Article 37 Establishment and objectives
1. The Intelligent Energy — Europe Programme in support of energy efficiency, renewable energy sources and energy diversification is hereby established. The programme shall contribute to ensuring secure, sustainable energy for Europe, while enhancing European competitiveness. 2. The Intelligent Energy — Europe Programme shall provide for action, in particular: (a) to foster energy efficiency and the rational use of energy resources; (b) to promote new and renewable energy sources and to support energy diversification; (c) to promote energy efficiency and the use of new and renewable energy sources in transport.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 37 ):
Establishment and objectives 1. The Intelligent Energy — Europe Programme in support of energy efficiency, renewable energy sources and energy diversification is hereby established. The programme shall contribute to ensuring secure, sustainable energy for Europe, while enhancing European competitiveness. 2. The Intelligent Energy — Europe Programme shall provide for action, in particular: (a) to foster energy efficiency and the rational use of energy resources; (b) to promote new and renewable energy sources and to support energy diversification; (c) to promote energy efficiency and the use of new and renewable energy sources in transport.
Article 38 Operational objectives
In operational terms the Intelligent Energy — Europe Programme shall aim to: (a) provide the elements necessary for the improvement of sustainability, the development of the potential of cities and regions, as well as for the preparation of the legislative measures needed to attain the related strategic objectives; develop the means and instruments to follow up, monitor and evaluate the impact of the measures adopted by the Community and its Member States in the fields addressed by that programme; (b) boost investment across Member States in new and best performing technologies in the fields of energy efficiency, renewable energy sources and energy diversification, including in transport, by bridging the gap between the successful demonstration of innovative technologies and their effective, broad market uptake in order to attain leverage of public and private sector investment, promote key strategic technologies, bring down costs, increase market experience and contribute to reducing the financial risks and other perceived risks and barriers that hinder this type of investment; (c) remove the non-technological barriers to efficient and intelligent patterns of energy production and consumption by promoting institutional capacity building at, inter alia, local and regional level, by raising awareness, notably through the educational system, by encouraging exchanges of experience and know-how among the main players concerned, business and citizens in general and by stimulating the spread of best practices and best available technologies, notably by means of their promotion at Community level.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 38 ):
Operational objectives In operational terms the Intelligent Energy — Europe Programme shall aim to: (a) provide the elements necessary for the improvement of sustainability, the development of the potential of cities and regions, as well as for the preparation of the legislative measures needed to attain the related strategic objectives; develop the means and instruments to follow up, monitor and evaluate the impact of the measures adopted by the Community and its Member States in the fields addressed by that programme; (b) boost investment across Member States in new and best performing technologies in the fields of energy efficiency, renewable energy sources and energy diversification, including in transport, by bridging the gap between the successful demonstration of innovative technologies and their effective, broad market uptake in order to attain leverage of public and private sector investment, promote key strategic technologies, bring down costs, increase market experience and contribute to reducing the financial risks and other perceived risks and barriers that hinder this type of investment; (c) remove the non-technological barriers to efficient and intelligent patterns of energy production and consumption by promoting institutional capacity building at, inter alia, local and regional level, by raising awareness, notably through the educational system, by encouraging exchanges of experience and know-how among the main players concerned, business and citizens in general and by stimulating the spread of best practices and best available technologies, notably by means of their promotion at Community level.
Article 39 Energy efficiency and rational use of resources (SAVE)
Action to foster energy efficiency and the rational use of energy resources may include: (a) improvement of energy efficiency and the rational use of energy, in particular in the building and industry sectors, with the exception of actions covered by Article 41; (b) supporting the preparation of legislative measures and their application.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 39 ):
Energy efficiency and rational use of resources (SAVE) Action to foster energy efficiency and the rational use of energy resources may include: (a) improvement of energy efficiency and the rational use of energy, in particular in the building and industry sectors, with the exception of actions covered by Article 41; (b) supporting the preparation of legislative measures and their application.
