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To help less developed regions catch up, EU cohesion policy after the pandemic should address investment gaps by combining finance with capacity support for project planning and policies to lower investment barriers"/> <meta name="twitter:image" content="https://www.eib.org/photos/rs/6a8da81f-af9b-4d99-a44c-b53e71cfb580/largeprvw/image.jpg"/> <meta property="og:url" content="https://www.eib.org/en/stories/eu-cohesion-policy-after-the-pandemic"/> <meta property="og:title" content="Cohesion support after the pandemic"/> <meta property="og:description" content="The COVID-19 crisis has widened inequalities. To help less developed regions catch up, EU cohesion policy after the pandemic should address investment gaps by combining finance with capacity support for project planning and policies to lower investment barriers"/> <meta property="og:image" content="https://www.eib.org/photos/rs/6a8da81f-af9b-4d99-a44c-b53e71cfb580/largeprvw/image.jpg"/> <meta property="og:site_name" content="European Investment Bank"/> <meta property="og:type" content="article"/> <meta property="fb:app_id" content="1214650435266588" /> <script type="application/ld+json"> { "@context": "https://schema.org", "@type": "Article", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.eib.org/en/stories/eu-cohesion-policy-after-the-pandemic" }, "headline": "How policymakers can support EU cohesion after the pandemic", "image": [ "https://www.eib.org/photos/rs/6a8da81f-af9b-4d99-a44c-b53e71cfb580/largeprvw/image.jpg" ], "datePublished": "2021-07-28 09:45", "dateModified": "2021-07-30 04:36", "author": { "@type": 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</svg> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/about/partners/cso/access-information-transparency/index.htm">Overview</a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/about/partners/cso/access-information/index.htm"> Transparency and access to information </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/about/accountability/complaints/index.htm"> EIB Group Complaints Mechanism overview </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/about/accountability/project-procurement-complaints/index.htm"> Project procurement complaints </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/about/accountability/anti-fraud/index.htm"> Investigating fraud and misconduct </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/about/accountability/evaluation/index.htm"> Evaluation </a> </li> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--second"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/about/partners/cso/consultations/index.htm"> Public consultations </a> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--second"> <a class="eib-mega-menu__link" href="https://www.eib.org/about/partners/eib-institute/index"> EIB Institute </a> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> </ul> </div> </div> </div> </ul> </div> </div> </div> <div class=""> <li class="eib-mega-menu__item eib-mega-menu__item--has-children eib-mega-menu__item--first"> What we offer <svg width="11" height="17" viewbox="0 0 11 17" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M0 14.8775L6.43425 8.42915L0 1.98085L1.98085 0L10.41 8.42915L1.98085 16.8583L0 14.8775Z"></path> </svg> </li> <div class="eib-mega-menu__second"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> <div> <li class="eib-mega-menu__item eib-mega-menu__item--second"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/index.htm">Overview</a> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--has-children eib-mega-menu__item--second"> Loans <svg width="11" height="17" viewbox="0 0 11 17" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M0 14.8775L6.43425 8.42915L0 1.98085L1.98085 0L10.41 8.42915L1.98085 16.8583L0 14.8775Z"></path> </svg> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/loans/index.htm">Overview</a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/loans/public-sector/index.htm"> Loans for the public sector </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/loans/framework-public-sector/index.htm"> Framework loans for the public sector </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/loans/private-sector/index.htm"> Loans for the private sector </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/loans/sme-mid-caps/index.htm"> Intermediated loans for SMEs, mid-caps and other priorities </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/loans/microfinance/index.htm"> Microfinance </a> </li> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--has-children eib-mega-menu__item--second"> Equity <svg width="11" height="17" viewbox="0 0 11 17" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M0 14.8775L6.43425 8.42915L0 1.98085L1.98085 0L10.41 8.42915L1.98085 16.8583L0 14.8775Z"></path> </svg> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/equity/index.htm">Overview</a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/equity/venture-debt.htm"> Venture debt </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/equity/infra-environment-funds/index.htm"> Investments