The European Economic and Social Committee (EESC) has issued an opinion, published in the Official Journal of the European Union on 28 November, on a new EU investment fund for economic resilience and sustainable competitiveness. The opinion stresses the urgency of climate change, which demands a green shift in Europe’s economies, and the need for a very substantial amount in investments for green transition. However, the funding gap remains the Achilles heel of the EU’s high ambition to make the Single Market fit for the future. In this respect, the bulk of investments in green transition will have to come from the private sector.

The opinion proposes that the EU investment fund be established as part of the next Multiannual Financial Framework, with four investment fields that deserve EU-level financing: a) cross-border infrastructure projects, b) investments to complete the energy union, c) investments to strengthen the competitiveness of European industries, d) and investments in qualification and training.

In particular, the facilitation of private cross-border investments in strategic sectors should come along with a complete lift of all remaining barriers to cross-border activity within the Single Market, especially those that stand in the way of the spread of digital services and innovation, as well by making substantial progress on integrating markets, such as the European energy market. The strategic projects that should be prioritised and selected for funding through the proposed EU investment fund must provide clear European added value, such as significant cross-border benefits. A particular field of (public and private) investments that should be incentivised relate to the expansion and maintenance of a functioning cross-border infrastructure and in particular cross-border express train services, which play a central role in socio-ecological transformation.

You can read the text of the EESC’s opinion here.