it would otherwise have had to incur for activities , other than political activities in the common interest , organised for its own and sole benefit; ### (10) ‘indirect funding’ means funding from which the member party derives a financial advantage , even where no funds are directly transferred; this should include cases which allow the member party to avoid expenditure which it would otherwise have had to incur for activities , other than political activities in the common interest , organised for its own and sole benefit; this shall also include trainings and seminars for individual members which in case of being elected or appointed to a public position do not have to partially or fully compensate retrospectively for the training received previously; this shall also apply to individual members who after having been elected or appointed to a public position do not have the obligation in front of their member party to pay a regular salary share related to their election or appointment , as well as any membership tax or any other way that might come as a compensation for the individual member's election or nomination in a public function on behalf of the party;


### 5. for all donations the value of which exceeds eur 3000 , european political parties and european political foundations shall request donors to provide the necessary information for their proper identification. european political parties and european political foundations shall transmit the information received to the authority upon its request. ### 5. for all non-recurring donations exceeding eur 3000 and all recurring donations during a timeframe of 12 consecutive months exceeding eur 3000 , european political parties and european political foundations shall request donors to provide the necessary information for their proper identification. this identification shall give information about the personal and business environment of the donor in order to avoid the absence of control over donations executed by members belonging to the same personal or professional sphere , such as donations coming from the same family or the same work organisation.


### 2. the funding of european political foundations from the general budget of the european union or from any other source shall not be used for any other purpose than for financing their tasks as listed in article 2 , point (4) , and to meet expenditure directly linked to the objectives set out in their statutes in accordance with article 6. it shall in particular not be used for the direct or indirect funding of elections , political parties , or candidates or other foundations. ### 2. the funding of european political foundations from the general budget of the european union or from any other source shall not be used for any other purpose than for financing their tasks as listed in article 2 , point (4) , and to meet expenditure directly linked to the objectives set out in their statutes in accordance with article 6. it shall in particular not be used for the direct or indirect funding of elections , political parties , or candidates or other foundations , other than political activities in the common interest of european and national parties and capacity building to support the formation of future political leadership in the union.


### 4. financial contributions or grants from the general budget of the european union shall not exceed 95 % of the annual reimbursable expenditure indicated in the budget of a european political party and of the eligible costs incurred by a european political foundation. european political parties may use any unused part of the union contribution awarded to cover reimbursable expenditure within the financial year following its award. amounts unused after that financial year shall be recovered in accordance with regulation (eu , euratom) 2018/1046 . financial contributions in the year of elections to the european parliament may cover 100% of the reimbursable expenditure incurred by a european political party. ### 4. financial contributions or grants from the general budget of the european union shall not exceed 95 % of the annual reimbursable expenditure indicated in the budget of a european political party and of the eligible costs incurred by a european political foundation. european political parties may use any unused part of the union contribution awarded to cover reimbursable expenditure within the financial year following its award. amounts unused after that financial year shall be recovered in accordance with regulation (eu , euratom) 2018/1046 . financial contributions in the year of elections to the european parliament may cover 100% of the reimbursable expenditure incurred by a european political party and foundation.


### 1. subject to the second subparagraph , the funding of european political parties from the general budget of the european union or from any other source may be used to finance campaigns conducted by the european political parties in the context of elections to the european parliament in which they or their members participate as required by article 3(1) , point (f). ### 1. subject to the second subparagraph , the funding of european political parties from the general budget of the european union or from any other source may be used to finance campaigns conducted by the european political parties in the context of elections to the european parliament in which they or their members participate as required by article 3(1) , point (f) including setting up union-wide lists.


### rationale behind borrowing for nextgenerationeu ### rationale of borrowing for nextgenerationeu


### 3. underlines that the success of the borrowing strategy will be judged by its ability to raise the funds necessary for the implementation of ngeu on the capital markets in a timely and relatively low-cost manner , and to repay the debt by 2058 smoothly and predictably; stresses that that the union’s issuance should not upset borrowing conditions for other european issuers and should even play a positive role on capital markets , notably by meeting investors’ demand for euro-denominated assets and for new products such as green bonds; ### 3. underlines that the success of the borrowing strategy will be judged by its ability to raise the funds necessary for the implementation of ngeu on the capital markets in a timely and relatively low-cost manner , and to repay the debt by 2058 according to a smooth and predictable profile and without crowding out established programme expenditure under the mff ceilings; stresses that that the union’s issuance should not upset borrowing conditions for other european issuers and should even play a positive role on capital markets , notably by meeting investors’ demand for euro-denominated assets and for new products such as green bonds;


### 4. notes that the commission has developed and put in place a new and large funding programme and built up its debt management capacities swiftly and efficiently; welcomes the fact that first issuances took place at a steady pace in 2021 and were all heavily oversubscribed , revealing strong investor interest and enabling the commission to meet its funding targets; ### 4. notes that the commission has developed and put in place a new and large funding programme and built up its debt management capacities swiftly and efficiently; welcomes the fact that issuances took place at a steady pace in 2021 and 2022 and were all heavily oversubscribed , revealing strong investor interest and enabling the commission to meet its funding targets; notes with satisfaction that , consistent with its aaa-rating , eu products have been traded at attractive interest rates that are at par with other large european and supranational issuers;


### potential positive effects of nextgenerationeu borrowing ### potential positive effects and challenges of nextgenerationeu borrowing


### 7. believes that by making the union one of largest bond issuers in europe , ngeu can have a positive impact on the stability and liquidity of eu capital markets and can strengthen the international role of the euro; notes , however , that ngeu is legally limited in size and in time; ### 7. believes that , by making the union one of largest bond issuers in europe , ngeu can have a positive impact on the stability and liquidity of eu capital markets and improve the eu economic outlook , complement the macroeconomic architecture of the euro area and strengthen the international role of the euro; notes , however , that ngeu is legally limited in size and in time and would have the potential to play even more influential role as safe assets and serve for integration of eu financial markets and resilience of the eu if lessons are properly taken;


### 8. highlights , in particular , that the union could set benchmarks for sustainable investment as the largest global issuer of green bonds , as well as by diversifying its investor base and securing lower borrowing costs; ### 8. highlights , in particular , that the union could set benchmarks for sustainable investment as the largest global issuer of green bonds , as well as diversifying its investor base and securing lower borrowing costs; welcomes that the green bond framework used by the commission observes high sustainability standards and urges the commission to avoid any‘greenwashing’ , in order to act as a catalyst in the green transition;


### 10. underlines that further investments in eu policies will be necessary to strengthen eu competitiveness and strategic autonomy , in particular regarding industry and climate action; considers , in this regard , that ngeu is a good example of a viable architecture for funding above the mff ceilings; ### 10. underlines that further investments in eu policies will be necessary to strengthen eu competitiveness and strategic autonomy , in particular regarding industry and climate action; considers that permanent redeployments are a not a viable long-term solution for financing eu priorities and underlines the need for additional proper means for the eu budget in the form of fresh money; considers , in this regard , that ngeu is a good example of a viable architecture for funding above the mff ceilings;


### 13. firmly believes that the success of ngeu , and in particular the credibility and sustainability of its financing , will also be assessed against the union’s ability to repay the common debt with new own resources in the environmental and corporate sector , rather than with increased gross national income-based contributions from the member states; ### 13. firmly believes that the ultimate success of ngeu , and in particular the credibility and sustainability of its financing , will also be assessed against the union’s ability to repay the common debt with new own resources in the environmental and corporate sector , rather than with increased gross national income-based contributions from the member states;


### 3. highlights the increasing number of severe and destructive natural disasters in europe , as evidenced both by the 2021 floods and the recent record fires in the summer of 2022; underlines that due to climate change such extreme weather events resulting in emergencies are going to further intensify and multiply; urges the union therefore to strengthen its efforts to tackle climate change both in the union and globally; ### 3. highlights the increasing number of severe and destructive natural disasters in europe , as evidenced both by the 2021 floods and the recent extensive wildfires in the summer of 2022; underlines that due to climate change such extreme weather events resulting in emergencies are going to further intensify and multiply; urges the union therefore to strengthen its efforts to tackle climate change both in the union and globally;


### 4. stresses the urgent need to release financial assistance through the european union solidarity fund (eusf) to ensure that support can reach the affected regions in a timely manner; regrets at the same time that the maximum amount available for that eusf mobilisation is much lower than the potential aid amount that could be covered and comes more than a year after the events took place due to the inflexible mobilisation rules of the eusf; believes that the available resources for eusf should be increased and made available in a more timely manner as part of the ambitious multiannual financial framework revision; ### 4. stresses the urgent need to release financial assistance through the european union solidarity fund (eusf) to ensure that support can reach the affected regions in a timely manner; regrets at the same time that the maximum amount available for that eusf mobilisation is much lower than the potential aid amount that could be covered and comes more than a year after the events took place due to the inflexible mobilisation rules of the eusf; urges the commission to come forward with a model on faster and more timely mobilisation of the eusf; believes that the available resources for eusf should be increased and made available in a more timely manner as part of the ambitious multiannual financial framework revision;


### 1. notes that the european economy is recovering faster than expected from the devastating impact of the global pandemic; underlines the crucial importance that timely policy interventions have played and will continue to play in mitigating the impact of the pandemic on the european economy; ### 1. notes that the european economy is recovering faster than expected from the devastating impact of the global pandemic; underlines the crucial importance that timely policy interventions have played and will continue to play in mitigating the impact of the pandemic on the european economy; recalls fiscal consolidation and a sound and sane economy for future investments as the underlying reason behind establishing the rrf;


### 1. notes that the european economy is recovering faster than expected from the devastating impact of the global pandemic; underlines the crucial importance that timely policy interventions have played and will continue to play in mitigating the impact of the pandemic on the european economy; ### 1. notes that the european economy is recovering faster than expected from the devastating impact of the global pandemic; underlines the crucial importance that timely and innovative policy interventions have played and will continue to play in mitigating the impact of the pandemic on the european economy;


### 2. stresses that the recovery and resilience facility (rrf) requires that the european semester be reshaped to ensure the delivery of high-quality and ambitious national recovery and resilience plans (nrrps); considers that the nrrps are an opportunity for the member states to address identified structural challenges and to make their economies more shock-resistant , sustainable and inclusive in line with the european pillar of social rights and the sustainable development goals; ### 2. stresses that the recovery and resilience facility (rrf) requires that the european semester be reshaped to ensure the delivery of high-quality and ambitious national recovery and resilience plans (nrrps); considers that the nrrps are an opportunity for the member states to address identified structural challenges and reforms and to make their economies more shock-resistant , sustainable and inclusive in line with the european pillar of social rights and the sustainable development goals;


### 2. is concerned about emerging new variants , localised pandemic lockdowns , increased energy prices , inflationary pressure , supply-side disruptions and emerging labour shortages; notes that these risks could hamper economic growth prospects in the coming months and delay the transition to a more sustainable and future-proof economy; ### 2. is concerned about emerging new variants , localised pandemic lockdowns , increased energy prices , inflationary pressure and the interest rate increases by the ecb to be expected as a result , supply-side disruptions and emerging labour shortages; notes that these risks could hamper economic growth prospects in the coming months and delay the transition to a more sustainable and future-proof economy;


### 2. is concerned about emerging new variants , localised pandemic lockdowns , increased energy prices , inflationary pressure , supply-side disruptions and emerging labour shortages; notes that these risks could hamper economic growth prospects in the coming months and delay the transition to a more sustainable and future-proof economy; ### 2. is concerned about emerging new variants , localised pandemic lockdowns , increased energy prices , inflationary pressure , supply-side disruptions and emerging labour shortages; notes that these risks could hamper economic growth prospects in the coming months and delay the transition to a more sustainable , digital and future-proof economy;


### 4. recognises that the crisis triggered by the covid-19 pandemic has been especially severe for enterprises , mostly small and medium-sized enterprises (smes) , in tourism , hospitality and culture; recognises the notion of european solidarity underpinning the establishment of the rrf; ### 4. recognises that the crisis triggered by the covid-19 pandemic has been especially severe for enterprises , mostly small and medium-sized enterprises (smes) , in tourism , hospitality and culture; this must be taken into account by the member states while spending the funds to truly alleviate the impact on citizens of the pandemic-induced economic crisis;


### 4. recognises that the crisis triggered by the covid-19 pandemic has been especially severe for enterprises , mostly small and medium-sized enterprises (smes) , in tourism , hospitality and culture; recognises the notion of european solidarity underpinning the establishment of the rrf; ### 4. recognises that the crisis triggered by the covid-19 pandemic has been especially severe for enterprises , mostly small and medium-sized enterprises (smes) , in tourism , hospitality , culture and sport; recognises the notion of european solidarity underpinning the establishment of the rrf;