Article 40 New and renewable resources (Altener)
Action to promote new and renewable energy resources may include: (a) promoting new and renewable energy sources for centralised and decentralised production of electricity, heat and cooling, and thus supporting the diversification of energy sources, with the exception of actions covered by Article 41; (b) integrating new and renewable energy sources into the local environment and the energy systems; (c) supporting the preparation of legislative measures and their application.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 40 ):
New and renewable resources (Altener) Action to promote new and renewable energy resources may include: (a) promoting new and renewable energy sources for centralised and decentralised production of electricity, heat and cooling, and thus supporting the diversification of energy sources, with the exception of actions covered by Article 41; (b) integrating new and renewable energy sources into the local environment and the energy systems; (c) supporting the preparation of legislative measures and their application.
Article 41 Energy in transport (STEER)
Action to promote energy efficiency and the use of new and renewable energy sources in transport may include: (a) supporting initiatives relating to all energy aspects of transport, and the diversification of fuels; (b) promoting renewable fuels and energy efficiency in transport; (c) supporting the preparation of legislative measures and their application.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 41 ):
Energy in transport (STEER) Action to promote energy efficiency and the use of new and renewable energy sources in transport may include: (a) supporting initiatives relating to all energy aspects of transport, and the diversification of fuels; (b) promoting renewable fuels and energy efficiency in transport; (c) supporting the preparation of legislative measures and their application.
Article 42 Integrated initiatives
Action to combine several of the specific fields referred to in Articles 39, 40 and 41, or relating to certain Community priorities, may include: (a) integrating energy efficiency and renewable energy sources in several sectors of the economy; (b) combining various instruments, tools and actors within the same action or project.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 42 ):
Integrated initiatives Action to combine several of the specific fields referred to in Articles 39, 40 and 41, or relating to certain Community priorities, may include: (a) integrating energy efficiency and renewable energy sources in several sectors of the economy; (b) combining various instruments, tools and actors within the same action or project.
Article 43 Promotion and dissemination projects
The following shall be supported: (a) strategic studies on the basis of shared analysis and regular monitoring of market developments and energy trends for the preparation of future legislative measures or for the review of existing legislation, including with regard to the functioning of the internal energy market, for the implementation of the medium and long-term strategy in the energy field to promote sustainable development, as well as for the preparation of long-term voluntary commitments with industry and other stake-holders and for the development of standards, labelling and certification systems, where appropriate also in cooperation with third countries and international organisations; (b) creation, enlargement or reorganisation of structures and instruments for sustainable energy development, including local and regional energy management, and the development of adequate financial products and market instruments, building on experience from past and present networks; (c) promotion of sustainable energy systems and equipment in order to further accelerate their penetration of the market and stimulate investment to facilitate the transition from the demonstration to the marketing of more efficient technologies, awareness campaigns and the creation of institutional capabilities; (d) development of information, education and training structures, the utilisation of results, the promotion and dissemination of know-how and best practices involving all consumers, dissemination of results of the actions and projects and cooperation with the Member States through operational networks; (e) monitoring of the implementation and the impact of Community legislative and support measures.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 43 ):
Promotion and dissemination projects The following shall be supported: (a) strategic studies on the basis of shared analysis and regular monitoring of market developments and energy trends for the preparation of future legislative measures or for the review of existing legislation, including with regard to the functioning of the internal energy market, for the implementation of the medium and long-term strategy in the energy field to promote sustainable development, as well as for the preparation of long-term voluntary commitments with industry and other stake-holders and for the development of standards, labelling and certification systems, where appropriate also in cooperation with third countries and international organisations; (b) creation, enlargement or reorganisation of structures and instruments for sustainable energy development, including local and regional energy management, and the development of adequate financial products and market instruments, building on experience from past and present networks; (c) promotion of sustainable energy systems and equipment in order to further accelerate their penetration of the market and stimulate investment to facilitate the transition from the demonstration to the marketing of more efficient technologies, awareness campaigns and the creation of institutional capabilities; (d) development of information, education and training structures, the utilisation of results, the promotion and dissemination of know-how and best practices involving all consumers, dissemination of results of the actions and projects and cooperation with the Member States through operational networks; (e) monitoring of the implementation and the impact of Community legislative and support measures.
