Environmental regeneration in the European Green Deal
People, the planet and the various economies are vulnerable to climate change, so we need to try to limit this change by working on the factors that cause it, also trying to adapt our world to coexist with what has already changed, limiting the damage as much as possible. A cultural, social and economic change is required and our survival and that of our planet depends on it. Knowledge, monitoring, innovation, sharing, collaboration and funding are the essential elements to achieve it. The European Green Deal provides member states with a coordinated basis of initiatives, tools and funding to make change happen in a way that is fair and balanced for all people, businesses and administrations.
What exactly is the European Green Deal
The European Green Deal is the European Commission's commitment to tackling problems related to climate and the environment. It is a growth strategy that aims to transform the EU into an equitable society with a modern, competitive economy which makes efficient use of resources, targeting zero net greenhouse gas emissions by 2050 and separating economic growth from the use of resources. The Green Deal package contains initiatives that have an impact on several areas: climate, environment, energy, transport, industry, agriculture and sustainable finance, all of which are closely interrelated.
The main goals of the Green Deal are:
- to increase funding for the green transition and mobilise at least one trillion EUR in support of sustainable investments over the next decade through the EU budget and associated instruments, particularly InvestEU;
- to create a framework to allow individuals and the public sector to easily make sustainable investments;
- to support public administrations of project promoters in defining, structuring and implementing sustainable projects.
Two more goals are linked specifically to the protection of the environment and the protection of public health:
- to protect, preserve and improve the EU's natural capita,
- to protecting people's health and well-being against environmental risks and their consequences.
The goals of the transformation of the Green Deal can only be achieved by putting people at the heart of the transformation, actively involving them in the process, which must be fair and inclusive.
The European Union intends to use the Green Deal to promote environmental, climate and energy policies worldwide, aware that the European countries alone cannot make the significant change required to slow down global climate emissions and ongoing climate change. Indeed, the EU plans to exploit the diplomatic and financial instruments at its disposal to make green alliances an integral part of its relations with its neighbours and in particular with (Africa, Latin America, the Caribbean, Asia and the Pacific).
Background: the story, from Agenda 21 to Agenda 2030
The story of Agenda 21 and Agenda 2030 began in the 1970s with the realisation that the health of the environment also meant the health of man and, consequently, that global economic growth had to consider the value of the environment. It was only in the late 1980s, however, that a proper strategy was defined with the birth of Agenda 21.
Awareness of the climate change underway grew, along with the need for defined goals and commitments by global stakeholders, leading, in 2015, to the definition of a new strategy, which took the form of the 2030 Agenda.
Parallel to the 2030 Agenda, the Paris Agreement, developed within the United Nations Framework Convention on Climate Change (UNFCCC), establishes a common commitment to keep global warming below 2°C compared to pre-industrial levels, doing everything possible to keep it within 1.5°C. In Italy, Agenda 2030 was implemented in 2017 via the National Strategy for Sustainable Development.
Historical key moments:
- 5 June 1972, Stockholm (Sweden) - Stockholm Conference (UN Conference on the Human Environment): for the first time the international community recognises the need to cooperate at international level to protect the environment, defending and improving the environment for present and future generations.
- 1987 Gro Harlem Brundtland, Chairperson of the World Commission on Environment and Development (established in 1983), presents the report entitled “Our common future” (also known as the Brundtland report), formulating guidelines for sustainable development that are still considered valid today.
- 3-14 June 1992, Rio de Janeiro (Brazil) - Earth Summit (UN Conference on Environment and Development): The following documents are signed: Rio Declaration on Environment and Development, Agenda 21, Convention on biological diversity, Declaration on forests, Convention on climate change. Two principles are recognised at this Summit: environmental protection is an integral part of the development process, participation by the public is necessary in order to tackle environmental problems.
- 27 May 1994, Aalborg (Denmark) - 1st European Conference on Sustainable Cities and Towns: those in attendance approve the Aalborg Charter: Charter of European cities for sustainable and durable development, the aim is to apply the principles of Agenda 21 at local level. The cities recognise that the concept of sustainable development offers a guide to measure the standard of living against nature's carrying capacity, undertake to apply the principles of sustainability in local governance, and undertake to develop and test indicators to monitor local sustainability policies. The conference is the first of a series of conferences, the latest of which, the ninth, was held in October 2020, which explore the topic of sustainable cities and monitor the results achieved over time. The conferences are also an opportunity for the various nations to discuss and exchange experiences.
