Italy to use EU funds to become energy hub for Europe, Meloni says
Italy intends to use funds coming from the European Union under the so-called REPowerEU plan to completely wean itself off Russian gas and turn the country into energy hub for the bloc, Prime Minister Giorgia Meloni said in a statement.
With total funds close to €300 billion ($321.36 billion), the REPowerEU plan is aimed at ending the EU’s dependence on Russian fossil fuels and tackling the climate crisis.
Launched in 2005, the ETS system compels manufacturers, power companies and airlines to buy permits to cover each tonne of carbon dioxide they emit.
A delegation led by right-wing Meloni to Algeria last January signed agreements, including on increasing the transport of energy to Italy and building a new gas pipeline that will also allow the transport of hydrogen.
Italy boosts key energy ties with Algeria
Italy’s two-day state visit to Algiers resulted in energy giants Eni and Sonatrach signing two agreements Monday that aim to reduce emissions and improve the energy interconnection network linking the two countries.
Italy’s government plans to complete the talks with Brussels on Rome’s proposed use of the EU funds by the end of April, Rome’s statement said.