### 4. recognises that the crisis triggered by the covid-19 pandemic has been especially severe for enterprises , mostly small and medium-sized enterprises (smes) , in tourism , hospitality and culture; recognises the notion of european solidarity underpinning the establishment of the rrf; ### 4. recognises that the crisis triggered by the covid-19 pandemic has been especially severe for enterprises , mostly small and medium-sized enterprises (smes) , in tourism , hospitality and culture; welcomes the notion of european solidarity underpinning the establishment of the rrf;


### 5. recalls that public funding is key to achieving the 2030 climate objectives and addressing other social and economic challenges; considers that all options to incentivise member state investments to tackle those challenges should be on the table , specifically the revision of the stability and growth pact to promote a future-oriented economy and the extension of lending and borrowing capacities at eu level , building on nextgenerationeu; ### 5. recalls that public and private funding is key to achieving the 2030 climate objectives and addressing other social and economic challenges; considers that all options to incentivise member state investments to tackle those challenges should be on the table , specifically the revision of the stability and growth pact to promote a future-oriented economy and the extension of lending and borrowing capacities at eu level , building on nextgenerationeu;


### 5. points out that the successful roll-out of the rrf will help to make eu economies and societies more sustainable , inclusive , resilient and better prepared for the green and digital transitions; ### 5. points out that not only the successful roll-out of the rrf will help to make eu economies and societies more sustainable , inclusive , resilient and better prepared for the green and digital transitions; but also an efficient and transparent monitoring of the national plans which ensures that funds are used to modernise member state economies;


### 6. notes that the general escape clause of the stability and growth pact will continue to be applied in 2022 and is expected to be deactivated as of 2023; ### 6. notes that the general escape clause of the stability and growth pact will continue to be applied in 2022 and appreciates its expected deactivation in 2023 the latest;


### 6. notes that the general escape clause of the stability and growth pact will continue to be applied in 2022 and is expected to be deactivated as of 2023; ### 6. notes that the general escape clause of the stability and growth pact will continue to be applied in 2022 and will be deactivated as of 2023 at the latest;


### 7. recalls that the design of nextgenerationeu requires debt repayment through new own resources of the eu budget. ### 7. recalls that the design of nextgenerationeu requires debt repayment through new own resources of the eu budget; calls for the member states to ratify the own resources decision (ord).


### 7. believes that the review of the eu’s economic governance framework is necessary; agrees with the european fiscal board on the importance of having a clear pathway towards a reviewed fiscal framework , preferably prior to the deactivation of the general escape clause; ### 7. believes that the maastricht criteria should continue to be valid and applicable , and should still serve as a point of reference for the eu and the euro area;


### 7. believes that the review of the eu’s economic governance framework is necessary; agrees with the european fiscal board on the importance of having a clear pathway towards a reviewed fiscal framework , preferably prior to the deactivation of the general escape clause; ### 7. believes that the review of the eu’s economic governance framework is necessary; agrees with the european fiscal board on the importance of having a clear pathway towards a reviewed fiscal framework , preferably prior to the deactivation of the general escape clause however this must not be a condition for its deactivation;


### f. whereas the post-pandemic economic recovery requires the fast and efficient implementation of the recovery and resilience facility (rrf); whereas all recovery and resilience plans should address each of the six pillars and the general and specific objectives of the rrf regulation and respect its horizontal principles; ### f. whereas the post-pandemic economic recovery requires the fast and efficient implementation of the temporary recovery and resilience facility (rrf); whereas all recovery and resilience plans should address each of the six pillars and the general and specific objectives of the rrf regulation and respect its horizontal principles;


### 8. is convinced that the coordination of national fiscal policies remains crucial in underpinning the recovery; notes that the overall fiscal stance , taking into account national budgets and the rrf , is projected to remain supportive in 2022 to sustain the recovery; agrees with the commission that member states with low or medium levels of debt should pursue or maintain a supportive fiscal stance , and that member states with high levels of debt should use the rrf to finance additional investment to support the recovery , while pursuing a prudent fiscal policy; agrees with the commission that all member states should preserve or broadly preserve their national financed investment; ### 8. is convinced that the coordination of national fiscal policies remains crucial in underpinning the recovery; notes that the overall fiscal stance , taking into account national budgets and the rrf , is projected to remain supportive in 2022 to sustain the recovery; stresses that the amount of fiscal stimulus should depend on the rates of unemployment and inflation , taking duly into account that national debt levels must remain sustainable at any point in time; highlights in this regard that excessive and unsustainable debt levels were the primary cause of the european debt crisis; agrees with the commission that member states with low or medium levels of debt should pursue or maintain a supportive fiscal stance , and that member states with high levels of debt should use the rrf to finance additional investment to support the recovery , while pursuing a prudent fiscal policy; is concerned however that continued fiscal stimulus is unfolding an increasingly inflationary environment , exacerbating the forces at play; expresses its deep concern that increasing levels of inflation have a disproportionate impact on low and fixed incomes , erode savings and disturb the crucial price signalling function that market prices perform in ensuring an efficient allocation of economic resources , potentially leading to macroeconomic instability;


### 8. is convinced that the coordination of national fiscal policies remains crucial in underpinning the recovery; notes that the overall fiscal stance , taking into account national budgets and the rrf , is projected to remain supportive in 2022 to sustain the recovery; agrees with the commission that member states with low or medium levels of debt should pursue or maintain a supportive fiscal stance , and that member states with high levels of debt should use the rrf to finance additional investment to support the recovery , while pursuing a prudent fiscal policy; agrees with the commission that all member states should preserve or broadly preserve their national financed investment; ### 8. is convinced that the coordination of national fiscal policies remains crucial in underpinning the recovery; notes that the overall fiscal stance , taking into account national budgets and the rrf , is projected to remain supportive in 2022 to sustain the recovery and to ensure a gradual shift in fiscal policy; is of the view that variations on the speed of recovery member states and regions should lead to a tailored approach towards debt sustainability , with differentiated paths taking into account current debt levels; agrees with the commission that member states with low or medium levels of debt should pursue or maintain a supportive fiscal stance , and that member states with high levels of debt should use the rrf to finance additional investment to support the recovery , while pursuing a prudent fiscal policy; agrees with the commission that all member states should preserve or broadly preserve their national financed investment;