in infrastructure and environmental funds </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/equity/sme-mid-caps-funds/index.htm"> Investments in SME and mid-cap funds </a> </li> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--has-children eib-mega-menu__item--second"> Guarantees <svg width="11" height="17" viewbox="0 0 11 17" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M0 14.8775L6.43425 8.42915L0 1.98085L1.98085 0L10.41 8.42915L1.98085 16.8583L0 14.8775Z"></path> </svg> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/guarantees/index.htm">Overview</a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/guarantees/credit-enhancement/index.htm"> Credit enhancement for project finance </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/guarantees/sme-mid-cap-guarantees/index.htm"> Guarantees in support of SMEs, mid-caps and other objectives </a> </li> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--second"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/advisory-services/index.htm"> Advisory services </a> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--has-children eib-mega-menu__item--second"> Mandates and partnerships <svg width="11" height="17" viewbox="0 0 11 17" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M0 14.8775L6.43425 8.42915L0 1.98085L1.98085 0L10.41 8.42915L1.98085 16.8583L0 14.8775Z"></path> </svg> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/mandates-partnerships/index.htm">Overview</a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/mandates-partnerships/investeu/index.htm"> InvestEU </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/mandates-partnerships/eu-blending-facilities/index.htm"> EU Blending facilities </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/mandates-partnerships/donor-partnerships/index.htm"> Donor partnerships </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/mandates-partnerships/shared-management-funds/index.htm"> Shared management funds and financial instruments </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/mandates-partnerships/efsd/index.htm"> EFSD Guarantee </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/products/mandates-partnerships/index.htm#mandates"> All mandates and partnerships </a> </li> </ul> </div> </div> </div> </ul> </div> </div> </div> <div class=""> <li class="eib-mega-menu__item eib-mega-menu__item--has-children eib-mega-menu__item--first"> Our work <svg width="11" height="17" viewbox="0 0 11 17" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M0 14.8775L6.43425 8.42915L0 1.98085L1.98085 0L10.41 8.42915L1.98085 16.8583L0 14.8775Z"></path> </svg> </li> <div class="eib-mega-menu__second"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> <div> <li class="eib-mega-menu__item eib-mega-menu__item--second"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/index.htm">Overview</a> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--has-children eib-mega-menu__item--second"> Our projects <svg width="11" height="17" viewbox="0 0 11 17" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M0 14.8775L6.43425 8.42915L0 1.98085L1.98085 0L10.41 8.42915L1.98085 16.8583L0 14.8775Z"></path> </svg> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/all/index.htm"> All projects </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/pipelines/index.htm"> Projects to be financed </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/loans/index.htm"> Financed projects </a> </li> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--has-children eib-mega-menu__item--second"> Our priorities <svg width="11" height="17" viewbox="0 0 11 17" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M0 14.8775L6.43425 8.42915L0 1.98085L1.98085 0L10.41 8.42915L1.98085 16.8583L0 14.8775Z"></path> </svg> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/about/at-a-glance/eib-core-strategic-priorities">Overview</a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/topics/climate-action/index"> Climate and environment </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/topics/innovation-digital-and-human-capital/index"> Digitalisation and technological innovation </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/topics/innovation-digital-and-human-capital/sesi/index"> Security and defence </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/topics/regional-development/index"> A modern cohesion policy </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/topics/energy-natural-resources/agriculture/index"> Agriculture and bioeconomy </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/topics/sustainable-cities-regions/urban-development/affordable-and-sustainable-housing"> Social infrastructure </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/topics/global/index"> High-impact global investment </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/topics/capital-markets-union/index"> Capital Markets Union </a> </li> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--has-children eib-mega-menu__item--second"> Our regions