The 2022 Allocation and Impact Report has been published (2022 BTP Green Allocation and Impact Report) of the net proceeds collected through the BTP Green issues of 2021 [1], which illustrates the allocation of the revenues of the aforementioned issues in compliance with the criteria set out in the “Framework of Reference for the issuance of green government bonds” and, where already available, the positive environmental impact of the interventions made possible by green expenses. A detailed analysis of the programs and projects is also provided on the basis of their financial nature (tax concessions, capital expenditure and current expenses), their temporal distribution in the four-year period 2018-2021 and their relative weight on the total allocated.
The resources found were entirely used to finance the six categories of expenditure present in the state budget in the four-year period 2018-2021 and eligible to be financed with Green BTPs pursuant to the Reference Framework: Renewable sources for the production of electricity and heat , Energy efficiency, Transport, Pollution prevention and control and circular economy, Protection of the environment and biological diversity and Research.
In the process of allocating the net proceeds of the issues to the different types of expenses, the distribution was carried out consistently over the time horizon considered 2018-2021, with a slightly higher weight assigned to the years 2018 (with 31,4% of the total expenditure) and 2021 (with 29,7% of total expenditure) maintaining a balance in the distribution between the different categories listed above.
In detail, of the total green expenses, during the four-year period 2018-2021 the transport category constitutes the main item (equal to 7,62 billion euros), representing 57% of the total. A large part of this category is attributable to capital investments (railway infrastructures, electrification of railway sections, construction of new High Speed / High Capacity sections and contributions to support railway mobility). The second category of expenditure, in order of magnitude, is that concerning the protection of the environment and biological diversity, to which a share equal to 15,2% of the expenditure (approximately 2 billion euros) is destined. The category primarily includes interventions to protect the soil and against hydrogeological instability, investments in water infrastructures, as well as expenses aimed at the construction of the Electromechanical Experimental Module (MO.SE) in Venice. A share equal to 12,2% of the total reported expenses (1,63 billion euros) was allocated to the category relating to energy efficiency. 9,4% of the total expenditure (equal to 1,25 billion euros) was allocated to research, where the resources disbursed to ENEA represent the most important item in the category. Finally, the measures for the prevention and control of pollution and the circular economy and the incentive measures for the production of energy from renewable sources constitute, respectively, 3,9% (525 million euros) and 2,2% (296 million euros). euro) of total green spending.
The expenditure selection process started from an analysis of the state budget to identify the items of expenditure with potential positive effects for the environment. The selected chapters formed the basis for the dialogue between the structure of the Treasury Department and the representatives of the Ministries that make up the Interministerial Committee for Green Government Bonds: Ministry of Ecological Transition, Ministry of Economy and Finance, Ministry of Infrastructure and of Sustainable Mobility, the Ministry of Economic Development, the Ministry of Agriculture and Forestry Policies, the Ministry of University and Research and the Ministry of Culture, responsible for the management of these chapters which have verified the effective compliance with the environmental objectives pursued, the ascertaining that there were no direct financing channels on those same chapters, the ability of the administration to promptly monitor the expenditure path and the effective use of the sums for the intended purposes. Downstream of the emissions, for the expenses considered, all the information on the outcome of the intervention and, where already measurable, on the related environmental impacts was collected, in order to allow the preparation of this report. Expenses, or portions of expenses, for which the Italian State has specifically dedicated forms of revenue or financing (such as the Recovery and Resilience Facility) were not considered eligible. Chapters were also excluded, in whole or in part, for which potential critical issues in monitoring and reporting were identified.
With regard to the assessment of the environmental impact of these expenses, the document gives an account, where already available, of the positive environmental impact actually detected, or in any case assessable with scientific criteria, of the interventions made possible by the expenses to which the proceeds of the BTPs were allocated Green.
Among the categories that best lend themselves to an assessment of the environmental impact of the resources used, we find, for example, the tax incentives for the production of electricity and heat from renewable sources. In this case, the Report uses as an indicator the reduction expressed in tons of CO2 emissions caused by the production of electricity with plants powered by renewable sources, with available power greater than 20 kW, consumed by self-production companies in premises and places other than homes. . The CO2 emissions avoided amounted to 2.439.839, 4.557.733 and 1.947.698 tons, respectively for the years 2018, 2019 and 2020.
As regards the tax incentives for energy efficiency works in buildings, in the various categories of intervention (for example condominiums, global redevelopment, replacement of windows or solar panels), this measure helped to avoid the emission of over 283 thousand tons of CO2 in the only 2018.
With regard to investment expenses, a significant assessment of the impacts is illustrated in the Report for the Transport category: for example, with regard to contributions to FS for infrastructure systems, in fact, the HS / HC network has allowed, in many cases, a significant reduction travel times, producing a modal shift from other modes of transport (eg road and air) with tangible benefits for the environment, linked to the reduction of CO2 emitted into the atmosphere. By way of example, the Genoa and Terzo Valico del Giovi node project is mentioned, which allows the transfer of an important share of traffic from road to rail (in line with European objectives), and the works relating to the HS itinerary / AC Naples-Bari or for the Brescia-Verona section of the Milan-Venice HS / HC line, which have positive effects on atmospheric pollution (emissions at local level) and noise and on climate change (reduction of greenhouse gas emissions) .
Finally, a further significant use of green emissions resources can be seen for Marine Protected Areas, National Parks and State Natural Reserves. The resources of the BTP Green issues were in fact also directed towards the national system of protected areas consisting not only of national parks and protected marine areas, but also of state and regional natural reserves, regional parks and other types of recognized protected areas. .
At the bottom of the Report, the External Review by ISS ESG, the company specifically selected for this purpose by the MEF, is available.