### 3. considers achieving a fair transition to climate neutrality to be a major responsibility for the eu’s citizens and economy and its role in the world; calls for appropriate support and policies , with involvement for and of the public , the various sectors , regions and member states with a view to benefiting from this transformation and making it a success; calls on the commission to undertake an annual evaluation of the union’s ecological debt , carbon budget and imported emissions; ### 3. considers achieving a fair transition to climate neutrality - while at the same time doing its utmost to safeguard the eu's competitiveness worldwide and protect eu citizens from any potential negative social consequences that such transformation might cause - to be a major responsibility for the eu’s citizens and economy and its role in the world; calls for appropriate support and policies , with involvement for and of the public , the various sectors , regions and member states with a view to benefiting from this transformation and making it a success; calls on the commission to undertake an annual evaluation of the union’s ecological debt , carbon budget and imported emissions;


### 4. notes in that respect that coordination of member states’ macroeconomic policies is , amongst others , an essential tool to securing the achievement of the objectives of the european green deal , notably the carbon neutrality by 2050; ### 4. notes in that respect that coordination of member states’ policies relevant to achieving the unsdgs is , amongst others , an essential tool to securing the achievement of the objectives of the european green deal , notably the carbon neutrality by 2050;


### 5. calls on the european commission to extend the european semester by completing the current approach based on fiscal and budgetary discipline with climate and environmental discipline without weakening the current eu economic governance process; calls therefore on the european commission to develop a new climate indicator , mirroring the economic indicators and assessing the discrepancy between member states budget and a paris aligned scenario of their national budget; stresses the need for this indicator to provide member states with an indication on their trajectory of temperature under the framework of the paris agreement , thus enabling the extended european semester to provide recommendations about the decrease of the climate debt; ### 5. calls on the european commission to reflect the transformative agenda of the european green deal in a more sustainable european semester by complementing the current approach based on fiscal and budgetary measures with climate , environmental andsocial measures ,which will strengthen the current eu economic governance process; calls therefore on the european commission to develop new climate , environmental and social indicators , mirroring the economic indicators and assessing the discrepancy between member states budget and a paris aligned scenario of their national budget; stresses the need for these indicators to provide member states with an indication on their trajectory towards meeting the goals of the paris agreement and all the goals of the sdgs;


### 6. endorses the conclusion of the european fiscal board (efb) that the fiscal framework has not protected the quality of public expenditure , and welcomes the efb’s proposal for a ‘golden rule’ to protect public investment; calls , therefore , for the reform of the stability and growth pact and the introduction of a golden rule aimed at implementing sound fiscal policy on an equal footing with investment within the eu’s policy objectives; whereas this should cover the investment foreseen for the realisation of the green deal , the digital revolution , the sdgs and the epsr rights , including expenditure aimed at reducing poverty and inequality related to social protection , health services and long-term care , and education and training; ### 6. endorses the conclusion of the european fiscal board (efb) that the fiscal framework has not protected the quality of public expenditure , and welcomes the efb’s proposal to simplify the stability and growth pact and make it more effective; calls , therefore , for a revision of the stability and growth pact including an enabling framework to protect growth-enhancing public expenditure , while ensuring sound fiscal policy;


### 6. endorses the conclusion of the european fiscal board (efb) that the fiscal framework has not protected the quality of public expenditure , and welcomes the efb’s proposal for a ‘golden rule’ to protect public investment; calls , therefore , for the reform of the stability and growth pact and the introduction of a golden rule aimed at implementing sound fiscal policy on an equal footing with investment within the eu’s policy objectives; whereas this should cover the investment foreseen for the realisation of the green deal , the digital revolution , the sdgs and the epsr rights , including expenditure aimed at reducing poverty and inequality related to social protection , health services and long-term care , and education and training; ### 6. endorses the conclusion of the european fiscal board (efb) that the fiscal framework has not protected the quality of public expenditure , and welcomes the efb’s proposal for a ‘golden rule’ to protect public investment; calls , therefore , for the reform of the stability and growth pact and the introduction of an enabling framework for public sustainable investment aimed at implementing sound fiscal policy on an equal footing with investment promoting the eu’s policy objectives; this should cover the investment foreseen for the realisation of the green deal , the digital revolution , the sdgs and the epsr rights , including expenditure aimed at reducing poverty and inequality related to social protection , health services and long-term care , and education and training;


### 6. endorses the conclusion of the european fiscal board (efb) that the fiscal framework has not protected the quality of public expenditure , and welcomes the efb’s proposal for a ‘golden rule’ to protect public investment; calls , therefore , for the reform of the stability and growth pact and the introduction of a golden rule aimed at implementing sound fiscal policy on an equal footing with investment within the eu’s policy objectives; whereas this should cover the investment foreseen for the realisation of the green deal , the digital revolution , the sdgs and the epsr rights , including expenditure aimed at reducing poverty and inequality related to social protection , health services and long-term care , and education and training; ### 6. endorses the conclusion of the european fiscal board (efb) that the fiscal framework has not protected the quality of public expenditure , and welcomes the efb’s proposal for a ‘golden rule’ to protect public investment; calls , therefore , for the reform of the stability and growth pact and the introduction of a golden rule aimed at implementing sound fiscal policy on an equal footing with investment within the eu’s policy objectives; whereas it believes that this could cover the investment foreseen for the realisation of the green deal , the digital revolution , the sdgs and the epsr rights , including expenditure aimed at reducing poverty and inequality related to social protection , health services and long-term care , and education and training;


### — having regard to the commission communication of 21 november 2018 entitled ‘annual sustainable growth strategy 2020’ (com(2019)0650) , and to the commission’s alert mechanism report 2020 of 17 december 2019 (com(2019)0651) , ### — having regard to the commission communication of 17 december 2019 entitled ‘annual sustainable growth strategy 2020’ (com(2019)0650) , and to the commission’s alert mechanism report 2020 of 17 december 2019 (com(2019)0651) ,


### a. whereas the improvement in the economic situation and low interest rates provide an opportunity to implement ambitious reforms , in particular measures aimed at encouraging public investment to tackle climate change and its social consequences and create full-time jobs; ### a. whereas the improvement in the economic situation and low interest rates provide an opportunity to implement ambitious reforms , including socially balanced structural reforms but also measures aimed at encouraging public and private investment to tackle climate change and its social consequences and create full-time jobs;


