### 6. notes that the general escape clause of the stability and growth pact will continue to be applied in 2022 and is expected to be deactivated as of 2023; ### 6. notes that the general escape clause of the stability and growth pact will continue to be applied in 2022; expects that it will remain activated as long as the underlying justification of the activation exists in order to support the efforts of the member states to recover from the pandemic crisis and strengthen their competitiveness , as well as economic and social resilience;


### (new) ### 6 a. underlines the need to increase the role and visibility of education in the european semester format in order to assess the developments and reforms of the educational systems and consistently check the implementation of the eu actions plans , agendas and recovery targets across the union , especially in the context of the pandemic;


### 7. recalls that the design of nextgenerationeu requires debt repayment through new own resources of the eu budget. ### 7. welcomes the promising early signs of bond issuance by the commission to finance the first disbursements under the rrf; recalls that the design of nextgenerationeu requires debt repayment through new own resources of the eu budget.


### 7. believes that the review of the eu’s economic governance framework is necessary; agrees with the european fiscal board on the importance of having a clear pathway towards a reviewed fiscal framework , preferably prior to the deactivation of the general escape clause; ### 7. believes that the review of the eu’s economic governance framework is necessary; agrees with the european fiscal board on the importance of having a clear pathway towards a reviewed fiscal framework , preferably prior to the deactivation of the general escape clause; recalls the scientific consensus that climate change and the deterioration of biodiversity will , with a significant probability , trigger disruptive events , unknown until now , with major and irreversible economic and social consequences; stresses that the tax base , the stability of financial markets are closely linked to the ecological and social sustainability of the economy and its resilience considers that , there view and reform of the budgetary framework should aim for a sustainable increase in investment in the social and ecological transition , with an emphasis on health and education;


### 7. believes that the review of the eu’s economic governance framework is necessary; agrees with the european fiscal board on the importance of having a clear pathway towards a reviewed fiscal framework , preferably prior to the deactivation of the general escape clause; ### 7. believes that the review of the eu’s economic governance framework is necessary and should be done taking into account the report on the review of the macroeconomic legislative framework for a better impact on europe’s real economy and improved transparency of decision-making and democratic accountability; agrees with the european fiscal board on the importance of having a clear pathway towards a reviewed fiscal framework , prior to the deactivation of the general escape clause;


### a. whereas the european semester plays an important role in coordinating economic and budgetary policies in the member states , thereby safeguarding the macroeconomic stability of the economic and monetary union; ### a. whereas the european semester plays an important role in coordinating economic , employment , social and budgetary policies in the member states , thereby safeguarding the macroeconomic stability of the economic and monetary union; whereas the semester has been expanded to include , among other aspects , issues related to the financial sector and taxation , as well as objectives of the un sdgs;


### b. whereas according to the commission’s autumn economic forecast , the gdp growth rate for 2022 is expected to be 4.3 % of gdp per capita for both the euro area and the eu-27 , but is expected to fall to 2.4 % and 2.5 % respectively in 2023; ### b. whereas according to the commission’s autumn economic forecast , the gdp growth rate for 2022 is expected to be 4.3 % for both the euro area and the eu-27 , but is expected to fall to 2.4 % and 2.5 % respectively in 2023;


### d. whereas the crisis caused by the covid-19 pandemic led to an increase in social , territorial , economic and gender-based inequalities; ### d. whereas the crisis caused by the covid-19 pandemic led to an increase in social , territorial , economic and gender-based inequalities , resulting in extreme poverty , high unemployment rate and social disparity that affect vulnerable groups in particular;


### d. whereas the crisis caused by the covid-19 pandemic led to an increase in social , territorial , economic and gender-based inequalities; ### d. whereas the crisis caused by the covid-19 pandemic led to an increase in social , territorial , economic and gender-based inequalities and unemployment , affecting vulnerable groups in particular;


### e. whereas according to the commission’s autumn economic forecast , the average rate of unemployment fell to 7.9 % in the euro area and 7.1 % in the eu-27 in 2021 , with further decreases to 7.5 % and 6.7 % expected in 2022; ### e. whereas according to the commission’s autumn economic forecast , the average rate of unemployment fell to 7.9 % in the euro area and 7.1 % in the eu-27 in 2021 , with further decreases to 7.5 % and 6.7 % expected in 2022; whereas young people have experienced the sharpest increase in unemployment;


### responsible fiscal policies ### responsible and growth-promoting fiscal policies


### 8. is convinced that the coordination of national fiscal policies remains crucial in underpinning the recovery; notes that the overall fiscal stance , taking into account national budgets and the rrf , is projected to remain supportive in 2022 to sustain the recovery; agrees with the commission that member states with low or medium levels of debt should pursue or maintain a supportive fiscal stance , and that member states with high levels of debt should use the rrf to finance additional investment to support the recovery , while pursuing a prudent fiscal policy; agrees with the commission that all member states should preserve or broadly preserve their national financed investment; ### 8. is convinced that the coordination of national fiscal policies remains crucial in underpinning the recovery; notes that the overall fiscal stance , taking into account national budgets and the expected acceleration in spending financed by rrf grants , is projected to remain supportive in 2022 to sustain the recovery and should remain supportive as long as necessary; agrees with the commission that member states with low or medium levels of debt should pursue or maintain a supportive fiscal stance , and that member states with high levels of debt should use the rrf to finance additional investment to support the recovery , while pursuing responsible fiscal and sustainable policies; agrees with the commission that all member states should preserve or broadly preserve their national financed investment and ensure a socially just recovery;


### growth-enhancing , balanced , inclusive and sustainable structural reforms and investment ### growth-enhancing , socially-balanced , inclusive and sustainable structural reforms and investment


### 9. considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies , promote sustainable and inclusive growth , and improve institutional frameworks; ### 9. considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies , promote sustainable and inclusive growth , and improve institutional frameworks; recalls that the european union , committed to fulfilling the paris agreements , should adopt new social and environmental indicators to assess its public policies and make sure they respect the social floor and environmental ceiling;


### 9. considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies , promote sustainable and inclusive growth , and improve institutional frameworks; ### 9. considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies , promote sustainable and inclusive growth , and improve institutional frameworks; in order to further strengthen economic and social resilience the eu must deliver on the principles of the european pillar of social rights , the sustainable development goals and the european green deal;


### 9. considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies , promote sustainable and inclusive growth , and improve institutional frameworks; ### 9. considers that it is crucial to coordinate national reform and investment efforts and the exchange of best practices in order to increase the convergence and resilience of our economies , promote sustainable and inclusive growth , to facilitate access to education , development digital education , and improve institutional frameworks;


### 10. highlights that the rrf presents an unprecedented and unique opportunity for all member states to address key structural challenges and investment needs and insists that all recovery and resilience plans address all requirements of the rrf regulation , in particular the six pillars; highlights the interplay between the european semester and the rrf; calls on the member states to make the most of this opportunity and to use it to transform their economies and make them sustainable , more competitive and more resilient to future shocks; highlights the role of the european parliament in the implementation of the rrf , as enshrined in the rrf regulation; ### 10. highlights that the rrf presents an unprecedented and unique opportunity for all member states to address key structural challenges and investment needs while embracing the just , green and digital transitions; insists that all recovery and resilience plans address all requirements of the rrf regulation , in particular the six pillars , namely: green transition; digital transformation; smart , sustainable and inclusive growth; social and territorial cohesion; health , economic , social and institutional resilience; and policies for the next generation , children and the youth; highlights the interplay between the european semester and the rrf; calls on the member states to make the most of this opportunity and to use it to transform their economies and make them sustainable , more competitive and more resilient to future shocks; highlights the role of the european parliament in the implementation of the rrf , as enshrined in the rrf regulation;


