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:
- Renewable electricity and heat;
- Energy efficiency;
- Pollution prevention and control and circular economy;
- Protection of the environment and biological diversity;
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.
|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|
|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|
|Protection of marine areas and marine ecosystem||1,831,697||5,488,118||3,238,412||4,979,821||15,538,048|
|Interventions against hydrogeological instability||98,643,272||139,110,937||156,586,872||150,000,000||544,341,081|
|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|