### b. whereas inequality of income in the euro area has increased since the beginning of the financial crisis; whereas there are between 50 and 100 million people affected by energy poverty in europe; ### b. whereas inequality of income in the euro area has increased and poverty levels persist since the beginning of the financial crisis; whereas there are between 50 and 100 million people affected by energy poverty in europe;


### c. having regard to the need for a european climate law with a legally binding goal of reaching net zero greenhouse gas emissions by 2050 at the latest and an intermediate target of at least 65 % for 2030; ### c. having regard to the need for a european climate law with a legally binding goal of reaching net zero greenhouse gas emissions by 2050 at the latest and an intermediate target of at least 65 % for 2030 and that climate targets need to be accompanied by a strong social strategy that takes into account the long-established eu priority of economic and social cohesion between its regions;


### c. having regard to the need for a european climate law with a legally binding goal of reaching net zero greenhouse gas emissions by 2050 at the latest and an intermediate target of at least 65 % for 2030; ### c. having regard to the need for a european climate law with a legally binding goal of reaching net zero greenhouse gas emissions by 2050 at the latest and an intermediate target of at least 55 % for 2030;


### 7. highlights the problem of too low a level of public investment; calls on the commission to assess the cost of not taking action in this area , in particular by evaluating the difference between the need for investment and the actual investments made; ### 7. highlights the problem of too low a level of public investment; calls on the commission to assess the cost of not taking action in this area , in particular by evaluating the difference between the need for investment and the actual investments made; public policies by member states need also to reflect the objectives of sdgs and the european social rights pillar;


### 8. calls for a european green industrial strategy; ### 8. calls for a european green industrial strategy and the reinforcement of the ambition of the mobility package in terms of support to investment on green mobility; calls for a program to support investment in energy-efficient housing and reduce the energy poverty;


### 8. calls for a european green industrial strategy; ### 8. calls for a european green industrial strategy that is sensitive to the social , economic and geographical characteristics of the different regions of the eu;


### 12. reiterates its call for a european stabilisation function and a european unemployment benefit reinsurance scheme , with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances; ### 12. reiterates its call for a european stabilisation function , namely through a tool to protect public investment or a european unemployment benefit reinsurance scheme , with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances;


### 12. reiterates its call for a european stabilisation function and a european unemployment benefit reinsurance scheme , with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances; ### 12. reiterates its call for a european stabilisation function , through a european unemployment benefit reinsurance scheme , with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances;


### 14. is concerned about the accelerating rise in house prices; ### 14. is concerned about the accelerating rise in house prices despite the persistent low levels of inflation in the euro area;


### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the banking union and the need to reform the european stability mechanism; ### 15. recalls the importance of an efficient but tailor-made regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the banking union and the need to reform the european stability mechanism; emphasizes that this cannot be carried out on a one-size-fits-all basis , and that the practices and banking models followed in the smaller economies have to be evaluated with full regard to their particularities and their performance record;


### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the banking union and the need to reform the european stability mechanism; ### 15. recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the banking union , through the adoption of the third pillar of the banking union (edis) , and the need to reform the european stability mechanism , as the backstop for the srf;


### 16. calls for qualified majority voting in council on tax matters; ### 16. notes the calls from various political fronts for qualified majority voting in council on tax matters;


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


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


### 18. notes that the eu-28 employment rate currently stands at 73.1 % - the highest annual average ever recorded - while unemployment stands at 7.6 % in the euro area and 6.3 % in the eu as a whole; ### 18. notes that the eu-28 employment rate currently stands at 73.1 % - the highest annual average ever recorded - while unemployment stands at 7.6 % in the euro area and 6.3 % in the eu as a whole; is concerned about the high level of unemployment rates in some of the euro area countries , whereby the highest level of unemployment is at 16.8%;


### 20. takes note of amr 2020’s finding that wage growth at euro area level remains below what would be expected at the current levels of unemployment on the basis of historical data , and that this affects the inflation rate; highlights that the currently low productivity and inflation together with structural reforms transferring collective bargaining to the enterprise level are detrimental to wage growth and are leading to greater income inequality and an increase in the numbers of working poor , with in-work poverty affecting almost one in ten workers in europe; accordingly advocates wage growth; ### 20. takes note of amr 2020’s finding that wage growth at euro area level remains below what would be expected at the current levels of unemployment on the basis of historical data , and that this affects the inflation rate; highlights that the currently low productivity and inflation together with structural reforms transferring collective bargaining to the enterprise level are detrimental to wage growth and are leading to greater income inequality and an increase in the numbers of working poor , with in-work poverty affecting almost one in ten workers in europe; accordingly advocates wage growth; reminds that wage levels are unfairly low for substantial groups of european workers , which results in social tension , and has a negative impact on economic activity and growth; calls therefore on the commission to propose legislation on eu-wide rules for fair minimum wages guaranteeing a dignified quality of life for all workers , as well as a minimum level of social protection; calls for policies to support the establishment of a minimum income scheme and collective bargaining as the main driver for a positive wage dynamic


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


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


### 26. looks forward to the stronger involvement of the ep and the national parliaments in the european semester process and to the creation of an institutionalised dialogue with the commission , the social partners , territories and civil society , at both eu and national level , in order to further boost the process’s democratic legitimacy; ### 26. looks forward to the stronger involvement of the ep and the national parliaments in the european semester process and to the creation of an institutionalised dialogue with the commission , the social partners , territories and civil society , at both eu and national level , in order to further boost the process’s democratic legitimacy; believes that streamlining the process and better communication on the european semester could increase citizens' interest in the commission's recommendations , intensify national ownership and - therefore - increase the willingness of eu member states to commit to the reforms proposed by the commission;


### 27. invites the stakeholders in this necessary next step to create enhanced democratic accountability mechanisms at both eu and national levels , while formalising the scrutiny role of the ep in the european semester; calls on the commission and the member states to enhance the social dialogue , including over the csrs , and to engage in dialogue with the social partners; ### 27. invites the stakeholders in this necessary next step to create enhanced democratic accountability mechanisms at both eu and national levels , which can be ensured by the community method and an interinstitutional agreement on european economic governance , while formalising the scrutiny role of the ep in the european semester; calls on the commission and the member states to enhance the social dialogue , including over the csrs , and to engage in dialogue with the social partners;