Article 44 Market replication projects
The Community shall provide support to projects concerned with the market replication of innovative techniques, processes, products or practices of Community relevance, which have already been technically demonstrated with success. These shall be designed to promote broader utilisation of such techniques, processes, products or practices within the participating countries and facilitate their market uptake.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 44 ):
Market replication projects The Community shall provide support to projects concerned with the market replication of innovative techniques, processes, products or practices of Community relevance, which have already been technically demonstrated with success. These shall be designed to promote broader utilisation of such techniques, processes, products or practices within the participating countries and facilitate their market uptake.
Article 45 Annual work programme
The annual work programme shall set out in detail, and in line with the objectives set out in Article 37: (a) measures needed for its implementation; (b) priorities; (c) qualitative and quantitative objectives; (d) appropriate evaluation criteria and qualitative and quantitative indicators to analyse effectiveness in delivering outcomes that will contribute to the achievement of the objectives of the specific programmes and the Framework Programme as a whole; (e) operational timetables; (f) the rules for participation; (g) the criteria for the selection and evaluation of the measures.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 45 ):
Annual work programme The annual work programme shall set out in detail, and in line with the objectives set out in Article 37: (a) measures needed for its implementation; (b) priorities; (c) qualitative and quantitative objectives; (d) appropriate evaluation criteria and qualitative and quantitative indicators to analyse effectiveness in delivering outcomes that will contribute to the achievement of the objectives of the specific programmes and the Framework Programme as a whole; (e) operational timetables; (f) the rules for participation; (g) the criteria for the selection and evaluation of the measures.
Article 46 Committees
1. The Commission shall be assisted by the following Committees: (a) the Committee for the Entrepreneurship and Innovation Programme, called the EIP Management Committee (EIPC); (b) the Committee for the ICT Policy Support Programme, called the ICT Management Committee (ICTC); (c) the Committee for the Intelligent Energy Europe Programme, called the IEE Management Committee (IEEC). Full coordination and cooperation across the whole Framework Programme, including strategic management, and coherent overall implementation, shall be ensured by the Commission, assisted by the EIPC, in close collaboration with the ICTC and the IEEC. 2. For the committees referred to in paragraph 1, Articles 4 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof. The period laid down in Article 4(3) of Decision 1999/468/EC shall be set at three months. 3. The Committees referred to in paragraph 1 shall adopt their rules of procedure.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 46 ):
Committees 1. The Commission shall be assisted by the following Committees: (a) the Committee for the Entrepreneurship and Innovation Programme, called the EIP Management Committee (EIPC); (b) the Committee for the ICT Policy Support Programme, called the ICT Management Committee (ICTC); (c) the Committee for the Intelligent Energy Europe Programme, called the IEE Management Committee (IEEC). Full coordination and cooperation across the whole Framework Programme, including strategic management, and coherent overall implementation, shall be ensured by the Commission, assisted by the EIPC, in close collaboration with the ICTC and the IEEC. 2. For the committees referred to in paragraph 1, Articles 4 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof. The period laid down in Article 4(3) of Decision 1999/468/EC shall be set at three months. 3. The Committees referred to in paragraph 1 shall adopt their rules of procedure.
Article 47 User manual
1. After the entry into force of the Framework Programme, the Commission shall publish a readable and user-friendly user manual establishing a clear, simple and transparent framework of general principles for the participation of beneficiaries in the Framework Programme. The user manual shall, in particular, facilitate the participation of SMEs. 2. The Commission shall ensure that the time between the submission of applications and the notification of evaluation results is as short as possible. The evaluation result shall be sent out within a reasonable time.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 47 ):
User manual 1. After the entry into force of the Framework Programme, the Commission shall publish a readable and user-friendly user manual establishing a clear, simple and transparent framework of general principles for the participation of beneficiaries in the Framework Programme. The user manual shall, in particular, facilitate the participation of SMEs. 2. The Commission shall ensure that the time between the submission of applications and the notification of evaluation results is as short as possible. The evaluation result shall be sent out within a reasonable time.
