Italy To Become an Energy Hub for Europe with EU Funds

Italy To Become an Energy Hub for Europe with EU Funds
14 February 2023

Through the use of funds from the EU’s REPowerEU initiative, Italy seeks to establish itself as an energy hub for the bloc. 

What are REpowerEU, Next GenerationEU, and ETS?

REPowerEU aims to end the EU’s dependence on Russian fossil fuels and addresses the growing climate crisis through its budget of about €300 billion ($321.36 billion). Additionally, NextGenerationEU provides €225 billion in loans, with the EU Commission proposing an additional €20 billion in grants from the sale of EU Emission Trading System allowances (ETS). ETS was launched in 2005 with the goal of reducing greenhouse gas emissions; it compels power companies and manufacturers to buy permits covering each tonne of carbon dioxide that they emit. 

Italy Seeks to Strengthen Relations with Africa

PM Meloni has also held various meetings with relevant ministers and energy company CEOs from Eni, Enel, Snam, and Terna, to discuss the need for cooperation with Africa to secure energy supplies. The CEO of Snam has already told the media that he would be seeking €2.5 billion in EU funding to boost the capacity of the company’s domestic network. There are also plans to use REPower EU funds to build the SoutH2 Corridor, a link that would transport hydrogen from North Africa to Northern Europe. During a visit to Algeria in January, a delegation led by Meloni signed agreements, including an increase in energy transportation to Italy and the construction of a new gas pipeline that would facilitate hydrogen transportation.

Italy’s government aims to complete negotiations with Brussels regarding its proposed EU spending by the end of April. 


Related news

From January 1st to June 30th, 2024, Belgium will hold the Presidency of the Council of the European Union (the Council). With the presidency just around the corner, B2EU has...
More details  An Analysis of the Goals, Focus, and Priorities of the Belgium Presidency
On the 24th of November, 2023 the EU announced the release of €15 million in humanitarian aid for the most vulnerable people in Syria and Lebanon, including refugees and those...
More details EU Announces €15 Million in Humanitarian Assistance for Refugees and People in Need in Syria and Lebanon
On November 15th, the European Union (EU) and its Member States officially signed the "Samoa Agreement," a partnership accord with the African, Caribbean, and Pacific States...
More details Samoa Agreement: EU and its Member States sign new Partnership Agreement with the Members of the Organisation of the African, Caribbean and Pacific States

Stay in touch with us!

For more information about our services and working opportunities at our company, do not hesitate to: