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


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


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


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


### labour situation ### deleted


### 19. stresses that , according to the eu labour force survey , there are 8.3 million involuntary part-time workers in the eu , two thirds of them women; requests the commission to undertake a study to analyse the impact of this development on pension systems and public finances; ### deleted


### 19. stresses that , according to the eu labour force survey , there are 8.3 million involuntary part-time workers in the eu , two thirds of them women; requests the commission to undertake a study to analyse the impact of this development on pension systems and public finances; ### 19. highlights the problem of underemployment for some in the eu who would like to work more and the wasted economic potential that this represents of people wishing to contribute more to the economy and society but not being able to; underlines that , according to the 2018 eu labour force survey , there are 8.3 million involuntary part-time workers in the eu , two thirds of them women; requests the commission to undertake a study to analyse the impact of this development on pension systems and public finances;


### 20. takes note of amr 2020’s finding that wage growth at euro area level remains below what would be expected at the current levels of unemployment on the basis of historical data , and that this affects the inflation rate; highlights that the currently low productivity and inflation together with structural reforms transferring collective bargaining to the enterprise level are detrimental to wage growth and are leading to greater income inequality and an increase in the numbers of working poor , with in-work poverty affecting almost one in ten workers in europe; accordingly advocates wage growth; ### deleted


### 20. takes note of amr 2020’s finding that wage growth at euro area level remains below what would be expected at the current levels of unemployment on the basis of historical data , and that this affects the inflation rate; highlights that the currently low productivity and inflation together with structural reforms transferring collective bargaining to the enterprise level are detrimental to wage growth and are leading to greater income inequality and an increase in the numbers of working poor , with in-work poverty affecting almost one in ten workers in europe; accordingly advocates wage growth; ### 20. takes note of amr 2020’s finding that wage growth at euro area level remains below what would be expected at the current levels of unemployment on the basis of historical data , and that this affects the inflation rate; highlights that the currently low productivity and inflation contribute to greater income inequality and an increase in the numbers of working poor , with in-work poverty affecting almost one in ten workers in europe; accordingly advocates wage growth;


### 21. agrees that it is a matter of great concern that income inequality is above pre-crisis levels in some countries , being frequently linked to unequal opportunities in access to education , training and social protection; ### deleted


### 22. underlines the fact that the number of people at risk of poverty or social exclusion stands , on 2017 figures , at 113 million , or 22.5 % of the population; ### deleted


### 22. underlines the fact that the number of people at risk of poverty or social exclusion stands , on 2017 figures , at 113 million , or 22.5 % of the population; ### 22. underlines the fact that the number of people at risk of poverty or social exclusion stands , on 2017 figures , at 113 million , or 22.5 % of the population , which is in stark contrast to article 3 teu which states that “the union’s aim is to promote the well-being of its peoples”;


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


### 24. welcomes the asgs 2020’s proposals for fostering social and regional convergence towards better living and working conditions in the eu; ### deleted


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


### 26. looks forward to the stronger involvement of the ep and the national parliaments in the european semester process and to the creation of an institutionalised dialogue with the commission , the social partners , territories and civil society , at both eu and national level , in order to further boost the process’s democratic legitimacy; ### deleted


### 26. looks forward to the stronger involvement of the ep and the national parliaments in the european semester process and to the creation of an institutionalised dialogue with the commission , the social partners , territories and civil society , at both eu and national level , in order to further boost the process’s democratic legitimacy; ### 26. looks forward to the stronger involvement of the ep and the national parliaments in the european semester process and to the creation of an institutionalised dialogue with the commission , in order to further boost the process’s democratic legitimacy;


### 27. invites the stakeholders in this necessary next step to create enhanced democratic accountability mechanisms at both eu and national levels , while formalising the scrutiny role of the ep in the european semester; calls on the commission and the member states to enhance the social dialogue , including over the csrs , and to engage in dialogue with the social partners; ### deleted


### 27. invites the stakeholders in this necessary next step to create enhanced democratic accountability mechanisms at both eu and national levels , while formalising the scrutiny role of the ep in the european semester; calls on the commission and the member states to enhance the social dialogue , including over the csrs , and to engage in dialogue with the social partners; ### 27. calls for the formalisation of the scrutiny role of the ep in the european semester; calls on the commission and the member states to enhance the social dialogue , including over the csrs , and to engage in dialogue with the social partners;


### 1. calls on the member states to urgently agree on capital increase , both cash-in and callable in nature; calls for risks to be taken in the area of green and digital innovation in order to catalyse the just and digital transitions and to stop the financing of stranded assets; ### 1. calls on the member states to urgently agree on capital increase , both cash-in and callable in nature; calls for risks to be taken in the area of green and digital innovation in order to catalyse the just and digital transitions and to stop the financing of stranded assets; underlines that priority should be given to the projects directly aiming at the economic and social recovery from the crisis brought by covid-19 pandemic;


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


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


### 2. reiterates that all financial flows of the european investment bank (eib) group should be consistent with the goal of achieving net zero emissions by 2050 at the latest and the union’s new climate objective for 2030; looks forward to the adoption in 2020 of an ambitious climate bank roadmap 2021-25 (cbrm) , which is to include a detailed strategic and operational framework with milestones and a shadow carbon price of at least eur 100/tonne by 2025; calls for all financial intermediaries and corporate clients to have a decarbonisation plan in place by the end of 2021; ### 2. reiterates that all financial flows of the european investment bank (eib) group should be consistent with the goal of achieving net zero emissions by 2050 at the latest and the union’s new climate objective for 2030; looks forward to the adoption in 2020 of an ambitious climate bank roadmap 2021-25 (cbrm) , which is to include a detailed strategic and operational framework with milestones and a shadow carbon price of at least eur 100/tonne by 2025; calls on the eib to provide technical and expert assistance via advisory hub to enable financial intermediaries and corporate clients to have a decarbonisation plan in place by the end of 2021;


