The enabling environment of Italy has still some room for improvement. The 3fP-Tracker result in this dimension is mainly driven by support of green finance with public incentives as well as the introduction of the EU Taxonomy through the Taxonomy Regulation. The Italian Code for Public Procurement sets forth the rules applicable to public procurements. It provides guarantees for risk reduction support provisions if the entities participating in the process or the supplies to be procured hold certain “green” certifications.
The Bank of Italy announced the integration of ESG factors in its (equity) investment policy in order to achieve a better environmental impact of its financial investments from 2019. The Bank plans to disclose the performance of the investments and the activities undertaken to increase the ESG profile of the portfolio so that its experience and methodology may be useful for other investors.
CDP S.p.A. is a joint-stock company under control by the Italian Ministry of Economy and Finance that supports Italy’s social and economic growth, facilitating the achievement of the 17 Sustainable Development Goals, integrating the concept of sustainability into business activities.
In 2019, the Italian government created the “Italian Innovation Fund” that will adopt venture capital criteria to fund start up, innovative SMEs and projects in areas such as EcoIndustries, New Materials, Mobility, Social Impact. The Fund has an initial budget of €1 billion.
The Italian Prime Minister Mr. Conte proposed the creation of a Green New Deal along the lines of the positions by the incoming EU Commissioner. The Deal would include the incorporation of a reference to the protection of the environment in the Italian constitution and the issuance of Italy’s first green government bond.