### 9. considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies , promote sustainable and inclusive growth , and improve institutional frameworks; ### 9. considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies , promote sustainable , digital and inclusive growth in line with the european green deal and the implementation of the european pillar of social rights , and improve institutional frameworks to increase national ownership and accountability; recalls the urgent need to complete the banking union , to deepen the capital markets union , to advance towards a credible fiscal capacity for the european monetary union , and to create a european unemployment reinsurance scheme , based on the experience of the sure regulation;


### 9. considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies , promote sustainable and inclusive growth , and improve institutional frameworks; ### 9. considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies , promote sustainable and inclusive growth through new elements , and improve institutional frameworks and interinsitutional relations;


### 10. highlights that the rrf presents an unprecedented and unique opportunity for all member states to address key structural challenges and investment needs and insists that all recovery and resilience plans address all requirements of the rrf regulation , in particular the six pillars; highlights the interplay between the european semester and the rrf; calls on the member states to make the most of this opportunity and to use it to transform their economies and make them sustainable , more competitive and more resilient to future shocks; highlights the role of the european parliament in the implementation of the rrf , as enshrined in the rrf regulation; ### 10. highlights that the rrf presents an unprecedented and unique opportunity for all member states to address key structural challenges and investment needs and insists that all recovery and resilience plans address all requirements of the rrf regulation , in particular the six pillars; recalls that each national recovery and resilience plan is adopted through a council decision following an assessment by the european commission , and should therefore be rooted in transparency and collegiality; highlights the interplay between the european semester and the rrf; calls on the member states to make the most of this opportunity and to use it to transform their economies and make them sustainable , more competitive and more resilient to future shocks; is of the view that the rrf should serve as an inspiration for the review of the framework for macroeconomic governance , notably in identifying common structural challenges and investment needs , and in strengthening the role of the european parliament; stresses the importance of implementing investment policies and sustainable reforms in line with the european priorities identified in the rrf to deliver growth and jobs and enable member states to accelerate their green and digital transitions and close their investment gap in climate , environment , research , infrastructure , digitisation and defence; calls for reflection on the use of common european bond issuance to finance common european investment needs , based on the experience of the rrf regulation;


### 10. highlights that the rrf presents an unprecedented and unique opportunity for all member states to address key structural challenges and investment needs and insists that all recovery and resilience plans address all requirements of the rrf regulation , in particular the six pillars; highlights the interplay between the european semester and the rrf; calls on the member states to make the most of this opportunity and to use it to transform their economies and make them sustainable , more competitive and more resilient to future shocks; highlights the role of the european parliament in the implementation of the rrf , as enshrined in the rrf regulation; ### 10. highlights that the rrf presents an unprecedented and unique opportunity for all member states to address key structural challenges and investment needs and insists that all recovery and resilience plans address all requirements of the rrf regulation , in particular its future-oriented concept including sustainability in the six pillars; highlights the interplay between the european semester and the rrf; calls on the member states to make the most of this opportunity and to use it to transform their economies and make them sustainable , more competitive and more resilient to future shocks; highlights the role of the european parliament in the implementation of the rrf , as enshrined in the rrf regulation;


### 12. notes that many member states are having to contend with old and new structural challenges that are hindering their growth potential; highlights , therefore , that tackling structural challenges is crucial for a sustainable recovery and continued growth; takes the view that implementing reforms to address old and new structural vulnerabilities is key not only to improving the ability to withstand and cope with existing challenges , but also to accomplishing the twin transitions in a sustainable , fair and inclusive manner and to reducing social inequalities; points to the lack of national ownership as one of the main weaknesses in enacting reforms aimed at addressing structural deficiencies; ### 12. notes that many member states are having to contend with old and new structural challenges that are hindering their growth potential; highlights , therefore , that tackling structural challenges is crucial for a sustainable recovery and continued growth; takes the view that implementing reforms to address old and new structural vulnerabilities is key not only to improving the ability to withstand and cope with existing challenges , but also to accomplishing the twin transitions in a sustainable , fair and inclusive manner and to reducing social inequalities; points to the lack of national ownership as one of the main weaknesses in enacting reforms aimed at addressing structural deficiencies; calls on the commission to adopt targeted and tailor-made country-specific recommendations in 2022 , focusing on commitments related to the rrf as well as areas not covered by the scope of the rrf;


### 13. is concerned that the commission identified macroeconomic vulnerabilities related to imbalances and excessive imbalances in 12 member states; is worried that the nature and source of member states’ imbalances remain largely the same as before the pandemic and that the pandemic could also be exacerbating imbalances and economic divergences; calls on the member states to take advantage of the unprecedented opportunity provided by the rrf to significantly reduce existing macroeconomic imbalances , in particular by including ambitious reform measures in the national plans of all member states; stresses that sound execution is essential to make full use of this opportunity; ### 13. is concerned that the commission identified macroeconomic vulnerabilities related to imbalances and excessive imbalances in 12 member states; is worried that the nature and source of member states’ imbalances remain largely the same as before the pandemic and that the pandemic could also be exacerbating imbalances and economic divergences; highlights in this regards again the importance of a general compliance with the fiscal rules to either maintain or achieve a fiscal sustainability and consolidation; calls on the member states to take advantage of the unprecedented opportunity provided by the rrf to significantly reduce existing macroeconomic imbalances , in particular by including ambitious reform measures in the national plans of all member states; stresses that sound execution and close monitoring is essential to make full use of this opportunity;


### 14. recognises the importance of the macroeconomic imbalance procedure in identifying , preventing and addressing macroeconomic imbalances in the eu; highlights that continuous monitoring and vigilance will be needed and that member states should address emerging imbalances through reforms that enhance economic and social resilience and promote the digital transformation and green and just transitions; ### 14. recognises the importance of the macroeconomic imbalance procedure in identifying , preventing and addressing macroeconomic imbalances in the eu; highlights that continuous monitoring , vigilance and sanctions as a measure of last resort will be needed and that member states should address emerging imbalances through reforms that enhance economic and social resilience and promote the digital transformation and green and just transitions;


### a. whereas the eib signed loans for eur 95 billion in 2021; ### a. whereas the eib signed loans for eur 95 billion in 2021 and supported circa 430 thousand smes and mid-caps which are the backbone of eu single market;