Article 48 Strategic Advisory Board on Competitiveness and Innovation
The Commission shall be advised by a Strategic Advisory Board on Competitiveness and Innovation composed of representatives of industry and business associations, including those representing SMEs, and other experts. Their expertise should be related to the sectors and issues addressed by the Framework Programme, including financing, ICT, energy and eco-innovation.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 48 ):
Strategic Advisory Board on Competitiveness and Innovation The Commission shall be advised by a Strategic Advisory Board on Competitiveness and Innovation composed of representatives of industry and business associations, including those representing SMEs, and other experts. Their expertise should be related to the sectors and issues addressed by the Framework Programme, including financing, ICT, energy and eco-innovation.
Article 50 Transitional measures
The implementation measures in pursuance of the objective set out in Article 27(b) shall be carried out under Decision No 456/2005/EC until 31 December 2008. Thereafter, the actions initiated under Decision No 456/2005/EC on or before that date shall be administered in accordance with that Decision, except that the Committee established by that Decision shall be replaced by the ICTC established by Article 46(1)(b) of this Decision. For services referred to in Article 21(2)(a), the Commission may, until 31 December 2007, continue operating the Euro Info Centre Network and concluding annual specific grant agreements with its members, funded under this Framework Programme, and maintain the operational arrangements of the multiannual programme for enterprise and entrepreneurship established by Decision 2000/819/EC.
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 50 ):
Transitional measures The implementation measures in pursuance of the objective set out in Article 27(b) shall be carried out under Decision No 456/2005/EC until 31 December 2008. Thereafter, the actions initiated under Decision No 456/2005/EC on or before that date shall be administered in accordance with that Decision, except that the Committee established by that Decision shall be replaced by the ICTC established by Article 46(1)(b) of this Decision. For services referred to in Article 21(2)(a), the Commission may, until 31 December 2007, continue operating the Euro Info Centre Network and concluding annual specific grant agreements with its members, funded under this Framework Programme, and maintain the operational arrangements of the multiannual programme for enterprise and entrepreneurship established by Decision 2000/819/EC.
Article 51 Entry into force
This Decision shall enter into force on the 20th day following its publication in the Official Journal of the European Union .
Amendment rationale: CONTEXT OF THE PROPOSAL At a time of fiscal constraint, innovative solutions are urgently required to mobilise a greater share of private savings and to improve the range of financial instruments available for infrastructure projects, especially in the energy, transport and ICT sectors. Reduced possibilities to access finance by infrastructure projects calls for alternative sources of debt financing. The norm for infrastructure projects with commercial potential should be to combine EU funds in partnerships with the capital market and banking sectors, particularly via the European Investment Bank (EIB) as the EU financial body established by the Treaty. (a) Europe 2020 Project Bond Initiative in the framework of the Connecting Europe Facility (2014-2020) On 29 June 2011, the European Commission adopted its proposal for the multi-annual financial framework (MFF) for the period 2014-2020. One of the key decisions was to bring the granting of financial aid for transport, energy and ICT infrastructure into a common legislative framework, the Connecting Europe Facility: "The Commission has decided to propose the creation of a Connecting Europe Facility to accelerate the infrastructure development that the EU needs. (…) The Connecting Europe Facility will fund pre-identified transport, energy and ICT priority infrastructures of EU interest, and both physical and information technology infrastructures, consistent with sustainable development criteria."[1] Following this decision, the Commission will make a proposal for a new Regulation to establish the Connecting Europe Facility. The Europe 2020 Project Bond Initiative will become part of the array of debt instruments upon which the facility may draw in addition to equity instruments and grants. The Facility will provide the longer-term framework ensuring that projects in energy, transport and telecommunications are developed and implemented in a timely and effective manner. A comprehensive strategy of prioritised opportunities of infrastructure projects[2], has significant potential to attract more private sector financing and at the same time help to complete the internal market. Financial instruments are needed to reduce specific barriers that prevent the flow of debt and equity finance. Their main objective is to attract and facilitate private sector finance of projects. At the same time, increased investment activity in infrastructure projects stimulates the global development of post-crisis financial markets, enhances the pace of economic recovery and promotes growth. The Europe 2020 Project Bond Initiative will become an integral part of the risk-sharing instruments of the Connecting Europe Facility for the period 2014-2020. The financial instruments under the Facility may be extended to other sectors such as social infrastructure, renewable energy or certain space projects, provided