Financial activities of the European Investment Bank - annual report 2023 in the presence of Nadia Calviño, President of the European Investment Bank. Opening statements by David CORMAND (Greens/EFA, FR), Rapporteur, Nadia CALVIÑO, President of the European Investment Bank (EIB), and Kadri SIMSON, European Commissioner for Energy. This transcription is a result of an automatic process. Please check against delivery.

statement

Strasbourg

debate

plenary session

European Investment Bank annual report (T)

CORMAND, David (Greens/EFA, FR)

SIMSON, Kadri (EE, EC)

CALVIÑO, Nadia (ES)

Financial activities of the European Investment Bank - annual report 2023 in the presence of Nadia Calviño, President of the European Investment Bank: opening statements

SOUNDBITE (French), David CORMAND (Greens/EFA, FR), Thank you very much, President, colleagues, first of all, thank you very much, madam Calvi&ntilde;o, for being here. My congratulations on your election to the chairmanship of the EIB. I'm delighted to have this opportunity to have an exchange of views with you on the mission of the EIB, which you are now leading. It's some five years ago since I was appointed by the Budgets Committee to be the sending rapporteur on the EIB, and I would like to thank all my colleagues and all the shadows who worked with me and of course also their teams, who have contributed to what's been very constructive and positive work.

SOUNDBITE (French), David CORMAND (Greens/EFA, FR), One of our objectives, when we embarked on our work, was to turn the EIB into a Climate Bank. And this is something that we have begun to work on, and I should like to thank Werner Hoyer, your predecessor, with whom we worked very closely precisely in order to work towards these goals. Obviously, turning the Bank into a Climate Bank meant a number of different important commitments. 50% of the loans must be climate orientated, we have achieved that last year, in 2021 bringing an end to fossil fuel investment. That's been confirmed even although the hundreds of millions of euros which was invested during the transitional period perhaps appears to give the light to that . The bank has not actually been financing extraction of oil or gas.

SOUNDBITE (French), David CORMAND (Greens/EFA, FR), These are important indicators on which we need to build because they will help us to establish an even stronger roadmap to deliver on climate policy, which we absolutely must do in order to address environmental challenges at a global level, and that includes biodiversity.

SOUNDBITE (French), David CORMAND (Greens/EFA, FR), 'The EIB is of course an extremely important bank and it needs to have all the support that it can get and the strongest structure that it can get from and the most coherent support from other institutions. And therefore, I would plead with you not to cede to industry lobbyists and not to see to short-termist thinking. The EIB has always said that it would not finance very vulnerable or very expensive technologies such as nuclear policy. But it is very important for us to recognise that small scale reactors are a different category, and if the EIB is to play a role in research and development and in waste management or risk management, it needs to guard against investing in, or getting involved in an area which may undermine the robust structure of its investments.

SOUNDBITE (French), David CORMAND (Greens/EFA, FR), In terms of energy, it needs to focus on prudent investments throughout the union. For example, we need to invest in Normandy. We've had examples of investment in insulation, which has been very productive and conducive to energy saving, there's been extensive energy efficiency and insulation saving investment throughout the European Union. This has saved a lot of money.

SOUNDBITE (French), David CORMAND (Greens/EFA, FR), I would also say though, that we need to make sure that we have a careful think about any criteria for defence investment, understandable as it is that war has returned to the continent and Putin is obsessed in dividing Europe and making it more fragile. We mustn't be deluded into taking the wrong steps here. Yes, we need to support Ukraine, yes, we've adopted the 50 billion package.

SOUNDBITE (French), David CORMAND (Greens/EFA, FR), The necessary financial and military aid certainly needs to be given, but the role of an Investment Bank is not to make up for the shortcomings of the Member States who can't manufacture enough arms and munitions, and the EIB will not be able to ensure the necessary traceability of arms if it gets involved in financing in that area. Therefore, it is quite essential that any kind of finance such as in invested in this area doesn't go through the EIB because its mission is not such as to enable it to monitor that, nor to monitor loans in that area. It has a specific mandate which goes as far as dual use goods, civil and military, and no further. Thank you.

SOUNDBITE (Original), Nadia CALVIÑO, President of the European Investment Bank (EIB) Thank you very much indeed. I would like to extend my thanks to all the members of Parliament who are here to participate in this debate. I'd like to thank also the representatives of the Commission.

