Member States should use the full financial resources of the Next Generation EU Recovery Plan, including the loan component, to accelerate their energy transition and reduce their dependence on Russian hydrocarbons, says the European Parliament in a report on the implementation of the Recovery and Resilience Facility (RRF) adopted on Thursday 23 June by a large majority (420 votes in favour, 90 against, 83 abstentions).
MEPs note that a “considerable” amount - around €220 billion - remains available in the form of loans, with only seven Member States having made use of this possibility to finance their recovery plan. “The limited interest in the loan component could lead to lost opportunities”, they point out.
At the end of May, the European Commission proposed that the loans granted by the European Recovery Plan should contribute to financing the EU’s energy sovereignty through the deployment of the REPowerEU strategy (see EUROPE 12960/9).
The Parliament therefore urges Member States, who do not intend to use the full maximum loan allocation under Next Generation EU, to inform the European Commission. An amendment to the regulation establishing the RRF should allow for “a reallocation of loans to other Member States” in order to mitigate the economic, social and energy consequences of the Russian invasion of Ukraine as well as the collateral effects of EU sanctions against Russia and Belarus.
Rule of law. MEPs reiterate their call on the Commission to ensure a robust audit and control mechanism for the European Recovery Plan expenditure, in order to protect the EU’s financial interests.
They state that the Rule of law and the protection of EU values require “continuous assessment” throughout the life cycle of the RRF. “It should be possible to stop or recover funds already paid out” in case of non-compliance with the EU’s fundamental values, they stress.
See the Parliament’s resolution: https://aeur.eu/f/2a9 (Original version in French by Mathieu Bion)