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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

European Commission Approves €1.1 Bln Italian Aid Plan for Green Transition


Sat 09 Mar 2024 | 07:13 PM
Israa Farhan

The European Commission has sanctioned a €1.1 billion aid scheme proposed by Italy to bolster investments in equipment production essential for the shift towards a net-zero emissions economy, aligning with the objectives of the European Green Deal.

This approval comes under the temporary State Aid Framework for Crisis and Transition, initially adopted by the Commission on March 9, 2023, and subsequently amended on November 20, 2023.

The framework aims to support initiatives in sectors deemed vital for accelerating the green transition and reducing reliance on fossil fuels.

The Commission revealed on Saturday that Italy had notified it of the €1.1 billion plan under the temporary framework, designed to support investments in the production of relevant equipment, key components, and critical raw materials necessary for the transition to a net-zero emissions economy.

According to the statement, the aid, which will be partially funded through the Recovery and Resilience Facility (RRF), will be provided in the form of direct grants.

The maximum aid amount per beneficiary is set at €150 million, which can be increased to €200 million for beneficiaries located in regions eligible for additional support.

This measure will be accessible to companies involved in the production of relevant equipment such as batteries, solar panels, wind turbines, heat pumps, electrolyzers, and carbon capture, utilization, and storage equipment, along with key components primarily designed and used as direct inputs for energy production.