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


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


### 3. calls on the eib to maximise additionality and the development impact of its operations outside the union by increasing its engagement in ldcs , enhancing the transparency of operations carried out by financial intermediaries , cooperating with eu delegations , and increasing its presence on the ground where necessary; ### 3. calls on the eib to maximise additionality and the development impact of its operations outside the union by increasing its engagement in ldcs , enhancing the transparency of operations carried out by financial intermediaries , cooperating with eu delegations , and increasing its presence on the ground where necessary; notes that private sector investment will be essential to fill the funding gap for the sdgs; recalls the crucial role of the eib in de-risking private investment , particularly in fragile contexts;


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


### 4. expects the cbrm and the eib’s revised transport lending policy not to fall below the standard of eu taxonomy; calls for no new loans to be granted that hinder the decarbonisation of transport , and , in particular , no new financing to be awarded for the expansion of airports , for increased road capacity , for port expansions in europe and related infrastructure or for the shipping of liquefied natural gas; ### 4. expects the cbrm and the eib’s revised transport lending policy to respect the principle of do no significant harm; calls for no new loans to be granted that hinder the decarbonisation of transport , and , in particular , no new financing to be awarded for the expansion of airports , for increased road capacity , for port expansions in europe and related infrastructure or for the shipping of liquefied natural gas;


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


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


### 5. welcomes the review of the eib environmental social standards and calls for a wide and inclusive public consultation; expects all projects to include more comprehensive gender and human rights dimensions and due diligence obligations; calls for the eib to publish ‘know your customer’ checks before approving any project. ### 5. welcomes the review of the eib environmental social standards and calls for a wide and inclusive public consultation; expects all projects to include more comprehensive gender and human rights dimensions and due diligence obligations; calls for the eib to publish ‘know your customer’ checks before approving any project; calls on the eib to publish all the projects that have been approved or rejected with the citation of the reason for approval or rejection;


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


### 7. welcomes the eib’s rapid mobilisation of up to eur 40 billion of emergency financing to fight the crisis caused by the covid-19 pandemic , through the setting up of loans , credit holidays and measures to alleviate the liquidity of small and medium-sized enterprises (smes) and mid-caps; ### 7. welcomes the eib’s rapid mobilisation of up to eur 40 billion of emergency financing to fight the crisis caused by the covid-19 pandemic , through the setting up of loans , credit holidays and measures to alleviate the liquidity of small and medium-sized enterprises (smes) and mid-caps; highlights the importance of supporting smes , as the covid-19 pandemic is particularly hard for these companies; underlines that robust support for smes is key for economic growth and to recover from the economic debt crisis;


### 8. welcomes , in addition , the subsequent creation of the eur 25 billion european guarantee fund (egf) in response to the covid-19 crisis , not least its positive impact in providing financial support to smes and the health sector; suggests that the egf should remain operational beyond 2021; deems it of the utmost importance to step up such initiatives to ensure that funds are reaching the real economy; ### 8. welcomes , in addition , the subsequent creation of the eur 25 billion european guarantee fund (egf) in response to the covid-19 crisis , not least its positive impact in providing financial support to smes and the health sector; suggests that the egf should remain operational beyond 2021 given the prolonged impact of the covid-19 crisis and the repeated lockdowns in many member states; deems it of the utmost importance to step up such initiatives to ensure that funds are reaching the real economy;


### 12. welcomes the adoption by the eib board of directors of the eib climate bank roadmap for 2021-2025 , which provides a crucial framework to support the implementation of the european green deal and marks a decisive step towards making the eib the eu climate bank , promoting sustainable investments and protecting the environment during the critical decade ahead; ### 12. welcomes the adoption by the eib board of directors of the eib climate bank roadmap for 2021-2025 , which provides a crucial framework to support the implementation of the european green deal and marks a decisive step towards making the eib the eu climate bank , promoting sustainable investments and protecting the environment during the critical decade ahead; suggests that the eib develop , with input from relevant stakeholders , local authorities and ngos , a series of action plans to guide the implementation of the climate roadmap;


### 13. welcomes the proposal to increase eib financing for climate action and environmental sustainability , including renewable energies , from around 30 % to at least 50 % by 2025 , which would unlock investment of more than eur 1 trillion over the next decade; ### 13. welcomes the eib’s climate leadership in becoming the eu’s climate bank with the adoption of an ambitious climate bank roadmap in november 2020; further welcomes the proposal to increase eib financing for climate action and environmental sustainability , including renewable energies , from around 30 % to at least 50 % by 2025 , which would unlock investment of more than eur 1 trillion over the next decade;


### 17. considers that investment in innovation , infrastructure and skills are crucial elements to recover from the economic and social crisis , ensure sustainable growth and create high-quality jobs and long-term competitiveness; ### 17. considers that investment in innovation , infrastructure and skills are crucial elements to recover from the economic and social crisis , ensure sustainable growth and create high-quality jobs and long-term competitiveness; highlights the importance of the eib’s role in the success of the investeu programme in the post-pandemic recovery;


### 17. considers that investment in innovation , infrastructure and skills are crucial elements to recover from the economic and social crisis , ensure sustainable growth and create high-quality jobs and long-term competitiveness; ### 17. considers that investment in innovation , infrastructure and skills are crucial elements to recover from the economic and social crisis , ensure sustainable growth and job creation and long-term competitiveness;


