Dubai, 2 December 2023 (TDI): Italy’s Prime Minister, Giorgia Meloni, announced at the COP28 conference that Italy will allocate 100 million euros ($108.91 million) to a fresh fund aimed at assisting impoverished nations in dealing with the adverse effects of climate change.
Italian Prime Minister asserted that we are contributing to the loss and damage fund with 100 million euros to help achieve the goals of this COP28. Additionally, Meloni stated that she plans to invest 70% of her country’s 4.2-billion euro Climate Fund in Africa.
The leader of Italy emphasized that global food security is one of her main concerns in foreign policy. Rome assures commitment to assisting Africa in establishing a productive and effective food production system.
Equal cooperation” is the basis of all this, as Africa does not need charity, but rather the opportunity to compete on equal terms, she stressed. We must make Africa prosperous with their resources to guarantee sufficient food production and economic growth.
United States Secretary of State Antony Blinken, who spoke later, quoted her saying that “this is food not just to survive, but to thrive.”
“Our focus is on developing crops that are resistant to diseases and adaptable to climate change, as well as implementing advanced and innovative agricultural methods,” she stated.
Italy’s Climate Fund is part of a commitment by rich countries to funnel at least $100 billion a year into developing economies through green transition projects in the form of state guarantees, loans and equity investments.
In late 2021, under Meloni’s predecessor Mario Draghi, Italy set aside 840 million euros per year between 2022 and 2026 for the program plus an additional annual endowment of 40 million euros starting from 2027.
The state lender, Cassa Depositi e Prestiti (CDP), is currently developing a strategic plan based on approved guidelines by a steering committee led by Energy Minister Gilberto Pichetto Fratin.
Italy’s climate finance performance has been unsatisfactory. Initially, it pledged to allocate $4 billion by 2020, which would amount to an average of $700 million per year. However, the actual funds mobilized between 2015 and 2018 fell short, averaging approximately $500 million annually, as stated in a treasury document.