### 5. takes note of the new environmental and social sustainability framework (essf); calls for its swift implementation; ### 5. takes note of the new environmental and social sustainability framework (essf); calls for its swift implementation and for the application of the do no significant harm principle , within the meaning of art. 17 of regulation (eu) 2020/852 , in all eib´s operations;


### 6. welcomes the fact that 43 % of lending in 2021 was climate and environment related and applauds the intention to meet the climate lending target in 2022; stresses that the climate bank roadmap (cbr) alone is not enough to ensure alignment with the objective of the paris agreement of limiting global warming to 1.5°c; calls for an immediate halt to carbon markets and offsetting and for all action plans for the implementation of the cbr to be made public; ### 6. welcomes the fact that 43 % of lending in 2021 was climate and environment related and applauds the intention to meet the climate lending target in 2022; stresses that the climate bank roadmap (cbr) alone is not enough to ensure alignment with the objective of the paris agreement of limiting global warming to 1.5°c; calls for all action plans for the implementation of the cbr to be made public in due time;


### 7. looks forward to the cbr’s mid-term review; calls for it to include a solid assessment of less carbon-intensive alternatives and ‘scope 3’ emissions for each project; expects detailed annual progress reports on the cbr , including the degree to which it is aligned with the paris agreement; ### 7. looks forward to the cbr’s mid-term review which must boost the transformation of the institution into genuine climate bank , that at the same time facilitates preserving natural resources and protecting the environment; calls for it to include a solid assessment of less carbon-intensive alternatives and ‘scope 3’ emissions for each project; expects detailed annual progress reports on the cbr , including the degree to which it is aligned with the paris agreement;


### 10. expresses , in view of the upcoming review of the energy lending policy , its full support for the statement of president hoyer: ‘we believe that we have a mission to concentrate on sustainability and achieving the paris goals with the means of a long-term investor institution.[...] therefore i don’t see a change in our energy lending policy’; calls for the eib to retain the possibility to apply stricter criteria than the eu taxonomy and finance fossil-free energy only , and in particular to exclude financing for so-called low-carbon gas , especially for district heating , grey or blue hydrogen and forest biomass; ### 10. expresses , in view of the upcoming review of the energy lending policy , its full support for the statement of president hoyer: ‘we believe that we have a mission to concentrate on sustainability and achieving the paris goals with the means of a long-term investor institution.[...] therefore i don’t see a change in our energy lending policy’; calls on the eib to follow the recommendations of the platform on sustainable finance and finance fossil-free energy only , and in particular to exclude financing of stranded assets and activities which are incompatible with the european green deal goals and related eu strategies;


### 11. regrets the delays in the transport lending policy review; expects a proposal fully aligned with the 1.5°c target of the paris agreement; expects no new loans to be granted that hinder transport decarbonisation or the transition towards zero emission mobility; ### 11. regrets the delays in the transport lending policy review; expects a proposal fully aligned with the 1.5°c target of the paris agreement; expects that the eib loans will lower environmental impact of transport while improving its service and quality , and that no new loans to be granted that hinder transport decarbonisation or the transition towards zero emission mobility;


### 14. calls for the eib to only support sustainable agriculture and natural resource management projects that respect planetary boundaries; calls for a ban on supporting all forms of industrial farming and farming practices that do not comply with animal welfare standards; ### 14. calls for the eib to only support sustainable agriculture and natural resource management projects that respect planetary boundaries; calls for a ban on supporting all forms of unsustainable industrial farming and farming practices that do not comply with animal welfare standards , as also laid down in the anit report2a and recommendations on the protection of animals during transport2b;


### 16. calls on the eib to collect gender-disaggregated data; urges the eib to assess the gender impact of projects; ### 16. calls on the eib to collect gender-disaggregated data and to assess the gender impact of projects;


### 18. regrets that the new essf includes no significant improvement in human rights protection or procedures to prevent human rights violations; calls for this to be addressed in the statement on human rights; is very concerned that in some cases , the eib has continued to disburse loans despite clear human rights abuses; ### 18. appreciates the eib´s public consultation which led towards the new essf; recalls eu´s global commitment to defend and promote human rights which are indivisible , universal and interdependent; calls against the backdrop of several incidents and misunderstandings with local communities on the beneficiary’s side to more carefully prepare project implementing while giving priority to the circumstances and needs at the grassroots-level;


### 19. is very concerned by the decline of transparency at the eib: in 2010 , 96.1 % of all projects were published three weeks before board approval , falling to only 60 % in 2020; calls for more transparency and accountability , also towards eu institutions , in particular parliament; ### 19. notes that in 2010 , 96.1 % of all projects were published three weeks before board approval , while the level of transparency decreased to 60 % in 2020; acknowledges , in this regard , that the decline can be justified by the need to protect commercially sensitive interest of counterparts , specifically from private sector; reminds the eib and its counterparts , however , of their special responsibility to be open and transparent , in line with the reporting obligations currently in place , towards eu citizens and the public at large; calls for more transparency and accountability , also towards eu institutions , in particular parliament;


### 20. considers the new transparency policy (tp) a major setback; regrets that the eib has totally ignored parliament’s very clear demands to improve its tp in line with other financial institutions’ best practices and standards; calls for the tp to be aligned with that of the european bank for reconstruction and development on mandatory disclosure for intermediaries of projects with high environmental risks; ### 20. calls on the eib to reflect on the critical assessment of its new transparency policy (tp) by civil society; regrets that the eib has not taken into account parliament’s clear demands to improve its tp in line with other financial institutions’ best practices and standards , in accordance with reporting obligations currently in place; calls for the tp to be aligned with that of the european bank for reconstruction and development on mandatory disclosure for intermediaries of projects with high environmental risks;


### 21. calls , in this regard , for an ambitious standard for financial intermediaries following stringent tax , transparency , environmental and social standards; calls for the eib to amend its template for contractual clauses on environmental matters and , accordingly , the contracts with financial intermediaries setting requirements on what environmental information must be collected and published; ### 21. calls , in this regard , for an ambitious standard for financial intermediaries following stringent tax , transparency , environmental and social standards; calls for the eib to amend its template for contractual clauses on environmental matters and , accordingly , the contracts with financial intermediaries setting requirements on what environmental information must be collected and published in due time;