### 20. calls on the eib to play a role in assisting and financing the creation of innovation ecosystems and in promoting place-based industrial transformation , where universities , businesses , smes and start-ups can develop long-lasting partnerships for the common good; ### 20. calls on the eib to play a role in assisting and financing the creation of innovation ecosystems and knowledge economies , and in promoting place-based industrial transformation , where universities , businesses , smes and start-ups can develop long-lasting partnerships for the common good and that can make a meaningful contribution to achieving the objectives of the green deal and the digitalisation of the economy;


### 21. notes that during the ongoing covid-19 crisis , social welfare systems in the member states have come under unprecedented strain; calls on the eib to partner with the commission and member states to strengthen social welfare systems and increase investment in the social sector , including by establishing similar targets for social investment to those for digital and green investments; ### 21. notes that during the ongoing covid-19 crisis , social welfare systems in the member states have come under unprecedented strain; calls on the eib to partner with the commission and member states to strengthen social welfare systems and investment in the social sector; underlines , however , that digital and green investments are areas of eu added value and should remain as the primary objectives;


### 22. calls on the eib to play an active role in helping member states to deliver on the implementation of the european pillar of social rights , while standing ready to align with the forthcoming commission action plan and the social summit in porto; points to the importance of ex-ante and ex-post evaluations of the sustainability , economic , social and environmental impact of projects; ### 22. calls on the eib to play an active role in helping member states to create social balance through job creation and growth; highlights the importance of fully respecting the principles of subsidiary , proportionality and member state competence in the area of social policies; points to the importance of ex-ante and ex-post evaluations of the sustainability , economic , social and environmental impact of projects;


### 24. calls for the eib to prioritise investment in infrastructure that helps third countries to realise the un sustainable development goals and that delivers on social and environmental justice , public services and fair economic opportunities for citizens; ### 24. highlights that climate change is the most significant challenge to achieving sustainable development , as it threatens to worsen living conditions and poverty; therefore calls on the eib to prioritise investment in infrastructure that helps third countries to realise the un sustainable development goals and strengthen their resilience to climate change , while delivering on social and environmental justice , public services and fair economic opportunities for citizens;


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


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


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


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


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


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


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


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


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


### 1. on a recommendation from the commission and after discussion in the eurogroup , the council shall establish , as part of the euro-area recommendation and on an annual basis , the strategic orientations for the reform and investment priorities of the euro area. ### 1. on a recommendation from the commission and after discussion in the eurogroup , the council shall establish , as part of the euro-area recommendation and on an annual basis , the strategic orientations for the reform and investment priorities of the euro area , taking into account the broader perspective of guaranteeing cohesion and convergence among all the member states , including those who do not belong to the euro area. since this instrument is financed from the union budget and should therefore serve the interests of all the member states by means of their participation in the multiannual financial framework , it should avoid putting non-euro area states into a disadvantageous competitive position. to this end , the commission shall perform checks and consultations.


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


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


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


### — having regard to articles 15 , 126 , 175 , 177 , 208 , 209 , 271 , 308 and 309 of the treaty on the functioning of the european union (tfeu) and to protocol no 5 thereto on the statute of the european investment bank (eib) , ### — having regard to articles 15 , 126 , 175 , 174 , 177 , 208 , 209 , 271 , 308 and 309 of the treaty on the functioning of the european union (tfeu) and to protocol no 5 thereto on the statute of the european investment bank (eib) ,


### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which are below historical averages and insufficient to fulfil the eu’s sustainability , social and innovation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the eib to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability , social and innovation gains; ### 1. highlights the importance of the activities of the european investment bank (eib) for economic , social and territorial cohesion in the whole of the european union and for funding at local level , in order to meet citizens' needs; regrets the fact that current levels of investment in the eu are insufficient to fulfil the eu's sustainability , social and innovation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib with various forms of ring-fencing may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the eib to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability , social and innovation gains;


### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which are below historical averages and insufficient to fulfil the eu’s sustainability , social and innovation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the eib to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability , social and innovation gains; ### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which are below historical averages and insufficient to fulfil the eu’s sustainability , social , economic and innovation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments in the financing of projects with substantial potential sustainability , social , economic , competitiveness and innovation gains;emphasizes the impact and additionalityof eib to investments across the eu and appreciates its openness to cooperation with partners stated in their 2019 operational plan;


### 2. reiterates the need to reduce the inequalities in the geographical distribution of eib financing , given that 57% went to six member states in 2018; calls for a fair and transparent geographical distribution of projects and investment , with a special focus on less-developed regions; ### 2. reiterates the need to reduce the inequalities in the geographical distribution of eib financing , given that 57% went to six member states in 2018; calls for the facilitating of a fair and transparent geographical distribution of projects and investment , with a special focus on less-developed regions;


### 2. welcomes the commitment by the commission president-elect to turn sections of the eib into a climate bank , and the commitments from the eib president to increase the share of eib financing for climate action and environmental sustainability to at least 50 % by 2025 and to align all eib financing activities with the goals of the paris agreement by the end of 2020; calls on the commission to present an ambitious new european sustainable investment plan , including additional financial commitments , as soon as possible , and to fully support the eib in its sustainability ambitions; ### 2. welcomes the commitment by the commission president-elect to turn sections of the eib into a climate bank , and the commitments from the eib president to increase the share of eib financing for climate action and environmental sustainability to at least 50 % by 2025 and to align all eib financing activities with the goals of the paris agreement by the end of 2020 and the principles of the upcoming eu green deal; calls on the commission to present an ambitious new european sustainable investment plan , including additional financial commitments , as soon as possible , and to fully support the eib in its sustainability ambitions;


