20.12.2013 Official Journal of the European Union L 348/129 REGULATION (EU) No 1316/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE (3)  According to the Commission, the estimated investment EUROPEAN UNION, requirement for trans-European networks in the transport, telecommunications and energy sectors for the period up to 2020 is EUR 970 000 million. Having regard to the Treaty on the Functioning of the European Union, and in particular Article 172 thereof, (4)  This Regulation lays down, for the implementation of the CEF for the period 2014 to 2020, a financial envelope of EUR 33 242259 000 in current prices which is to Having regard to the proposal from the European Commission, constitute the prime reference amount, within the meaning of point 17 of the Interinstitutional Agreement between the European Parliament, the After transmission of the draft legislative act to the national Council and the Commission of 2 December 2013 on parliaments, budgetary discipline, on cooperation in budgetary matters and on sound financial management (¥ for the European Parliament and the Council during the annual Having regard to the opinion of the European Economic and budgetary procedure. Social Committee (1), (5)  In order to optimise the use of budgetary funds allocated . . . to the CEF, the Commission should, following the mid- Having regard to the opinion of the Committee of the term evaluation of the CEE. be able to h . ) , propose the Regions (%), transfer of appropriations between the transport, tele- communications and energy sectors. Such proposal Acting in accordance with the ordinary legislative procedure (%), should be subject to the annual budgetary procedure. (6)  The amount of EUR 11 305 500 000 in current prices Whereas: transferred from the Cohesion Fund established by Regu- lation (EU) No 1301/2013 of the European Parliament and of the Council °) should be used to commit (1)  In order to achieve smart, sustainable and inclusive budgeta.ry resources to financial instruments under this growth and to stimulate job creation in line with the Regulation only from 1 January 2017. objectives of the Europe 2020 Strategy, the Union needs an up-to-date, high-performance infrastructure to 7) The creation of efficient transport and energy infra- help connect and integrate the Union and all its regions, structure networks is one of the 12 key actions identified in the transport, telecommunications and energy sectors. by the Commission in its Communication of 13 April Those connections should help improve the free 2011 entitled: "Single Market Act — Twelve levers to movement of persons, goods, capital and services. The boost growth and strengthen confidence: 'Working trans-European networks should facilitate cross-border together to create new growth'. connections, foster greater economic, social and terri- torial cohesion, and contribute to a more competitive (8)  The Commission has committed itself to mainstreaming social market economy and to combating climate change. The aim of the creation of the Connecting Europe Facility (CEF) established by this Regulation is to accelerate investment in the field of trans-European networks and to leverage funding from both the public and the private sectors, while increasing legal certainty and respecting the principle of technological neutrality. The CEF should enable synergies between the transport, telecommuni- cations and energy sectors to be harnessed to the full, thus enhancing the effectiveness of Union action and enabling implementing costs to be optimised. () OJ C 143, 22.5.2012, p. 116. climate change into Union spending programmes and to directing at least 20 % of the Union budget to climate- related objectives. It is important to ensure that climate change mitigation and adaptation, as well as risk prevention and management, are promoted in the prep- aration, design and implementation of projects of common interest. Infrastructure investments covered by this Regulation should help to promote the transition to a low-carbon and climate- and disaster-resilient economy and society, taking into account the specificities of regions with natural and demographic disadvantages, in particular the outermost and island regions. In the ( O] C 420, 20.12.2013, p. 1. (*) Regulation (EU) No 1301/2013 of the European Parliament and of () O] C 277, 13.9.2012, p. 125. (’) Position of the European Parliament of 19 November 2013 (not yet published in the Official Journal) the Council of 17 December 2013 on the Cohesion Fund and repealing Council Regulation (EC) No 1084/2006 (O] L 347, 20.12.2013, p. 289).