- 11 December1997, Kyoto (Japan) – Kyoto Protocol (in force since 2005) which committed signatories to reduce their greenhouse gas emissions compared to 1990 emission levels in varying percentages from state to state. The countries also undertook to monitor these gases.
- 25 June1998, Aarhus (Denmark) - Aarhus Convention, held by the United Nations Economic Commission for Europe (UNECE), which enshrines the duty of administrations to exercise public power in a transparent and reliable way that is accessible to the public and therefore the right of access to information, public participation in decision-making processes and access to justice in environmental matters for the population.
- 26 August - 4 September 2002, Johannesburg (South Africa) - World Summit on Sustainable Development (UN Conference RIO+10): this was an opportunity to review the implementation of the decisions made in Rio in 1992 and the implementation of Agenda 21. The Declaration on Sustainable Development or Johannesburg Declaration and the Johannesburg Plan of Implementation (JPOI) of the World Summit on Sustainable Development was adopted. The Plan was to be a reference for government activities while the Declaration a policy document with obligations and proposals for implementation for sustainable development. During this conference, no specific goals and timeframes were set, but the focus was on voluntary behaviour and the promotion of bilateral understandings.
- 20-22 June 2012, Rio de Janeiro (Brazil): UN Rio+20 Conference on sustainable development. The final document explicitly recognises for the first time that the green economy can contribute to sustainable development and the fight against poverty. During the conference, a ten-year programme for education towards sustainable consumption and production was also approved as a tangible tool to promote a sustainable pattern of consumption and production, and so achieve a greener economy.
- 25 September 2015, New York (USA): United Nations General Assembly. During this conference, the 193 UN member states adopted the 2030 Agenda (which came into force in 2016), as the new global and universal framework of reference for sustainable development. The 2030 Agenda contains 17 Sustainable Development Goals (SDGs) and 169 associated targets, grouped under the five core principles of people, planet, prosperity, peace and collaboration.
11 December 2019: The European Commission published the communication entitled The European Green Deal, which transposes the contents of the 2030 Agenda, of which it is the implementation tool in Europe.
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The European Commission's plan to combat climate change and, in the long term, save the Earth
Several acts are part of the European Union's plan to combat climate change and “save the earth”. The actions envisaged in the various documents fall within an interdisciplinary approach in which everything depends on everything.
The basic principles are based on the contents of the 2030 Agenda (and its predecessor Agenda 2021) and cover the economic sector (green economy and also circular economy), human health and environmental conservation.
Saving energy and raw materials, producing as little waste as possible, recycling, reusing and repairing materials and goods as much as possible, protecting the existing environment, also by refraining from emitting pollutants, and, last but not least, restoring quality in degraded areas, are the classes of actions to be implemented to safeguard the delicate balance of our planet contained in European policies.
The tools to implement them include innovation and research, as well as participation by the public. To bring about positive and effective climate change, according to the European Union, the general public must be involved as much as possible, by educating people and raising their awareness. It is also necessary to make them an active part of the change by involving them in decision-making processes, inviting them to present proposals.
With its research, policy orientation and funding instruments, the European Union supports the various stakeholders in their actions to achieve the goals of the plan.
In 2018, with the document entitled A Clean Planet for All - A European long-term strategic vision for a prosperous, modern, competitive and climate-neutral economy, the European Union expressed its concept of a strategy to combat climate change. The strategy is in line with the principles of the Paris Agreement.
In March 2019, the European Parliament approved the target of zero net greenhouse gas emissions in its climate change resolution, followed by the European Green Deal resolution in January 2020. In December 2019, the European Council approved the goal of making the EU climate neutral by 2050, in line with the Paris Agreement.
In March 2020, the European Union submitted its long-term strategy to the United Nations Framework Convention on Climate Change (UNFCCC).
According to the European Union Climate Vision, the key actions to focus on in the fight against climate change are:
- to fully exploit the benefits generated by energy efficiency, particularly in the construction sector;
- to spread the use of renewable energies as much as possible to decarbonise the member countries;
- to focus on mobility systems with low fossil fuel consumption and high-efficiency engines, as well as efficient mobility through digitised management systems that enable intelligent traffic management;
- industry that uses innovative technologies to reduce polluting emissions but is also competitive on the market;
- network infrastructures (transportation of goods and people, but also energy) that are interconnected, modern and managed by smart digital control systems;
- to fully exploit the bio-economy;
- to limit carbon dioxide emissions, also by adopting capture and storage techniques.