### 23. expresses serious concerns at the lack of social dialogue at the eib , in particular to address concerns about harassment allegations and the working environment; urges the eib management to engage in genuine dialogue with staff in order to address their concerns; ### 23. highlights the necessity of genuine social dialogue at the eib , and at all other eu institutions , in particular in the context of past serious harassment allegations in the working environment; expects from the eib management to live up to the highest standards with regards with regards to zero tolerance against all forms of misconduct and to its prevention;


### 25. takes note of the new anti-fraud policy; is concerned about the opaque way in which it was adopted; ### 25. takes note of the new anti-fraud policy and underlines the importance of inclusive cooperation when developing key anti-fraud policy tools;


### 26. expects thorough monitoring that fully takes into account concerns expressed by relevant parties and stakeholders , in particular for human rights and rule of law violations; ### 26. expects thorough monitoring that fully takes into account concerns expressed by relevant parties and stakeholders , in particular for human rights and rule of law violations; urges the eib to include explicit procedures in the policy to prevent human rights violations in its projects;


### 27. is very concerned that , at least once , the eib disbursed funding despite a very clear eib complaints mechanism report concluding that its environmental and social standards had been breached; calls for any such project to be halted immediately; ### 27. recalls that the complaints mechanism is a public accountability tool of the eib; believes , therefore , that all inputs need to be thoroughly assessed to ensure compliance with environmental and social standards , and that any identified breaches need to result in immediate halt of incompatible projects;


### (1) the transition to a low-carbon , more sustainable , resource-efficient , circular and fair economy is key to ensuring the long-term competitiveness of the economy of the union and the well-being of its peoples. in 2016 , the union concluded the paris agreement31 . article 2(1) , point (c) , of the paris agreement sets out the objective of strengthening the response to climate change by , among other means , making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. ### (1) the transition to a low-carbon , more sustainable , resource-efficient , circular and fair economy is key to ensuring the long-term competitiveness of the economy of the union and improve the well-being and the quality of life of its peoples. in 2016 , the union concluded the paris agreement31 . article 2(1) , point (c) , of the paris agreement sets out the objective of strengthening the response to climate change by , among other means , making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.


### (1) the transition to a low-carbon , more sustainable , resource-efficient , circular and fair economy is key to ensuring the long-term competitiveness of the economy of the union and the well-being of its peoples. in 2016 , the union concluded the paris agreement31 . article 2(1) , point (c) , of the paris agreement sets out the objective of strengthening the response to climate change by , among other means , making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. ### (1) the transition to a carbon-neutral , more sustainable , resource-efficient , circular and fair economy is key to ensuring the long-term competitiveness of the economy of the union and the well-being of its peoples. in 2016 , the union concluded the paris agreement31. article 2(1) , point (c) , of the paris agreement sets out the objective of strengthening the response to climate change by , among other means , making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.


### (1) the transition to a low-carbon , more sustainable , resource-efficient , circular and fair economy is key to ensuring the long-term competitiveness of the economy of the union and the well-being of its peoples. in 2016 , the union concluded the paris agreement31. article 2(1) , point (c) , of the paris agreement sets out the objective of strengthening the response to climate change by , among other means , making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. ### (1) the transition to a carbon-neutral , more sustainable , resource-efficient , circular and fair economy is key to ensuring the long-term competitiveness of the economy of the union and the well-being of its peoples. in 2016 , the union concluded the paris agreement31. article 2(1) , point (c) , of the paris agreement sets out the objective of strengthening the response to climate change by , among other means , making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.


### (2) the european green deal investment plan of 14 january 202032 envisages the establishment of a standard for environmentally sustainable bonds to further increase investment opportunities and facilitate the identification of environmentally sustainable investments through a clear label. in its december 2020 conclusions , the european council invited the commission to put forward a legislative proposal for a green bond standard33 . ### (2) the european green deal investment plan of 14 january 202032 envisages the establishment of a standard for environmentally sustainable bonds to further increase investment opportunities and facilitate the identification of environmentally sustainable investments through a clear label thus making it possible to combat any risk of greenwashing and tax evasion . in its december 2020 conclusions , the european council invited the commission to put forward a legislative proposal for a green bond standard33 .


### (3) environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement. ### (3) environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement and in the sustainable development goals defined by the united nations.


### (3) environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement. ### (3) both private and public investment are essential in order to achieve the transition to a carbon-neutral environment. environmentally sustainable bonds are one of the main instruments for financing investments in low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure which are needed to deliver a carbon-neutral future. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying which bonds are aligned with , or are contributing to environmental objectives as laid down in , the paris agreement.


### (3) environmentally sustainable bonds are one of the main instruments for financing investments related to low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying bonds the proceeds of which are aligned with , or are contributing to environmental objectives as laid down in the paris agreement. ### (3) both private and public investment are essential in order to achieve the transition to a carbon-neutral environment. environmentally sustainable bonds are one of the main instruments for financing investments low-carbon technologies , energy and resource efficiency as well as sustainable transport infrastructure and research infrastructure which are needed to deliver a carbon-neutral future. financial or non-financial undertakings or sovereigns can issue such bonds. various existing initiatives for environmentally sustainable bonds do not ensure common definitions of environmentally sustainable economic activities. this prevents investors from easily identifying which bonds are aligned with , or are contributing to environmental objectives as laid down in the paris agreement.


### (5) in ensuring alignment with the objectives of the paris agreement , and given the existing divergences and absence of common rules , it is likely that member states will adopt diverging measures and approaches , which will have a direct negative impact on , and create obstacles to , the proper functioning of the internal market , and be detrimental to issuers of environmentally sustainable bonds. the parallel development of market practices based on commercially driven priorities that produce divergent results causes market fragmentation and risks further exacerbating inefficiencies in the functioning of the internal market. divergent standards and market practices make it difficult to compare different bonds , create uneven market conditions for issuers , cause additional barriers within the internal market , and risk distorting investment decisions. ### (5) in ensuring alignment with the objectives of the paris agreement , and given the existing divergences and absence of common rules , it is likely that member states will adopt diverging measures and approaches , which will have a direct negative impact on , and create obstacles to , the proper functioning of the internal market , likely to develop uncertainties that could lead to greenwashing and/or tax evasion and be detrimental to issuers of environmentally sustainable bonds. the parallel development of market practices based on commercially driven priorities that produce divergent results causes market fragmentation and risks further exacerbating inefficiencies in the functioning of the internal market. divergent standards and market practices make it difficult to compare different bonds , create uneven market conditions for issuers , cause additional barriers within the internal market , and risk distorting investment decisions.