### 3. calls on the eib to greatly strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval , in order to improve accessibility and involve all member states; ### 3. calls for the increase of provisioning under the multiannual financial framework to be dedicated to advisory services and on the eib to greatly strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval , in order to improve accessibility and involve all member states;


### 4. stresses that the key quantitative target of the european fund for strategic investments (efsi) of mobilising eur 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the eib to increase the share of efsi and investeu financing to projects that substantially contribute to the eu’s sustainability and social objectives; calls on the commission to ensure that investeu’s sustainability-proofing methodologies are fully consistent with the eu’s sustainability objectives; ### 4. stresses that the key quantitative target of the european fund for strategic investments (efsi) of mobilizing eur 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the eib to increase the share of efsi and investeu financing to projects that are framed under either or both sustainability and infrastructure and social investment and skills windows; calls on the commission to ensure that investeu’s sustainability-proofing methodologies are fully consistent with the eu’s sustainability objectives and that social projects evaluation criteria take into account the principles of the european pillar of social rights;


### 5. welcomes the decisions taken on 14 november 2019 by the eib’s management board to align the eib’s policies with the goal of limiting global warming to a maximum of 1.5°c above pre-industrial levels; ### 5. welcomes the decisions taken on 14 november 2019 by the eib’s management board to align the eib’s policies with the goal of limiting global warming to a maximum of 1.5°c above pre-industrial levels; recalls that the transformation of the eib into a climate bank can only be achieved if the eib aligns all its operations with the objectives of the paris agreement;


### 5. calls on the eib group to be more transparent about its economic operations , its use of the eu budget guarantee , the additionality of eib operations and on possible future plans for a development subsidiary at the eib , and for the eib group to improve its accountability on these issues; calls for a memorandum of understanding between the eib and parliament to improve access to eib documents and data related to strategic orientation and financing policies in the future in order to strengthen the bank’s accountability. ### 5. calls on the eib group to be more transparent about its economic operations , its use of the eu budget guarantee , the additionality of eib operations and on possible future plans for a development subsidiary at the eib , and for the eib group to improve its accountability on these issues; calls on the eib to further communicate and promote through their liaison offices in the member states its instruments to national and local public and private actors; calls for a memorandum of understanding between the eib and parliament to improve access to eib documents and data related to strategic orientation and financing policies in the future in order to strengthen the bank’s accountability.


### 12. is of the opinion that the eib should require its intermediary clients to disclose their exposure to fossil fuels , and should apply restrictions to heavily exposed intermediaries; expects that , by the end of 2020 , all intermediaries will have a decarbonisation plan , which is indispensable for their financing to continue; ### 12. is of the opinion that the eib should require its intermediary clients to disclose their exposure to fossil fuels , and should gradually apply restrictions to heavily exposed intermediaries; expects that , by the end of 2025 , all intermediaries will have a decarbonisation plan , which is indispensable for their financing to continue;


### 13. is of the opinion that , in line with best practices in the commercial banking sector3 , eib financing should be subject to ambitious scientific objectives and commitments , with a view to phasing out its support to clients whose activities lead to significant ghg emissions; ### 13. is of the opinion that , in line with best practices in the commercial banking sector3 , eib financing should be subject to a science-based transition plan with clear targets and time-based commitments to align with the paris agreement , with a view to phasing out its support to clients whose activities lead to significant ghg emissions;


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


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


### 16. calls on the eib to make the review of its transport policy a key priority; calls for a new transport financing policy to decarbonise the eu transport sector by 2050; ### 16. believes that the review of the eib transport lending policy is a key priority; calls for swift adoption of a new transport financing policy to decarbonise the eu transport sector by 2050;


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


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


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


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


### 27. recommends that the eib recruit human rights specialists so that it has a better understanding of local situations and can monitor any abuses; ### 27. underlines that the eib should strengthen its human rights specialists pool and extend its local staff in partner countries so that it has a better understanding of local situations and can monitor any abuses;


### 28. recalls that the same principles of accountability and transparency should apply to all eu bodies7 ; ### 28. recalls that the same principles of accountability and transparency should apply to all eu bodies7; reminds the eib of its legal obligations under the aarhus convention on access to information , public participation in decision-making and access to justice in environmental matters in the eu;


### 29. welcomes the fact that , as recommended in the latest parliament reports , public summaries are now to be made of management board meetings; stresses the need to publish the content of meetings of all the eib’s governing bodies systematically; ### 29. welcomes the fact that , as recommended in the latest parliament reports , public summaries are now to be made of management board meetings; stresses the need to publish the content of meetings of all the eib’s governing bodies systematically; calls on the eib to disclose more details on the outcomes of its board of directors votes;


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


### 31. calls on the eib to review its transparency policy in 2020 in order to ensure the timely publication of more ample information on its financing activities , so as to ensure that its transparency policy is compliant with its climate and environmental commitments; ### 31. calls on the eib to propose a broad transparency strategy covering all the activities of the eib group and to review its transparency policy in 2020 in order to ensure the timely publication of more ample information on its financing activities , so as to ensure that its transparency policy is compliant with its climate and environmental commitments;


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


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


### 5. points out that it is vital that aid and funds be sent every more rapidly to affected regions , and that links with the union civil protection mechanism (ucpm) and the erdf climate-change adaptation component are essential in order to create a comprehensive package; ### 5. points out that it is vital that aid and funds be sent every more rapidly to affected regions , and that links with the union civil protection mechanism (ucpm) and the erdf climate-change adaptation component are essential in order to create a comprehensive package; insists that synergies with these and other relevant eu funding instruments should be used flexibly and to their fullest extent;


