BAKU, Azerbaijan, Aug.2. Greening the energy mix and/or improving the energy intensity of output needs to accelerate in Italy significantly in the next few years, Trend reports with reference to the International Monetary Fund (IMF).
“To meet its “Fit for 55” emissions target, Italy would need to triple the annual decline in its emissions intensity of GDP by significantly reducing the carbon content of the energy mix and/or accelerating improvements in the energy efficiency of the GDP. By contrast, maintaining the same rate of progress as during the past decade would result in only half the needed emissions reduction by 2030,” reads the latest IMF report.
However, the report reveals that the current policy framework and price environment will not suffice to deliver such acceleration, calling for a deepening of green policies.
“While the recent increase in carbon prices will be helpful in the medium term to reduce emissions show that in the baseline scenario, GHG emissions will still decline only gradually and eventually increase again due to insufficient efficiency improvements to compensate for economic growth (both in Italy and the EU), resulting with a significant gap with emissions targets.
Insufficient action on reducing emissions globally, including Italy, poses severe risks for Italy given its high exposure to climate change. Italy is located in an area identified as particularly vulnerable to climate change. Climate observations already confirm an increase in average temperatures and an upward trend in extreme temperatures. Italy is prone to floods and drought and climate change is expected to increase vulnerability to climate-related hazards over the next decades. Extreme events are occurring with increasing frequency. Containing global warming will depend on global climate change mitigation efforts, and Italy should meet its corresponding commitments under international and EU climate agreements. The slow international progress with mitigation warrants stepped up adaptation efforts in Italy.”
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