### (6) the lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal market with respect to their environmental objectives. the market for environmentally sustainable bonds is inherently international , with market participants trading bonds and making use of external review services from third party providers across borders. action at union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services , and ensure the application of regulation (eu) 2020/852 of the european parliament and of the council34 in the market for such bonds. ### (6) the lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal market with respect to their environmental objectives. the market for environmentally sustainable bonds is inherently international , with market participants trading bonds and making use of external review services from third party providers across borders. action at union level could not only reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services , and ensure the application of regulation (eu) 2020/852 of the european parliament and of the council34 in the market for such bonds , but also make the eu the world leader in sustainable finance , thus strengthening the international role of the euro .


### (6) the lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal market with respect to their environmental objectives. the market for environmentally sustainable bonds is inherently international , with market participants trading bonds and making use of external review services from third party providers across borders. action at union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services , and ensure the application of regulation (eu) 2020/852 of the european parliament and of the council34 in the market for such bonds. ### (6) the lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal market with respect to their environmental objectives and their impact on the environment. the market for environmentally sustainable bonds is inherently international , with market participants trading bonds and making use of external review services from third party providers across borders , including those from third countries. action at union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services , and ensure the application of regulation (eu) 2020/852 of the european parliament and of the council34 in the market for such bonds.


### (6) the lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal market with respect to their environmental objectives. the market for environmentally sustainable bonds is inherently international , with market participants trading bonds and making use of external review services from third party providers across borders. action at union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services , and ensure the application of regulation (eu) 2020/852 of the european parliament and of the council34 in the market for such bonds. ### (6) the lack of harmonised rules for the procedures used by external reviewers to review environmentally sustainable bonds and the diverging definitions of environmentally sustainable activities make it increasingly difficult for investors to effectively compare bonds across the internal market with respect to their environmental objectives. the market for environmentally sustainable bonds is inherently international , with market participants trading bonds and making use of external review services from third party providers across borders , including those from third countries. action at union level could reduce the risk of fragmentation of the internal market for environmentally sustainable bonds and bond-related external review services , and ensure the application of regulation (eu) 2020/852 of the european parliament and of the council34 in the market for such bonds.


### (7) a uniform set of specific requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs of assessing those bonds for investors. ### (7) a uniform set of specific requirements should therefore be laid down for bonds issued by financial or non-financial undertakings or sovereigns that voluntarily wish to use the designation ‘european green bond’ or ‘eugb’ for such bonds. specifying quality requirements for european green bonds in the form of a regulation should ensure that there are uniform conditions for the issuance of such bonds by preventing diverging national requirements that could result from a transposition of a directive , and should also ensure that those conditions are directly applicable to issuers of such bonds. issuers that voluntarily use the designation ‘european green bond’ or ‘eugb’ should follow the same rules across the union , to increase market efficiency by reducing discrepancies and thereby also reducing the costs associated with assessing those bonds for investors. a uniform , reliable standard with integrity would also help incentivise cross-border investment in such bonds.


### (10) sovereigns are frequent issuers of environmentally sustainable bonds and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned. ### (10) sovereigns are frequent issuers of bonds marketed as environmentally sustainable and should therefore also be allowed to issue ‘european green bonds’ , provided that the proceeds of such bonds are used to finance either assets or expenditure that meet the taxonomy , or assets or expenditure that will meet those requirements within a reasonably short period from the issuance of the bond concerned , which can be extended however where duly justified by the specific features of the economic activities and investments concerned.


### (11) article 4 of regulation (eu) 2020/852 requires member states and the union to apply the criteria set out in article 3 of that regulation to determine whether an economic activity qualifies as environmentally sustainable for the purposes of any measure setting out requirements for financial market participants or issuers in respect of financial products or corporate bonds that are made available as environmentally sustainable. it is therefore logical that the technical screening criteria referred to in article 3 , point (d) , of regulation (eu) 2020/852 should determine which fixed assets , expenditures and financial assets can be financed by the proceeds of european green bonds. in view of the expected technological progress in the field of environmental sustainability , the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are likely to be reviewed and amended over time. regardless of such changes , in order to provide legal certainty to issuers and investors and prevent amendments to the technical screening criteria from having a negative impact on the price of european green bonds that have already been issued , issuers should be able to apply the technical screening criteria applicable at the moment the european green bond was issued when allocating the proceeds of such bonds to eligible fixed assets or expenditures , until maturity of the bond. to ensure legal certainty for european green bonds whose proceeds are allocated to financial assets , it is necessary to clarify that the underlying economic activities funded by those financial assets should comply with the technical screening criteria applicable at the moment the financial assets were created. where the relevant delegated acts are amended , the issuer should allocate proceeds by applying the amended delegated acts within five years. ### (11) article 4 of regulation (eu) 2020/852 requires member states and the union to apply the criteria set out in article 3 of that regulation to determine whether an economic activity qualifies as environmentally sustainable for the purposes of any measure setting out requirements for financial market participants or issuers in respect of financial products or corporate bonds that are made available as environmentally sustainable. it is therefore logical that the technical screening criteria referred to in article 3 , point (d) , of regulation (eu) 2020/852 should determine which fixed assets , expenditures and financial assets can be financed by the proceeds of european green bonds. in view of the expected technological progress in the field of environmental sustainability , the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are likely to be reviewed and amended over time. regardless of such changes , in order to provide legal certainty to issuers and investors and prevent amendments to the technical screening criteria from having a negative impact on the price of european green bonds that have already been issued , issuers should be able to apply the technical screening criteria applicable at the moment the european green bond was issued when allocating the proceeds of such bonds to eligible fixed assets or expenditures , until maturity of the bond. to ensure legal certainty for european green bonds whose proceeds are allocated to financial assets , it is necessary to clarify that the underlying economic activities funded by those financial assets should comply with the technical screening criteria applicable at the moment the financial assets were created.


### (14) investors should benefit from cost-effective access to reliable information about the european green bonds. issuers of european green bonds should therefore contract external reviewers to provide a pre-issuance review of the european green bond factsheet , and post-issuance reviews of european green bond annual allocation reports. ### (14) investors should benefit from cost-effective access to reliable information about the european green bonds. issuers of european green bonds should therefore contract independent external reviewers to provide a pre-issuance review of the european green bond factsheet , and post-issuance reviews of european green bond annual allocation reports.


