Draghi: Italy can be independent of Russian gas by the end of 2024

Prime Minister Draghi: Italy can be independent of Russian gas by the end of 2024

Regarding energy prices, the Italian Confederation of Business (Confcommercio) has warned that rising energy costs pose risks to businesses and jobs.

Accordingly, inflation has now reached nearly 8%, mainly due to the sharp increase in raw material prices.

This situation is putting about 120,000 companies in the service sector and 370,000 workers at risk between now and the first 6 months of 2023.

Confcommercio-Imprese stressed the need for unscheduled interventions and new support measures, as restrictions on gas supplies from Russia increase the number of companies at risk of shutting down and causing a sharp recession in the Italian economy in the second half of 2022.

Meanwhile, Confcommercio President Carlo Sangalli said energy costs are a “real emergency”. The new government will have to issue immediate responses, particularly to the European Energy Recovery Fund and impose a ceiling on gas prices.

Italy has made new deals to increase supply, from Algeria to Azerbaijan, and accelerate the development of renewable energy, which is needed to minimize energy vulnerability.