Italy, before its demons: the energy crisis and the debt of the stratosphere


It seemed they were on the right track. Something it had never seen before: Environmentalists, activists, even the far-right mayor agreed. center of Coal Torrevaldaliga Nord, which is considered to be the biggest CO2 emitter in all of Italy, located in Civitavecchia—an hour’s drive north of Rome, which not only had to be shut down. The entire city was also joined in its refusal to convert the plant into one for power generation. Electricity Through gas, The best option, he said, was energy Air. And the pressure had reached the top of the institutions. Until the war the panorama looked like this Ukraine and the outbreak of the energy crisis. “But with a stroke of the pen everything was wiped out. The plant is fully operational, and today the wind power project is a dead letter,” says Ricardo Petrolo of the Non-Fossil Citizens’ Committee.

Shortly after stepping into the Palazzo Chigi (the seat of the Italian government), which serves to govern Italy They have to take care of some important documents. My Mario DraghiThe outgoing Prime Minister, has already warned. For Italy, “the challenges are many and not easy to solve,” he said in a speech in August, in which he cited the energy crisis as one of these challenges. Economist Mario La Torre, an academic at Rome’s Sapienza University, also sees this clearly. “The country is shivering due to excessive dependence on imported oil and gas, therefore energy crisis There will undoubtedly be an issue of priority.” prices In the country, including staple foods.

energy, election key

Election Campaign for Sunday election also clarified. Consequences for citizens of the explosion of prices energy has been a widespread issue in the rallies of the right-wing camp Georgia Meloni and center-left Enrico Letta, And the proposed solutions, according to various analysts, are not far from each other (basically, diversifying suppliers and investing in Regasifier). Still, on paper, there are some differences as well. Letta has emphasized continuity with European Green Deal policies, while Meloni has criticized it (“this is climate fundamentalism”, he assures), as well as suggesting the discovery of gas fields in the Adriatic, Because he already does Croatia and is distancing itself from the current Italian legislation that protects the ecosystem in that sea.

Contrary to the “European will” it requires that “at least 30% of the territorial waters” be protected, he has come to say Matteo Salvini, leader of the league and ally of Meloni. something that happens, if it happens, begins a certain dispute with environmentalists And with most of the scientific community.

battered finance

Indeed, beyond what can be achieved, the reality is that, despite Draghi’s reforms, the energy crisis reaches as far as Italy, when the country still suffers from its usual structural problems, among which stand out shattered finance, Specifically: weak growth for two decades and a public debt taller and higher. Notably, Italian debt increased from 134% to 155%. Gross Domestic Product between 2019 and 2020, and fell to 150% with Draghi in 2021. But even so, its value is enormous: 2.7 billion euros, compared to a GDP of about 1.7 billion euros, according to figures bank of italy and the National Statistical Center Istat. To this it is added that this year production has also declined (-1.4%, according to the partial figures of the Istatt), and even the prosperous Italian agriculture has been affected. dry And this Great a heat wave this summer, In this panorama, the new government will have to be presented and sent. Brussels Its budget legislation in the coming weeks.

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A separate issue, though linked, is the issue of recovery fund Europeans that have been allocated to Italy: about 200,000 million euros between loans and non-refundable aid. Currently, Italy has already received the first disbursement of the European plan, some 21,000 million, having reached the planned 51 objectives in 2021, and in June the Draghi executive requested the disbursement of the second payment (another 21,000 million). Is. Another 45 goals. However, according to the calculations of the economic newspaper il sol 24 oreItaly still has another 55 targets for the rest of the year. Therefore, it is assumed that the room for maneuver will be minimal for the new government. reforms Already agreed with Brussels (public administration, tax system and justice).

“Conflicts may be more due to questions industrial policy And, of course, for immigrationwhich is a workhorse for both Meloni and Salvini”, causes La Torre. One (of the few) data that goes against it: Epidemic has also led to the growth of Savings Notably, in 2021 alone, Italian households saved a record figure of 320,000 million euros, according to data from the Autonomous Union of Bank Operators.

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