October 20, 2021

Energy transition comes with huge price tag -Italy business leader

Wind turbines are seen along a street near Lamezia Terme, Italy, January 13, 2021. REUTERS/Yara Nardi/File Photo

ROME, Sept 23 (Reuters) – Energy transition could cost Italy in excess of 650 billion euros ($760 billion) over the next decade and the government must do more to help businesses bear the cost, the head of the employers’ federation said on Thursday.

“The national recovery plan provides only 6% of the investment needed for the transition. Almost 94% has to be covered by companies,” Confindustria President Carlo Bonomi told the group’s annual assembly.

Bonomi said he expected Italy’s economy to grow by 6% this year after the deep recession caused by the coronavirus, but warned the increase in gas prices and commodities — especially metals — could slow the global economic recovery.

“We have to be serious in facing the problems that have fallen on international markets,” he…

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