The vision also emphasises that the necessary actions must be taken now to achieve the climate goals, along with the importance of the active participation of the public in the process of change.
According to the text, modernising and decarbonising the EU economy will stimulate significant additional investment. The European Union and administrations will have to ensure support, transparency and adequate funding for stakeholders.
Research is among the key actions to combat climate change. Research and innovation based on coordinated planning will aim to pursue innovative but also economically viable technologies in order to make them attractive to the market and promote their dissemination.
According to the Vision, actions to combat climate change will also lead to major social changes. Some jobs will disappear but, at the same time, new jobs will open up increasing the employment rate overall.
In recent years, two EU documents in particular have set climate and emission targets to be achieved: the European Climate Strategy and the Green Deal.
The actions and targets to be achieved by 2050 in the Climate Act
In June 2021, the European Council adopted the European Climate Act. The main contents of the Act are:
- climate neutrality by 2050 and negative emissions after 2050;
- EU emission reduction target for 2030 from 40% to 55% of 1990 levels;
- introduction of a limit of 225 million tonnes of CO₂ equivalent to the contribution of the absorption of this target;
- establishment of a further intermediate target for 2040 to be issued within 6 months of this provision;
- publication of a forecast of the Union's indicative greenhouse gas budget for 2030-2050;
- establishment of a European Scientific Advisory Board on Climate Change tasked, among other things, with providing scientific advice and reporting on existing and proposed Union measures, climate targets and greenhouse gas budgets and their consistency with the targets of the Regulation; contributing to the exchange of independent scientific knowledge; identifying the actions and opportunities required to successfully meet the Union's climate targets;
- the competent bodies in the Member States must ensure continuous progress in improving the capacity to adapt, strengthening resilience and reducing vulnerability to climate change;
- by 30 September 2023, and every five years thereafter, the Commission will assess the collective progress made by Member States on climate neutrality and adaptation to climate change;
- by 30 September 2023, and every five years thereafter, the Commission will assess the consistency of the measures implemented by the Union to achieve climate neutrality and ensure progress in terms of adaptation, making any legislative amendments deemed necessary;
- by 30 September 2023, and every five years thereafter, the Commission will assess the consistency of the national measures taken into consideration, based on integrated national energy and climate plans, long-term national strategies and national measures to ensure progress in terms of adaptation;
- all social components must be involved in the pursuit of the 2050 climate goals in order to make them responsible and capable of engaging in a socially fair and equitable transition to a climate-neutral and resilient society. Inclusive and accessible processes will be facilitated and promoted at all levels, including national, regional and local, involving social partners, academia, the business community, the general public and civil society, in order to exchange best practices and identify actions that contribute to achieving the goals of this regulation.
In March 2022 the Council adopted conclusions calling for the adaptation of civil protection to ensure the ability to cope with extreme weather events caused by climate change. Member States and the Commission are invited to invest in research and innovation with the aim of better recognising and anticipating extreme weather risks and strengthening the capacity of the civil protection service to intervene.
The conclusions also promote the development of specific training and exercise programmes. Member states are also invited to educate the population on the subject of extreme events, providing information and training, raising awareness and organising exercises.
Green Deal: goals, actions, tools
As already mentioned, the main goals of the Green Deal concern climate and pollutant emissions:
- climate neutrality by 2050 now becomes a legal obligation for the EU;
- reducing net greenhouse gas emissions in the EU by at least 55% compared to 1990 levels by 2030.
Some of the actions envisaged to meet the goals proposed by the document are listed below:
Transform the EU economy for a sustainable future
Develop a profoundly transformed set of policies
Make the EU's climate targets for 2030 and 2050 more ambitious
Guarantee the supply of clean, cheap and safe energy
Mobilise industry for a clean and circular economy
Build and renovate in an energy and resource-efficient way
Accelerate the transition to sustainable and smart mobility
“From the producer to the consumer”: design a fair, healthy and environmentally friendly food system
Preserve and restore ecosystems and biodiversity
“Zero pollution” goal for a toxin-free environment
Integrate sustainability into all EU policies
Pursue green finance and investment and ensure a fair transition
Turn national budgets “green” and send the right price signals
Stimulate research and innovation
Leverage education and training
A commitment to the environment: “do no significant harm”
The Green Deal package also contains:
a review of the EU Emissions Trading Scheme (EU ETS), including its extension to maritime transport, and a review of the rules on aviation emissions, as well as the establishment of a separate emissions trading scheme for road transport and construction,
a review of the Effort Sharing Regulation governing member states' reduction targets in sectors not covered by the EU ETS,
a review on the LULUCF regulation on the inclusion of greenhouse gas emissions and absorptions resulting from land use, land use change and forestry,
a review of the regulation establishing CO2 emission standards for passenger cars and vans,
a review of the directive on the promotion of renewable energies,
a recast of the energy efficiency directive,
a review of the directive on the taxation of energy products,
a carbon border adjustment mechanism,
a review of the alternative fuels infrastructure directive,
ReFuelEU Aviation for sustainable fuels for aviation,
FuelEU Maritime for a sustainable European maritime space,
a social climate fund,
a review of the directive on the energy performance of buildings,
a reduction of methane emissions in the energy sector,
a review of the third “Energy” package on gas. 4
Green Deal Support Strategies
The approach to the policies and actions needed to achieve the goals promoted by the Green Deal is cross-sectoral, a system in which everything depends on everything (holistic). As the world's largest single market, Europe can set standards that apply to all global value chains and bring about significant changes towards greener economies.