SOUNDBITE (English), Nadia CALVIÑO, President of the European Investment Bank (EIB) It for is a great honor and me a pleasure to address this House for the first time as president of the European Investment Bank Group. I was recently in the European Parliament representing the Spanish presidency of the Council, and at that time I already said how happy I was to see so many known faces, so many friends, so many colleagues and partners. In the eight weeks since I took the job as president of the European Investment Bank Group, I have been engaging with the different stakeholders. I met President Metsola last week. Today we signed a Memorandum of Understanding to cooperate in the communication to European citizens in the run up to the European elections and deepening our cooperation, in particular with the European Parliament. It will be one of my top priorities going forward. I would like to wholeheartedly thank the rapporteur, Mr. Cormand and the shadow rapporteurs for their excellent work.

SOUNDBITE (English), Nadia CALVIÑO, President of the European Investment Bank (EIB) I think this resolution that you are voting today is extremely valuable and timely and the European Investment Bank Group and the European Parliament can count on each other as strategic partners to ensure that we continue to support key European programmes that are of the essence, if we want the bank to deploy its full potential in financing the investments that Europe needs. Programmes such as Invest EU, the MDT, yesterday's approval of the Ukraine facility, the STEP programme, all of these are key guarantees and support programmes from the European budget that allow the EIB to leverage, to mobilise private investment and to close the investment gap for the twin green and digital transitions.

SOUNDBITE (English), Nadia CALVIÑO, President of the European Investment Bank (EIB) Last week I had the chance to address European finance ministers and exchange with them our key priorities going forward. My priorities were very strongly supported by them. The first of which is obviously to consolidate our role as Europe's Climate Bank. Gearing up investment in adaptation, mitigation and the energy transition is the top priority for the European Investment Bank, and that has to do with the rollout of renewables, but also manufacturing of net zero technologies into the EU and financing new cutting edge technologies. We will work on a new water programme to support countries at the forefront of the impact of climate change and also a programme to support SMEs in Europe, gearing up investments in new energy efficient and economically profitable technologies.

SOUNDBITE (English), Nadia CALVIÑO, President of the European Investment Bank (EIB) Our second priority will be accelerating the digitalisation and technological innovation. It is clear that cutting edge technologies and putting Europe at the forefront of this technological race is of the essence going forward. And so we will support a new programme, a faster programme, a fund for the acceleration of strategic technologies and economic resilience. And this means net zero technologies, but also chips, artificial intelligence, life science, advanced materials, critical raw materials. Third priority: stepping up investments in security and defence. It is quite clear that Europe needs to step up its capabilities in the area of security and defence industries. We are already investing in this area. For the past eight years we have supported projects regarding R&D, new technologies, critical infrastructures, cyber security space, dual use technologies and equipment.

SOUNDBITE (English), Nadia CALVIÑO, President of the European Investment Bank (EIB) 'This means investing in drones, border protection, city systems. I know these are two of the key priorities to frontline countries. The European Strategic Security Initiative was upgraded to €8 billion only last year. Only €2 billion have been invested so far. The European Investment Fund launched in January a new 175 million programme. The European Defence Equity Initiative to support SMEs and Start-ups in these field. And we are ready to do more and better to contribute to joint projects that boost European industry and reinforce our capacity to protect and also our deterrence vis a vis third countries.

SOUNDBITE (English), Nadia CALVIÑO, President of the European Investment Bank (EIB) 'I very much welcome the support that President von der Leyen gave here today to this approach. Our first priority is contributing to our modern cohesion policy. This is within the EIB DNA. It is not only the right policy, it is also the smart thing to do, if we want opportunities to be where talented. Talent is equally distributed throughout the whole EU, but opportunities are not, and we have a key role to play to ensure that carbon competitiveness and cohesion are inseparable, inseparable elements to ensure that the green transition is a European success. Fifth priority: Developing innovative financing for agriculture and the bioeconomy, possibly exploring gearing up insurance and de-risking schemes for these key area for the European economy.

SOUNDBITE (English), Nadia CALVIÑO, President of the European Investment Bank (EIB) Our sixth priority going forward would be gearing up investment in social infrastructure, and this includes education, skills, of course health and affordable housing. These are key infrastructures and we want inclusive growth, sustainable growth and also increasing Europe's growth potential. Seventh priority: Pioneering the Capital Markets Union. The European Investment Bank Group can pull together other financial institutions to build the building blocks of a true, deep and broad capital markets union, pioneering European wide financial instruments to that effect. And last but not least, we need to focus our activity outside the EU on our strategic priorities. Support to Ukraine is obviously a top priority. The recent adoption of the Ukraine facility, the EU for EU facility are being extremely helpful together with the EBRD, another key financial players and national governments. We want to continue to support Ukraine now and to contribute to its rebuilding once the war is over as soon as possible, I hope. Then a successful enlargement process, support to our neighbourhood, focusing actions in Africa, Latin America and Asia in supporting the Global Gateway Initiative. These wi...