### 10. highlights that the rrf presents an unprecedented and unique opportunity for all member states to address key structural challenges and investment needs and insists that all recovery and resilience plans address all requirements of the rrf regulation , in particular the six pillars; highlights the interplay between the european semester and the rrf; calls on the member states to make the most of this opportunity and to use it to transform their economies and make them sustainable , more competitive and more resilient to future shocks; highlights the role of the european parliament in the implementation of the rrf , as enshrined in the rrf regulation; ### 10. highlights that the rrf presents an unprecedented and unique opportunity for all member states to address key structural challenges and investment needs and insists that all recovery and resilience plans address all requirements of the rrf regulation , in particular the six pillars; underlines , therefore , that future csrs should address the existing challenges in light of the crisis , support the just , green and digital transitions and be coherent with the general and specific objectives of the rrf regulation , and should not contradict them; highlights the interplay between the european semester and the rrf; calls on the member states to make the most of this opportunity and to use it to transform their economies and make them sustainable , more competitive and more resilient to future shocks; highlights the role of the european parliament in the implementation of the rrf , as enshrined in the rrf regulation;


### 11. highlights that the covid-19 pandemic has had a significant impact on women; emphasises the importance of increasing women’s participation in the economy , including inclusive participation in the digital economy and transformation , and ensuring more inclusive growth as part of the solution to the post-pandemic recovery , which will help to increase jobs , economic prosperity and competitiveness across the eu; ### 11. highlights that the covid-19 pandemic has had a significant negative impact on women both in paid and unpaid work with far reaching consequences; emphasises the importance of increasing women’s participation in the economy , including inclusive participation in the digital economy and transformation , ensuring more inclusive growth , ensuring equal pay for equal work and reducing the poverty gap as part of the solution to the post-pandemic recovery , which will help to increase jobs , economic prosperity and competitiveness across the eu; calls therefore on the commission and the council to ensure that gender equality and equal opportunities for all , and the mainstreaming of those objectives , are addressed effectively in the country-specific recommendations and promoted in the implementation of investment and reforms;


### 12. notes that many member states are having to contend with old and new structural challenges that are hindering their growth potential; highlights , therefore , that tackling structural challenges is crucial for a sustainable recovery and continued growth; takes the view that implementing reforms to address old and new structural vulnerabilities is key not only to improving the ability to withstand and cope with existing challenges , but also to accomplishing the twin transitions in a sustainable , fair and inclusive manner and to reducing social inequalities; points to the lack of national ownership as one of the main weaknesses in enacting reforms aimed at addressing structural deficiencies; ### 12. notes that many member states are having to contend with old and new structural challenges that are hindering their growth potential; highlights , therefore , that tackling structural challenges in a socioeconomic sensitive manner , is crucial for a sustainable recovery and continued growth; takes the view that implementing reforms to address old and new structural vulnerabilities is key not only to improving the ability to withstand and cope with existing challenges , but also to accomplishing the twin transitions in a sustainable , fair and inclusive manner and to reducing social and economic inequalities; points to the lack of national ownership as one of the main weaknesses in enacting reforms aimed at addressing structural deficiencies;


### 13. is concerned that the commission identified macroeconomic vulnerabilities related to imbalances and excessive imbalances in 12 member states; is worried that the nature and source of member states’ imbalances remain largely the same as before the pandemic and that the pandemic could also be exacerbating imbalances and economic divergences; calls on the member states to take advantage of the unprecedented opportunity provided by the rrf to significantly reduce existing macroeconomic imbalances , in particular by including ambitious reform measures in the national plans of all member states; stresses that sound execution is essential to make full use of this opportunity; ### 13. is concerned that the commission identified macroeconomic vulnerabilities related to imbalances and excessive imbalances in 12 member states; is worried that the pandemic and that the pandemic could also be exacerbating imbalances and economic divergences; calls on the member states to take advantage of the unprecedented opportunity provided by the rrf to significantly reduce existing macroeconomic imbalances , in particular by including ambitious reform measures in the national plans of all member states; stresses that sound execution is essential to make full use of this opportunity;


### 13. is concerned that the commission identified macroeconomic vulnerabilities related to imbalances and excessive imbalances in 12 member states; is worried that the nature and source of member states’ imbalances remain largely the same as before the pandemic and that the pandemic could also be exacerbating imbalances and economic divergences; calls on the member states to take advantage of the unprecedented opportunity provided by the rrf to significantly reduce existing macroeconomic imbalances , in particular by including ambitious reform measures in the national plans of all member states; stresses that sound execution is essential to make full use of this opportunity; ### 13. is concerned that the commission identified macroeconomic vulnerabilities related to imbalances and excessive imbalances in 12 member states; is worried that the nature and source of member states’ imbalances remain largely the same as before the pandemic and that the pandemic could also be exacerbating imbalances and economic divergences; calls on the member states to take advantage of the unprecedented opportunity provided by the rrf to significantly reduce existing macroeconomic imbalances , in particular by including ambitious measures in the national plans of all member states; stresses that sound execution is essential to make full use of this opportunity;


### 1. takes note of the investment report 2021/2022; welcomes the focus on the eu’s long-term challenges of climate change , social cohesion and digital transformation; ### 1. takes note of the investment report 2021/2022 and the eib group operational plan 2022-2024; welcomes the focus on the eu’s long-term challenges of climate change , social cohesion and digital transformation; underlines , however , that the illegal russian war in ukraine has created a humanitarian crisis in ukraine and fundamentally impacted the economic and security situation in the eu and its neighbourhood , which needs to be reflected in the eib's activities and investment plans;


### 2. calls for an increase in the eib’s capitalisation to enable more long-term loans and innovative instruments to finance projects with great potential for sustainability , social and innovation gains; ### 2. calls on the member states as shareholders for an increase in the eib’s capitalisation to enable more long-term loans and innovative instruments to finance projects with great potential for sustainability , social and innovation gains while maintaining its actual high credit rating level;


### 4. applauds the timeliness of the european guarantee fund to help mitigate the negative social and economic impacts of the covid-19 pandemic; ### 4. applauds the timeliness of the european guarantee fund to help mitigate the negative social and economic impacts of the covid-19 pandemic; regrets however , the lack of transparency around the fund; notes that without transparency regarding its final beneficiaries , it is difficult to draw conclusions about the fund's impact on the european economy; calls , therefore , for a thorough assessment of the fund , evaluating to what extent the eib's involvement brought added-value and to what extent the fund delivered on its objectives; calls for the assessment to be made public;


