Italy earmarks EUR 502m for energy sector innovations

The Italian energy ministry has approved a EUR-502-million (USD 548.5m) investment programme aiming to support research and development (R&D) for innovative energy technologies, renewables included, that could help speed up the country’s energy transition.

The funding will be disbursed over the 2024-2026 period and will be available to technologies at a pre-commercial level, according to a decree signed by the Energy Ministry on Friday.

Do you know we have a daily hydrogen newsletter? Subscribe here for free!

The largest portion, totalling some EUR 182 million, will be earmarked for renewable energy production and projects aiming to enhance the safety and resiliency of the power grid with technologies such as energy storage. A further EUR 118 million will be directed toward the production of green hydrogen and EUR 135 million will be allocated to study the construction of modular nuclear reactors.

Additionally, projects involving the use of critical raw materials, advanced materials, electrolysers and biofuels will get EUR 36 million, while initiatives aiming to improve the collaboration in the energy sector will share some EUR 11 million.

This summer, the Italian government proposed a revision of the national energy and climate plan that calls for lifting the share of renewables in gross final electricity consumption to 65% by 2030 from the current 55% objective. The European Commission (EC) is expected to approve the update by June 2024.

(EUR 1.0 = USD 1.093)