of activity <svg width="11" height="17" viewbox="0 0 11 17" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M0 14.8775L6.43425 8.42915L0 1.98085L1.98085 0L10.41 8.42915L1.98085 16.8583L0 14.8775Z"></path> </svg> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul class="eib-mega-menu__list"> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/regions/index.htm">Overview</a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/regions/european-union/index.htm"> European Union </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/regions/enlargement/index.htm"> Enlargement countries </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/region/western-balkans"> Western Balkans </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/regions/eastern-neighbours/index.htm"> Eastern Neighbourhood </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/regions/southern-neighbours/index.htm"> Southern Neighbourhood </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/region/sub-saharan-africa"> Sub-Saharan Africa </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/region/latin-america-caribbean"> Latin America and the Caribbean </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/region/asia-pacific"> Asia and the Pacific </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/regions/efta/index.htm"> EFTA countries </a> </li> <li class="eib-mega-menu__item eib-mega-menu__item--third"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/regions/united-kingdom/index.htm"> UK </a> </li> </ul> </div> </div> </div> <div> <li class="eib-mega-menu__item eib-mega-menu__item--second"> <a class="eib-mega-menu__link" href="https://www.eib.org/en/projects/map.htm"> Global investment map </a> </li> <div class="eib-mega-menu__third"> <div class="eib-mega-menu__container"> <span class="eib-mega-menu__back">back</span> <ul 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<div class="border-bottom"> <h2 class=" eib-typography__title">Cohesion support after the pandemic</h2> </div> <div class="banner__post-info"> <ul class="header__informations dot-black list-unstyled list-inline eib-typography__secondary-label"> <li class="header__date-informations ">28 July 2021</li> <li class="banner__read-duration"> <div id="readRemainingGaugeElt"></div> </li> </ul>  <div class="eib-title__meta-line pt-4"> <div class="eib-title__meta-line__wrapper"> <div class="eib-title__meta-line_pdf btn-tooltip"> <a id="epdf" href="#" class="btn-icon" data-file="EIB-eu-cohesion-policy-after-the-pandemic" data-url="https://www.eib.org/en/readonline-publications/eu-cohesion-policy-after-the-pandemic.pdf"> Convert to PDF<i class="fa-solid fa-arrow-down-to-bracket"></i> </a> <span class="eib-icon-social-media toolip toolip-pdf"> <span> <i class="fa-solid fa-circle-notch pr-1"></i> <span>PDF download will start shortly</span> </span> </span> </div> <div class="eib-title__meta-line_print btn-tooltip"> <button id="print-icon" class="btn-icon">Print<i class="fa-solid fa-print"></i></button> </div> <div class="eib-title__meta-line_share btn-tooltip"> <button class="btn-icon">Share <i class="fa-solid fa-arrow-up-from-bracket"></i></button> <span class="eib-icon-social-media toolip"> <a href="https://twitter.com/intent/tweet/?url=http://www.eib.org/en/stories/eu-cohesion-policy-after-the-pandemic" target="_blank" aria-hidden="true"><i class="fa-brands fa-x-twitter fa-xl"></i></a> <a href="https://facebook.com/dialog/share?app_id=1214650435266588&href=http://www.eib.org/en/stories/eu-cohesion-policy-after-the-pandemic" target="_blank" aria-hidden="true"><i class="fa-brands fa-facebook-f fa-xl"></i></a> <a href="https://www.linkedin.com/shareArticle?mini=true&url=http://www.eib.org/en/stories/eu-cohesion-policy-after-the-pandemic" target="_blank" aria-hidden="true"><i class="fa-brands fa-linkedin-in fa-xl"></i></a> <a href="mailto:?body=http://www.eib.org/en/stories/eu-cohesion-policy-after-the-pandemic" target="_self" aria-hidden="true"><i class="fa-solid fa-envelope fa-xl"></i></a> <a href="whatsapp://send?text=http://www.eib.org/en/stories/eu-cohesion-policy-after-the-pandemic" target="_blank" aria-hidden="true"><i class="fa-brands fa-whatsapp fa-xl"></i></a> </span> </div> </div> </div> </div> </div> </div> </div> <figcaption class='banner__wrapper--figcaption padding-right-xs-10 padding-0' data-panorama-id='6a8da81f-af9b-4d99-a44c-b53e71cfb580'> How policymakers can support EU cohesion after the pandemic, Getty images </figcaption> </div> </div> </div> </header> <main id="content"> <div class="story-page page-body container template__two-column overlap-top position-relative"> <div class="main-column story-column col-sm-8"> <div class="post-content story-content"> <div class="post-section post-intro container-fluid"> <h1>The COVID-19 crisis has widened inequalities. To help less developed regions catch up, EU cohesion policy after the pandemic should address investment gaps by combining finance with capacity support for project planning and policies to lower investment barriers </div> <div class="row"> <section id="93815779854867" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper col-xs-12 "> <p><strong>By Patricia Wruuck, Julie Delanote, Peter McGoldrick, Emily Sinnott and Debora Revoltella</strong></p> <p>Increased divergence between people and regions across the European Union in the aftermath of the global financial and EU sovereign debt crisis led to serious concerns about a loss of trust in EU institutions, and in places ‘<a href="https://voxeu.org/article/income-inequality-eu-trends-and-policy-implications" target="_blank">left behind</a>’. Beyond the crisis-induced shock, <a href="https://voxeu.org/article/testing-resilience-europe-s-inclusive-growth-model" target="_blank">pressure on inequality intensified</a> as a result of megatrends, notably aging, digital technologies, global competition and climate change and pollution. Can this time be different?</p> <p>The COVID-19 crisis has led to some <a href="https://www.destatis.de/DE/Service/Statistik-Campus/teaser-datenreport-aktuell.html" target="_blank">widening of inequalities</a>, for example in sectorally concentrated job losses or health outcomes by social strata. At the same time, it has triggered large public and EU support programmes to protect public investment and capital transfers, support firms and households, and mitigate risks of a protracted investment slowdown. What is more, the EU has committed to a joint agenda for recovery centred on <a href="https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_20_1655" target="_blank">green and digital transitions</a>. The extent to which this will mitigate the risks of rising inequalities in the aftermath of the pandemic depends not least on support for cohesion.</p> <h3>Supporting cohesion in the post-pandemic environment</h3> <p>The European Union’s new cohesion policy aims to ensure that all parts of the EU can take part in the green and digital transition. Cohesion policy funds to boost EU economies’ ability to deal with longer-term structural shifts, together with the <a href="https://blogs.lse.ac.uk/europpblog/2020/10/07/assessing-next-generation-eu/" target="_blank">Next Generation EU</a> funding package which aims to kick-start recovery, amount to over €1 trillion over 2021-2027. Yet the success in supporting economic catch up and convergence will depend on whether funds can be channeled to investments that effectively address gaps.</p> <p>We use data from the European Investment Bank’s <a href="https://www.eib.org/en/publications/the-state-of-local-infrastructure-investment-in-europe">municipalities survey</a> and the annual <a href="https://www.eib.org/en/publications-research/economics/surveys-data/eibis/index.htm?sortColumn=startDate&sortDir=desc&pageNumber=0&itemPerPage=10&pageable=true&language=EN&defaultLanguage=EN&tags=5bf8095afa70f13f9d3b51b3&ortags=true&orCountries=true">EIB Investment Survey</a> (EIBIS) targeting firms across the EU to shed light on public and private investment needs, gaps and local abilities to advance on the transformation towards a smart and green economy. The analysis distinguishes between <a href="https://ec.europa.eu/eurostat/web/nuts/background" target="_blank">NUTS2 regions</a> with GDP per capita below 75% of the EU average (less developed), between 75-100% (transition) and above (non-cohesion regions).</p> <h3>How are cohesion regions positioned?</h3> <p>Our results show that lower GDP per capita tends to coincide with less adequate investment levels. Basic infrastructure gaps are more severe and common in cohesion municipalities, especially in less developed regions. Gaps are shown for basic infrastructure, notably urban transport, social infrastructure, and water and waste utilities (Figure 1). For example, non-cohesion municipalities are one-third less likely to report gaps compared to less developed regions. Fewer than 1% find that investment in water and waste utilities is substantially lacking, compared to some 10% for cohesion regions.</p> <h3>Figure 1: Municipal Investment gaps (percentage of municipalities reporting gaps)</h3> </div> </div> </div> </section> <section id="70500996776023" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper "> <figure data-caption="@EIB Municipalities Survey 2020" data-target="https://www.eib.org/photos/download.do?documentId=cbb9aae6-d9d6-4ca7-a617-f3692378f3ae&binaryType=WL" class="post-image border fancybox" itemscope itemtype="http://schema.org/ImageGallery" rel="gallery"> <img class="img-responsive" alt=">@EIB Municipalities Survey 2020" src="https://www.eib.org/photos/download.do?documentId=cbb9aae6-d9d6-4ca7-a617-f3692378f3ae&binaryType=WL" loading="lazy"/> <p class="post-image--caption small mt-0 reset-margin-top">Note: Question: “For each of the following would you say that the quality of infrastructure is satisfactory, slightly lacking or substantially lacking?”