SOUNDBITE (English), Nadia CALVIÑO, President of the European Investment Bank (EIB) Ladies and gentlemen, to sum up the European Investment Bank Group, financing arm of the EU, is investing in Europe's future. It is investing in our shared future. These priorities are closely interlinked. They are targeting key challenges. They are fully aligned with European policies. They are fully aligned with the priorities that have been flagged by the European Parliament and that are summed up in the statement and the report that will be voted today and aimed at closing the investment gap related to the twin green and digital transitions. Strengthening Europe's cohesion and competitiveness, our strategic autonomy, our security and resilience. And I am really looking forward to working closely with your European Parliament and the European Commission going forward to further strengthen our ability to respond to the citizens expectations. Thank you very much.

SOUNDBITE (English), Kadri SIMSON, European Commissioner for Energy, Thank you, President, Honourable Members, dear colleagues from the EIB, I would like to welcome this report and thank the European Parliament's Committee on Budgets, in particular its rapporteur David Cormand. The EIB group has been instrumental in the implementation of the EU policies inside and outside the Union, from its support to the Green Deal, to the rollout of Global Gateway, and in the deployment of InvestEU.

SOUNDBITE (English), Kadri SIMSON, European Commissioner for Energy, 'In the current tense geopolitical circumstances the EIB strongerer involvement and support of EU strategic priorities is indispensable. As we look ahead, there are few points I want to highlight. First, the EU competitiveness. We need to strengthen the EU competitive edge, and we need the EU Bank to work closely with us, to make it happen. Innovative startups and scale-ups are key to Europe's future economy and society. Both the EIB and the EIF are well-placed to help create a favourable investment environment, provide venture capital and catalyse public and private funding.

SOUNDBITE (English), Kadri SIMSON, European Commissioner for Energy, I appreciate the rapporteurs' focus on the importance of the IMF, particularly its role in enabling SMEs to scale up their operations. To highlight the number of EIF supported SMEs throughout 2023, amounting to 350,000. Competitiveness must go hand in hand with green and digital transitions. The EIB as the EU Investment Bank and Climate Bank is at the forefront of climate financing and I welcome that. In 2023, more than a half of the EIB's financing was deployed for climate and environmental sustainability objectives. EIB contributed to repower EU and recent approval of €5 billion in support of our Wind Power Package are worthy examples to be mentioned.

SOUNDBITE (English), Kadri SIMSON, European Commissioner for Energy, 'In view of new and emerging risks, the EIB group has a large role to play in strengthening our economic security. The EIB group should also adapt and said, step up its support to foster the research and develop the EU industrial base in such strategic areas as advanced semiconductors, quantum computing, biotechnology, net-zero industries, clean energy, and critical raw materials.

SOUNDBITE (English), Kadri SIMSON, European Commissioner for Energy, Second, let me recall the impressive role of EIB group in implementing our flagship investment programme InvestEU. The implementation is well on track and I am happy to see that the EIB and the EIF are generating many operations under the InvestEU to support. Your priorities are overall resilience of the EU economy.

SOUNDBITE (English), Kadri SIMSON, European Commissioner for Energy, 'Third, the EIB activities outside the EU Global Gateway Strategy is a geopolitical project to position the EU in a competitive international marketplace by supporting our partner countries in responding to their investment needs. In 2023, we have worked hard with EIB to implement the EFSD+, the financial arm of the Global Europe, resulting in around 3.7 billion in EIB financing against 2.5 billion in 2022. The EIB should continue supporting the rollout of the strategy in line with EU priorities such as sustainable connectivity, boosting security of global supply chains, facilitating clean and digital transitions. At the same time, EIB intervention should be focussed on where it brings the highest additionality and added value, both for our partner countries and the EU.

SOUNDBITE (English), Kadri SIMSON, European Commissioner for Energy, Fourth, I have dilate the EIB role in Ukraine. It will be important to gradually increase EIB operating capacity and to prioritise investments in line with the Ukraine plan. With anticipated imminent approval of 50 billion Ukraine facility, the EIB is expected to play a major role in implementing its investment pillar. I expect the EIB to coordinate closely with other implementing partners to ensure high complementarity and best possible delivery.

SOUNDBITE (English), Kadri SIMSON, European Commissioner for Energy, Fifth, Russia's war dramatically changed the security paradigm here in Europe. We need to increase our defence readiness and this requires a joint effort, including from the EIB. We cannot ignore geopolitical threats and the needs of Ukraine and the EU to defend itself. I particularly welcome the Defence Equity Facility established with EIF, which is a first step in support of innovative companies developing technologies with dual use applications. While we support the EIB commitment to reach €8 billion by 2027 in financing to defence and security, further efforts should be taken to assist the European defence industry in line with the latest Ecofin discussions. Thank you.