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


### 1. calls on the member states to urgently agree on capital increase , both cash-in and callable in nature; calls for risks to be taken in the area of green and digital innovation in order to catalyse the just and digital transitions and to stop the financing of stranded assets; ### 1. notes the increasing economic role played by the eib , also in the context of the economic recovery from the shock created by the coronavirus pandemic; is of the opinion that further assessment of eib activities and lending policy may be needed to ensure additionality of eib financing; following this assessment , calls on the member states to urgently agree on capital increase , both cash-in and callable in nature; calls for risks to be taken in the area of green and digital innovation in order to catalyse the just and digital transitions and to stop the financing of stranded assets;


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


### 2. reiterates that all financial flows of the european investment bank (eib) group should be consistent with the goal of achieving net zero emissions by 2050 at the latest and the union’s new climate objective for 2030; looks forward to the adoption in 2020 of an ambitious climate bank roadmap 2021-25 (cbrm) , which is to include a detailed strategic and operational framework with milestones and a shadow carbon price of at least eur 100/tonne by 2025; calls for all financial intermediaries and corporate clients to have a decarbonisation plan in place by the end of 2021; ### 2. reiterates that all financial flows of the european investment bank (eib) group should be consistent with the goal of achieving net zero emissions by 2050 at the latest and the union’s new climate objective for 2030; welcomes the adoption of an ambitious climate bank roadmap 2021-25 (cbrm) , which is focussed on ensuring that the transition is green and socially just , and with the aim that the eib invests in projects that simultaneously support the transition and enhance socio-economic development and which is to include a detailed strategic and operational framework with milestones and a shadow carbon price of at least eur 100/tonne by 2025; calls for all financial intermediaries and corporate clients to have a decarbonisation plan in place by the end of 2025;


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


### 4. expects the cbrm and the eib’s revised transport lending policy not to fall below the standard of eu taxonomy; calls for no new loans to be granted that hinder the decarbonisation of transport , and , in particular , no new financing to be awarded for the expansion of airports , for increased road capacity , for port expansions in europe and related infrastructure or for the shipping of liquefied natural gas; ### 4. expects the cbrm and the eib’s revised transport lending policy not to fall below the standard of eu taxonomy; calls on the eib to align the lending policy with the european commission’s strategy for sustainable and smart mobility and with other relevant areas of eu transport policy; calls on the eib to involve stakeholders and the european parliament when preparing the new transport lending policy.


### 6. stresses the importance of avoiding further geographical imbalances in the eib’s lending activity so as to ensure a broader geographical and sectoral allocation of investments , reduce regional disparities and enhance convergence; welcomes the efforts already made by the eib in this regard; ### 6. stresses the importance of avoiding further geographical imbalances in the eib’s lending activity so as to ensure a broader geographical and sectoral allocation of investments , reduce regional disparities and enhance convergence; welcomes the efforts already made by the eib in this regard; notices with concern , however , that , according to the geographical breakdown of lending by country in which projects are located , four member states received almost 50% of the total loans granted in 2019;


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


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


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


### 14. notes , however , that the roadmap envisages the introduction of a transition period until the end of 2022 , which would mean that the eib will not be aligned with the objectives of the paris agreement until 2023 at the earliest; ### 14. notes that the roadmap envisages the introduction of a transition period until the end of 2022 , which would mean that the eib will not be aligned with the objectives of the paris agreement until 2023 at the earliest;


### 15. recalls that the review of the eib’s transport lending policy is a key priority; stresses the importance of aligning the eib’s transport portfolio with the paris agreement as soon as possible; ### 15. recalls that the review of the eib’s transport lending policy is a key priority; stresses the importance of aligning the eib’s transport portfolio with the paris agreement as soon as possible; calls for the swift adoption of a new transport financing policy strategy aiming to decarbonise the eu transport sector by 2050 and promote accessible , efficient , green and safe means of transport; underlines , in this context , that the eib should continue its engagement in financing innovation and green technology for aviation;


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


### 18. reiterates that supporting smes and mid-caps must remain a fundamental objective for the eib , notably to assist them with decarbonisation and access to ict tools; welcomes efforts made to provide online assistance and counselling to smes in accessing eib lending; ### 18. reiterates that supporting smes and mid-caps must remain a fundamental objective for the eib , notably to assist them with decarbonisation and access to ict tools; questions the eib’s investment appeal towards small businesses and asks whether it is being too restricted by its traditional limitations on funding projects with a significant risk component welcomes efforts made to provide online assistance and counselling to smes in accessing eib lending;


### 20. calls on the eib to play a role in assisting and financing the creation of innovation ecosystems and in promoting place-based industrial transformation , where universities , businesses , smes and start-ups can develop long-lasting partnerships for the common good; ### 20. calls on the eib to play a role in assisting and financing , in all member states , the creation of innovation ecosystems and in promoting place-based industrial transformation , where universities , businesses , smes and start-ups can develop long-lasting partnerships for the common good;


### 22. calls on the eib to play an active role in helping member states to deliver on the implementation of the european pillar of social rights , while standing ready to align with the forthcoming commission action plan and the social summit in porto; points to the importance of ex-ante and ex-post evaluations of the sustainability , economic , social and environmental impact of projects; ### 22. calls on the eib to play an active role in helping member states to deliver on the implementation of the european pillar of social rights , while standing ready to align with the forthcoming commission action plan and the social summit in porto; reiterates the importance of ex-ante and ex-post evaluations of the sustainability , economic , social and environmental impact of projects backed directly or indirectly by the eib;


### becoming the eu development bank ### supporting development and sustainability outside the eu


### 23. welcomes the fact that the eib is the largest multilateral lender in the world that strives to support eu external cooperation and development policies; ### 23. welcomes the fact that the eib is the largest multilateral lender in the world that strives to support eu external cooperation and development policies; notes that the eib has been active outside the eu for over 50 years with €64.8bn loans granted in 106 different countries as of end-2019 , of which eur 7.9bn were signed in 2019;


### 26. proposes the establishment of a protocol for a memorandum of cooperation between the eib and parliament , applicable with immediate effect , in order to improve interinstitutional dialogue and enhance the eib’s transparency and accountability; ### 26. proposes the establishment of a protocol for a memorandum of cooperation between the eib and parliament , applicable with immediate effect , in order to improve interinstitutional dialogue and enhance the eib’s transparency and accountability , specifying the rights of parliament and its members as regards access to documents , data , questions put to the eib , regular hearings and economic dialogues;


