Parliamentary question on SACE: Fossil fuel subsidies & potential conflict of interest

(ReCommon, Rome, 29 March 2023) The decision by the government of Italy and SACE to break their climate promise made during COP26 in Glasgow has aroused strong indignation. SACE, Italy’s export credit agency, will continue to finance fossil fuel projects abroad until at least 2028, thus reinforcing its position as the leading supporter of the fossil fuel industry in Europe and sixth globally. This is an indignation so strong that it prompted the group Alleanza Verdi e Sinistra in the Chamber of Deputies to present an oral parliamentary question, aimed at clarifying three aspects:

  • whether the actions of the Government and SACE disregard the commitments made during COP26
  • whether the right steps will be taken to stop public investment and SACE’s guarantees for fossil fuel projects abroad linked to the extraction and transport of fossil fuels
  • whether there is a potential conflict of interest where the Chairman of the Board of Directors of SACE is also a member of the Board of Directors of Eni

ENI is an Italian global energy company, active at every stage of the value chain: from natural gas and oil to co-generated electricity and renewables, including both traditional and bio refining and chemicals