|Covenant Coordinators & Supporters||Inspiring Achievements|
When oil royalties finance sustainable energy: Inspiration from Covenant municipalities in ItalyIn the Basilicata Region, policies support the transfer of oil royalties from companies operating in the region towards sustainable energy initiatives foreseen in the action plans of Covenant signatory municipalities. This region of Italty is home the Agri Valley, the largest oilfield in continental Europe. Extraction of the crude oil present in this area covers about 6% of the national energy demand and represents 80% of the domestic production.
All the municipalities benefitting from the royalties are thus enticed to use these revenues mainly for the production of energy from renewable sources and energy efficiency measures, as identified in their Sustainable Energy Action Plans. This provides an outstanding example of how revenues derived from fossil fuels can be reinvested in non-fossil sources, constituting a sort of revolving fund for environmental compensation !
To date, 15 SEAPs drafted with the support of the Basilicata Energy Company have been approved by the European Commission Joint Research Centre and 18 are under evaluation.
Below are examples of typical SEAP measures, undertaken by the Basilicata Energy Company, that are to be financed through this scheme :
More information about this scheme can be found on the following website : www.societaenergeticalucana.it.
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|The sole responsibility for the content of this newsletter lies with the Covenant of Mayors Office. It does not necessary reflect the opinion of the European Union. The European Commission is not responsible for any use that may be made of the information contained therein. The Covenant of Mayors was set up with financial support of the European Commission and consists of five associations of European local authorities: Energy Cities, Climate Alliance, Eurocities, CEMR, and Fedarene.
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