### 6. welcomes the fact that 43 % of lending in 2021 was climate and environment related and applauds the intention to meet the climate lending target in 2022; stresses that the climate bank roadmap (cbr) alone is not enough to ensure alignment with the objective of the paris agreement of limiting global warming to 1.5°c; calls for an immediate halt to carbon markets and offsetting and for all action plans for the implementation of the cbr to be made public; ### 6. welcomes the fact that 43 % of lending in 2021 was climate and environment related and applauds the intention to meet the climate lending target in 2022; underlines that the climate transition must be inclusive and fair; calls , in this regard , on the eib to leverage its lending , financial instruments , technical assistance and advisory services to support people and regions facing socioeconomic challenges deriving from the transition towards a carbon-neutral economy; stresses that the climate bank roadmap (cbr) alone is not enough to ensure alignment with the objective of the paris agreement of limiting global warming to 1.5°c and ensuring a just transition; calls for all action plans for the implementation of the cbr to be made public;


### 10. expresses , in view of the upcoming review of the energy lending policy , its full support for the statement of president hoyer: ‘we believe that we have a mission to concentrate on sustainability and achieving the paris goals with the means of a long-term investor institution.[...] therefore i don’t see a change in our energy lending policy’; calls for the eib to retain the possibility to apply stricter criteria than the eu taxonomy and finance fossil-free energy only , and in particular to exclude financing for so-called low-carbon gas , especially for district heating , grey or blue hydrogen and forest biomass; ### 10. expresses , in view of the upcoming review of the energy lending policy , its full support for the statement of president hoyer: ‘we believe that we have a mission to concentrate on sustainability and achieving the paris goals with the means of a long-term investor institution.[...] therefore i don’t see a change in our energy lending policy’; notes , however , that the exclusion of gas does not allow the eib to participate in pcis or in additional gas diversification or storage investments in the eu , as called for by the commission in the repowereu communication; notes that there is an on-going debate regarding the eu taxonomy and financing fossil-based energy;


### 11. regrets the delays in the transport lending policy review; expects a proposal fully aligned with the 1.5°c target of the paris agreement; expects no new loans to be granted that hinder transport decarbonisation or the transition towards zero emission mobility; ### 11. regrets the delays in the transport lending policy review; expects a proposal fully aligned with the 1.5°c target of the paris agreement; expects new loans to support the decarbonisation of transport and the transition towards zero emission mobility;


### 12. welcomes the updated essf standard 4 and calls for its diligent implementation; welcomes the efforts made to strengthen biodiversity risk assessment and due diligence; is concerned , however , at the use of outdated data; expects the eib to comply with articles 11 and 191 tfue and to stop disbursing funds , and , if necessary , withdraw them , if there is evidence or a serious risk of adverse impacts; ### 12. welcomes the updated essf standard 4 and calls for its diligent implementation; welcomes the efforts made to strengthen biodiversity risk assessment and due diligence; expects the data used to be up to date; expects the eib to comply with articles 11 and 191 tfue and to stop disbursing funds , and , if necessary , withdraw them , if evidence or a serious risk of adverse impacts is formally established;


### 13. acknowledges the challenges and progress achieved during the implementation of the natural capital financing facility; calls for an independent evaluation embedded in a broader assessment of supporting ecosystem and biodiversity restoration; ### 13. acknowledges the challenges and progress achieved during the implementation of the natural capital financing facility; calls for an independent public evaluation embedded in a broader assessment of supporting ecosystem and biodiversity restoration;


### 14. calls for the eib to only support sustainable agriculture and natural resource management projects that respect planetary boundaries; calls for a ban on supporting all forms of industrial farming and farming practices that do not comply with animal welfare standards; ### 14. notes that ukraine and russia are major producers of food crops including wheat , corn and barley; notes that the war has severely impacted the ukrainian agriculture sector; notes further that russia and belarus are major producers of fertilisers; regrets that the war may have major spill over effects on cross-border supply chains , food and fertiliser prices and food security in the eu and globally; calls for the eib to support food security and sustainable agriculture and natural resource management projects that respect planetary boundaries; calls for a ban on supporting all forms of industrial farming and farming practices that do not comply with established animal welfare standards in existing eu legislation;


### social responsibility and gender ### social responsibility , health and gender


### 15. welcomes the inclusion of labour rights in essf standard 8; ### 15. welcomes the inclusion of labour rights in essf standard 8; regrets , however , its non-binding nature as regards supply-chain workers; calls on the eib to ensure that labour rights are better accounted for in its operations through the inclusion of contractual clauses requiring promoters to assess labour risks;


### 16. calls on the eib to collect gender-disaggregated data; urges the eib to assess the gender impact of projects; ### 16. calls on the eib to systematically collect and make publicly available gender-disaggregated data; urges the eib to assess the gender impact of projects inside and outside the eu , and to report on the results of its assessments;


### 17. expresses its support for eib global; expects full alignment of investments in non-eu countries with intra-eu lending and eu external action; calls for public consultation on the strategies linked to eib global with a particular focus on the role of recipient countries and specific chapters on human rights due diligence; ### 17. expresses its support for eib global; expects full alignment of investments in non-eu countries with intra-eu lending and eu external action policies; calls for public consultation on the strategies linked to eib global with a particular focus on the role of recipient countries and specific chapters on human rights due diligence;


### 18. regrets that the new essf includes no significant improvement in human rights protection or procedures to prevent human rights violations; calls for this to be addressed in the statement on human rights; is very concerned that in some cases , the eib has continued to disburse loans despite clear human rights abuses; ### 18. regrets that the new essf includes no significant improvement in human rights protection or procedures to prevent human rights violations; calls for this to be addressed in the statement on human rights; expresses its concern about allegations regarding human rights abuses in connection to projects financed by the eib; expects the eib to through its internal and external assessment procedures to determine whether it has been the case; reiterates its calls on the eib to strengthen its human rights policy;


### 19. is very concerned by the decline of transparency at the eib: in 2010 , 96.1 % of all projects were published three weeks before board approval , falling to only 60 % in 2020; calls for more transparency and accountability , also towards eu institutions , in particular parliament; ### 19. is very concerned by the decline of transparency at the eib , namely the decline in publicly available project information; in 2010 , 96.1 % of all projects were published three weeks before board approval , falling to only 60 % in 2020; calls for more transparency and accountability , also towards eu institutions , in particular parliament;


### 20. considers the new transparency policy (tp) a major setback; regrets that the eib has totally ignored parliament’s very clear demands to improve its tp in line with other financial institutions’ best practices and standards; calls for the tp to be aligned with that of the european bank for reconstruction and development on mandatory disclosure for intermediaries of projects with high environmental risks; ### 20. notes the new transparency policy (tp) adopted in november 2021 and welcomes the commitment to publish additionality impact statements of eib operations describing how the eib delivers additionality and the commitment to publish calendars of the regular meetings of the board of directors , management committee and audit committee , but considers the review a missed opportunity on some other aspects; regrets that the eib has totally ignored parliament’s very clear demands to improve its tp in line with other financial institutions’ best practices and standards; calls for the tp to be aligned with that of the european bank for reconstruction and development on mandatory disclosure for intermediaries of projects with high environmental risks;


### 23. expresses serious concerns at the lack of social dialogue at the eib , in particular to address concerns about harassment allegations and the working environment; urges the eib management to engage in genuine dialogue with staff in order to address their concerns; ### 23. expresses serious concerns at the lack of social dialogue at the eib , in particular to address concerns about harassment allegations and the working environment; urges the eib management to engage in genuine dialogue with staff in order to address their concerns and to foster trust and a culture of accountability; encourages the bank to launch surveys and consultations across its staff;