The following EU strategies also support the Green Deal:
- Biodiversity Strategy 2030,
- the new industrial strategy,
- the action plan on the circular economy,
- the “Producer to Consumer” strategy for a sustainable food policy and proposals for a pollution-free Europe.
- the “wave of renovations” strategy
- the EU strategy on sustainable chemicals
- forestry strategy and zero deforestation imports
The many benefits of the European Green Deal
According to the EU, the Green Deal will bring numerous benefits across all sectors, increase welfare and improve public health, particularly for future generations:
- it will ensure cleaner air and water, healthy soil and biodiversity;
- it will lead to improved living and working conditions thanks to renovated, energy-efficient buildings;
- it will provide healthy and affordable food;
- it will increase and facilitate access to public transport;
- it will enable the production of cleaner energy and develop pioneering clean technology innovation;
- it will lead to the production of more durable goods that can be repaired, recycled and reused;
- it will generate jobs to suit future needs and provide training for the transition;
- it will ensure a globally competitive and resilient industry.
Green deal and financing: Sustainable Europe Investment Plan
In the Communication published on 14 January 2020, “Sustainable Europe Investment Plan — the European Green Deal Investment Plan” Europe focuses particularly on supporting the regions and sectors most dependent on fossil fuels and therefore most exposed to the repercussions of the transition.
To this end, a mechanism for a fair transition consisting of three points was set up. The three points in question focus on:
- a Just Transition Fund (JTF),
- a specific arrangement for a fair transition under InvestEU,
- a public sector lending facility to mobilise additional investments for the regions concerned and to support investments made by organisations working in the public sector.
Another supporting instrument is the adoption of territorial plans for a fair transition to establish the main steps and the schedule of the transition process, identifying the territories most affected by it. These plans are drawn up by the Member States together with the competent local and regional authorities and the various stakeholders.
The Sustainable Europe Investment Plan was adopted on 14 April 2020 and is considered to be the Investment pillar of the European Green Deal. It is a very articulate and complex document that reads the public and private investment system, identifying where and how the European Union can intervene in support of green economy investments in order to achieve the goals of the Green Deal.
The Sustainable Europe Investment Plan will enable the transition to a green and climate-neutral economy by acting on the following three dimensions:
- providing adequate guarantees to attract funds by favouring public investment in the regions most exposed to the transition's repercussions;
- creating a favourable framework for private investors and the public sector. Financial institutions and private investors need to have adequate tools to enable them to accurately identify sustainable investments. In particular, the EU taxonomy, the principle of putting energy efficiency first, and sustainability audits will be crucial in enhancing leverage.
- providing bespoke support to public authorities and project promoters with regard to identifying, structuring and implementing sustainable projects.
Achieving the climate and energy targets currently set for 2030 will require additional investments of 260 billion EUR a year. This figure mainly concerns investments in the energy and building sector and a segment of the transport sector (vehicles). The sector which shows the greatest average need is building renovation.
The Sustainable Europe Investment Plan a will mobilise at least 1 trillion EUR in sustainable investments over the next decade. This level of funding for the green transition will be achieved by drawing on expenditure items in the EU's long-term budget - a quarter of which will be used to achieve climate-related targets - including an estimated 39 billion EUR in environmental spending.
The plan also envisages attracting additional private funds through the leverage effect of the EU budget guarantee under the InvestEU programme.
In addition to EU spending on climate action and environmental policy, the Sustainable Europe Investment Plan covers amounts used under the just transition mechanism, which will help the regions most affected by the transition.
