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Economy

23 Feb 2022

Italy’s Green Funding Initiatives Leads to $5 Billion Scam

The Index Today

Italy’s move to greener practices backed by government funding has resulted in what its Finance Minister Daniele Franco referred to as “one of the biggest frauds in the history of the Italian republic.”

An estimated 4.4 billion euros ($5 billion) have been allegedly swindled by scammers who availed of government funding as the country sought to create greener opportunities to build a more sustainable future.

Many scammers disguised as entrepreneurs took advantage of the government’s green funds to supposedly establish environment-friendly business initiatives. However, Italian authorities found that the money went instead into cryptocurrency schemes, gold, and other assets.

Speaking about the crisis, Prime Minister Mario Draghi reproached the previous government for leaving behind a “system without checks” which has culminated in the country’s present financial predicament.

In light of emerging climate change concerns, Italy had recently put in place a program that offered a tax break of 110% of the investment in green initiatives and constructional redevelopments. However, the flaws in the system resulted in not just current frauds but also a possible exacerbation of the country’s economic situation which could worsen its pandemic-induced inflation.

©Photo: Financial Times

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