Mr. Andrew McDowell:

I will come back to planning issues. On the issue of the European Fund for Strategic Investments, EFSI, the expansion to €500 billion and the criteria involved, that is currently being negotiated. A trilogue is taking place between the European Parliament, Council and Commission on the parameters regarding the extension of EFSI and the new targets to be included therein. There is a proposal from the European Parliament to require that 40% of financing under EFSI 2.0 would go to climate action projects. There is recognition and agreement that the denominator for that would be all EFSI lending outside of SMEs. If one is lending to small and medium enterprises, it is very difficult to count how much of that goes towards climate action initiatives. One does not want a trade-off between lending to SMEs and lending to climate action. There is a consensus that 40% of financing going to climate action projects could work but only if it excludes EFSI lending to SMEs. Ultimately, that will be a matter for the negotiators. While we advise them, we will not be in the room when these issues will be finalised.