### 27. is very concerned that , at least once , the eib disbursed funding despite a very clear eib complaints mechanism report concluding that its environmental and social standards had been breached; calls for any such project to be halted immediately; ### 27. expresses its concern about allegations of the eib continuing the disbursement of funding despite its environmental and social standards having been breached; calls on the eib to ensure that standards are upheld throughout the entire project cycle and to take corrective action in cases of incompliance;


### 28. welcomes the working arrangement with the european public prosecutor’s office and calls for its full and diligent implementation , in particular as regards reporting; ### 28. welcomes the working arrangement with the european public prosecutor’s office and calls for its full and diligent implementation , in particular as regards reporting; calls on the eib to enhance its cooperation the european anti-fraud office (olaf);


### (14) the drug phenomenon is becoming more and more technology-enabled , as was shown again during the covid-19 pandemic where a greater adoption of new technologies to facilitate drug distribution has been observed. it is estimated that about two-thirds of the offers on darknet markets are drug-related. drug trading is using different platforms , including social media networks and mobile applications. this development is mirrored in responses to the drug phenomenon , with an increased use of mobile applications and e-health interventions. the agency , together with other relevant union agencies and avoiding duplication of efforts , should monitor such developments as part of its holistic approach to the drug phenomenon. ### (14) the drug phenomenon is becoming more and more technology-enabled , as was shown again during the covid-19 pandemic where a greater adoption of new technologies to facilitate drug distribution has been observed. it is estimated that about two-thirds of the offers on darknet markets are drug-related. drug trading is using different platforms , including social media networks and mobile applications. this development is mirrored in responses to the drug phenomenon , with an increased use of mobile applications and e-health interventions. the agency , together with other relevant union agencies and avoiding duplication of efforts , should monitor such developments as part of its holistic approach to the drug phenomenon. taking into account technological advancements and more sophisticated encryption methods , the agency should stress the importance of adopting adequate digital solutions by member states , in order to tackle the drug phenomenon in a coordinated , coherent and interoperable manner.


### (26) in order to help union funding for security research to develop its full potential and address the needs of drugs policy , the agency should assist the commission in identifying key research themes , drawing up and implementing the union framework programmes for research and innovation that are relevant to the agency’s objectives. where the agency assists the commission in identifying key research themes , drawing up and implementing a union framework programme , it should not receive funding from that programme in order to avoid a potential conflict of interest. finally , the agency should participate in union-wide initiatives addressing research and innovation to ensure that technologies necessary for its activities are developed and available for use. ### (26) in order to help union funding for security research to develop its full potential and address the needs of drugs policy , the agency should assist the commission in identifying key research themes and in drawing up and implementing the union framework programmes for research and innovation that are relevant to the agency’s objectives. where the agency assists the commission in identifying key research themes and in drawing up and implementing a union framework programme , it should not receive funding from that programme and take all necessary measures to avoid conflicts of interest. finally , the agency should participate in union-wide initiatives addressing research and innovation to ensure that technologies necessary for its activities are developed and available for use. planned research and innovation activities should be set out in the single programming document containing the agency's multiannual and annual work programme.


### (29) the agency should be properly resourced to carry out its tasks and granted an autonomous budget. it should be mainly financed by a contribution from the general budget of the union. the union budgetary procedure should be applicable as far as the union contribution and any other subsidies chargeable to the general budget of the union are concerned. the auditing of accounts should be undertaken by the court of auditors of the european union. ### (29) the agency should be provided with the necessary human and financial resources to fulfil the objectives , tasks and responsibilities assigned to it under this regulation. it should be granted an autonomous budget. it should be mainly financed by a contribution from the general budget of the union , with the necessary appropriations drawn exclusively from unallocated margins under the relevant heading of the multiannual financial framework and/or through the mobilisation of the relevant special instruments. the union budgetary procedure should be applicable as far as the union contribution and any other subsidies chargeable to the general budget of the union are concerned. the auditing of accounts should be undertaken by the court of auditors of the european union.


### (35) the agency should cooperate closely with relevant international organisations , other governmental and non-governmental bodies and relevant technical bodies from inside and outside the union in the implementation of its work programme , notably to avoid duplication of work and to ensure access to all data and tools needed for carrying out its mandate. ### (35) the agency should cooperate closely with relevant international organisations , other governmental and non-governmental bodies and relevant technical bodies from inside and outside the union in the implementation of its work programme , notably to avoid duplication of work and to ensure access to all data and tools needed for carrying out its mandate. in that regard , it should be possible for the agency to engage with civil society organisations and other relevant stakeholders in order to raise awareness at union level.


### 1. the agency shall assist the commission and the member states in identifying key research themes , drawing up and implementing the union framework programmes for research and innovation activities that are relevant to achieve its general task set out in article 4. where the agency assists the commission in identifying key research themes , drawing up and implementing a union framework programme , the agency shall not receive funding from that programme. ### 1. the agency shall assist the commission and the member states in identifying key research themes and in drawing up and implementing the union framework programmes for research and innovation activities that are relevant to achieve its general and specific tasks set out in articles 4 and 5. where the agency assists the commission in identifying key research themes , drawing up and implementing a union framework programme , the agency shall not receive funding from that programme. the agency shall take all necessary measures to avoid conflicts of interest.


### 2. the agency shall proactively monitor and contribute to research and innovation activities to achieve its general task set out in article 4 , support related activities of member states , and implement its research and innovation activities regarding matters covered by this regulation , including the development , training , testing and validation of algorithms for the development of tools. the agency shall disseminate the results of that research to the european parliament , to the member states and to the commission in accordance with article 49. ### 2. the agency shall proactively monitor and contribute to research and innovation activities to achieve its general and specific tasks set out in articles 4 and 5 , support related activities of member states , and implement its research and innovation activities regarding matters covered by this regulation , including the development , training , testing and validation of algorithms for the development of tools. the agency shall disseminate the results of that research to the european parliament , to the member states and to the commission in accordance with article 49.


### adopt its rules of procedure; ### adopt its rules of procedure , including practical arrangements for the prevention and management of conflicts of interest;


### 1. the scientific committee shall consist of at most fifteen scientists appointed by the management board in view of their scientific excellence and their independence , following the publication of a call for expression of interest in the official journal of the european union. the selection procedure shall ensure that the specialist fields of the members of the scientific committee cover the most relevant fields linked to the objectives of the agency. ### 1. the scientific committee shall consist of at most fifteen scientists appointed by the management board in view of their scientific excellence and their independence , following the publication of a call for expression of interest in the official journal of the european union. the selection procedure shall ensure that the specialist fields of the members of the scientific committee cover the most relevant fields linked to the objectives of the agency and shall pay due attention to gender balance.