### 27. welcomes the eib’s launch of a public consultation on the review of its transparency policy in december 2020; recalls its request for the eib to step up its transparency policy in line with the best practices and standards employed by other financial institutions; asks the eib to publish more regular , in-depth and comprehensive information on the financial intermediaries responsible for leveraging eib funds and to include contractual clauses concerning mandatory disclosures from these institutions on lending activity; ### 27. welcomes the eib’s launch of a public consultation on the review of its transparency policy in december 2020; recalls its request for the eib to step up its transparency policy in line with the best practices and standards employed by other financial institutions; asks the eib to publish more regular , in-depth and comprehensive information on the financial intermediaries responsible for leveraging eib funds and to include contractual clauses concerning mandatory disclosures from these institutions on lending activity; calls on the eib to take into consideration the financial specifics of each member states and provide the necessary flexibility in this regard;


### 28. welcomes the eib’s group strategy on gender equality and gender action plan; regrets the fact that women are still not sufficiently represented in managerial and senior office positions; believes that more needs to be done in this regard during the implementation of the second phase of the action plan in 2021; ### 28. welcomes the eib’s group strategy on gender equality and gender action plan; takes note of the 2019 progress report on diversity and inclusion; notes that women represent 51.4% of the eib workforce; regrets the fact that women are still not sufficiently represented in managerial and senior office positions; believes that more needs to be done in this regard during the implementation of the second phase of the action plan in 2021; calls , therefore , on the eib to further encourage the participation of women and actively promote a balance gender representation in its senior positions;


### 4. welcomes that the increase of eur 185 million on top of the levels of the first db as modified by amending letter no 1/2020 obtained in the conciliation negotiations correspond to parliament’s main political priorities; notes that the increases include eur 60 ,3 million for the connecting europe facility - transport , eur 42 million for life , eur 25 ,7 million for the digital europe programme , eur 6 ,6 million for the rights and values programme , of which eur 4 ,8 million is for daphne) , eur 2 ,7 million for the justice programme , eur 25 million for humanitarian aid , as part of the eur 500 million reinforcement for the period from 2021 to2027 as agreed in the context of the mff , eur 10 ,2 million for unrwa under the neighbourhood , development and international cooperation instrument (ndici) and eur 7 ,3 million for the european public prosecutor’s office; further notes that amending letter no 1/2020 had already incorporated increases for the horizon europe , erasmus+ and eu4health programmes to reflect the outcome of the mff negotiations; ### 4. welcomes that the increase of eur 185 million on top of the levels of the first db as modified by amending letter no 1/2020 obtained in the conciliation negotiations correspond to parliament’s main political priorities; notes that the increases include eur 60 ,3 million for the connecting europe facility - transport , eur 42 million for life , eur 25 ,7 million for the digital europe programme , eur 6 ,6 million for the rights and values programme , of which eur 4 ,8 million is for daphne) , eur 2 ,7 million for the justice programme , eur 25 million for humanitarian aid , as part of the eur 500 million reinforcement for the period from 2021 to2027 as agreed in the context of the mff , eur 10 ,2 million for unrwa under the neighbourhood , development and international cooperation instrument (ndici) and eur 7 ,3 million for the european public prosecutor’s office mainly for staff reinforcements; further notes that amending letter no 1/2020 had already incorporated increases for the horizon europe , erasmus+ and eu4health programmes to reflect the outcome of the mff negotiations;


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


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


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


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


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


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


### (10) in order to enhance the dialogue between the union institutions , in particular between the european parliament , the council and the commission , and to ensure greater transparency and accountability in that economic dialogue , the competent committee of the european parliament can invite the president of the council , the commission and , where appropriate , the president of the eurogroup to appear before the committee to discuss the measures taken pursuant to this regulation. ### (10) in order to enhance the dialogue between the union institutions , in particular between the european parliament , the council and the commission , and to ensure greater transparency and accountability in that economic dialogue , the competent committee of the european parliament can invite the president of the council , the commission and , where appropriate , the president of the eurogroup to appear before the committee to discuss the measures taken pursuant to this regulation. this regulation contains a set of recommendations for the member states willing to integrate the euro area or are in the process of integrating the euro area.


### (10) in order to enhance the dialogue between the union institutions , in particular between the european parliament , the council and the commission , and to ensure greater transparency and accountability in that economic dialogue , the competent committee of the european parliament can invite the president of the council , the commission and , where appropriate , the president of the eurogroup to appear before the committee to discuss the measures taken pursuant to this regulation. ### (10) in order to enhance the dialogue between the union institutions , in particular between the european parliament , the council and the commission , and to ensure greater transparency and accountability in that economic dialogue , the competent committee of the european parliament , before the commission presents its recommendations for the euro area , may invite the president of the council , the commission and , where appropriate , the president of the eurogroup to appear before the committee for a discussion on the strategic orientations on the reform and investment priorities of the euro area.


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


### this regulation shall contribute to the convergence and competitiveness of the economies of the member states whose currency is the euro by defining a governance framework relevant for the budgetary instrument for convergence and competitiveness , which sets out: ### this regulation shall contribute to the upward convergence and competitiveness of the economies of the member states whose currency is the euro by defining a governance framework relevant for the budgetary instrument for convergence and competitiveness , which sets out:


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


### 1. on a recommendation from the commission and after discussion in the eurogroup , the council shall establish , as part of the euro-area recommendation and on an annual basis , the strategic orientations for the reform and investment priorities of the euro area. ### 1. on a recommendation from the commission and after discussion in the eurogroup , the council shall establish , as part of the euro-area recommendation and on an annual basis , the strategic orientations for the reform and investment priorities of the euro area. prior to the presentation on a recommendation from the commission , there should be a discussion at the euro summit on the relevant strategic priorities.


### article 5 ### deleted


### in order to enhance the dialogue between the union institutions , in particular the european parliament , the council and the commission , and to ensure greater transparency and accountability , the competent committee of the european parliament may invite the president of the council , the commission and , where appropriate , the president of the eurogroup to appear before the committee to discuss the measures taken pursuant to this regulation. ### in order to enhance the dialogue between the union institutions , in particular the european parliament , the council and the commission , and to ensure greater transparency and accountability , the competent committee of the european parliament , before the commission presents the euro area recommendations , may invite the president of the council , the commission and , where appropriate , the president of the eurogroup to appear before the committee to discuss the strategic priorities of economic policies in the euro area that contribute to the convergence and competitiveness of the economies in the euro area.