The European Investment Bank will become the EU’s climate bank. It will progressively increase the percentage of its funding devoted to climate action and environmental sustainability to 50% of transactions by 2025. Cooperation with other financial institutions will also play a key role.
While this contribution shows the EU's determination to finance the European Green Deal, it won't be sufficient to unlock the necessary investments. National budgets and the private sector will also have to contribute significantly.
The policies of the European Green Deal will use a combination of regulations and incentives to address external issues and apply the “polluter pays” principle, so that the costs to society are reflected in investment decisions.
In view of the significant investments needed to achieve the EU's climate and sustainability goals in general, in March 2018 the Commission proposed the Action Plan to finance sustainable growth. On the basis of this action plan, which contributes to the creation of a Capital Markets Union, important foundations have been laid for frameworks that favour the mobilisation of loans for sustainable investments.
The Commission, in cooperation with Member States, will identify and compare green budgeting practices. This will make it easier to assess the extent to which annual budgets and medium-term budget plans take environmental considerations and risks into account, and to learn from best practices.
Sustainable investments will be possible within an appropriate framework of government aid which offers:
- More flexibility to transform production processes, making them climate neutral
- Aid to improve the energy efficiency of buildings
- Aid for district heating
- Aid for the closure of coal-fired power stations
- Aid for the circular economy
Participation by all stakeholders in the implementation of the Sustainable Europe Investment Plan is seen as the key element for the success of the Green Deal goals. Investors, including institutional investors, banks, financial promoters and private equity funds are invited to make full use of the sustainable investment framework currently being developed. For their part, the authorities of the Member States will have to play an active role in identifying, promoting and, where necessary, co-financing these investments.
From the NextGenerationEU (NGEU) to the National Recovery and Resilience Plan
NextGenerationEU (NGEU) is another temporary instrument dedicated to stimulating post-pandemic recovery, and is the largest stimulus package ever funded in Europe. The aim is to use the particular period we are going through to encourage the development of a greener, digital and resilient Europe.
More than 50% of the new package will support modernisation, i.e:
- research and innovation through the Horizon Europe programme;
- fair climate and digital transitions, through the Just Transition Fund and the Digital Europe programme;
- preparation, recovery and resilience, through the Recovery and Resilience Plan, rescEU and a new health programme, EU4Health;
- the modernisation of traditional policies, such as the cohesion policy and the common agricultural policy, to maximise their contribution to the Union's priorities;
- the fight against climate change, for which 30% of EU funds, the highest percentage ever for the EU budget, will be reserved;
- the protection of biodiversity and gender equality.
On 17-21 July 2020, the European Council launched the recovery package, allocating 2,018 billion EUR for this purpose, of which:
- 1,211 billion EUR from the multiannual financial framework - MFF 2021-2027
- 806.9 billion EUR from the NextGenerationEU – NGEU fund.
The NexGenerationEU funds are broken down as follows:
Recovery and Resilience facility*
Just Transition Fund
Total other funds
*of which 338 in grants and 386 in loans, in compliance with Regulation (EU) 2020/2094.
30% of the multiannual and NextGenerationEU budget is also expected to be invested in actions to combat climate change.
To access NextGenerationEU funds (in implementation of and compliance with the criteria established by article 18 of Regulation 2021/241/EU), each state had to prepare a National Recovery and Resilience Plan (NRP) for 2021-2026.
37% of the funds envisaged by the NRP are to be allocated to support climate goals and all the investments and reforms envisaged in these plans must respect the principle of “Do no significant harm” to the environment (DNSH).
The fundamental principles and priorities for the drafting of the National Recovery and Resilience Plans (NRPs) were determined at the beginning of the European Semester 2021, in the Annual Sustainable Growth Strategy 2021 (September 2021), which set intermediate targets to 2025.
The principles include the following three programmes:
- Power up the pilot initiative that aims to increase renewable energy production by 500 GW by 2030, and calls on Member States to meet almost 40% of this target by 2025. In keeping with the European Strategy on hydrogen, it also calls for support for the installation of 6 GW of electrolyser capacity and the production and transport of 1 million tonnes of renewable hydrogen across the EU by 2025;
- the pilot initiative Renovate that calls for an improvement in the energy and resource-efficiency of public and private buildings, doubling the rate of renovation by 2025 and promoting major renovations;
- Recharge and refuel, which focuses, by 2025, on installing 1 million charging points out of the three million required in 2030 and half of the 1,000 hydrogen stations necessary1.