### by 15 december of each year , the management board shall adopt a draft single programming document containing multi-annual and annual programming as well as all the documents listed in article 32 of commission delegated regulation (eu) 2019/71565 , based on a draft put forward by the executive director , after consulting the scientific committee , taking into account the opinion of the commission , and in relation to multiannual programming after consulting the european parliament. it shall forward it to the european parliament , the council and the commission by 31 january of the following year. ### by 15 december of each year , the management board shall adopt a draft single programming document containing multi-annual and annual programming as well as all the documents listed in article 32 of commission delegated regulation (eu) 2019/71565 , based on a draft put forward by the executive director , after consulting the scientific committee , taking into account the opinion of the commission , and in relation to multiannual programming after consulting the european parliament. if the management board decides not to take into account elements of the opinion of the commission or of the scientific committee , it shall provide a thorough justification. the obligation to provide a thorough justification shall also apply to the elements raised by the european parliament when it is consulted. the management board shall forward the single programming document to the european parliament , the council and the commission by 31 january of the following year.


### annual or multi-annual programming shall include the information about the implementation of the international cooperation framework referred to in article 20 and the actions linked to this strategy. ### annual or multi-annual programming shall include the information about the implementation of the international cooperation framework referred to in article 20 and the actions linked to this strategy. it shall also include the agency's planned research and innovation activities referred to in article 21.


### 2. the executive director shall be appointed by the management board , from a list of candidates proposed by the commission , following an open and transparent selection procedure. ### 2. the executive director shall be appointed by the management board , from a list of candidates proposed by the commission , following an open and transparent selection procedure. the commission shall pay due attention to gender balance when drawing up the list of candidates.


### 3. reiterates its position that all available union budget instruments , including the surplus , should be activated to continue providing the strongest possible economic and financial support to ukraine , and to further strengthen the union’s solidarity capacities to address the social and economic consequences for the union of the russian war in ukraine; calls , in this context , on the member states to devote the significant expected reductions in their gni-based contributions stemming from the 2021 surplus to the budgeting of actions related to tackling the dire consequences of this illegal , unprovoked and unjustified war of aggression against ukraine; ### 3. reiterates its position that all available union budget instruments , including the surplus , should be activated to continue providing the strongest possible economic and financial support to ukraine and frontline countries and to further strengthen the union’s solidarity capacities to address the social , energy , agricultural and economic consequences for the union and its citizens of the russian war in ukraine; warns that those pressing needs will require additional support from the union budget and stands ready to support relevant increases in the 2022 union budget through future amending budgets and calls on the commission to come forward , where relevant , with amending budgets mobilising fresh money to respond to those challenges; calls , in this context , on the member states to devote the significant expected reductions in their gni-based contributions stemming from the 2021 surplus to the budgeting of actions related to tackling the dire consequences of this illegal , unprovoked and unjustified war of aggression against ukraine;


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


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


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


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


### (13) investors should be provided with all information necessary to evaluate the environmental impact of european green bonds , and to compare such bonds with each other. for that purpose , specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets , expenditures and financial assets and how those proceeds have actually been allocated. such transparency can best be achieved by means of european green bond factsheets and annual allocation reports. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (13) investors should be provided with all information necessary to evaluate the environmental impact of european green bonds , and to compare such bonds with each other. for that purpose , specific and standardised disclosure requirements need to be set out which provide transparency about how the issuer intends to allocate the bond proceeds to eligible fixed assets , expenditures and financial assets and how those proceeds have actually been allocated. such transparency can best be achieved by means of european green bond factsheets and annual allocation reports. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down a suitable digital framework and templates for the disclosure of such information , which should be available in all the official eu languages.


### (18) to improve transparency , issuers should also disclose the environmental impact of their bonds by means of the publication of impact reports , which should be published at least once during the lifetime of the bond. in order to provide investors with all information relevant to assess the environmental impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental impacts. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. ### (18) to improve transparency , issuers should also disclose the sustainability impact of their bonds by means of the publication of impact reports , which should be published at least once during the lifetime of the bond. in order to provide investors with all information relevant to assess the environmental and social impact of european green bonds , impact reports should clearly specify the metrics , methodologies and assumptions applied in the assessment of the environmental and social impacts. impact reports should also include an outline of the issuer's transition plan. to strengthen the comparability of european green bonds and to facilitate the localisation of relevant information , it is necessary to lay down templates for the disclosure of such information. to ensure accuracy of impact reports and protect investors from greenwashing , impact reports should be subject to an external review.


### (20) to ensure the efficiency of the market for european green bonds , issuers should publish on their websites details about the european green bonds they issue. to ensure the reliability of information and investor confidence , they shall also publish the pre-issuance review as well as any post-issuance reviews. ### (20) to ensure the transparency and efficiency of the market for european green bonds , issuers should publish on their websites details about the european green bonds they issue. to ensure the reliability of information and investor confidence , they shall also publish the pre-issuance review as well as any post-issuance reviews.


### (20) to ensure the efficiency of the market for european green bonds , issuers should publish on their websites details about the european green bonds they issue. to ensure the reliability of information and investor confidence , they shall also publish the pre-issuance review as well as any post-issuance reviews. ### (20) to ensure the efficiency of the market for european green bonds , issuers should publish on their websites details about the european green bonds they issue. to ensure the transparency and reliability of information and investor confidence , they shall also publish the pre-issuance review as well as any post-issuance reviews.


### (25) it is necessary to avoid divergent applications of this regulation by national competent authorities. at the same time , it is necessary to lower transaction and operational costs of external reviewers , to strengthen investor confidence and to increase legal certainty. it is therefore appropriate to give esma general competence for the registration and ongoing supervision of registered external reviewers in the union. entrusting esma with the exclusive responsibility for those matters should ensure a level playing field in terms of registration requirements and on-going supervision and eliminate the risk of regulatory arbitrage across member states. at the same time , such exclusive responsibility should optimise the allocation of supervisory resources at union level , thus making esma the centre of expertise and enhancing the efficiency of supervision. ### (25) it is necessary to avoid divergent applications of this regulation by national competent authorities. at the same time , it is necessary to lower transaction and operational costs of external reviewers , thereby facilitating access for entities and smes from less-developed member states , so as to strengthen investor confidence and to increase legal certainty. it is therefore appropriate to give esma general competence for the registration and ongoing supervision of registered external reviewers in the union. entrusting esma with the exclusive responsibility for those matters should ensure a level playing field in terms of registration requirements and on-going supervision and eliminate the risk of regulatory arbitrage across member states. at the same time , such exclusive responsibility should optimise the allocation of supervisory resources at union level , thus making esma the centre of expertise and enhancing the efficiency of supervision.


### (25) it is necessary to avoid divergent applications of this regulation by national competent authorities. at the same time , it is necessary to lower transaction and operational costs of external reviewers , to strengthen investor confidence and to increase legal certainty. it is therefore appropriate to give esma general competence for the registration and ongoing supervision of registered external reviewers in the union. entrusting esma with the exclusive responsibility for those matters should ensure a level playing field in terms of registration requirements and on-going supervision and eliminate the risk of regulatory arbitrage across member states. at the same time , such exclusive responsibility should optimise the allocation of supervisory resources at union level , thus making esma the centre of expertise and enhancing the efficiency of supervision. ### (25) it is necessary to avoid divergent applications of this regulation by national competent authorities. at the same time , it is necessary to lower transaction and operational costs of external reviewers , to strengthen investor confidence and to increase legal certainty , and to avoid the creation of monopolistic market structures as high issuance costs could act as barriers to issuing green bonds. it is therefore appropriate to give esma general competence for the registration and ongoing supervision of registered external reviewers in the union. entrusting esma with the exclusive responsibility for those matters should ensure a level playing field in terms of registration requirements and on-going supervision and eliminate the risk of regulatory arbitrage across member states. at the same time , such exclusive responsibility should optimise the allocation of supervisory resources at union level , thus making esma the centre of expertise and enhancing the efficiency of supervision.