### b. whereas the main credit rating agencies have given eib bonds a aaa rating due , inter alia , to the fact that it belongs to the member states and to its prudent risk management; ### b. whereas the main credit rating agencies have given eib bonds a aaa rating due , inter alia , to the fact that it belongs to the member states and to its prudent risk management; whereas the eib should maintain its high credit rating , in order to be able to secure the most preferential financial conditions in the capital markets;


### c. whereas the eib group should maintain its high level of creditworthiness as well as a portfolio of solid and good-quality assets; ### c. whereas eib maintained profitability in 2018 , with a net surplus of eur 2.3 bn; whereas the eib group should maintain its high level of creditworthiness as well as a portfolio of solid and good-quality assets;


### d. whereas the eib , being the world’s largest multilateral borrower and lender , is the eu’s natural partner for the implementation of financial instruments; ### d. whereas the eib , being the world’s largest multilateral borrower and lender , and jointly owned by eu member states , is the eu’s natural partner for the implementation of financial instruments , in close cooperation with national and multilateral financial institutions;


### e. whereas the commission estimates the annual investment needed to achieve the eu’s 2030 targets at eur 1 115 billion2 ; ### e. whereas the commission estimates the annual investment needed to achieve the eu’s 2030 targets at eur 1 115 billion2; whereas the commission sustainable investment plan aims to unlock eur 1 trillion investment in the next decade;


### 1. notes that in 2018 the eib invested eur 64 billion in 854 projects; ### 1. notes that in 2018 the eib invested eur 64 billion in 854 projects; notes that the eib adheres to the prudential principle with only 0.3% non-performing loans;


### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which are below historical averages and insufficient to fulfil the eu’s sustainability , social and innovation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the eib to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability , social and innovation gains; ### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which however remain below historical averages , and insufficient to fulfil the eu’s sustainability , social and innovation ambitions; stresses that in order to achieve these ambitions ,more risk-taking by the eib , especially in those sectors and regions that fail to attract outside investment to their side ,may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the eib to allow for the use of innovative instruments in the financing of projects to trigger new meaningful investments with substantial potential sustainability , social and innovation gains;


### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which are below historical averages and insufficient to fulfil the eu’s sustainability , social and innovation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the eib to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability , social and innovation gains; ### 1. highlights the importance of the activities of the european investment bank (eib) to increase the current levels of investment in the eu , which are below historical averages and insufficient to fulfil the eu’s sustainability , social and innovation ambitions; stresses that in order to achieve these ambitions , more risk-taking by the eib may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for a general increase of the eib's capitalisation to allow for more long-term loans and the use of innovative instruments in the financing of projects with substantial potential sustainability , social and innovation gains , irrespective of the final agreement between the uk and the eib after brexit;


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


### 2. welcomes the commitment by the commission president-elect to turn sections of the eib into a climate bank , and the commitments from the eib president to increase the share of eib financing for climate action and environmental sustainability to at least 50 % by 2025 and to align all eib financing activities with the goals of the paris agreement by the end of 2020; calls on the commission to present an ambitious new european sustainable investment plan , including additional financial commitments , as soon as possible , and to fully support the eib in its sustainability ambitions; ### 2. welcomes the commitment by the commission president-elect to turn sections of the eib into a climate bank , and the commitments from the eib president to increase the share of eib financing for climate action and environmental sustainability to at least 50 % by 2025 and to align all eib financing activities with the goals of the paris agreement by the end of 2020; calls on the eib to devote remaining financing to address the technological transition , provide funds for long term research and innovation , smes , support the social economy and enhance social and territorial cohesion , namely by filling current investment gaps in public housing and infrastructure; calls on the commission to present an ambitious new european sustainable investment plan , including additional financial commitments , as soon as possible , and to fully support the eib in its sustainability ambitions;


### 3. calls on the eib to greatly strengthen the arrangements for providing technical assistance and financial expertise to local and regional authorities before project approval , in order to improve accessibility and involve all member states; ### 3. calls on the eib to greatly strengthen the arrangements for providing technical assistance , financial expertise and capacity-building to local and regional authorities before project approval , in order to improve accessibility; calls on the eib to involve all member states , and address systemic shortcomings that prevent some regions or countries from taking full advantage of the eib's financial activities; calls for intensified cooperation with national promotional banks and institutions;


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


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


### 4. stresses that the key quantitative target of the european fund for strategic investments (efsi) of mobilising eur 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the eib to increase the share of efsi and investeu financing to projects that substantially contribute to the eu’s sustainability and social objectives; calls on the commission to ensure that investeu’s sustainability-proofing methodologies are fully consistent with the eu’s sustainability objectives; ### 4. stresses that the key quantitative target of the european fund for strategic investments (efsi) of mobilising eur 500 billion of additional private and public investment should be replaced by measurable targets on sustainability , geographical coverage and social impact in future investment strategies; calls on the eib to increase the share of efsi and investeu financing to projects that substantially contribute to the eu’s sustainability and social objectives; calls on the commission to ensure that investeu’s sustainability-proofing methodologies are fully consistent with the eu’s sustainability objectives;


### a more climate-focused eib ### a more climate and just transition focused eib


### 5. welcomes the decisions taken on 14 november 2019 by the eib’s management board to align the eib’s policies with the goal of limiting global warming to a maximum of 1.5°c above pre-industrial levels; ### 5. welcomes the decisions taken on 14 november 2019 by the eib’s management board to align the eib’s policies with the goal of limiting global warming to a maximum of 1.5°c above pre-industrial levels; welcomes the new energy lending policy and the new strategy for climate action and environmental sustainability adopted as a positive contribution towards the achievement of the european green deal; welcomes the fact that the eib is to be transformed into the eu’s new climate bank with 50 % of its operations to be dedicated to climate action and environmental sustainability by 2025 , with an end to its support for fossil fuel projects by 2021 , and with all its financing activities aligned with the principles and goals of the paris agreement by 2020;


### 5. calls on the eib group to be more transparent about its economic operations , its use of the eu budget guarantee , the additionality of eib operations and on possible future plans for a development subsidiary at the eib , and for the eib group to improve its accountability on these issues; calls for a memorandum of understanding between the eib and parliament to improve access to eib documents and data related to strategic orientation and financing policies in the future in order to strengthen the bank’s accountability. ### 5. calls on the eib group to be more transparent about its economic operations , its use of the eu budget guarantee , the additionality of its operations and on possible future plans for a development subsidiary at the eib; calls for the eib group to improve its accountability on these issues; highlights , in this regard , the need to carry out ex-ante and ex-post evaluation on the projected and achieved economic , social and environmental impact and on the general macroeconomic impact of eib investment; stresses that the results of such impact analysis should be made available to the public;