### 6. points out that , according to the united nations office for disaster risk reduction , over the last 20 years (2000-2019) , 7 348 natural disasters have been recorded worldwide at a cost of around usd 3 000 billion , compared to 3 656 disasters between 1980 and 1999; ### 6. points out that , according to the united nations office for disaster risk reduction (undrr) over the last 20 years (2000-2019) , there were 7 ,348 major natural disasters that claimed 1.23 million lives , affected 4.2 billion people and resulted in $2.97 trillion in global economic losses;


### 7. points out that , according to the commission , natural disasters alone cost the eu more than 90 000 human lives and more than eur 500 billion in economic losses between 1980 and 2017; ### 7. points out that , according to the european environment agency (eea) , between 1980 and 2019 , climate-related extremes caused economic losses totalling an estimated eur 446 billion in the eea member countries;


### 7. points out that , according to the commission , natural disasters alone cost the eu more than 90 000 human lives and more than eur 500 billion in economic losses between 1980 and 2017; ### 7. points out that , according to the european environment agency (eea) , between 1980 and 2019 , climate-related extremes caused economic losses totaling an estimated eur 446 billion in the eea member countries;


### 8. stresses that , according to a un report published on 13 october 2020 , natural disasters will lead to the loss of around 150 million lives per year worldwide by 2030 and that the costs of the disasters are expected to reach usd 20 billion per year; ### deleted


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


### 10. considers it vital to improve disaster risk prevention and management in europe; recommends , in this regard , that member states put in place , together with the commission , disaster management plans for accurate and rapid damage assessment; ### 10. considers it vital to improve disaster risk prevention and management in europe; takes note of overviews of natural and man-made disaster risks that the eu faces based on reports prepared by the commission and , in this regard , asks member states to consider that they put in place , together with the commission , disaster management plans for accurate and rapid damage assessment;


### 11. calls on the commission to continue its work on simplifying the eusf; ### 11. calls on the commission to continue its work to simplify and speed up the application procedure for member states and to speed up the final disbursement of the union contribution;


### 15. draws particular attention to the situation of local authorities which have little experience in eu-funded projects and calls on the commission to provide them with increased operational support , in particular administrative support; ### 15. highlights that the use of the eusf has encouraged policy learning in national and local authorities , leading them to assess their broader disaster risk management measures; draws particular attention to the situation of local authorities which have little experience in eu-funded projects and calls on the commission to provide them with increased operational support , in particular administrative support;


### 16. calls on the commission to adapt the eusf as far as possible to the regions that are the most vulnerable to natural , ecological and health disasters , particularly the ors , islands , mountainous regions , regions that are prone to intense seismic or volcanic activity and those that are sparsely populated; ### 16. calls on the commission to consider adapting the eusf as far as possible to the regions that are the most vulnerable to natural and health disasters , particularly the ors , islands , mountainous regions , regions that are prone to intense seismic or volcanic activity and those that are sparsely populated;


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


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


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


### 22. notes with regret that it takes on average one year for the entire grant to reach the beneficiary and that the fund cannot therefore , under the current conditions , claim to act as an instrument for rapid intervention; calls on the commission to expedite payment procedures and to explore ways of simplifying , as much as possible , the administrative procedures required to access aid , in order to relieve disaster-stricken regions or countries from unnecessary administrative burdens; ### 22. notes with regret that it takes on average one year for the entire grant to reach the beneficiary; calls on the commission to expedite payment procedures and to explore ways of simplifying , as much as possible , the administrative procedures required to access aid , in order to relieve disaster-stricken regions or countries from unnecessary administrative burdens;


### 23. believes that , in the future , the eusf budget will have to be increased in order to make it a real tool for eu solidarity; ### 23. believes that , in the future , it is important that the level of the eusf budget and allocation of funding is monitored and , if necessary , adjusted;


### 28. takes the view that this broadening of the scope of the eusf requires a larger budget; ### 28. takes the view that this broadening of the scope of the eusf requires close monitoring and evaluation;


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


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


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


### a. whereas the adverse impacts of climate change represent a direct threat to human livelihoods and ecosystems , as confirmed by the special report by the intergovernmental panel on climate change (ipcc) on global warming of 1.5°c; ### a. whereas the adverse impacts of climate change represent a direct threat to human livelihoods and terrestrial and marine ecosystems , as confirmed by the special report by the intergovernmental panel on climate change (ipcc) on global warming of 1.5°c , and the ipcc special report on the ocean and cryosphere;


### c. whereas the union and its member states are committed to delivering climate action on the basis of the latest available scientific evidence; ### c. whereas the union and its member states are committed to delivering climate action on the basis of prosperity , innovation , technological openness and the latest available scientific evidence;


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


### d. whereas ensuring effective and meaningful carbon pricing , as part of a broader regulatory environment , can act as an economic incentive to spur investments in the decarbonisation of the union’s economy; ### d. whereas ensuring effective and meaningful carbon pricing , as part of a broader regulatory environment , can act as an economic incentive to production methods with lower ghg footprint and to spur investments in the decarbonisation and circularity of the union’s economy;


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


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


### e. whereas existing carbon leakage provisions under union law have failed to demonstrate their effectiveness in delivering the necessary decarbonisation of the sectors concerned; ### e. whereas carbon leakage provisions have been established under union law in the ets framework and contribute to its acceptance; whereas the ets has proven to be the union's most effective and efficient tool for reducing co2-emissions;


