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- Identification of public expenses related to the first issuance of BTP Green 2045

Press release N° 176 of 09/10/2021

The Ministry of Economy and Finance (MEF) makes available the details related to the public green eligible expenditures, with positive environmental impact, financed with the net proceeds of the first BTP Green issuance that took place on the 3rd of March 2021.

The bond, with a 1.50% annual coupon and maturing on the 30th of April 2045, has been issued for an amount of 8.5 billion Euro.

The selection of the eligible expenses (“eligible portfolio”) has been carried out for an amount equivalent to the net proceeds of the issue and in accordance with the criteria as stated in the section

4 of the Framework for the issuance of Sovereign Green Bonds (“Green Bond Framework”) published on the 25th of February 2021.

The eligible expenditures are intended to contribute to the achievement of one or more of the 6 environmental objectives of the EU Taxonomy and to support the 2030 Sustainable Development Goals (SDGs) stated in the Green Bond Framework.

As illustrated in the table at the end of this press release, the eligible expenses fall within the definition of one of the 6 Green Categories below:

  1. Renewable electricity and heat;
  2. Energy efficiency;
  3. Transport;
  4. Pollution prevention and control and circular economy;
  5. Protection of the environment and biological diversity;
  6. Research.

In conformity with the Green Bond Framework, all the eligible expenses, included in the Italian State budget, have been selected from a period between three years before and the year of the bond issuance. For the years 2018, 2019 and 2020 the amounts actually spent have been considered, while for 2021 the expenses are selected among those included in the last State budget.

Concerning Category 1 and 2, the amounts are related to the so-called “tax expenditures”, i.e. the foregone tax revenues resulting from benefits regarding energy efficiency interventions and incentives to the energy production from renewable sources.

Moreover, the selection of the eligible expenditure was carried out in conformance with the “Green Bonds Principles” issued by the International Capital Market Association (ICMA) and, where possible, with the recent draft “EU Green Bond Standard” under discussion in Europe.

Finally, more details concerning the allocation of the net proceeds to the selected expenditures will be provided in the “Italian Sovereign Green Bond Allocation and Impact Report”, that will be published annually.

TABLE OF GREEN ELIGIBLE PUBLIC EXPENSES SELECTED FOR THE BTP 2045 FIRST ISSUANCE AS OF MARCH 3rd, 2021
  Reference year TOT
Sectors 2018 2019 2020 2021
1 Tax incentives for energy from renewable sources 59,600,000 59,600,000 - - 119,200,000
2 Tax incentives for energy efficiency of buildings 1,634,200,000 1,828,900,000 - - 3,463,100,000
3 Transport 1,565,497,090 1,277,594,814 178,619,110 111,739,090 3,133,450,104
  Subways 229,445,691 703,627 24,445 84,164,901 314,338,664
  Contributions to automatic public transport systems (electric drive) 173,152,286 167,010,339 150,318,320 - 490,480,945
  Contributions to FS for railway infrastructure systems 1,126,748,000 1,076,175,000 - - 2,202,923,000
  Padano-veneto waterway system 36,151,113 33,705,848 28,276,345 27,574,189 125,707,495
4 Pollution prevention and control and circular economy 90,293,309 60,426,804 116,127,070 69,333,862 336,181,045
  Marine pollution abatement 36,009,128 41,494,377 50,136,650 43,083,862 170,724,017
  Decontamination plans for environmental recovery 7,545,942 18,932,427 65,990,420 26,250,000 118,718,789
  Water treatment interventions 46,738,239 - - - 46,738,239
5 Protection of the environment and biological diversity 348,126,163 187,213,672 195,259,888 235,488,774 966,088,497
  MOSE and Venetian lagoon preservation 183,290,679 2,528,975 1,476,530 2,243,038 189,539,222
  Water infrastructures 60,960,656 37,258,471 28,274,210 52,082,223 178,575,560
  Protection of marine areas and marine ecosystem 1,831,697 5,488,118 3,238,412 4,979,821 15,538,048
  National parks 3,399,859 2,827,171 5,683,864 26,183,692 38,094,586
  Interventions against hydrogeological instability 98,643,272 139,110,937 156,586,872 150,000,000 544,341,081
6 Research 127,121,249 62,438,343 141,180,591 140,955,853 471,696,036
  Contributions to the National Agency for New Technologies, Energy and Sustainable Economic Development (ENEA) 104,894,336 62,438,343 141,180,591 140,955,853 449,469,123
  Contributions to the European Union for the Mediterranean 5,000,000 - - - 5,000,000
  Participation in the European Centre for medium-range weather forecasts 5,226,913 - - - 5,226,913
  Contributions to the National Institute of Geophysics to support scientific research in the Antarctic 12,000,000 - - - 12,000,000
TOTAL 3,824,837,811 3,476,173,633 631,186,659 557,517,579 8,489,715,682
Rome 09/10/2021
IT
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