### 5. calls on the eib group to be more transparent about its economic operations , its use of the eu budget guarantee , the additionality of eib operations and on possible future plans for a development subsidiary at the eib , and for the eib group to improve its accountability on these issues; calls for a memorandum of understanding between the eib and parliament to improve access to eib documents and data related to strategic orientation and financing policies in the future in order to strengthen the bank’s accountability. ### 5. calls on the eib group to be more transparent about its economic operations including to develop a responsible tax policy to avoid the non-transparent and unintended use of tax havens via investments in private equity funds as has been documented by the 2016 counter balance report1a , its use of the eu budget guarantee , the additionality of eib operations and on possible future plans for a development subsidiary at the eib , and for the eib group to improve its accountability on these issues; calls for a memorandum of understanding between the eib and parliament to improve access to eib documents and data related to strategic orientation and financing policies in the future in order to strengthen the bank’s accountability.


### 6. calls for the european investment fund (eif) to be fully integrated into all eib climate measures; calls on the eif to give greater priority to innovation needs for the transition to a climate-neutral europe; ### 6. calls for the european investment fund (eif) to be fully integrated into all eib climate measures; calls on the eif to give greater priority to innovation needs for the transition to a climate-neutral europe; further requests the eib to clarify whether it has the required expertise in the area of green investment;


### 8. calls for a detailed roadmap to be drawn up in 2020 to reach the overall target of 50% climate lending by 2025 , as well as guarantees regarding the climate neutrality of the remaining loans , following an open and transparent public consultation process; ### 8. calls for a detailed roadmap to be drawn up in 2020 to reach the overall target of 50% climate lending by 2025 , as well as guarantees regarding the climate neutrality of the remaining loans , following an open and transparent public consultation process , and without compromising on other priorities , such as cohesion and competitiveness of the eu;


### 9. calls for a strengthening of the eligibility criteria for climate action in order to avert the risk of investments not resulting in significant reductions in greenhouse gases (ghg) , in particular with regard to bioenergy , low-carbon gases , carbon capture and storage and compensation programmes; considers that a general anti-abuse provision should support all eib operations and be included in its declaration on environmental and social standards , which needs to be reviewed in 2020 and aligned with the 1.5°c global warming objective; ### 9. calls for a strengthening of the eligibility criteria for climate action in order to avert the risk of investments not resulting in significant reductions in greenhouse gases (ghg) by ensuring coherence with relevant eu legislation and aligning eib activities with the new taxonomy framework; considers that a general anti-abuse provision should support all eib operations and be included in its declaration on environmental and social standards , which needs to be reviewed in 2020 and aligned with the 1.5°c global warming objective;


### 10. is alarmed that of the 20 largest energy lending projects in 2017 , only six included their carbon footprint in their environmental and social data sheets; ### deleted


### 13. is of the opinion that , in line with best practices in the commercial banking sector3 , eib financing should be subject to ambitious scientific objectives and commitments , with a view to phasing out its support to clients whose activities lead to significant ghg emissions; ### 13. notes the decision by the eib in 2013 to end support to the coal sector; is of the opinion that , in line with best practices in the commercial banking sector3 , eib financing should be subject to ambitious scientific objectives and commitments , with a view to phasing out its support to projects which lead to significant ghg emissions;


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


### 16. calls on the eib to make the review of its transport policy a key priority; calls for a new transport financing policy to decarbonise the eu transport sector by 2050; ### 16. calls on the eib to make the review of its transport policy a key priority; calls for a new transport financing policy to decarbonise the eu transport sector by 2050; underlines that the eib should continue its engagement in financing innovation and green technology for aviation , including the development of sustainable biofuels , electrification and hybrid technology , in order to decarbonise aviation and achieving the primary goal of the paris agreement;


### 17. calls for rigorous policies to be implemented in carbon-intensive industrial sectors in which the eib is active , such as cement , petrochemicals and steel , with a view to phasing out all ‘brown’ loans and aligning all sectoral loans , focusing on the promotion of a circular economy; ### 17. calls for rigorous policies to be implemented in carbon-intensive industrial sectors in which the eib is active , focusing on the promotion of a circular economy , and with a view to aligning all sectoral loans to achieving climate neutrality by 2050 , at the latest;


### 18. reminds the eib that biodiversity protection is a key element of adaptation to climate change and that the restoration of ecosystems is the only proven technology when it comes to negative emissions; calls on the eib to commit to ending the financing of projects which contribute to the loss and degradation of biodiversity and ecosystems , and to increase substantially its funding to achieve the eu’s objectives in this area , in particular the objective of zero net deforestation and the objectives of marine and coastal protection; ### 18. reminds the eib that biodiversity protection is a key element of adaptation to climate change and that the restoration of ecosystems is the only proven technology when it comes to negative emissions; calls on the eib to include biodiversity-proofing components in their financial instruments in order to avoid adverse effects on biodiversity; invites the eib to update its environmental and social standards; calls on the eib to commit to ending the financing of projects which contribute to the loss and degradation of biodiversity and ecosystems , and to increase substantially its funding to achieve the eu’s objectives in this area , in particular the objective of zero net deforestation and the objectives of marine and coastal protection;


### 20. welcomes the strong financial support of the eib for smes with a total investment of eur 23.27 billion , which has benefitted 374 000 companies employing 5 million people; ### 20. welcomes the strong financial support of the eib for smes with a total investment , in 2018 , of eur 23.27 billion , which has benefitted 374 000 companies employing 5 million people;


### 21. considers that , given the strategic role of smes , the eib should reinforce its administrative and advisory capacities to provide information and technical support to smes with a view to facilitating their access to finance; ### 21. considers that , given the strategic role of smes , the eib should continue its financial support and reinforce its administrative and advisory capacities to provide information and technical support to smes with a view to facilitating their access to finance; considers that financing directed to innovative enterprises is especially needed;


