2.3.3. Main entry points in greening budgetary guarantees

2.3.3. Main entry points in greening budgetary guarantees

*

Although most elements are common, the entry points for the greening of budgetary guarantees are slightly different for the cases of EIB and open architecture guarantees. The differences are highlighted below.

✅ Include environment and climate change in the dialogue with the financial institutions. Please refer to the point on green dialogue with financial institutions in section 2.3.2 on blended finance.

✅ Contribute to the investment pipelines. In dialogue with finance institutions and national partners, proactively identify investment opportunities that contribute to the green transition.

✅ Review of Proposed Investment Programmes (PIP) (relevant for open architecture guarantees). The applications for PIPs must be reviewed from an environment and climate change integration perspective, both to maximise positive contributions and to ensure compliance with the DNH principle. Although not strictly corresponding, the orientations to review an application for blended finance provided on section 2.3.2 can also be used to review a PIP application.

✅ Screen investment pipelines from an environment and climate change integration perspective.

*

The screening of investment pipelines tool allows to assess investments based on their expected contributions to the green transition and their environmental and climate risks; it provides guidance on aspects that can be addressed in the dialogue with finance partners – including the regular pipeline review meetings - and in the review of more detailed applications.

✅ Understand the applicable environmental standards and safeguards of the LFI. Please refer to the section 2.3.2 on blending operations. The EIB environmental and social standards can be consulted here.

✅ Understand the environment and climate risks of the project. Please refer to section 2.3.2 on blending operations. In the case of EIB guarantees, the review of the pipelines will already provide an initial orientation of priorities and concerns that can be further examined when more information on the project is made available.

✅ Review of applications and Art. 19 consultations. Please refer to section 2.3.2 on blending operations. In the case of EIB the Article 19 consultations offer an additional entry point, where the Commission can give a positive opinion, a positive opinion with comments (to which EIB must respond) or a negative opinion. If a project is non-compliant with Art. 29 of the NDICI-Global Europe Regulation, or significant and unacceptable adverse impacts on the environment are expected, a negative opinion should be given. A positive opinion with comments should be given if there are significant environment or climate-related concerns that need to be clarified.