On Wednesday 28 February, MEPs examined in plenary the report by David Cormand (Greens/EFA, French) on the activities of the European Investment Bank (EIB) for 2023 (see EUROPE 13336/17).
At the plenary session, the rapporteur welcomed the fact that, in order to achieve the European objective of making the EIB the European Climate Bank, the transformation had been set in motion, with 50% of investments dedicated to the climate, the aim of putting an end to the financing of fossil fuels and the commitment to not finance deep-sea mining activities.
For David Cormand, these are positive standards on which the EIB can build an even more ambitious roadmap, in particular by eliminating the financing of projects that are harmful to the climate and, more generally, to the environment and biodiversity.
However, the rapporteur expressed his disapproval of the financing of small nuclear reactors and called on the EIB not to invest in this area.
He also felt that it would be dangerous to try to change the criteria for defence funding. He felt that everything should be done to help Ukraine, but that the EIB’s role was not to make up for the failings of the Member States, which in his view were better placed to finance arms production. For Mr Cormand, the EIB is not the right solution for this task.
The President of the EIB, Nadia Calviño, said that the European Parliament and the EIB were strategic partners.
In addition, she considered that programmes such as InvestEU or STEP (see EUROPE 13350/33) were essential programmes enabling the EIB to mobilise private investment to reduce the investment gap needed to finance the green and digital transitions.
In line with Mr Cormand’s comments, Ms Calviño said that the EIB’s top priority was to consolidate its role as the European Climate Bank, in particular to support the fight against climate change and adaptation to it.
According to Ms Calviño, the EIB’s second priority is to accelerate digitalisation and technological innovation.
She indicated that the EIB wanted to increase investment in the security and defence sector, particularly in the manufacture of drones and border and urban protection systems. She indicated that this was a priority for the front-line countries and that the EIB wanted to go even further and contribute to a joint project that would strengthen European industry, protection capacity and deterrence capability. On the same day, Ms Calviño welcomed the support of the President of the European Commission, Ursula von der Leyen, in this approach (see other news).
In addition, the EIB wants to increase support for small and medium-sized enterprises (SMEs) and start-ups, contribute to a modern cohesion policy and strengthen opportunities for talent throughout Europe.
Ms Calviño also called for new financing for agriculture and the bioeconomy, and stressed the EIB's objective of boosting investment in social infrastructure (health, education, affordable housing). In her view, the EIB should continue to lead the European capital market.
Finally, the President felt that the EIB should focus on strategic priorities outside the EU. At a time when the co-legislators have reached agreement on the Ukraine Facility, Ms Calviño spoke of the support already provided by the EIB to the public and private sectors in Ukraine and the support that will be provided in the future, as soon as possible, once the war is over, for the reconstruction of Ukraine.
With regard to the EIB’s role in the world, Nadia Calviño reaffirmed the need to provide assistance to neighbouring countries and the rest of the world, in particular by supporting the Global Gateway approach. (Original version in French by Émilie Vanderhulst)