### the external lending mandate (elm) ### lending outside the eu


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


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


### 26. urges the eib to adopt a comprehensive and coherent human rights strategy , which includes the risk of reprisals against human rights defenders; recommends that this strategy include the systematic assessment of human rights risks , including an ex-ante evaluation , and continuous monitoring on the ground; calls on the eib to include in its contracts clauses allowing for the suspension of disbursements in the case of serious violations of human rights or environmental and social standards; ### 26. urges the eib , in the context of the forthcoming revision of its environmental social standards policy , to strengthen human rights principles , including the risk of reprisals against human rights defenders; recommends that the revised policy considers systematic assessment of human rights risks , including an ex-ante evaluation , and continuous monitoring on the ground; calls on the eib to include in its contracts clauses allowing for the suspension of disbursements in the case of serious violations of human rights or environmental and social standards;


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


### 30. asks the eib to publish all information relating to direct loans subject to the approval of the management board , including by publishing for each project the opinion of the commission and that of the member state in which the project is located; ### 30. asks the eib , whilst respecting applicable eu legislation , to publish information relating to direct loans subject to the approval of the management board , including by publishing for each project the opinion of the commission and that of the member state in which the project is located;


### 33. calls for the regulatory framework governing the eib’s duty of care obligations to be revised , in particular to strengthen the contractual terms with its clients; ### 33. calls for the regulatory framework governing the eib’s duty of care obligations to be revised , in particular to strengthen the contractual terms with its clients , for example , regarding fraud and corruption;


### 34. expects the eib to adapt its internal policies to take account of the new legal framework put in place to combat not only tax fraud but also tax evasion; encourages the eib to work with the european anti-fraud office (olaf) and national authorities to prevent fraud and money laundering , and to ensure that the european public prosecutor takes a proactive interest in the eib’s activities; ### 34. expects the eib to adapt its internal policies to take account of the new legal framework put in place to combat not only tax fraud but also tax evasion; encourages the eib to work with the european anti-fraud office (olaf) and national authorities to prevent fraud and money laundering , and to ensure that the european public prosecutor (eppo) takes a proactive interest in the eib’s activities; takes the view that eppo should in the future have a mandate to prosecute criminal activity with regards to eib funds in the eu member states , which are members of eppo; calls for adequate financial resources to be allocated for such a new task;


### 35. welcomes the adoption of the revised eib group policy towards weakly regulated , non-transparent and non-cooperative jurisdictions8 ; stresses the importance of ensuring the good quality of information on final beneficiaries and calls on the eib to publish on its website the beneficial ownership of its clients; ### 35. welcomes the adoption of the revised eib group policy towards weakly regulated , non-transparent and non-cooperative jurisdictions8; expects the eib to adopt detailed operational procedures and due diligence measures to implement the new ncj policy; stresses the importance of ensuring the good quality of information on final beneficiaries and calls on the eib to publish on its website the beneficial ownership of its clients; calls on the eib to adopt more stringent tax transparency standards , namely subjecting the granting of direct and indirect loans to country by country publication of tax and accounting data;


### 37. calls for the european court of auditors to be fully empowered to audit all eib operations and for it to draw up an annual report on the results of its external lending activities; ### 37. calls on the commission , the european court of auditors (eca) and the eib to enhance the role of the eca , in the upcoming renewal of the tripartite agreement governing the rules of engagement; calls for the eca to be fully empowered to audit all eib operations , including evaluating the cost-effectiveness of he eib's investment efforts and the additionality of its projects , and for it to draw up an annual report on the results of its external lending activities;


### 3. stresses with concern that , in recent years , europeans have had to face multiple emergencies that have devastated human lives , property , the environment and cultural heritage; ### 3. stresses with concern that , in recent years , europeans have had to face multiple disasters that have devastated human lives , property , the environment and cultural heritage;


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


### 5. points out that it is vital that aid and funds be sent every more rapidly to affected regions , and that links with the union civil protection mechanism (ucpm) and the erdf climate-change adaptation component are essential in order to create a comprehensive package; ### 5. points out that it is vital that aid and funds be sent every as quickly as possible to affected regions , and that links with the union civil protection mechanism and the erdf climate-change adaptation component are essential in order to create a comprehensive package; calls on the commission to continue its work on the guidance for eusf's simplified usage in order to facilitate actions of national , regional and local authorities;


### — having regard to council regulation (ec) no 2012/2002 of 11 november 2002 establishing the european union solidarity fund1 , ### — having regard to council regulation (ec) no 2012/2002 of 11 november 2002 establishing the european union solidarity fund and its subsequent amendments of 15 may 2014 and 20 march 20201 ,


### a. whereas the european union solidarity fund (eusf) , established by council regulation (ec) no 2012/2002 in order to provide financial assistance to member states and accession countries undergoing major disasters , represents true european added value and the materialisation of a will , that has sometimes been lacking , to provide mutual assistance at union level; ### a. whereas the european union solidarity fund (eusf) , established by council regulation (ec) no 2012/2002 , created following the great floods that hit central europe in 2002 , provides financial assistance to member states and accession countries struck by major disasters; whereas the eusf represents a true european added value and the materialisation of a will of solidarity towards the populations of the eu's regions affected by major natural disasters;


### b. whereas , in its resolution of 17 april 2020 on eu coordinated action to combat the covid-19 pandemic and its consequences , parliament pointed out that solidarity among the member states was not an option , but an obligation , stemming inter alia from articles 2 and 21 of the treaty on european union (teu) , and was part and parcel of our european values , as set out in article 3 of the teu; ### b. whereas , in its resolution of 17 april 2020 on eu coordinated action to combat the covid-19 pandemic and its consequences , the european parliament pointed out that solidarity among the member states is not an option , but an obligation , stemming inter alia from articles 2 and 21 of the treaty on the european union (teu) , and is a pillar of our european values , as set out in article 3 of the teu; whereas , in the same resolution , the european parliament urges the commission to strengthen all components of crisis management and disaster response;


### c. noting with interest that , according to a recent survey , more than two thirds of europeans believe that the european union should equip itself with more resources to deal with crises such as covid-19; ### c. noting with interest that , according to a recent survey , two thirds of the europeans citizens believe that the european union should have more competences to deal with crises such as the crisis of the covid-19 , and more than a half believes that the eu should have more financial means to deal with these crises1a;


### d. whereas , so far , assistance from the fund has concerned around a hundred natural disasters in 24 countries , totalling some eur 6.6 billion; ### d. whereas , so far , assistance from the fund has concerned around a hundred natural disasters in 23 member states and 1 accession countries , totalling some eur 6.6 billion for interventions1a;


