Changes from plenary report to adopted text

The European Parliament,

– having regard to Articles 2 and 3 of the Treaty on European Union,

– having regard to Articles 15, 126, 174, 175, 177, 208, 209, 271, 308 and 309 of the Treaty on the Functioning of the European Union (TFEU) and to Protocol No 5 to the Treaties on the Statute of the European Investment Bank (EIB),

– having regard to Articles 41 to 43 of the Treaty establishing the European Atomic Energy Community,

– having regard to the EIB’s press release of 7 October 2016 expressing approval of the ratification of the Paris Agreement by the EU,

– having regard to the EIB Operations Evaluation Activity Report 2022 and Work Programme 2023-2025, published on 3 March 2023,

– having regard to the EIB Group’s Complaints Mechanism Procedures, published on 13 November 2018,

– having regard to the EIB publication entitled ‘EIB energy lending policy’, published on 8 May 2023,

– having regard to the EIB Group’s Climate Bank Roadmap 2021-2025, adopted by the EIB Board of Directors on 11 November 2020, and to the EIB climate strategy of 15 November 2020,

– having regard to the EIB Group Operational Plan 2023-2025, published on 2 February 2023,

– having regard to the EIB Investment Report 2022/2023 entitled ‘Resilience and renewal in Europe’, published on 28 February 2023,

– having regard to the EIB Group activity report 2022 entitled ‘Secure Europe’, published on 2 February 2023,

– having regard to the EIB climate action and environmental sustainability overview 2023, published on 2 February 2023,

– having regard to the EIB Environment Framework, published on 14 November 2022,

– having regard to the EIB Group Corporate Governance Report 2022, published on 8 September 2023,

– having regard to the EIB publication of 29 November 2023 entitled ‘EIB Global Strategic Roadmap: EU Finance for a Sustainable Future’,

– having regard to EIB Global’s approach to a just transition and just resilience, published on 27 November 2023,

– having regard to the EIB Group Risk Management Disclosure Report 2022, published on 9 August 2023,

– having regard to the 2022-2023 EIB Climate Survey,

– having regard to the EIB Group Environmental and Social Sustainability Framework entitled ‘The EIB Group Environmental and Social Policy’, adopted on 2 February 2022,

– having regard to the EIB publication of 10 February 2023 entitled ‘EIB Global – partnership, people, impact’,

– having regard to the EIB’s approach to human rights, published on 6 February 2023,

– having regard to the EIB report of 29 June 2023 entitled ‘EIB Group activities in EU cohesion regions 2022’,

– having regard to the EIB Group’s strategy on gender equality and women’s economic empowerment and to its gender action plan,

– having regard to the code of conduct for EIB Group staff, published on 3 February 2023,

– having regard to the code of conduct of the EIB Group Audit Committee, published on 30 November 2021,

– having regard to the code of conduct of the EIB Group Management Committee, published on 14 October 2021,

– having regard to the EIB publication of 27 November 2023 entitled ‘EIB Group PATH Framework – Version 1.2 November 2023 – Supporting counterparties on their pathways to align with the Paris Agreement’,

– having regard to the EIB’s Solidarity Package for Ukraine, approved by the EIB Board on 4 March 2022,

– having regard to the Commission communication of 20 May 2020 entitled ‘EU Biodiversity Strategy for 2030 – Bringing nature back into our lives’ (COM(2020)0380),

– having regard to the Commission communication of 20 May 2020 entitled ‘A Farm to Fork Strategy for a fair, healthy and environmentally-friendly food system’ (COM(2020)0381),

– having regard to the Commission communication of 12 May 2021 entitled ‘Pathway to a Healthy Planet for All – EU Action Plan: “Towards Zero Pollution for Air, Water and Soil”’ (COM(2021)0400),

– having regard to the Commission communication of 1 February 2023 entitled ‘A Green Deal Industrial Plan for the Net-Zero Age’ (COM(2023)0062),

– having regard to Regulation (EU) 2021/1056 of the European Parliament and of the Council of 24 June 2021 establishing the Just Transition Fund,

– having regard to Regulation (EU) 2021/1229 of the European Parliament and of the Council of 14 July 2021 on the public sector loan facility under the Just Transition Mechanism,

– having regard to the UN Sustainable Development Goals,

– having regard to the Tripartite Agreement between the Commission, the European Court of Auditors and the European Investment Bank, which came into force in November 2021,

– having regard to the European Ombudsman’s letter of 22 July 2016 to the President of the EIB on conflict of interest issues and to the President of the EIB’s reply of 31 January 2017,

– having regard to the European Ombudsman’s recommendations issued on 20 November 2023 in Case 2252/2022/OAM,

– having regard to the European Ombudsman’s recommendations issued on 21 April 2022 in Case 1251/2020/PB,

– having regard to the European Ombudsman’s recommendations issued on 27 July 2022 in Case 1016/2021/KR,

– having regard to Rule 54 of its Rules of Procedure,

– having regard to the report of the Committee on Budgets (A9-0031/2024),

A. whereas the EIB Group consists of the European Investment Bank (EIB) and the European Investment Fund (EIF) and is the biggest multilateral financial institution in the world and one of the largest providers of climate finance, operating in the international capital markets offering competitive terms to clients and favourable conditions to support EU policies and projects both inside and outside the Union;

B. whereas under Article 309 TFEU, the EIB is tasked with contributing to the achievement of the EU’s objectives;

C. whereas in order to achieve the EU’s climate targets, investments of EUR 1 trillion a year are needed in the EU; whereas the EIB can help bridge the gap by crowding in private capital;

Overview of policies and operations

1. Reiterates the important role played by the EIB as the EU public bank and as the only international financial institution entirely owned by Member States, fully guided by EU policies and subject to EU legal standards with the goal of supporting the social and economic recovery and targeting the investments needed to achieve the Union’s objectives;

2. Appreciates the fact that the EIB is always ready to adapt and reinvent itself in line with changing EU policy requirements, while respecting its long-term goals;

3. Reiterates its call for a capital increase to enable the EIB to provide more long-term repayable financial support and innovative instruments; notes that this is necessary for fair inclusive sustainable growth supporting key real economy investments that would otherwise not be made and that have the potential to maximise innovation gains in key EU policy areas such as digitalisation and the green transition; notes that these investments should help mitigating constraints on competitiveness such as high energy prices, skills gaps and insufficient investments in innovation and new technologies, and help implement the European Pillar of Social Rights and the UN Sustainable Development Goals; expects the EIB to ensure that its financing contributes to addressing market failures and avoids crowding-out effects and that it brings measurable impacts, without compromising the overall attractiveness of its financial offer;

4. Stresses that the EIB must maintain its AAA credit rating and retain the full confidence of the capital markets in its activities;

5. Notes that EIB financing plays an increasingly important role in the context of the significant social and economic consequences deriving from the COVID-19 crisis followed by the invasion of Ukraine, in particular inflation, high interest rates and stretched public finances; further notes the greater role EIB funding plays in the context of a challenging economic outlook and increased global competition, which also have an impact on ongoing projects;