Key facts
- Italy plans to increase spending on green energy and defense over the next three years.
- The increased spending will leverage relaxed EU fiscal rules.
- Finance Minister Giancarlo Giorgetti announced the intention.
- Italy will seek an additional 0.6% of GDP for green investments.
- Italy will seek an additional 0.9% of GDP for defense spending.
Italy plans to significantly boost its spending on green energy and defense initiatives over the coming three years. This increased expenditure will be facilitated by a recent relaxation of European Union fiscal rules, providing member states with greater budgetary leeway. Finance Minister Giancarlo Giorgetti announced the government's intention to request an additional allocation equivalent to 0.6% of the country's Gross Domestic Product (GDP) specifically for green investments. Concurrently, a further 0.9% of GDP is earmarked for defense spending.