### (15) issuers of european green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. at the same time , issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements , but will do so within the five year period (or extended ten year period). issuers should in any case allocate all proceeds of their european green bonds before the maturity of each bond. ### (15) issuers of european green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. at the same time , issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements , but will do so within the five year period (or extended ten year period). issuers should in any case allocate all proceeds of their european green bonds before the maturity of each bond.


### (15) issuers of european green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. at the same time , issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements , but will do so within the five year period (or extended ten year period). issuers should in any case allocate all proceeds of their european green bonds before the maturity of each bond. ### (15) issuers of european green bonds should abide by their commitments to investors and allocate the proceeds of their bonds within a reasonably short time after issuance. at the same time , issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements , but will do so within the five year period (or extended ten year period). in that case , issuers should draw up a capex plan setting out when and by what means those activities will meet the taxonomy requirements and how alignment will be guaranteed (taxonomy alignment plan). issuers should in any case allocate all proceeds of their european green bonds before the maturity of each bond.


### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published at least once during the lifetime of the bond. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published at least twice during the lifetime of the bond , and when it reaches maturity. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information.


### (37) the objectives of this regulation are twofold. on the one hand , it aims to ensure that uniform requirements apply to the use of the designation of ‘european green bond’ or ‘eugb’. on the other hand , it aims to establish a simple registration system and supervisory framework for external reviewers by entrusting a single supervisory authority with the registration and supervision of external reviewers in the union. both aims should facilitate capital raising for projects that pursue environmentally sustainable objectives. since those objectives cannot be sufficiently achieved by the member states but can be better achieved at union level , the union may adopt measures in accordance with the principle of subsidiarity as set out in article 5 of the treaty on european union. in accordance with the principle of proportionality , as set out in that article , this regulation does not go beyond what is necessary in order to achieve those objectives , ### (37) the objectives of this regulation are twofold. on the one hand , it aims to ensure that uniform requirements apply to the use of the designation of ‘european green bond’ or ‘eugb’. on the other hand , it aims to establish a simple registration system and supervisory framework for external reviewers by entrusting a single supervisory authority with the registration and supervision of external reviewers of eugb. both aims should facilitate capital raising for projects that pursue environmentally sustainable objectives. since those objectives cannot be sufficiently achieved by the member states but can be better achieved at union level , the union may adopt measures in accordance with the principle of subsidiarity as set out in article 5 of the treaty on european union. in accordance with the principle of proportionality , as set out in that article , this regulation does not go beyond what is necessary in order to achieve those objectives ,


### 1. before maturity of the bond , the proceeds of european green bonds shall be exclusively and fully allocated , without deducting costs , to the following , or a combination thereof: ### 1. before maturity of the bond , the proceeds of european green bonds shall be exclusively and fully allocated , after deducting costs directly linked to issuance , to the following , or a combination thereof:


### 3. a european green bond may be refinanced by issuing a new european green bond. ### deleted


### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan. ### the use of proceeds referred to in article 4 shall relate to economic activities that meet the taxonomy requirements , or that will meet the taxonomy requirements within a defined period of time as set out in a taxonomy-alignment plan as defined in paragraph 1.1.2.2 of annex i of commission delegated regulation (eu) 2021/2178 of 6 july 2021 and shall be referred to as capex plans.


### the taxonomy-alignment plan referred to in the first subparagraph shall describe the actions and expenditures that are necessary for an economic activity to meet the taxonomy requirements within the specified period of time. ### deleted


### the period referred to in the first and second subparagraph shall not exceed five years from bond issuance , unless a longer period of up to ten years is justified by the specific features of the economic activities concerned as documented in a taxonomy-alignment plan. ### the period referred to in the first and second subparagraph shall not exceed five years from bond issuance , unless a longer period of up to ten years is justified by the specific features of the economic activities concerned as documented in a taxonomy-alignment plan (capex plan).


### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the issuance of the bond , the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. ### deleted


### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the creation of the debt referred to in the first subparagraph , the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. ### where , at the time of the creation of the debt referred to in the first subparagraph , no delegated acts adopted pursuant to articles 10(3) ,11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 were in force , issuers shall apply the first delegated acts that were adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 after the latest date of (i) the point in time when the financial claim was created and (ii) three years prior to the issuance of the bond..


### 2. a european green bond factsheet may relate to one or several european green bond issuances. ### 2. a european green bond factsheet may relate to one or several european green bond issuances. factsheets may be published jointly.


### 6. issuers of european green bonds shall provide the allocation reports referred to in paragraph 3 , 4 , and 5 to an external reviewer within 30 days following the end of the year to which the allocation reports refer. the post-issuance review must be made public within 90 days following the receipt of the allocation report. ### 6. issuers of european green bonds shall provide the allocation reports referred to in paragraph 3 , 4 , and 5 to an external reviewer within 90 days following the end of the year to which the allocation reports refer. the post-issuance review must be made public within 90 days following the receipt of the allocation report.


### an assessment of whether the issuer has allocated the proceeds of the bond in compliance with articles 4 to 7 based on the information provided to the external reviewer; ### an assessment of whether the issuer has allocated the proceeds of the bond in accordance with articles 4 to 7 based on the information provided to the external reviewer;


### an assessment of whether the issuer has complied with the intended use of proceeds set out in the green bond factsheet based on the information provided to the external reviewer; ### an assessment of whether the issuer has aligned with the intended use of proceeds set out in the green bond factsheet based on the information provided to the external reviewer;


### 1. issuers of european green bonds shall , after the full allocation of the proceeds of such bonds and at least once during the lifetime of the bond , draw up a european green bond impact report on the environmental impact of the use of the bond proceeds by using the template laid down in annex iii. ### 1. issuers of european green bonds shall , after the full allocation of the proceeds of such bonds and at least twice during the lifetime of the bond , and at the maturity of the bond , draw up a european green bond impact report on the environmental impact of the use of the bond proceeds by using the template laid down in annex iii.


### 4. issuers of european green bonds shall notify the national competent authority referred to in article 36 of the publication of all the documents referred to in paragraph 1 without undue delay. ### 4. issuers of european green bonds shall notify the national competent authority referred to in article 36 of the publication of all the documents referred to in paragraph 1 without undue delay , with the responsibility for the competent national authority to transmit the said documents relating to the issuance directly to esma


### 5. issuers of european green bonds shall notify esma of the publication of all the documents referred to in paragraph 1 within 30 days. ### deleted