The EESC supports the Commission's Action Plan on financing sustainable growth, aimed at reorienting capital flows towards sustainable investment, and welcomes the legislative proposals stemming from it, on fiduciary duties, a taxonomy and benchmarks. The proposed gradual approach for its implementation, beginning with the work on a European sustainability taxonomy, is preferable. However, a subsequent extension of the initial taxonomy, based on environmental aspects, to social sustainability and governance goals will be necessary. Attention should be paid to the feasibility and proportionality of legal obligations.
538th Plenary session, 17-18 October 2018 - Related Opinions
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The EESC considers the European Regional Development Fund (ERDF) and the Cohesion Fund (CF) as pivotal factors to achieve sustainable development in the EU and therefore strongly regrets the cut of 12% in the ERDF and 46% in the CF.
The EESC welcomes the proposal for the ESF+ to improve merge funds and simplify procedures, but is critical of a financial cut in EU cohesion policy, and, as regards the ESF+, of the 6% decrease of the funding allocated to it. It calls for 30% of total resources for economic, social and territorial cohesion policies to be allocated to the ESF+ and for 30% of the ESF+ resources to be earmarked for social inclusion measures.
The European Economic and Social Committee (EESC) welcomes the fact that the European Commission has established a Digital Europe programme, which underscores the intention to make Europe a leading player in digitalisation and to increase its economic strength and competitiveness on the world stage. The aim of the Digital Europe programme is to enable a digital single market and to shape the digital transformation in a positive way for all citizens of Europe.
The EESC welcomes the new funds, very different to each other, that will give continuity to the work undertaken, and approves of the increase in their financial allocation. Equal treatment and anti-discrimination policies represent the pillars of European policies, including those concerning the integration of third-country nationals. The removal of the word "integration" from the title is worrying, as this could be seen as reflecting diminishing concern for this aspect. The Committee welcomes the importance given to flexibility in both funds, as this entails acknowledging the importance of better reflecting the needs of each Member States within the framework of joint action.
The EESC supports the proposals that enhance the international competitiveness of SMEs, reduce cost, harmonise and simplify processes for registration, filing of company changes and conversions. It believes that guidance by the Commission to the Member States on transposition of the directives is useful.
The EESC agrees with the aims of the Council Recommendation and with some of its proposals. However, it expresses its disagreement with the proposal for the aggregate fiscal stance of the euro area to be neutral, as well as with the way that the recommendation on salaries is formulated.
The EESC welcomes the fact that the package of regulations on the future multiannual financial framework includes the InvestEU proposal to strengthen investment activity in the EU, including long-term investment projects that are of high public interest, while also respecting the sustainable development criteria. In order to guarantee that this programme operates successfully, the Committee underlines the importance of the involvement of civil society organisations and social and economic partners. The EESC appreciates the European Commission's efforts to create an umbrella financial instrument by the InvestEU programme that will result in unified management, enhanced transparency and potential for synergies. The EESC appreciates the fact that, in addition to promoting sustainable infrastructure, small and medium-sized enterprises (SMEs) and research and innovation, the InvestEU programme also focuses on social investment and skills.
The EESC supports the Commission's Action Plan on financing sustainable growth, aimed at reorienting capital flows towards sustainable investment, and welcomes the legislative proposals stemming from it, on fiduciary duties, a taxonomy and benchmarks. The proposed gradual approach for its implementation, beginning with the work on a European sustainability taxonomy, is preferable. However, a subsequent extension of the initial taxonomy, based on environmental aspects, to social sustainability and governance goals will be necessary. Attention should be paid to the feasibility and proportionality of legal obligations.
Finance needs to be mobilised to serve the goals of the Paris Agreement on climate change, create jobs and enable Europe to have a leadership in climate technologies. Moreover, money flows need to be re-directed from polluting technologies towards innovative solutions that will help Europe close the emissions gap. Admittedly, these investments will all be profitable in the long run, but how to "prime the pump"? The EESC's own-initiative opinion on the European Finance-Climate Pact will suggest solutions that can make it happen.