### (31) in accordance with article 290 tfeu , power should be delegated to the commission to specify the procedure for the exercise of the power to impose fines or periodic penalty payments , including provisions on rights of defence , temporal provisions , the collection of fines or periodic penalty payments , and detailed rules on the limitation periods for the imposition and enforcement of penalties and the type of fees , the matters for which fees are due , the amount of the fees , and the manner in which those fees are to be paid. it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level , and that those consultations be conducted in accordance with the principles laid down in the interinstitutional agreement of 13 april 2016 on better law-making35 . in particular , to ensure equal participation in the preparation of delegated acts , the european parliament and the council should receive all documents at the same time as member states’ experts , and their experts should systematically have access to meetings of commission expert groups dealing with the preparation of delegated acts. ### (31) in accordance with article 290 tfeu , power should be delegated to the commission to specify the procedure for the exercise of the power to impose fines or periodic penalty payments , including provisions on rights of defence , temporal provisions , the collection of fines or periodic penalty payments , and detailed rules on the limitation periods for the imposition and enforcement of penalties and the type of fees , the matters for which fees are due , the amount of the fees , and the manner in which those fees are to be paid. it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level , and that those consultations be conducted transparently in accordance with the principles laid down in the interinstitutional agreement of 13 april 2016 on better law-making35 . in particular , to ensure equal participation in the preparation of delegated acts , the european parliament and the council should receive all documents at the same time as member states’ experts , and their experts should systematically have access to meetings of commission expert groups dealing with the preparation of delegated acts.


### (31) in accordance with article 290 tfeu , power should be delegated to the commission to specify the procedure for the exercise of the power to impose fines or periodic penalty payments , including provisions on rights of defence , temporal provisions , the collection of fines or periodic penalty payments , and detailed rules on the limitation periods for the imposition and enforcement of penalties and the type of fees , the matters for which fees are due , the amount of the fees , and the manner in which those fees are to be paid. it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level , and that those consultations be conducted in accordance with the principles laid down in the interinstitutional agreement of 13 april 2016 on better law-making35 . in particular , to ensure equal participation in the preparation of delegated acts , the european parliament and the council should receive all documents at the same time as member states’ experts , and their experts should systematically have access to meetings of commission expert groups dealing with the preparation of delegated acts. ### (31) in accordance with article 290 tfeu , power should be delegated to the commission to specify the procedure for the exercise of the power to impose fines or periodic penalty payments , including provisions on rights of defence , temporal provisions , the collection of fines or periodic penalty payments , and detailed rules on the limitation periods for the imposition and enforcement of penalties and the type of fees , the matters for which fees are due , the amount of the fees , and the manner in which those fees are to be paid. it is of particular importance that the commission carry out appropriate consultations during its preparatory work , including at expert level , and that those consultations be conducted transparently and in accordance with the principles laid down in the interinstitutional agreement of 13 april 2016 on better law-making35. in particular , to ensure equal participation in the preparation of delegated acts , the european parliament and the council should receive all documents at the same time as member states’ experts , and their experts should systematically have access to meetings of commission expert groups dealing with the preparation of delegated acts.


### (32) as a body with highly specialised expertise , it would be efficient and appropriate to entrust esma with the development of draft regulatory and implementing technical standards that do not involve policy choices for submission to the commission. ### (32) as a body with highly specialised expertise , it would be efficient and appropriate to entrust esma with the development of draft regulatory and implementing technical standards that do not involve policy choices , using digital tools when this benefits projects , for submission to the commission.


### (35) esma should be mandated to develop draft implementing technical standards to specify the standard forms , templates and procedures for the provision of the information for the registration of external reviewers. the commission should be empowered to adopt those implementing technical standards by means of an implementing act pursuant to article 291 tfeu and in accordance with article 15 of regulation (eu) no 1095/2010 of the european parliament and of the council38. ### (35) esma should be mandated to develop draft implementing technical standards to specify the standard forms , templates and procedures for the provision of the information for the registration of external reviewers , available in all the official eu languages. the commission should be empowered to adopt those implementing technical standards by means of an implementing act pursuant to article 291 tfeu and in accordance with article 15 of regulation (eu) no 1095/2010 of the european parliament and of the council38 .


### (35) esma should be mandated to develop draft implementing technical standards to specify the standard forms , templates and procedures for the provision of the information for the registration of external reviewers. the commission should be empowered to adopt those implementing technical standards by means of an implementing act pursuant to article 291 tfeu and in accordance with article 15 of regulation (eu) no 1095/2010 of the european parliament and of the council38 . ### (35) esma should be mandated to develop draft implementing technical standards to specify the standard forms , templates and procedures for the provision of the information for the registration of external reviewers , available in all the official eu languages. the commission should be empowered to adopt those implementing technical standards by means of an implementing act pursuant to article 291 tfeu and in accordance with article 15 of regulation (eu) no 1095/2010 of the european parliament and of the council38 .


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


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


### this regulation lays down uniform requirements for issuers of bonds that wish to use the designation ‘european green bond’ or ‘eugb’ for their environmentally sustainable bonds made available to investors in the union , and establishes a registration system and supervisory framework for external reviewers of european green bonds. ### this regulation lays down transparency requirements for bonds that are marketed in the union as sustainable , stipulates uniform requirements for issuers of bonds that wish to use the designation ‘european green bond’ or ‘eugb’ for their environmentally sustainable bonds made available to investors in the union , and establishes a registration system and supervisory framework for external reviewers of sustainable bonds.


### 3. a european green bond may be refinanced by issuing a new european green bond. ### 3. a european green bond may be refinanced by issuing a new european green bond in line with the current regulation.


### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the issuance of the bond , the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. ### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the issuance of the bond , the issuer shall allocate bond proceeds to the uses referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. allocated bond proceeds shall not be required to be reallocated following a change to the delegated acts.


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


### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the creation of the debt referred to in the first subparagraph , the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. ### where the delegated acts adopted pursuant to articles 10(3) , 11(3) , 12(2) , 13(2) , 14(2) or 15(2) of regulation (eu) 2020/852 are amended following the creation of the debt referred to in the first subparagraph , the issuer shall allocate bond proceeds to the debt referred to in the first subparagraph by applying the amended delegated acts within five years after their entry into application. allocated bond proceeds shall not be required to be reallocated following a change to the delegated acts.


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


### 5. by way of derogation from paragraph 3 , every allocation report from issuers that are financial undertakings that allocate proceeds from a portfolio of several european green bonds to a portfolio of financial assets as referred to in article 5 shall be subject to a post-issuance review by an external reviewer. the external reviewer shall pay particular attention to those financial assets that were not included in any previously published allocation report. ### 5. by way of derogation from paragraph 3 , every allocation report from issuers that allocate proceeds from a portfolio of several european green bonds to a portfolio of financial assets as referred to in article 5 shall be subject to a post-issuance review by an external reviewer. the external reviewer shall pay particular attention to those financial assets that were not included in any previously published allocation report.


