The European Commission has approved Italy's €194.4bn modified recovery and resilience plan, which includes a REPowerEU chapter consisting in five new reforms, five scaled-up investments drawing on existing measures, and 12 new investments to deliver on the objectives to make Europe independent of Russian fossil fuels before 2030. The plan consists in €122.6bn in loans, €71.8bn in grants and covers a total of 66 reforms (7 more than in the original plan), as well as 150 investments.
These measures focus on strengthening electricity distribution transmission and distribution networks, energy security, and accelerating renewable energy production. Measures to reduce energy demand, to increase energy efficiency, to create and strengthen the skills needed for the green transition, as well as to promote sustainable transport are also covered. The modified plan has a strong focus on the green transition, allocating 39% of available funds to measures that support climate objectives (up from 37.5% in the original plan).
The recovery and resilience facility (RRF) is the EU’s programme of financial support in response to the challenges Covid-19 has posed to the European economy. It is the core of NextGenerationEU, a temporary recovery instrument that allows the Commission to raise funds to help repair the economic and social damage caused by the COVID-19 pandemic. To benefit from the facility’s €724bn, Member States submit recovery and resilience plans to the European Commission, setting out the reforms and investments they intend to implement by the end of 2026.
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