Council of the Brussels, 12 July 2021 (OR. en)

10755/21

ECOFIN 731 CADREFIN 374 COMPET 549 RECH 350 ENER 324 TRANS 470 ENV 512 EDUC 254 EF 244 TELECOM 298 IA 130 CULT 51 AUDIO 71 DELACT 148

COVER NOTE From: Secretary-General of the , signed by Ms Martine DEPREZ, Director date of receipt: 12 July 2021 To: Mr Jeppe TRANHOLM-MIKKELSEN, Secretary-General of the Council of the European Union No. Cion doc.: C(2021) 5183 final Subject: COMMISSION DELEGATED REGULATION (EU) …/... of 12.7.2021 supplementing Regulation (EU) 2021/523 of the and of the Council by setting out additional elements and detailed rules for the InvestEU Scoreboard

Delegations will find attached document C(2021) 5183 final.

Encl.: C(2021) 5183 final

10755/21 KK/sr ECOMP 1A EN

EUROPEAN COMMISSION

Brussels, 12.7.2021 C(2021) 5183 final

COMMISSION DELEGATED REGULATION (EU) …/...

of 12.7.2021

supplementing Regulation (EU) 2021/523 of the European Parliament and of the Council by setting out additional elements and detailed rules for the InvestEU Scoreboard

EN EN

EXPLANATORY MEMORANDUM

1. CONTEXT OF THE DELEGATED ACT The InvestEU Fund, established by Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/10171 (‘the InvestEU Regulation’), supports investment in key Union policy areas. To this end, the InvestEU Regulation provides for a guarantee backed by the Union budget (‘EU guarantee’) for eligible financing and investment operations contributing to achieving Union policy objectives referred to in its Articles 3 and 8. In accordance with Article 24 of the InvestEU Regulation, the coverage of the proposed financial and investment operations by the EU guarantee will be approved by an independent Investment Committee, that shall use the Scoreboard referred to in Article 22 of the InvestEU Regulation in its assessment and verification of the proposals for financial and investment operations by the implementing partners. Article 22(4) of the InvestEU Regulation empowers the Commission to adopt delegated acts by establishing additional elements of the Scoreboard, including detailed rules for the Scoreboard to be used by the implementing partners. This Commission Delegated Regulation lays down the detailed rules of the Scoreboard of indicators that implementing partners have to submit to the Investment Committee in relation to the financing and investment operations for which they request a coverage by the EU guarantee.

2. CONSULTATIONS PRIOR TO THE ADOPTION OF THE ACT In accordance with the Common Understanding between the European Parliament, the Council and the Commission on Delegated Acts, when preparing the delegated act the Commission consulted relevant stakeholders via dedicated expert meetings and written consultations. The stakeholders consulted include the , the European Investment Fund and other potential implementing partners, namely national promotional banks and institutions, the European Bank for Reconstruction and Development, the Council of Europe Bank and the Nordic Investment Bank and several associations representing potential implementing partners.

3. LEGAL ELEMENTS OF THE DELEGATED ACT This Commission Delegated Regulation lays down the detailed rules of the InvestEU Scoreboard that implementing partners have to submit in relation to proposed financial and investment operations and that the Investment Committee shall use in its assessment and verification of those proposals. The InvestEU Scoreboard consists of seven pillars as set out in Article 22(3) of the InvestEU Regulation. The seven pillars are the contribution of the operation to EU policy objectives, the description of additionality, the market failure or sub-optimal investment situation addressed by the operation, the financial and technical contribution by the implementing partner, the impact of the operation, the financial profile of the operation and the complementary indicators.

1 OJ L 107, 26.3.2021, p. 30.

EN 1 EN

The InvestEU Scoreboard sets out the different elements, indicators and sub-indicators to be provided for each pillar, as well as the scoring criteria and the relevant weightings to be used by the implementing partners. The Delegated Regulation provides also for the detailed rules for the publication of the InvestEU Scoreboard after the signature of the financing or investment operation or sub- project, if applicable.

EN 2 EN

COMMISSION DELEGATED REGULATION (EU) …/...

of 12.7.2021

supplementing Regulation (EU) 2021/523 of the European Parliament and of the Council by setting out additional elements and detailed rules for the InvestEU Scoreboard

THE EUROPEAN COMMISSION, Having regard to the Treaty on the Functioning of the European Union, Having regard to Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/10172, and in particular Article 22(4) thereof, Whereas: (1) The proposals for financing and investment operations submitted by implementing partners for coverage by the EU guarantee under the InvestEU Fund are tobe assessed by the Investment Committee pursuant to Article 22(1) of Regulation (EU) 2021/523. (2) The Investment Committee is to carry out its assessment and verification of the proposed financing and investment operations by reference to a scoreboard of indicators, filled out by the implementing partners pursuant to Article 22(2), which aims at ensuring an independent, transparent and harmonised evaluation of the proposals. (3) Pursuant to Article 22(3) of Regulation (EU) 2021/523, the scoreboard of indicators consists of the following seven pillars.: the contribution of the operation to EU policy objectives, the description of additionality, the market failure or sub-optimal investment situation addressed by the operation, the financial and technical contribution by the implementing partner, the impact of the operation, the financial profile of the operation and the complementary indicators. (4) In order to ensure that the Investment Committee is able to carry out an independent, transparent and harmonised assessment of requests for the use of the EU guarantee the different elements, indicators and sub-indicators to be provided for each pillar, as well as the scoring criteria and the relevant weightings to be used by the implementing partners when assessing the proposed financing or investment operations, should be established. (5) In order to allow for the prompt application of the measures provided for in this Regulation, this Regulation should enter into force on the day following that of its publication in the Official Journal of the European Union,

2 OJ L 107, 26.3.2021, p. 30.

EN 3 EN

HAS ADOPTED THIS REGULATION:

Article 1 The detailed rules which implementing partners shall use to fill in the scoreboard of indicators referred to in Article 22 of Regulation (EU) 2021/523, to enable the Investment Committee of the InvestEU Fund to carry out an independent, transparent and harmonised assessment of the requests for the use of the EU guarantee, are set out in the Annex to this Regulation.

Article 2 This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Brussels, 12.7.2021

For the Commission The President Ursula VON DER LEYEN

EN 4 EN