Newsletter June 2021

Newsletter – June 2021 Monthly Newsletter June 2021 European Commission Endorses Italy's €191.5 Billion Recovery and Resilience Plan. Giuseppe Marino, President of the Italian-Cypriot Chamber of Commerce Dear Members and Friends, as the world is changing and political agendas are aiming at green transition and climate neutrality, the Chamber, which has always dedicated particular attention to Energy & Sustainability, is continuously acting in fostering cooperation and networking between Italian and Cypriot companies p. 2 in the relevant sector. In this particular regard in the June Smart INDEX Talk we hosted SNAM, one of the leading energy infrastructure companies in the European Commission Endorses Italy's €191.5 Billion NRRP p. 2 world, valued member of the Chamber and a pioneer in the use of green EU Parliament Plenary Approves “Climate Law” p. 3 hydrogen. Furthermore, the Chamber, will be Draghi: ‘Seven Billion Euros for the Promotion of Gender Equality’ p. 4 present at the OMC - Offshore Mediterranean Conference and Annita Demetriou, New President of the House of Representatives p. 5 Exhibition in Ravenna in September, The Energy Transition Passes Through Green Hydrogen, Sicily and Cyprus p. 6 which will focus on "Rethinking Energy Together, Alliances For A Sustainable SNAM hosted at the June Smart Talk p. 7 Energy Future“, important event that will see also the presence of the Minister of Pleasure Boating, a 5 Billion Euros Industry in Italy p. 8 Energy, Commerce and Industry of Cyprus Natasa Pilides that together with C.O.T. for the first National Ph.D. in Artificial Intelligence p. 9 a delegation of Cypriot companies will join on 29 September in Rome a Business Valerio Valla, Guest Speaker at Associazione Civita Conference p. 10 Forum organized by the Italian-Cypriot Chamber of Commerce together with Operative Meeting with the Embassy of Italy to Cyprus. p. 11 the Cyprus Chamber of Commerce and Planning Meeting between the Chamber and Bank of Cyprus p. 11 Industry. In general regard to the relevant Participatory Financing – Crowdfunding by KEBE P. 12 opportunities offered by Cyprus to Italian companies in the energy field we are ‘Cyprus: Crossroads of Civilizations’ at the Royal Museums of Turin p. 13 also supporting together with the Italian Trade Agency the Eastern Mediterranean EMC 2021 p. 14 Conference and Exhibition (EMC July Smart Talk p. 15 2021) that will be held in Nicosia in November where we expect and Graphs & Data p. 16 encourage an important presence from the Italian Industry. Agenda p. 17 Then continuing our journey, meeting important representatives of Institutions and Industry, I'm really glad to announce that the guest of our July Smart Talk will be Marios Loizides of Bank of Cyprus, the largest bank in Cyprus, that will give us a general overview about the Cyprus economy and the banking system of the Country. Stay tuned and enjoy the reading! W W W . C A M C O M I T A C I P R O . I T 1 Newsletter – June 2021 European Commission Endorses Italy's €191.5 Billion Recovery and Resilience Plan. On 22th June, Prime Minister Mario Draghi met with President Ursula von der Leyen in Rome, in the occasion of the European Commission's approval of the National Recovery and Resilience Plan named "Italy Tomorrow". The European Commission has given a positive assessment to Italy’s €191.5 billion NPRR, consisting of €68.9 billion in grants and €122.6 billion in loans. The financing provided by the Recovery and Resilience Facility, at the heart of Next Generation EU, will support the implementation by 2026 investment and reform to emerge stronger from the COVID-19 pandemic. At the a secure national cloud infrastructure (€6 billion). end of the meeting, during the joint press conference, Prime Minister Draghi stated, "This is a Other key measures will reinforce Italy’s proud day for our country. The visit of the Economic and Social Resilience, through President of the EU Commission marks the green investments in Education and Labour Market (€26 light for the Italian NRRP. We have elaborated a billion), suppling childcare facilities, improving plan to make our country fairer, more active labour market policies as well as women’s competitive and more sustainable in its growth". and youth participation. €3.7 billion are allocated The plan that embraces the green and digital for reforming and modernizing Public transitions aims to strengthen economic and Administration (improving public procurement, social resilience and the cohesion of the Single reducing late payments, removing barriers to Market. In particular, Italy will reform and competition) and the Justice System, to reduce digitalise the public administration and the justice the length of court proceedings. system too, improving the business environment, The plan also enhances Social and Territorial support its digitalisation and realize the green Cohesion, promoting the transformation of transition with a large-scale energy-efficiency vulnerable territories into smart and sustainable renovation, sustainable mobility, while improving areas, investing in infrastructure for the Special