### 8. where bond proceeds are allocated to tax relief as referred to in article 4(2) , point (c) or subsidies as referred to in article 4(2) , point (d) , the post-issuance review shall only assess compliance with articles 4 to 7 of the terms and conditions under which those expenditures or transfers have been disbursed. ### 8. where bond proceeds are allocated to tax relief as referred to in article 4(2) , point (c) or subsidies as referred to in article 4(2) , point (d) , the post-issuance review shall only assess compliance with articles 4 to 7 of the terms and conditions under which those expenditures or transfers have been disbursed , based on the information provided to the external reviewer.


### an issuer that is a sovereign may obtain pre-issuance and post-issuance reviews from an external reviewer , or from a state auditor or any other public entity that is mandated by the sovereign to assess compliance with this regulation. ### an issuer that is a sovereign may obtain pre-issuance and post-issuance reviews from an external reviewer , or from a state auditor or any other public entity that is mandated by the sovereign to assess compliance with this regulation. for non-union sovereign issuers , the state auditor or other public entity shall be required to receive pre-approval from esma in line with title iii chapter 1.


### 3. analysts , employees of the external reviewer and any other person contractually related to the external reviewers and directly involved in assessment activities shall be bound by the obligation of professional secrecy. ### 3. analysts , employees of the external reviewer and any other person contractually related to the external reviewers and directly involved in assessment activities shall be bound by the obligation of professional secrecy for an indeterminate period of time.


### 3. analysts , employees of the external reviewer and any other person contractually related to the external reviewers and directly involved in assessment activities shall be bound by the obligation of professional secrecy. ### 3. analysts , employees of the external reviewer and any other person contractually related to the external reviewers and directly involved in assessment activities shall be bound by the obligation of professional secrecy , for an indeterminate period of time.


### (36) in order to encourage external reviewers to provide their services to the issuers of european green bonds as of the entry into application of this regulation , this regulation sets out a transitional regime for the first 30 months following the entry into force of this regulation. ### (36) in order to encourage external reviewers to provide their services to the issuers of european green bonds as of the entry into application of this regulation , this regulation sets out a transitional regime for the first 30 months following the entry into force of this regulation. sustainable bonds already issued at the date of [entry into force][application] of this regulation are not required to comply with this regulation as regards disclosure requirements and the use of external reviewers.


### (1) ‘issuer’ means any legal entity that issues bonds; ### (1) ‘issuer’ means any entity that issues bonds;


### 2. where proceeds from a european green bond are allocated by means of financial assets either to capital expenditures as referred to in article 4(1) , point (b) , or to operating expenditures as referred to in article 4(1) , point (c) , the defined period of time referred to in paragraph 1 , first subparagraph , shall start from the moment of the creation of the financial asset. ### 2. where proceeds from a european green bond are allocated to fixed assets as referred to in article 4(1) , point (a) , to capital expenditures as referred to in article 4(1) , point (b) , or to operating expenditures as referred to in article 4(1) , point (c) , the defined period of time referred to in paragraph 1 , first subparagraph , shall start from the moment of the creation of the financial asset.


### in the case of a federal state , a member of the federation; ### in the case of a federal state , a member of the federation including a government department , an agency , or a special purpose vehicle of that member;


### external reviewers that provide services other than assessment activities shall ensure that those other services do not create conflicts of interest with their assessment activities concerning european green bonds. such external reviewers shall disclose in their pre-issuance and post-issuance reviews any other services provided for the assessed entity or any related third party. ### external reviewers shall not provide services other than assessment activities concerning european green bonds.


### (2) cross-border nature of crime and criminal proceeds endanger union financial system efforts relating to prevention of money laundering and financing of terrorism. those efforts have to be tackled at union level through the creation of an authority responsible for contributing to the implementation of harmonised rules. in addition , the authority should pursue a harmonised approach to strengthen the union’s existing aml/cft preventive framework , and specifically aml supervision and cooperation between fius. that approach should reduce divergences in national legislation and supervisory practices and introduce structures that benefit the smooth functioning of the internal market in a determined manner and should , consequently , be based on article 114 tfeu. ### (2) cross-border nature of crime and criminal proceeds endanger union financial system efforts relating to prevention of money laundering and financing of terrorism and organised crime. those efforts have to be tackled at union level through the creation of an authority responsible for contributing to the implementation of harmonised rules. in addition , the authority should pursue a harmonised approach to strengthen the union’s existing aml/cft preventive framework , and specifically aml supervision and cooperation between fius. that approach should reduce divergences in national legislation and supervisory practices and introduce structures that benefit the smooth functioning of the internal market in a determined manner and should , consequently , be based on article 114 tfeu.


### (2) cross-border nature of crime and criminal proceeds endanger union financial system efforts relating to prevention of money laundering and financing of terrorism. those efforts have to be tackled at union level through the creation of an authority responsible for contributing to the implementation of harmonised rules. in addition , the authority should pursue a harmonised approach to strengthen the union’s existing aml/cft preventive framework , and specifically aml supervision and cooperation between fius. that approach should reduce divergences in national legislation and supervisory practices and introduce structures that benefit the smooth functioning of the internal market in a determined manner and should , consequently , be based on article 114 tfeu. ### (2) cross-border nature of crime and criminal proceeds endanger union financial system efforts relating to prevention of money laundering , and financing of terrorism and cross-border organised crime. those efforts have to be tackled at union level through the creation of an authority responsible for contributing to the implementation of harmonised rules. in addition , the authority should pursue a harmonised approach to strengthen the union’s existing aml/cft preventive framework , and specifically aml supervision and cooperation between fius. that approach should reduce divergences in national legislation and supervisory practices and introduce structures that benefit the smooth functioning of the internal market in a determined manner and should , consequently , be based on article 114 tfeu.


### (6) combining both direct and indirect supervisory competences over obliged entities , and also functioning as a support and cooperation mechanism for fius , is the most appropriate means of bringing about supervision and cooperation between fius at union level. this should be achieved by creating an authority which should combine independence and a high level of technical expertise and which should be established in line with the joint statement and common approach of the european parliament , the council of the european union and the european commission on decentralised agencies32 . ### (6) combining both direct and indirect supervisory competences over obliged entities , and also functioning as a support and cooperation mechanism for fius , is the most appropriate means of bringing about supervision and cooperation between fius at union level. this should be achieved by creating an authority which should combine independence and a high level of technical expertise and which should be established in line with the joint statement and common approach of the european parliament , the council of the european union and the european commission on decentralised agencies32 . the authority should be fully independent , should be supervised by the european parliament and should not be constrained by national interest from the member states.


### (40) for the purposes of voting and taking decisions , each member state should have one voting representative. therefore , the heads of public authorities should appoint a permanent representative as the voting member of the general board in supervisory composition. alternatively , depending on the subject-matter of the decision or agenda of a given general board meeting , public authorities of a member state may decide on an ad-hoc representative. the practical arrangements related to decision-making and voting by the general board members in supervisory composition should be laid down in the rules of procedure of the general board , to be developed by the authority. ### (40) for the purposes of voting and taking decisions , each member state should have one voting representative. therefore , the heads of public authorities should appoint a permanent representative as the voting member of the general board in supervisory composition , taking also into account the gender balance principle. alternatively , depending on the subject-matter of the decision or agenda of a given general board meeting , public authorities of a member state may decide on an ad-hoc representative. the practical arrangements related to decision-making and voting by the general board members in supervisory composition should be laid down in the rules of procedure of the general board , to be developed by the authority.


