Sign in
Italy has approved a EUR 6.3 bn decree to support the country’s green tech development and energy transition targets, Reuters reports. The funding is aimed at meeting the EU-funded recovery plan — NextGenerationEU — and will be disbursed in the form of tax breaks for companies committed to energy saving as part of a EUR 194.4 bn agreement with the EU to overhaul the country’s investment programme through 2026.
About NextGenerationEU: The NextGenerationEU is a post-Covid, EUR 806.9 bn recovery plan for the European bloc aimed at investing in “healthier, greener, and more digital” projects. One of the six key goals of the fund is to accelerate the green transition with a focus on renewables and sustainable mobility. Together with the EU’s long-term budget, the NextGenerationEU funding is the largest stimulus package ever financed in Europe.
IN OTHER EU-ITALY NEWS- The EU supports Italy’s Green Hydrogen Valley: The EU Commission signed off on a EUR 370 mn (c.USD 402 mn) grant to green investment manager Sosteneo to develop the “Green Hydrogen Valley” project in Italy’s Puglia region, Reuters reports. The project — aimed at decarbonizing Italy’s largest energy and steel hub — will include a 260 MW solar plant and a 160 MW green hydrogen production hub to power the production of low-carbon direct reduced iron. Italy’s grid operator Snam will also receive EUR 100 mn from the EU funds for its EUR 100 mn project to renovate existing pipelines and establish new ones, the newswire notes.
New EIB president is shifting gears on nuclear energy: The newly appointed president of the European Investment Bank (EIB) Nadia Calviño has decided to shift the bank’s stance on nuclear power, positioning it in favor of the controversial green energy source, The Financial Times reports. Calviño emphasized the importance of Europe remaining competitive in emerging technologies like modular reactors, despite the EIB’s historical avoidance of nuclear investments since the Chernobyl disaster in 1987.
France is partly responsible for the shift: The new approach to nuclear energy and defense investments was reportedly influenced by demands from France, a major supporter of Calviño’s appointment, the FT writes, citing EU and bank officials.