In Italy, the NRP was given final approval on 13 July 2021 with a Council Implementing Decision, which transposed the European Commission's proposal for a decision. A document defining precise and clearly scheduled goals and targets in relation to each investment and reform is annexed to the Council Implementing Decision.
The achievement of these goals and targets is linked to the allocation of resources on a six-monthly basis. After the Council Implementing Decision, the Commission finalised an agreement with Italy, which, pursuant to article 23 of Regulation (EU) 2021/241, qualifies as a specific legal commitment.
The future update of the Integrated National Energy and Climate Plan (INECP) and the Long-Term Strategy for Reducing Greenhouse Gas Emissions (documents with which the NRP is consistent) will also be linked to the Italian NRP, to reflect the changes that have taken place in the meantime in Europe.
1Source: Recovery plan for Europe
The Italian Green New Deal: what it is, what it finances and the resources available
The Italian Green New Deal was implemented in line with the European Green Deal.
The Green New Deal finances projects with the following aims:
- to decarbonise the economy
- to encourage the transition to a circular economy
- to reduce the use of plastics, replacing them with other materials
- to promote urban regeneration, limiting land consumption
- to promote sustainable tourism
- to plan systems for adaptation and mitigation of risks on the ground from climate change.
To finance the necessary activities, the Green Deal uses various financial instruments including:
- the Sustainable Growth Fund (SFC)
- the Next Generation EU,
- the Recovery Fund, which is part of the Next Generation EU.
The Fund for Sustainable Growth (FCS) was defined by the Decree of the Italian Minister of Economic Development in agreement with the Italian Minister of the Economy and Finance of 1 December 2021 and envisages the granting of financial subsidies to support research, development and innovation projects for the ecological and circular transition in support of the aims of the “Italian Green New Deal”.
The fund aims to support the projects of companies eligible for subsidised financing under the Revolving Fund for Business Support and Research Investment (FRI). It envisages the granting of subsidies to support industrial research, experimental development, and the industrialisation of research and development results for SMEs.
To be considered eligible, the projects must have the following characteristics:
- implementation within the scope of one or more local units situated within the national territory
- comprise eligible expenses and costs of at least 3 million and at most 40 million EUR
- a duration of at least 12 and at most 36 months
- launch after submission of the grant application
The Next Generation EU, another financial instrument, is supported by the Recovery and Resilience Facility (RRF), which guarantees most of the resources for the projects implemented within the scope of the Next Generation EU, funds that are integrated with other schemes including React-EU. The European Commission has associated the Recovery Fund with the Next Generation EU, so it is possible to use these two terms to refer to the same instrument, a facility for relaunching the economies of the EU Member States. The Recovery Fund is, therefore, part of the Next Generation EU.
Italy has been allocated 65.456 billion in grants2:
- 70% of the resources, 44.724 billion, refers to commitments for projects in 2021-2022,
- 20.732 billion refers to commitments related to 2023.
Overall, Italy's “share” is about 209 billion divided into: 81.4 billion in subsidies and 127.4 billion in loans. The rest of the subsidies will be channelled through other “pillars” of the anti-crisis operation including React Eu, rural development, the Just transition fund.
2 Source paragraph: quifinanza.it Cos’è il Recovery Fund e quali progetti comprende
Italy has already received the approval of its NRP and obtained the first amounts from the Recovery Fund, with the arrival in summer 2021 of 24.9 billion EUR, corresponding to 13% of the allocation available for our country. Overall, thanks to the Recovery Fund, Italy will be able to use up to 191.5 billion EUR of European resources, but the release of these funds is linked to the progress of reforms and the approval of the 2022 Budget Law.
In addition to resources from the Recovery Fund, Italy's NRP will be supported by 30.6 billion EUR from the Complementary Fund. This amount comes from the divergence from budgetary targets approved by the Council of Ministers on 15 April 2021. This will take Italy's total allocation to 248 billion EUR, 82 billion of which will be available for projects for southern Italy and the reduction of inequalities between northern and southern Italy.
European Commission, Communication of the Commission – The European Green Deal, eur-lex.europa.eu, 2019,
European Green deal homepage
European Commission, Communication of the Commission to the European Parliament, the Council, the European economic and social committee and the committee of regions - Sustainable Europe Investment Plan European Green Deal Investment Plan, eur-lex.europa.eu, 2020,
EU Council, European Green Deal The aim of the EU: to achieve climate neutrality by 2050, consilium.europa.eu, 2022