### e. whereas existing carbon leakage provisions under union law have failed to demonstrate their effectiveness in delivering the necessary decarbonisation of the sectors concerned; ### e. whereas existing carbon leakage provisions under union law have failed to demonstrate their effectiveness in delivering the necessary decarbonisation of the sectors concerned; whereas carbon leakage is not only economically and socially damaging for the eu , but also a global threat for the environment;


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


### 2. strongly deplores the non-cooperative and disloyal behaviour of some of the union’s trade partners in international climate negotiations , as recently observed at cop25; considers that this behaviour hampers our collective global ability to reach the objectives of the paris agreement; ### 2. is concerned by the lack of cooperation between some of the union’s trade partners in international climate negotiations , as recently observed at cop25; considers that this lack of cooperation hampers our collective global ability to reach the objectives of the paris agreement;


### 2. strongly deplores the non-cooperative and disloyal behaviour of some of the union’s trade partners in international climate negotiations , as recently observed at cop25; considers that this behaviour hampers our collective global ability to reach the objectives of the paris agreement; ### 2. takes note of the different level of ambition of some of the union’s trade partners in international climate negotiations , as recently observed at cop25; considers that this hampers our collective global ability to reach the objectives of the paris agreement;


### 3. urges that the proposed cbam apply to all imports in order to avoid distortion in the internal market; ### 3. urges that any import embedding materials covered by the eu ets be subject to the cbam in order to avoid distortions between products in the internal market and along the value chain;


### 3. emphasises that decentralised climate actions can lead to carbon leakage and a competitive disadvantage on international markets for the eu industry; urges the commission , therefore , to ensure full carbon-leakage protection and to consider the inclusion of export rebates in the mechanism; ### 3. emphasises that decentralised climate actions can lead to carbon leakage and a competitive disadvantage on international markets for the eu industry; urges the commission , therefore , to ensure full carbon-leakage protection;


### 4. takes note of the commission’s proposal to set the union’s 2030 climate target to ‘at least 55 % net emissions reduction’ compared to 1990 levels; highlights , however , that this target does not represent the union’s highest possible ambition , nor does it reflect the principle of equity and common but differentiated responsibilities; ### 4. takes note of the commission’s proposal to set the union’s 2030 climate target to ‘at least 55 % net emissions reduction’ compared to 1990 levels; highlights the importance of setting a well-balanced co2-emission reduction trajectory that enables the union to deliver on the commitments under the paris agreement and on the target of reaching climate neutrality by 2050 without putting too much burden on the economy in the near term in order to allow for necessary long-term investments in r&;i;


### 4. takes note of the commission’s proposal to set the union’s 2030 climate target to ‘at least 55 % net emissions reduction’ compared to 1990 levels; highlights , however , that this target does not represent the union’s highest possible ambition , nor does it reflect the principle of equity and common but differentiated responsibilities; ### 4. takes note of the commission’s proposal to set the union’s 2030 climate target to ‘at least 55 % net emissions reduction’ compared to 1990 levels; highlights , however , that this target does not represent the union’s highest possible ambition , nor does it reflect the principle of equity and common but differentiated responsibilities , and recalls the parliament's position to strengthen the target to 60% ;


### 4. takes note of the commission’s proposal to set the union’s 2030 climate target to ‘at least 55 % net emissions reduction’ compared to 1990 levels; highlights , however , that this target does not represent the union’s highest possible ambition , nor does it reflect the principle of equity and common but differentiated responsibilities; ### 4. takes note the commission’s proposal to set the union’s 2030 climate target to ‘at least 55 % net emissions reduction’ compared to 1990 levels; highlights however that the european parliament set out a higher 2030 target of 60% emission reductions compared to 1990;


### 4. recommends that a design be introduced that measures the carbon content of imports through their basic materials composition (as outlined in the proposal from the european economic and social committee); recalls that this feasible approximation would weigh each basic material covered by the eu ets and multiply it by its carbon intensity value – which ideally should be defined at country level; stresses , however , that importers who are more carbon efficient should be allowed to demonstrate the specific carbon intensity of their products; ### 4. recommends that a design be introduced that measures the carbon content of each import through its basic materials composition (as outlined in the proposal from the european economic and social committee); recalls that this feasible approximation would weigh each basic material covered by the eu ets and multiply it by its carbon intensity value – which ideally should be defined at country level; stresses , however , that importers who are more carbon efficient should be allowed to demonstrate the specific carbon intensity of their products;


### 5. requests that the implementation of the cbam should lead to the progressive phasing out of the free allocation of allowances , following an appropriate transition period , since the mechanism ensures that eu producers and importers would have to deal with the same carbon costs in the eu market; notes that this phasing out should be coupled in parallel with the introduction of export rebates in order to maintain strong decarbonisation incentives , while ensuring a level playing field for eu exports; ### 5. requests that the implementation of the cbam should lead to the progressive phasing out of the free allocation of allowances , following an appropriate transition period , since the mechanism ensures that eu producers and importers would have to deal with the same carbon costs in the eu market; notes that this phasing out should be coupled symmetrically with the introduction of partial export rebates; such export rebates should not refund more than the current level of free allowances , in order to maintain strong decarbonisation incentives , while ensuring a level playing field for eu exports;


### 5. requests that the implementation of the cbam should lead to the progressive phasing out of the free allocation of allowances , following an appropriate transition period , since the mechanism ensures that eu producers and importers would have to deal with the same carbon costs in the eu market; notes that this phasing out should be coupled in parallel with the introduction of export rebates in order to maintain strong decarbonisation incentives , while ensuring a level playing field for eu exports; ### 5. requests that the implementation of the cbam should lead to the progressive phasing out of the free allocation of allowances , since the mechanism ensures that eu producers and importers would have to deal with the same carbon costs in the eu market; notes that this phasing out should be coupled in parallel with the introduction of export rebates in order to maintain strong decarbonisation incentives , while ensuring a level playing field for eu exports;


