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BTP Green Allocation and Impact Report 2023

The 2023 BTP Green Allocation and Impact Report refers to the proceeds collected in 2022 through the issuances of BTP Green and shows the allocation of such proceeds to several State budget expenditures in line with the criteria spelled out in the Italian Sovereign Green Bond Framework together with the positive environmental impact of the interventions made possible by such expenditures. In addition, the Report presents a detailed analysis of the programmes and projects according to their financial nature (tax expenditures, capital expenditures and current expenditures), their temporal distribution during the 2019-2022 four-year period and to their relative weight to the total amount allocated.

For this edition of the Report, the structure of the Treasury Department, established in the Ministry of Economy and Finance, could rely on the support of the Directorate Sectoral Strategies and Impact of the Cassa Depositi e Prestiti S.p.A. Furthermore, all data and analyses presented in this Report refer to information available as of 30 April 2023. The resources raised through the bonds issuance have been entirely used to finance the six categories of expenses present in the State budget in the 2019-2022 four-year period and eligible to be financed with the BTP Green in line with the Green Bond Framework: 1) Renewable sources for electricity and heat production; 2) Energy efficiency; 3) Transport; 4) Pollution prevention and control and circular economy; 5) Protection of the environment and biological diversity and 6) Research. The allocation of the net proceeds of the issuances has been distributed over the 2019-2022 four-year period. With respect to the various typologies of expenditures, the category 2, related to intervention for Energy efficiency, represents the major measure financed (with 47.5% of the total expenditure), while the category 3, related to transport, is the second class of expenditure (with 33% of the total allocated).

A significant part of this category is related to capital expenditures (rail infrastructures, electrification of railway sections, realization of new High Speed/High Capacity (HS/HC) sections and of subways) and to contributions in support of railway mobility for passengers and freight. To the Protection of the environment and biological diversity (category 5) a share equal to 10.9% of the total expenditure is allocated. Within the category 5, Marine Protected Areas (MPA), National Parks (NP) and State Nature Reserves (SNR) are the main beneficiaries of the financing. Moreover, significant resources have been assigned for the realization of the MO.S.E., for investments in water infrastructures, as well as for other programmes, projects and international agreements aimed at the protection of the environment. The category 6, related to research, represents 5.1% of the total expenditures financed through the issuance of BTP Green in 2022. The Italian Institute for Environmental Protection and Research (ISPRA) represents, in this category, the major beneficiary of resources. Finally, the category 4, related to the measures for Pollution prevention and control and circular economy, and the category 1 – Renewable sources for electricity and heat production related to the incentives for the production of energy from renewable sources – represent respectively 2.9% and 0.7% of the total green expenditure reported for the 2019-2022 four-year period. […]