Оглавление
Группа авторов. EIB Investment Report 2020/2021
Table of contents
Executive summary. Post-pandemic: Stagnation or transformation?
Investing for the climate transition
Investing for digital transformation
The green-digital nexus: How is Europe positioned?
How has COVID-19 changed the economic landscape?
Action for a green, smart and cohesive Europe
Introduction
Chapter 1. The macroeconomic environment
Introduction
The cross border environment in Europe and the world
Using lockdowns to flatten the curve
A protracted drag on external trade?
Protecting the single market and reducing the spillover of negative effects
Latest developments in the real European economy. EU GDP shrank massively in the first half of 2020
Aggressive policy measures soften the blow of unemployment across the European Union
Financial developments and policies
An unprecedented crisis
A central bank with two arms
Fiscal policy
With non-performing loans looming, are financial markets correctly pricing risk?
Conclusion and policy implications
References
Chapter 2. Gross fixed capital formation
Introduction
Aggregate investment dynamics. Investment growth continued until the end of 2019, but the pace slowed
Investment in the European Union fell precipitously with the arrival of the global pandemic
Corporate investment. Investment cycle and outlook
Short-term impact of the pandemic
Longer-term impact of the pandemic
Infrastructure investment
Government investment
Conclusion and policy implications
References
Chapter 3. Financing corporate investment
Introduction
Corporates entered the crisis on a stronger footing
Stronger balance sheets
Financing conditions were already tightening before the COVID-19 crisis
Finance constraints remain asymmetric across countries and type of investment
The COVID-19 crisis
The crisis affected firms unevenly
Access to funding has been maintained, and firms have frontloaded liquidity needs
The crisis will drastically reduce firms’ net revenues
The specific environment of small businesses[16]
Small businesses’ access to finance
Bank loans for small businesses, volumes and pricing conditions
Securitisation
Outlook for private equity and venture capital[28]
Policy support can contain the damage to investment
Less ability to self-finance, and a trade-off between debt and investment
Longer-term uncertainty will likely have an impact
Investment spending in some types of asset could decline even further
Which policy measures should be taken to direct savings into real productive investments?
Conclusion and policy implications
References
Chapter 4. Tackling climate change: Investment trends and policy challenges
Introduction
European energy and climate policy framework
The EU taxonomy and climate investments
Climate change investment by taxonomy-aligned sectors in the EU27, the United States and China. Regional comparisons of investment trends
Investment in low-carbon activities
Renewable energy and networks
Agriculture, forestry and land use
Investment in transition activities
Energy efficiency
Investment in enabling activities
Transport infrastructure
Research and development
Investment in adaptation
The impact of COVID-19 on clean energy investments
The role and investment needs of EU members and municipalities in the energy transition
Overview of total EU investment needs
Overview of National Energy and Climate Plans
Local policies and coordination among municipalities
Conclusion and policy implications
References
Chapter 5. Climate change risks: Firms’ perceptions and responses
Introduction
Do firms understand the severity of climate change risks?
What are firms’ perceptions of physical climate risks?
How do firms perceive transition climate risks?
How do firms respond to climate change risks?
How do firms perceive investment in energy efficiency measures?
What concerns do firms have about climate-related investment?
How the COVID-19 crisis is affecting firms’ climate-related investments
Conclusion and policy implications
References
Chapter 6. Leveraging the financial system to green the European economy
Introduction
Investment needed to reach the European Commission’s 2030 objective
EU citizens are majorly concerned by climate change
EU progress falls short of meeting the looming challenge
Quick overview of renewable energy and climate mitigation in the European Green Deal
Contours of a climate policy
Why the carbon pricing and trading system must be supplemented
Renewable energy investment and the associated financing
A call for a more equity-based financial system
How the financial sector supports the green transition
The need for more involvement from long-term investors
Growing sustainable finance
Some evidence of a green premium
Why and how institutions and financial supervisors can accelerate and deepen the transition
Improved transparency is necessary to assess climate risks
Institutions are developing frameworks to improve the awareness and pricing of climate risks
Conclusion and policy implications
References
Chapter 7. Intangible investment, innovation and digitalisation
Introduction
Innovation in advanced economies
A changing global innovation landscape
The rise of software and internet firms among the top global R&D companies
Intangible investment in the European Union and the United States
Adoption of digital technologies in the European Union and the United States
Conclusion and policy implications
References
Chapter 8. Innovating for climate change: The green and digital twin transition
Introduction
The climate innovation landscape
Where Europe stands in green innovation
The inverse U explained
Innovation’s natural life cycle
Price incentives and difficulties in finding funding
Diffusion of the green knowledge created by the European Union
The adoption of green technologies by the corporate sector
What now: Turning the tide or turning the page?
The crossroads between green and digital technologies. Where Europe stands in digital innovation
The green and digital crossroads
Green and digital knowledge diffusion
Competition and concentration as key forces in the green and digital sector
Firms’ uptake of green and digital technologies
Being green and digital is a game changer for resilience and reputation
What is holding firms back and what can we do?
The role of policy
Global interaction
Green investments from the private sector
Getting the prices right
Conclusion and policy recommendations
References
Chapter 9. Infrastructure investment in the face of digital, climate and cohesion challenges
Introduction
Municipal infrastructure investment: Gaps, barriers and outlook. Municipalities’ assessment of local gaps
Impact of COVID-19
Barriers to investment
Infrastructure financing
Climate change and municipalities’ development of green administrative capacity and digital sophistication. Municipalities tackle the challenges of climate change
Municipal digital sophistication and green administrative capacity
Green and digital orientation: Synthesising municipal and corporate data
Cohesion. Regional characteristics
Assessment of infrastructure stocks
Infrastructure investment and finance
Conclusion and policy implications
References
Chapter 10. The impact of digitalisation and climate change policies on social cohesion
Introduction
Digitalisation, greening and the EU labour market
Assessing EU regions’ twin transition risks
Seizing the job opportunities of the twin transition
Critical gaps and how to address them
Conclusion and policy implications
References
Data annex
Estimating infrastructure investment in the European Union
EIB Investment Survey
The EU Industrial R&D Investment Scoreboard[6]
Investment in climate change mitigation
References
Glossary of terms and acronyms