### 6. supports the introduction of a carbon border adjustment mechanism (cbam) as a way to reduce global ghg emissions in the pursuit of the paris agreement objectives; states unequivocally that this mechanism should serve to better address ghg emissions embedded in international trade , thereby incentivising climate action both within the union and by our trading partners , and not as an instrument for protectionism; ### 6. takes note of ongoing discussions on the possible introduction of a carbon border adjustment mechanism (cbam) as a way to reduce global ghg emissions in the pursuit of the paris agreement objectives; states unequivocally that such a mechanism should serve to better address ghg emissions embedded in international trade , thereby incentivising climate action both within the union and by our trading partners , while being non-discriminatory and not creating further administrative burden or cost; stresses that such a mechanism must be compatible with wto-rules and should not become an instrument for protectionism; stresses , however , that currently discussed approaches do not unambiguously address these concerns and that even a formally wto-compatible mechanism could trigger third-country trade policy responses , thereby supporting a partitioning of markets;


### 6. supports the introduction of a carbon border adjustment mechanism (cbam) as a way to reduce global ghg emissions in the pursuit of the paris agreement objectives; states unequivocally that this mechanism should serve to better address ghg emissions embedded in international trade , thereby incentivising climate action both within the union and by our trading partners , and not as an instrument for protectionism; ### 6. supports the introduction of a carbon border adjustment mechanism (cbam) as a way to reduce global ghg emissions in the pursuit of the paris agreement objectives; states unequivocally that this mechanism should serve to better address ghg emissions embedded in international trade fully in line with wto rules , thereby incentivising climate action both within the union and by our trading partners , and not as an instrument for protectionism;


### 7. reiterates that the introduction of a cbam should be part of a broader union industrial policy that is both environmentally ambitious and socially fair , aiming at steering a decarbonised reindustrialisation of europe that will create local jobs and ensure the competitiveness of the european economy while fulfilling the union’s climate ambition; ### 7. reiterates that the introduction of a cbam should be part of a broader union industrial policy that is both environmentally ambitious and socially fair , aiming at steering a decarbonised reindustrialisation of europe that will avoid carbon leakage , create local jobs and ensure the competitiveness of the european economy on global markets while fulfilling the union’s climate ambition;


### 7. calls on the commission to conduct an impact assessment of different mechanisms and designs to incentivise international climate action and prevent carbon leakage before presenting a legislative proposal. ### 7. calls on the commission to conduct an impact assessment of different mechanisms and designs to incentivise international climate action and prevent carbon leakage before presenting a legislative proposal; calls on the commission , in its impact assessment , to identify measures for sectors where the risk of carbon leakage is highest;


### 8. considers that a cbam should cover all imports , but that as a starting point already by 2023 it should cover the power sector and energy-intensive industrial sectors like cement , steel , chemicals and fertilisers , which continue to receive substantial free allocations , and still represent 94 % of union industrial emissions; ### 8. considers that a cbam should cover all imports in sectors covered by the eu ets and avoid distortions in the eu internal market; as a starting point already by 2023 it should cover the power sector and energy-intensive industrial sectors exposed the most to carbon leakage , like cement , steel , chemicals and fertilisers , which still represent 94 % of union industrial emissions; in order to avoid carbon leakage , a cbam should covered imports of commodities and processed products;


### 8. considers that a cbam should cover all imports , but that as a starting point already by 2023 it should cover the power sector and energy-intensive industrial sectors like cement , steel , chemicals and fertilisers , which continue to receive substantial free allocations , and still represent 94 % of union industrial emissions; ### 8. considers that a cbam should cover all imports , but that as a starting point already by 2023 it should cover the power sector and energy-intensive industrial sectors like cement , steel , chemicals and fertilisers , which continue to receive free allocations , and still represent 94 % of union industrial emissions; emphasizes that the inclusion of specific sectors in cbam should be preceded by a thorough impact assessment on downstream processing and on final consumers;


### 8. considers that a cbam should cover all imports , but that as a starting point already by 2023 it should cover the power sector and energy-intensive industrial sectors like cement , steel , chemicals and fertilisers , which continue to receive substantial free allocations , and still represent 94 % of union industrial emissions; ### 8. considers that a cbam should be gradually developed with caution and be based on substantiated evidence but that as a starting point already by 2023 it could cover those sectors that the commission impact assessment considers as adequate starting points;


### 9. underlines that the ghg emissions content of imports concerned should be accounted for on the basis of transparent and reliable product-specific benchmarks representing the global average ghg emissions content of individual products; considers that the carbon pricing of imports should also take into account the country-specific carbon intensity of the electricity grid; ### 9. underlines that the ghg emissions content of imports concerned should be accounted for on the basis of transparent and reliable product-specific benchmarks at the level of the installations in third countries but , by default , if data is not made available by the importer , the global average ghg emissions content of individual products should be accounted for; notes in that perspective that carbon intensity of imported products may be evaluated through their raw materials composition and that this approximation would weigh each basic material covered by the eu ets and multiply it by its carbon intensity value; stresses that importers should be allowed to individually demonstrate the specific carbon intensity of their product; considers that the carbon pricing of imports should also take into account the country-specific carbon intensity of the electricity grid or if data is made available by the importer the carbon intensity of the energy consumption at the installation level;