### e. noting the usefulness of the eusf , highlighted by the commission’s evaluation , in particular as regards reducing the burden on local authorities facing significant damage as a result of natural disasters; ### e. noting the usefulness of the eusf , highlighted by the commission’s evaluation , in particular as regards reducing the burden of all national , regional and local authorities to support the recovery effort in the aftermath of natural disasters;


### h. whereas the rate of approval of requests for assistance in the event of major disasters is 100% , while that of requests for assistance in the event of regional disasters has risen from 32% to 85% following the 2014 revision of the eusf regulation; ### h. whereas the rate of approval of requests for assistance in the event of major disasters is 100% , while that of requests for assistance in the event of regional disasters , the most frequent category , has risen from 32% to 85% following the 2014 revision of the eusf regulation;


### i. regretting , however , that , although the reform of the regulation in 2014 contributed to a 12% reduction in the time between the submission of the application for assistance and the relevant payment , the period required in order for the full grant to be deployed is still too long when the aid is being urgently awaited; ### i. although the reform of the regulation in 2014 contributed to the extension from 10 to 12 weeks to allow the preparation and submission of applications for assistance , a substantial proportion of cases still requires updates , resulting in excessive delay in finally accessing the grants; for this reason , calls on the commission to give a simplified guidance on the application requirements and in so doing reducing the administrative burden;


### j. regretting , likewise , that the fund’s assistance does not cover the additional costs of rebuilding energy- and resource-efficient infrastructure that is more disaster-resilient and climate-resilient , as called for in the european green deal; ### j. regrets that the fund’s assistance only covers the restoration of the status quo ante of infrastructure and plants in the fields of energy , water and waste water , telecommunications , transport , health and education , while leaving aside additional costs of rebuilding more disaster-resilient and climate-resilient infrastructures , as called for in the european green deal , to be financed by the beneficiary state from own resources and from other union funds , such as erdf and cohesion fund;


### k. noting with interest that , as illustrated by the covid-19 crisis , there is a high degree of complementarity between cohesion policy instruments and the eusf , the fund which responds to natural disasters in the short and medium term , while cohesion policy is geared to longer-term planning with regard to civil protection and preventive and risk management infrastructure; ### k. noting with interest that , as illustrated by the covid-19 crisis , there is room for a higher level of synergies between cohesion policy instruments and the eusf; acknowledging that the eusf was created to respond to natural disasters in the short and medium term , while cohesion policy (erdf and cohesion fund) is geared to longer-term planning , with regard to planning and investments for civil protection and preventive and risk management infrastructure;


### l. welcoming the commission’s proposal to extend the scope of the eusf to include health emergencies , so that this financial instrument can be used to provide assistance to populations affected by a pandemic; ### l. welcomes the commission’s proposal , and subsequent entering into force of regulation (eu) 2020/461 , to extend the scope of the eusf to include major public health emergencies;


### m. whereas , because of climate change , emergency situations are likely to intensify and multiply; highlighting , therefore , the usefulness of the budgetary mechanism of dynamic allocation , introduced in 2014 , which enabled the fund , amongst other things , to provide record support of eur 1.2 billion for the earthquakes in italy in 2016-2017; ### m. whereas , because of climate change , natural disasters are likely to intensify and multiply; highlighting , therefore , the usefulness of the budgetary mechanism of dynamic allocation , introduced in 2014 , which enabled the fund , amongst other things , to provide a record eusf contribution of eur 1.2 billion for the earthquakes in italy in 2016-2017;


### o. regretting that people in the eu are not very aware of the existence of the solidarity fund , in particular because the fund largely intervenes only after reconstruction work has been completed , in the form of reimbursements; ### deleted


### p. whereas special attention should be paid to the outermost regions (ors) , islands – which are particularly vulnerable to disasters – mountainous regions , sparsely populated regions and all areas that are particularly prone to the risk of natural disasters; ### p. whereas special attention should be paid to the ors , islands , mountainous regions , sparsely populated regions and all areas that are particularly prone to the risk of natural disasters;


### 1. expresses its deep concern that extreme weather events and natural disasters will only increase and intensify alongside climate change; ### 1. considers that investing in prevention and climate mitigation in line with european green deal , is of the utmost importance , as floods , earthquakes , forest fires , droughts and other natural disasters can spill out of hand;


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


### 9. is of the view that the risks of natural , ecological and health disasters have now become systemic and that the least developed and most fragile territories , such as islands , are often the most affected by the impact of climate change; ### 9. is of the view that the major climate and public health emergencies have deeper economic and social impacts in the least developed and most fragile territories , such as islands , so more adequate measures in these territories should be taken under the eusf;


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


### 10. considers it vital to improve disaster risk prevention and management in europe; recommends , in this regard , that member states put in place , together with the commission , disaster management plans for accurate and rapid damage assessment; ### 10. considers it vital to invest in disaster risk prevention and management in europe by securing preventive infrastructure; recommends , in this regard , that member states put in place , together with the commission , disaster prevention and management plans for accurate and rapid damage assessment;


### 12. is of the opinion that climate change and the intensification of natural disasters are making territories and regions increasingly vulnerable; calls on the commission , accordingly , to consider revising the eusf in order better to take into account disasters on a regional scale; ### deleted


### 12. is of the opinion that climate change and the intensification of natural disasters are making territories and regions increasingly vulnerable; calls on the commission , accordingly , to consider revising the eusf in order better to take into account disasters on a regional scale; ### 12. is of the opinion that climate change and the intensification of natural disasters are making territories and regions increasingly vulnerable; calls on the commission , accordingly , to consider revising the eusf in order better to take into account disasters on a regional scale , paying particular attention to simplifying applications for activation of the fund at the scale of several european regions in the context of cross-border disasters;


### 15. draws particular attention to the situation of local authorities which have little experience in eu-funded projects and calls on the commission to provide them with increased operational support , in particular administrative support; ### 15. stresses the necessity of reducing the bureaucratic burden and increasing the administrative aid to support beneficiary countries towards the creation of management and long term strategies , in order to help reducing the impacts of major natural and health disasters in these countries;


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


### 17. believes that all lessons should be learned from hurricane irma that struck saint-martin in 2017 and calls for the eusf and other emergency aid schemes to be extended to overseas countries and territories (octs); ### deleted


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


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


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