education and training across the country. Economic Zones in the Southern of Italy (€13.2 billion). Finally, €15.6 billion are allocated in the Italy's plan devotes 37% of total expenditure on measures that support Climate Objectives, Healthcare System, to improve the hospital and investing on Sustainable Mobility (€32.1 billion), to foster the use of telemedicine while reducing such as high-speed rail network, the extension of territorial fragmentation. cycle lanes, metros, tramways and zero-emission The Commission approved Italy’s plan with 10 As buses, including the construction of electric out of 11 parameters, and considered adequate charging stations across the country and the control system put in place to protect the hydrogen refueling points. €12.1 billion will be European financial interest, providing sufficient invested in Energy Efficiency and Renovation of details on how national authorities will prevent residential buildings, while €11.2 billion are and detect conflict of interests, corruption and allocated in Renewable Energy, including green frauds relating to the use of funds. hydrogen, and Circular Economy (recycling, President Ursula von der Leyen said: “I am proud reducing landfill waste and improving water that Next GenerationEU will help the Italian management). people look to the future with confidence and The Commission's assessment finds that Italy's plan ambition. Now is the time to deliver.” The Council devotes other 25% of its total allocation to will now have four weeks to adopt the support the Digital Transition, including tax credit Commission's proposal to allow for the scheme aimed at accelerating companies’ disbursement of €24.9 billion to Italy in pre- digital transformation (€13.4 billion), the financing (13% of the total), while the Commission expansion of ultra-fast broadband networks and will authorise further disbursements based on the 5G connectivity (€6.7 billion), and digitalisation of satisfactory fulfilment of the milestones and the public administration, thought investments for targets. W W W . C A M C O M I T A C I P R O . I T 2 Newsletter – June 2021 EU Parliament Plenary Approves “Climate Law”. On 24th June 2021 the EU Parliament Plenary Session gives green light to the European law for the climate, so called Climate Law, with 442 votes in favor, 203 votes against and 53 abstentions, with strong support from the centrist parties Renew Europe, the European People’s Party and the S&D, after the informal agreement reached with the Member States last April. This law, explains a note from the European Parliament, transforms the political commitment contained in the Green Deal, aimed at achieving climate neutrality in 2050 with a zeroing of net carbon dioxide emissions, into a binding target, paving the way for a policy In April 2021, the Council and the Parliament overhaul to cut planet-warming pollution faster. reached a provisional agreement on the European climate law which aims to set into law The most important points of the climate law are the 2030 emissions reduction target. Finally, the the reduction of at least 55% (compared to 1990 agreement was adopted by EU Ministers this levels), the CO2 emissions by 2030; the EU June. Commission will have to present a proposal for an emissions reduction target by 2040 based on In line with this policy is also the approval process various criteria, including the CO2 of the National Recovery and Resilient Plans budget compatible with achieving climate presented to the Commission by each Member neutrality in the middle of the century; by 30 State. In fact, at least 37% of Next Generation EU September 2023, and then every five years, the investments must be linked to the Green Sector. EU Commission will assess the progress made Fighting climate change and achieving the collectively by the Member States, as well as the transition to a climate-neutral society will require effectiveness of national measures; will be set up significant investments, research and innovation, a scientific advisory body on climate change to addressing various key areas, such as Energy, monitor the implementation of the climate law. Environment, Mobility and Transports, Regional The EU Parliament would have wanted an even Policies and the Low-carbon Economy, more ambitious target for cutting emissions (60% Sustainable Finance, Industrial Policies, Trade and reduction by 2030), but on this point no Sustainable Development. agreement was found with the Member States International cooperation will play a relevant role during the institutional negotiations. in this process, to carry out a shared actions. Now, a rapid approval of the Climate Law is In this particular field, the Chamber is promoting expected by the Council. Then, in July, Brussels several actions to acknowledge the Italian- will present some legislative proposals aimed at Cypriot Business Community to the relevant accelerating the European Energy and opportunities that are emerging in the regard of Environmental Transition towards the new 2030- the EU Green Deal, interacting with several 2050 goals.

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