Italy Vows to Support Fossil Fuel Projects At Least Until 2028 Despite COP26 Pledge to Cut Investments

 (Earth Org, Hong Kong, 28 March 2023) ) The new policy will allow Italy’s export credit agency SACE to support various fossil fuel projects, including exploration, production, storage, and distribution. Climate experts have strongly criticised the move, saying it would breach international commitments and slow down the country’s green transition. The new rules, presented by Premier Giorgia Meloni last week, will allow Italy’s state-owned export credit agency SACE to finance gas exploration and production projects until January 2026. Existing exemptions, which include projects deemed “strategic” for the nation’s energy and economic security, could postpone the date even further. Support for oil transport, storage, and refining projects will be allowed until 2024, and oil distribution until 2028. A deadline for gas transport and storage has yet to be defined.