</p> </figure> </div> </div> </div> </section> <section id="24425114340026" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper col-xs-12 "> <p>To move up the value chain, firms in cohesion regions will have to increase investment volumes and evolve their investment composition. Here, firms lag on investment in research and development and key intangibles. They also dedicate less of their investment to innovation-related activities. While more firms report having underinvested, signalling catch-up needs, EIBIS data shows that, in fact, fewer firms invest in cohesion regions (79% in less developed regions and 85% in transition regions compared to 87% in non-cohesion regions). At the same time, corporates in cohesion regions experience a more challenging investment environment, including greater difficulties in accessing finance (Figures 2 and 3).</p> <h3>Figure 2: Share of firms reporting obstacles by region</h3> </div> </div> </div> </section> <section id="61916062144945" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper "> <figure data-caption="@EIBIS 2020" data-target="https://www.eib.org/photos/download.do?documentId=2b4e6e46-47ba-45d3-87dc-2492c0723c92&binaryType=WL" class="post-image border fancybox" itemscope itemtype="http://schema.org/ImageGallery" rel="gallery"> <img class="img-responsive" alt=">@EIBIS 2020" src="https://www.eib.org/photos/download.do?documentId=2b4e6e46-47ba-45d3-87dc-2492c0723c92&binaryType=WL" loading="lazy"/> <p class="post-image--caption small mt-0 reset-margin-top">Note: Question: “Thinking about your investment activities, to what extent is each of the following an obstacle? Is it a major obstacle, a minor obstacle or not an obstacle at all?” </p> </figure> </div> </div> </div> </section> <section id="63727244499464" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper col-xs-12 "> <h3>Figure 3: Share of firms that express dissatisfaction with financing conditions</h3> </div> </div> </div> </section> <section id="82870153101776" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper "> <figure data-caption="@EIB Municipalities Survey 2020" data-target="https://www.eib.org/photos/download.do?documentId=de331267-abfc-44f2-a670-9a984f1ba171&binaryType=WL" class="post-image border fancybox" itemscope itemtype="http://schema.org/ImageGallery" rel="gallery"> <img class="img-responsive" alt=">@EIB Municipalities Survey 2020" src="https://www.eib.org/photos/download.do?documentId=de331267-abfc-44f2-a670-9a984f1ba171&binaryType=WL" loading="lazy"/> <p class="post-image--caption small mt-0 reset-margin-top">Note: The base was all firms who used external finance in the last financial year (excluding don’t knows and refused). Question: “How satisfied or dissatisfied are you with…?”</p> </figure> </div> </div> </div> </section> <section id="23646250663578" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper col-xs-12 "> <h3>Addressing the climate challenge</h3> <p>Municipalities and firms in cohesion regions show an interest in stepping up investment to address the climate challenge, but capacities are limited. Poorer municipalities’ needs for investment related to climate change are large. About 75% of less developed municipalities report investment gaps in climate change mitigation, such as for reducing emissions via energy efficiency, and in climate change adaptation.</p> <p>Firms in cohesion regions show awareness of climate-related challenges but fewer have undertaken investment in energy efficiency measures (43% in less developed regions and 47% in transition regions compared to 49% in non-cohesion regions) and have a dedicated person in charge of climate change strategies (15%, 20% vs 24%).</p> <p>A lack of funding is an important barrier to addressing the climate challenge for municipalities and firms in cohesion regions. Three-quarters of municipalities identified a lack of funds as among the top two obstacles hampering investment in green infrastructure (Figure 4). For firms, finance, costs of investments and uncertainties about regulations are key obstacles to undertaking investment tackling climate challenges.</p> <h3>Figure 4: Municipal obstacles to green investment (percentage report as an obstacle)</h3> </div> </div> </div> </section> <section id="94821018663414" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper "> <figure data-caption="@EIB Municipalities Survey 2020" data-target="https://www.eib.org/photos/download.do?documentId=fc44b5dd-25b8-4fef-920d-be2049cf1574&binaryType=WL" class="post-image border fancybox" itemscope itemtype="http://schema.org/ImageGallery" rel="gallery"> <img class="img-responsive" alt=">@EIB Municipalities Survey 2020" src="https://www.eib.org/photos/download.do?documentId=fc44b5dd-25b8-4fef-920d-be2049cf1574&binaryType=WL" loading="lazy"/> <p class="post-image--caption small mt-0 reset-margin-top">Note: Question: “Thinking of green or climate related infrastructure investment, which are the two main obstacles to this type of investment?” </p> </figure> </div> </div> </div> </section> <section id="82512918555901" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper col-xs-12 "> <p>Taking on the twin transition will likely reveal capacity constraints in cohesion regions. Municipalities’ investment plans show that they are keen to close the gaps for green investment. However, more green projects will require innovation, navigating regulatory requirements, and mastering higher complexity. Yet, municipalities in cohesion regions lag in terms of green capacity (Figure 5). Similarly, for corporates, strengthening internal capacity to undertake green investment will be crucial for turning investment ambition on greening into reality.