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DRAFT REPORT (2023/2229(INI))

On financial activities of the European Investment Bank - annual report 2023

BUDG-PR-757274

Committee on Budgets · Rapporteur: David Cormand

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This draft report by the Committee on Budgets assesses the European Investment Bank's 2023 financial activities. It calls for a capital increase, more social and climate investment, stronger biodiversity and human rights safeguards, and better transparency and governance. It asks the EIB to align its Climate Bank Roadmap review with the 1.5 degree pathway and climate neutrality by 2050, and to apply Paris Alignment rules strictly. It welcomes the EU for Ukraine initiative and expects EIB Global to stay aligned with EU external goals, consult affected communities, and follow aid effectiveness principles. It urges the EIB to implement European Ombudsman recommendations and to improve transparency and conflict-of-interest rules.

Committee position. The rapporteur proposes a resolution calling for an EIB capital increase, stronger climate and biodiversity safeguards, better social investment, and improved transparency and governance, including implementation of Ombudsman recommendations.

Key points

  1. Reiterates the EIB's role as the EU public bank owned by member states and guided by EU policy objectives.
  2. Calls for a capital increase and expects the EIB to address market failures without crowding out private finance or raising its financing costs.
  3. Stresses that the EIB must keep its AAA credit rating and the confidence of capital markets.
  4. Calls on the EIB to tackle systemic shortcomings that stop some regions or countries from benefiting fully from its financing.
  5. Calls on the EIB to expand into social infrastructure such as social housing, utilities, public transport and education, and to support smaller companies through the European Investment Fund.
  6. Calls for a method to assess the EU's green funding gap and for the 2024 Climate Bank Roadmap review to align with the 1.5 degree pathway and climate neutrality by 2050.
  7. Calls for full implementation of Paris Alignment for Counterparties, with REPowerEU exemptions exceptional and temporary, and for credible decarbonisation plans from corporate clients.
  8. Asks the EIB to steer private finance towards high-additionality projects and questions large-scale green hydrogen projects over water use, biodiversity and commercial viability.
  9. Expects the EIB to apply its environmental and social policy fully, align with the post-2020 Global Biodiversity Framework, and require no loss of biodiversity in financed projects.
  10. Expects more nature-positive investment, biodiversity risk assessment at counterparty level, and caution on debt-for-nature swaps and animal welfare standards.
  11. Welcomes the EU for Ukraine initiative and expects EIB Global to align with EU strategic interests, benefit recipient communities, and follow aid effectiveness principles.
  12. Urges the EIB to improve transparency, implement Ombudsman recommendations, and address conflicts of interest involving Vice-Presidents.

Who is affected

  • The European Investment Bank, which is asked to change lending, climate, biodiversity and governance practices.
  • EU member states and regions, which should benefit from EIB financing and a capital increase.
  • Small and medium-sized enterprises and start-ups, which should get better access to finance and growth capital.
  • Ukraine, which receives EIB support guided by reconstruction priorities and the Ukraine plan.
  • Corporate clients and project promoters, who must meet decarbonisation, human rights and biodiversity requirements.

Figures and deadlines

  • EUR 1 trillion a year in investments needed in the EU to achieve climate targets.
  • EUR 300 billion in investments to be generated by the end of 2027, with EIB Global expected to facilitate at least one third.
  • EUR 36.5bn in green financing in 2022, representing 58 % of total financing volumes.
  • Original target of 50 % green financing expected by 2025.

Legal basis: Articles 15, 126, 174, 175, 177, 208, 209, 271, 308 and 309 of the Treaty on the Functioning of the European Union, and Protocol No 5 on the Statute of the European Investment Bank.