they fulfil the appropriate economic and financial criteria and the Commission will seek to invite a range of partners, including international financial institutions or Member States' financial institutions with a public mission, to participate in the implementation of the post-2013 financial instruments. (b) Europe 2020 Project Bond Initiative pilot phase 2012-2013 The main objective of the pilot phase in 2012-2013 is to prepare the operational phase of the initiative under the Connecting Europe Facility for the period 2014-2020 and to provide immediate support for infrastructure projects. Due to fiscal austerity in the Member States, there is a danger that infrastructure projects of EU interest are not carried out at the pace required to achieve Europe 2020 objectives thereby compromising the EU's economic recovery and growth. In addition, due to the liquidity and risk challenges arising during the financial crisis, banks reacted with a shortening of loan maturities, combined with increased pricing and collateral requirements for infrastructure projects. Even though the bank debt markets show signs of recovery, infrastructure projects continue to have great difficulties in accessing long-term debt finance. Therefore, the potential importance of bond markets as a source of finance has increased. However as there are no existing public credit enhancement measures, no project bonds in the field of TEN-T, TEN-E or broadband have been issued in the last few years. As long as infrastructure projects entail features and risks such as greenfield development, uncertain business case as regards future revenue flows, regional aspects including the influence of the sovereign crisis and cross-border impact, making the project preparation and implementation demanding and time consuming, such projects continue to be unattractive for capital market investors. In view of this and to contribute to the completion of the Single Market, it is proposed to launch a pilot phase of the Europe 2020 Project Bond Initiative in the area of transport, energy and ICT. This initiative seeks to mobilise investment in areas that will stimulate growth and create jobs. The large and urgent infrastructure investment needs, combined with the long lead times for project preparation, call for immediate action to address the scarcity of funding and also to build on the momentum generated by the public consultation, and hence bolster investor confidence. The Europe 2020 Project Bond Initiative aims to provide the credit enhancement required to attract capital market investors and would facilitate the creation of a new asset class in terms of infrastructure project bonds. In the context of economic recovery and support actions stimulating growth, it is necessary to launch the initiative during a period when capital market investors have started looking for alternative long-term investment opportunities with stable revenues. In order to allow a more efficient implementation of the financial instruments under the Connecting Europe Facility, the launch of a pilot phase is required, both to allow the optimisation of the design and stimulate investor appetite for the post-2013 period. Even though the pilot phase would be limited in terms of scope, budget availability and the number of projects that can be supported, it is expected to stimulate market behaviour towards an increased acceptance of capital market debt financing for infrastructure projects in general and thus lay the ground for a fully-fledged implementation for the period 2014-2020. This initiative provides EU added value due to its ability to transcend the market fragmentation issues that such an initiative would be faced with at Member State level. The initiative will complement, rather than replace bank lending and thus provide an alternative and competitive source of long-term debt finance to infrastructure projects. Mobilising private sector finance through EU financial instruments will preserve scarce grant funding for projects attracting insufficient private capital. In the pilot phase, the Commission would work in particular with the EIB to optimise the design of the initiative for optimal implementation from 2014 onwards. Experience gained through the pilot phase would allow investors and project sponsors alike to familiarise themselves with the structure of project bonds and would be taken into account as required for any further initiatives. To have the maximum impact, the initiative could also be applied to projects at an advanced stage of the bidding process for the purposes of refinancing during or shortly after the end of the construction period. Even though, in the pilot phase, the initiative would be implemented with the EIB, for the implementation of the post-2013 phase a broader range of implementing partners would be sought. Under the current Multi-annual Financial Framework, the EU has already implemented a risk-sharing instrument together with the EIB called the Loan Guarantee instrument for TEN-T projects (LGTT). The risk-sharing techniques and working methods of the initiative will be aligned to those of LGTT, whereby the scope would be extended to energy and telecommunications. Similar to LGTT, EU’s contribution would thus be used to share risks with the EIB. Therefore, due to the similarity, a multiplier effect of around 15-20 is expected for the Project Bond Initiative. Given the short time available, the Commission invites the Parliament and the Council to adopt the proposal for a pilot phase as speedily as possible. 
Revised version (Article 51 ):
Entry into force This Decision shall enter into force on the 20th day following its publication in the Official Journal of the European Union .