</p> <h3>Figure 5: Share of municipalities with limited green capacity (percentage)</h3> </div> </div> </div> </section> <section id="41099676812813" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper "> <figure data-caption="@EIB Municipalities Survey 2020" data-target="https://www.eib.org/photos/download.do?documentId=22d5b5c2-ec86-4073-b318-75285621137d&binaryType=WL" class="post-image border fancybox" itemscope itemtype="http://schema.org/ImageGallery" rel="gallery"> <img class="img-responsive" alt=">@EIB Municipalities Survey 2020" src="https://www.eib.org/photos/download.do?documentId=22d5b5c2-ec86-4073-b318-75285621137d&binaryType=WL" loading="lazy"/> <p class="post-image--caption small mt-0 reset-margin-top">Note: Question: “For your municipality’s infrastructure investments, have you included, do you plan to include or do you have no plans to include in the next 5 years, any of the following considerations or types of projects?”</p> </figure> </div> </div> </div> </section> <section id="40028916200385" class=" post-media margin-bottom-x-large margin-top-x-large post-text "> <div class="container container-col-8 "> <div > <div class="post-text-wrapper col-xs-12 "> <h3>What is needed to foster convergence?</h3> <p>Financing is needed to reduce investment gaps – but financing alone won’t be enough. To foster a sustainable economic catch-up for cohesion regions, policy support should focus on addressing basic infrastructure challenges in a climate-friendly way, supporting investment activities that help firms in cohesion regions move up the value chain, and jointly tackle finance and capacity gaps on planning and implementation to maximise impact.</p> <p><em>Patricia Wruuck and Julie Delanote are economists at the European Investment Bank. Peter McGoldrick is a senior economist at the Bank. Emily Sinnott is head of the policy and strategy division in the economics department of the EIB and Debora Revoltella is the director of the Bank’s economics department.</em></p> <p><em>The views expressed in this column are the private views of the authors and may not, under any circumstances, be interpreted as stating an official position of the European Investment Bank.</em></p> </div> </div> </div> </section> </div> </div> </div> <aside class="col-sm-4 story-column right-column sticky-sidebar" id="sidebar"> <div class="contact_list"> <section id="storyTags" class="story-content__meta"> <div class=""> <div class="post-tags tag-content__list eib-typography"> <h3 class="tags-label eib-section-title">Related tags</h3> <div class="tags-value show-more--content short-content"> <ul class="tag-text__list list-unstyled list-inline"> <li> <span class="c-button-tag">investment report</span> </li> <li> <span class="c-button-tag">covid-19</span> </li> <li> <span class="c-button-tag">Economics</span> </li> </ul> </div> </div> </div> </section> <section id="mostPopular" class=" "> <div class='list__header'> <h4>Most recent</h4> </div> <div class="list__body"> <ul class="list-number "> <li> <a href="https://www.eib.org/en/stories/oceanloop-sustainable-shrimp" > A delicious solution </a> </li> <li> <a href="https://www.eib.org/en/stories/affordable-social-housing-malta" > A home in Malta </a> </li> <li> <a href="https://www.eib.org/en/stories/servitisation-energy-efficiency-sme" > Efficiency as a service </a> </li> <li> <a href="https://www.eib.org/en/stories/biofuel-transport-aviation-spain" > Oil of a different origin </a> </li> <li> <a href="https://www.eib.org/en/stories/droughts-crete-irrigation-agriculture" > Reservoir of resilience </a> </li> </ul> </div> </section> </div> </aside> </div> <section id="storiesYouMayLike" class="carousel carousel__related-bottom bg-color-light-grey"> <div class='carousel__wrapper container'> <div class='carousel__header'> <h3>Stories you may like</h3> </div> <div class="carousel__result" data-type="carousel" data-number-slide="3" data-display=""> <article class="col-xs-12 col-md-4"> <div class="card card-standard " data-type="media" data-subType="stories"> <a href="https://www.eib.org/en/stories/investment-high-inflation-profits-europe" class="card-img " style="background-image: url('https://www.eib.org/photos/download.do?documentId=17153516-f7a7-431d-b9cf-f630a2877c61&binaryType=S4');"> </a> <header class="card-header"> <div class="card-date-author"> <span class='card-date card-date--standard'>29 August 2024</span> </div> <h3 class="card-title margin-right-20"> <a href="https://www.eib.org/en/stories/investment-high-inflation-profits-europe" >How did European firms maintain investment amid high inflation?</a> </h3> </header> <div class="card-body"> <div class="card-text"> <p>Investment in Europe held up better than expected during the recent period of high inflation. 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