TURIN. The recession is already here, but for this very reason we need to push towards the green economy. Roberto Cingolani, Minister of Ecological Transition, has no doubts. Speaking at the Turin International Economy Festival during a meeting with Nobel laureate Michael Spence, Cingolani took stock of the particular situation that the eurozone and Italy are experiencing following the war in Ukraine. Conflict that will have a strong impact and the most concrete risk is that of a recessionary scenario. Perhaps not as serious as the one caused by the pandemic, but still significant.
The main hall of the Circolo dei Lettore in Turin, crowded for a Festival that has finally come to life, murmured to Cingolani’s realism. In the interview conducted by the deputy director de The print Marco Zatterin, the minister did not mince words. «We are already in recession – said Cingolani – and we are also slowing down on the ecological transition front. We need to consider the long-term investments of the war in Ukraine. There will therefore be long-term consequences for these events that have happened in recent months, ”he added. According to the minister, “the only thing we can do is learn the lesson. We should have had a clearer vision, been smarter in managing our energy mix. It is time for a change and I would like it to be clear that for the future we need programmable green energy sources and this cannot be done without technologies, such as carbon capture, nuclear fusion and modern small reactors. It is time to invest in research, development and technology, otherwise we will reach 2030 absolutely unsuitable to respond to the challenges ».
Spence is also pragmatic. According to the US economist, the use of “dirty” energy sources, such as coal, are possible to use in a phase like this to mitigate the related risks, but only because it is an emergency situation. “The current priority is energy security,” according to Spence. Cingolani echoes him, remarking that in the last period emergency measures with limited duration have been introduced. As in the case of the gas price cap, since “sudden increases were observed that were completely meaningless”. We are not in a period of gas shortage, emphasizes Cingolani. «It is simply speculation, it is not acceptable that the gas could have an increase in 7 orders of magnitude. Thus the competitiveness of European companies has dropped and many companies have closed. But the amount of gas the planet produces has remained constant, ”he said. Now the need is to “mitigate the impact of the war” and find solutions to complex problems. One of these, according to the minister, is a partnership between the public and private sectors to slow the consequences of the conflict in Ukraine, including sanctions against the Russian Federation, and to accelerate the ecological transition.
The urgency, as pointed out by Cingolani, is to find long-term solutions. “The government has this priority,” he said. Spence was in the same wave line, and he then looked positively at the recent acceleration towards the ecological transition. «It took about 30 years to join forces against climate change on a global level. But now a lot has been done, ”Spence said. The greatest challenge today is represented by “developing countries”. The transitions are «disruptive, they bring innovation », for Spence. Even this phase, therefore, can turn into an opportunity to be seized. The US economist wonders if there is a balance between expansion and sustainability: «If we do not address it, the problem of the climate emergency will become a question of growth. Sustainability is linked to prosperity, without a doubt ». The future of the planet, in an era in which globalization is being questioned and geopolitical tensions are becoming more and more heated, also passes through the green transition.