Italian energy ministry has given the green light to a robust EUR-502-million (USD 548.5m) investment program. The initiative, spanning the period from 2024 to 2026, is designed to bolster research and development (R&D) efforts in innovative energy technologies, with a specific focus on renewables.
According to a decree signed by the Energy Ministry on Friday, the funding will be accessible to technologies operating at a pre-commercial level, reflecting a commitment to supporting cutting-edge solutions that have the potential to drive the country's sustainable energy goals.
The investment program is multifaceted, with the largest portion of EUR 182 million allocated to renewable energy production. This funding will support projects dedicated to enhancing the safety and resilience of the power grid, emphasizing the integration of advanced technologies such as energy storage.
In a significant move towards fostering a diverse energy landscape, EUR 118 million will be directed towards the production of green hydrogen, while an additional EUR 135 million is earmarked for the study of modular nuclear reactors.
Projects involving critical raw materials, advanced materials, electrolysers, and biofuels will collectively receive EUR 36 million. Furthermore, initiatives geared towards fostering collaboration within the energy sector will share EUR 11 million in support.
This investment program aligns with Italy's ambitious energy and climate plan, which aims to increase the share of renewables in gross final electricity consumption to 65% by 2030, up from the current target of 55%. The proposed plan revision is currently awaiting approval from the European Commission (EC), anticipated by June 2024.