### (42) the governing body of the authority should be the executive board composed of the chair of the authority and of five full time members , appointed by the general board based on the shortlist by the commission. with the aim of ensuring a speedy and efficient decision making process , the executive board should be in charge of planning and execution of all the tasks of the authority except where specific decisions are explicitly allocated to the general board. in order to ensure objectivity and appropriate rapidity of the decision-making process in the area of direct supervision of the selected obliged entities , the executive board should take all binding decisions addressed to selected obliged entities. in addition , together with a representative of the commission the executive board should be collectively responsible for the administrative and budgetary decisions of the authority. the consent of the commission should be required when the executive board is taking decisions related to the budget administration , procurement , recruitment , and audit of the authority , given that a portion of funding of the authority will be provided from union budget. ### (42) the governing body of the authority should be the executive board composed of the chair of the authority and of seven full time members , appointed by the general board based on the shortlist by the commission. with the aim of ensuring a speedy and efficient decision making process , the executive board should be in charge of planning and execution of all the tasks of the authority except where specific decisions are explicitly allocated to the general board. in order to ensure objectivity and appropriate rapidity of the decision-making process in the area of direct supervision of the selected obliged entities , the executive board should take all binding decisions addressed to selected obliged entities. in addition , together with a representative of the commission the executive board should be collectively responsible for the administrative and budgetary decisions of the authority. the consent of the commission should be required when the executive board is taking decisions related to the budget administration , procurement , recruitment , and audit of the authority , given that a portion of funding of the authority will be provided from union budget.


### (44) to ensure the independent functioning of the authority the five members of the executive board and the chair of the authority should act independently and in the interest of the union as a whole. they should behave , both during and after their term of office , with integrity and discretion as regards the acceptance of certain appointments or benefits. to avoid giving any impression that a member of the executive board might use its position as a member of the executive board of the authority to get a high-ranking appointment in the private sector after his term of office and to prevent any post-public employment conflicts of interests , a cooling-off period for the five members of the executive board , including the chair of the authority , should be introduced. ### (44) to ensure the independent functioning of the authority the five members of the executive board and the chair of the authority should act independently and in the interest of the union as a whole. they should behave , both during and after their term of office , with integrity and discretion as regards the acceptance of certain appointments or benefits. to avoid giving any impression that a member of the executive board might use its position as a member of the executive board of the authority to get a high-ranking appointment in the private sector after his term of office and to prevent any post-public employment conflicts of interests , a cooling-off period of at least three years for the five members of the executive board , including the chair of the authority , should be introduced.


### (44) to ensure the independent functioning of the authority the five members of the executive board and the chair of the authority should act independently and in the interest of the union as a whole. they should behave , both during and after their term of office , with integrity and discretion as regards the acceptance of certain appointments or benefits. to avoid giving any impression that a member of the executive board might use its position as a member of the executive board of the authority to get a high-ranking appointment in the private sector after his term of office and to prevent any post-public employment conflicts of interests , a cooling-off period for the five members of the executive board , including the chair of the authority , should be introduced. ### (44) to ensure the independent functioning of the authority the seven members of the executive board and the chair of the authority should act independently and in the interest of the union as a whole. they should behave , both during and after their term of office , with integrity and discretion as regards the acceptance of certain appointments or benefits. to avoid giving any impression that a member of the executive board might use its position as a member of the executive board of the authority to get a high-ranking appointment in the private sector after his term of office and to prevent any post-public employment conflicts of interests , a cooling-off period for the five members of the executive board , including the chair of the authority , should be introduced.


### (48) to guarantee the proper functioning of the authority , funding should be provided by a combination of fees levied on certain obliged entities and a contribution from the union budget , depending on the tasks and functions. the budget of the authority should be part of the union budget , confirmed by the budgetary authority on the basis of a proposal from the commission. the authority should submit to the commission a draft budget and an internal financial regulation for approval. ### (48) to guarantee the proper functioning of the authority and cover the wide range of tasks it is to undertake , staffing levels should be adequate or even higher than what has been proposed by the commission. funding should be provided by a combination of fees levied on certain obliged entities and a contribution from the union budget , depending on the tasks and functions. the budget of the authority should be part of the union budget , confirmed by the budgetary authority on the basis of a proposal from the commission. the authority should submit to the commission a draft budget and an internal financial regulation for approval.


### (48) to guarantee the proper functioning of the authority , funding should be provided by a combination of fees levied on certain obliged entities and a contribution from the union budget , depending on the tasks and functions. the budget of the authority should be part of the union budget , confirmed by the budgetary authority on the basis of a proposal from the commission. the authority should submit to the commission a draft budget and an internal financial regulation for approval. ### (48) to guarantee the proper functioning of the authority and to cover all the tasks assigned to it under this regulation , the authority should be provided with sufficient staff , geographically and gender balanced , and adequate financial resources so that it can fulfil the objectives; funding should be provided by a combination of fees levied on certain obliged entities and a contribution from the union budget , depending on the tasks and functions. the budget of the authority should be part of the union budget , confirmed by the budgetary authority on the basis of a proposal from the commission. the authority should submit to the commission a draft budget and an internal financial regulation for approval.


### contributing to supervisory convergence in the area of anti-money laundering and countering the financing of terrorism across the internal market; ### contributing to supervisory convergence in the area of anti-money laundering and countering the financing of terrorism and organised crime across the internal market;


### monitor and support the implementation of asset freezes under the union restrictive measures across the internal market; ### monitor and support the implementation of asset freezes under the union restrictive measures across the internal market , with a particular attention to transfers of crypto-assets and virtual currencies , so that they are not used for money laundering and financing of terrorism purposes , or to circumvent the restrictive measures taken by the union against russia , in response to the recent war in ukraine.


### monitor and support the implementation of asset freezes under the union restrictive measures across the internal market; ### monitor and support the implementation of asset freezes including virtual assets and cryptocurrencies , under the union restrictive measures across the internal market;


### 7. during a period of one year after ceasing to hold office , the former members of the executive board , including the chair of the authority , are prohibited from engaging in a gainful occupational activity with ### 7. during a period of three years after ceasing to hold office , the former members of the executive board , including the chair of the authority , are prohibited from engaging in a gainful occupational activity with


### 3. on the occasion of every second evaluation , there shall be an assessment of the results achieved by the authority having regard to its objectives , mandate and tasks , including an assessment of whether the continuation of the authority is still justified with regard to these objectives , mandate and tasks. ### 3. on the occasion of every second evaluation , there shall be an assessment of the results achieved by the authority having regard to its objectives , mandate and tasks , including an assessment of whether the continuation of the authority is still justified with regard to these objectives , mandate and tasks. this assessment shall consider that the work carried out by the authority will always involve home affairs and judicial national authorities , as well as several already existing eu agencies , and that therefore its performance will depend on the effectiveness of the eu anti-money laundering system as a whole.