The European Fund for strategic investments (EFSI), the new financial tool of the €315 billion Juncker plan, today passed its first legislative hurdle in the industry, research and energy committee in the European Parliament.
S&D Group vice-president responsible for sustainable development Euro MP Kathleen Van Brempt, led a cross–party majority to safeguard Horizon 2020 and the Connecting Europe Facility to preserve the existing Union's stimuli to a more innovative, smart, connected and integrated Europe.
Kathleen van Brempt said after the vote:
"For the socialists and democrats, it was crucial that the existing EU-financing vehicles to support investments in research and innovation and in transport, energy and digital (interconnection) infrastructure remained untouched.
"Our alternative financing proposal for the EFSI guarantee fund was accepted today by the ITRE committee. In the alternative financing scheme, the contribution from the Union budget to the EU budget Guarantee Fund will be progressively authorised by Parliament and Council in the framework of the annual budgetary procedures, making use of all available margins and flexibility mechanisms."
The S&D rapporteur also proposed to ring-fence a minimum share of EFSI support for energy efficiency projects. A cross party amendment which proposes to set apart €5 billion for energy efficiency got the support of the Committee.
She added:
"This is a major success because energy efficiency will be extremely important if we are going to solve our energy problems in the future. Energy efficiency can create local jobs, deliver results quickly, increase energy security and help fight climate change.
"We hope this can help to bridge the large investment gap of €70 billion a year on energy efficiency projects and can help to materialise the Union's ambition to regard energy efficiency as the first source.
"We also set clear criteria for EFSI-supported projects to ensure their contribution to a smart, sustainable and inclusive economy. We want to focus on projects in the fields of energy efficiency (in particular on demand-side management and refurbishment of buildings), renewable energy, resource efficiency, innovation and R&D (including research infrastructure, pilot and demonstration projects) and in digital, cultural and creative sectors.
"The EFSI can only support projects with a clear net societal benefit, taking into account the costs (also the external costs such as the environmental impact) and benefits (for instance on job creation) of the project throughout its expected lifetime."