### 9. underlines that the ghg emissions content of imports concerned should be accounted for on the basis of transparent and reliable product-specific benchmarks representing the global average ghg emissions content of individual products; considers that the carbon pricing of imports should also take into account the country-specific carbon intensity of the electricity grid; ### 9. underlines that the ghg emissions content of imports concerned should be accounted for on the basis of transparent and reliable product-specific benchmarks representing the global average ghg emissions content of individual products , with the exception of the agricultural and forestry sector where the ghg emission content will be reflecting different methods of production and sourcing and land use changes; considers that the carbon pricing of imports should also take into account the country-specific carbon intensity of the electricity grid;


### 9. underlines that the ghg emissions content of imports concerned should be accounted for on the basis of transparent and reliable product-specific benchmarks representing the global average ghg emissions content of individual products; considers that the carbon pricing of imports should also take into account the country-specific carbon intensity of the electricity grid; ### 9. underlines that the ghg emissions content of imports concerned should be accounted for on the basis of transparent and reliable product-specific benchmarks representing the global average ghg emissions content of individual products; considers that the carbon pricing of imports should also take into account the country-specific carbon intensity of the electricity grid; stresses that ghg emissions accounting must not lead to undue administrative costs and delays;


### 9. underlines that the ghg emissions content of imports concerned should be accounted for on the basis of transparent and reliable product-specific benchmarks representing the global average ghg emissions content of individual products; considers that the carbon pricing of imports should also take into account the country-specific carbon intensity of the electricity grid; ### 9. underlines that the ghg emissions content of imports concerned should be accounted for on the basis of transparent and reliable product-specific benchmarks representing the global average ghg emissions content of individual products; considers that the carbon pricing of imports should also take into account indirect emissions and the life cycle analysis of imports , such as the country-specific carbon intensity of the electricity grid;


### 9. underlines that the ghg emissions content of imports concerned should be accounted for on the basis of transparent and reliable product-specific benchmarks representing the global average ghg emissions content of individual products; considers that the carbon pricing of imports should also take into account the country-specific carbon intensity of the electricity grid; ### 9. underlines that the ghg emissions content of imports concerned should be accounted for on the basis of transparent and reliable benchmarks based on the rulebook of the paris agreement that incentivizes actors to innovate and to lower the carbon footprint of imports; considers that the mechanism should also take into account the average of the country-specific carbon intensity of the exporting power system;


### 10. stresses that carbon pricing under the cbam should mirror the dynamic evolution of the price of union allowances under the eu emissions trading system (eu ets); points out that the introduction of a rising carbon floor price under the eu ets could ensure predictability under the cbam while also ensuring a stronger price signal within the eu; ### 10. stresses that carbon pricing under the cbam should mirror the dynamic evolution of the price of union allowances under the eu emissions trading system (eu ets); is of the opinion that importers should buy allowances from a separate pool of allowances to the eu ets , whose carbon price corresponds to the carbon price of the day of the transaction in the eu ets; points out that the introduction of a rising carbon price floor under the eu ets could ensure predictability under the cbam while also ensuring a stronger price signal within the eu;


### 10. stresses that carbon pricing under the cbam should mirror the dynamic evolution of the price of union allowances under the eu emissions trading system (eu ets); points out that the introduction of a rising carbon floor price under the eu ets could ensure predictability under the cbam while also ensuring a stronger price signal within the eu; ### 10. stresses that carbon pricing under the cbam should mirror the dynamic evolution of the price of union allowances under the eu emissions trading system (eu ets);


### 10. stresses that carbon pricing under the cbam should mirror the dynamic evolution of the price of union allowances under the eu emissions trading system (eu ets); points out that the introduction of a rising carbon floor price under the eu ets could ensure predictability under the cbam while also ensuring a stronger price signal within the eu; ### 10. recalls that the covid-19 crisis led to a significant drop in the price of carbon , revealing the shortcomings of the existing system , stresses that carbon pricing under the cbam should mirror the dynamic evolution of the price of union allowances under the eu emissions trading system (eu ets); points out that the introduction of a rising carbon floor price under the eu ets could ensure predictability under the cbam while also ensuring a stronger price signal within the eu;


### 11. points out that a cbam is not per se incompatible with wto rules , and highlights the necessity for any cbam to be designed with the highest environmental integrity in mind; ### 11. points out that cbam must be compatible with wto rules and with eu free trade agreements; highlights the necessity for any cbam to be designed with the highest environmental integrity in mind taking into account the whole life cycle , the parameters of imported technologies and products contributing to member state's decarbonisation commitments when setting the terms of cbam;


### 11. points out that a cbam is not per se incompatible with wto rules , and highlights the necessity for any cbam to be designed with the highest environmental integrity in mind; ### 11. points out that a cbam must be compatible with wto rules , and highlights the necessity for any cbam to be designed with the sole purpose of preventing carbon leakage by levelling the playing field for international trade for as long as different levels of climate policy ambitions persist internationally;


### 11. points out that a cbam is not per se incompatible with wto rules , and highlights the necessity for any cbam to be designed with the highest environmental integrity in mind; ### 11. points out that a cbam is compatible with wto rules if it is designed with a clear environmental objective; highlights therefore the necessity for any cbam to be designed with the highest environmental integrity and purpose in mind;


### 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 wto compatibility of any measure , and that , therefore , measures on carbon leakage under union law should be phased out , in parallel with the implementation of the eu ets carbon price on imports , 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; stresses however that this should not lead to double advantages for eu installations;


### 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 wto compatibility; calls for existing carbon leakage measures to be maintained until the effectiveness of the mechanism has been established;