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ROME - The Italian Climate Fund confirms itself as one of the key instruments of Italy's strategy for the sustainable transition in emerging countries, with an increasingly central role also in the Mattei Plan for Africa. However, behind the figures and investments, critical issues, delays and operational difficulties emerge which risk limiting its effectiveness. The Court of Auditors, in its latest report, supports the strengthening of the Fund but calls for concrete action on governance, transparency and project capacity. An analysis that highlights the challenges and opportunities of Italian climate finance.
Attention to African countries within the framework of the Mattei Plan
Court of Auditors: the Italian Climate Fund. The Italian Climate Fund, established by the 2022 Budget Law and endowed with €840 million per year between 2022 and 2026, constitutes a strategic instrument of Italy's international cooperation policy for tackling climate change in emerging and developing countries. This is highlighted in the report on the Fund, approved by Resolution No. 45/2026/G of the Central Section for the Control of the Management of State Administrations of the Court of Auditors, which underlines its contribution to strengthening global climate finance and promoting the involvement of the private sector, with significant attention to African countries within the framework of the Mattei Plan, to which a prevailing share of resources is allocated. The Fund, managed by Cassa Depositi e Prestiti, adopts a multi-level governance structure and operates through financing, equity participation and guarantees, in line with its revolving nature.
The increase in international promotion activities
The analysis by the Court of Auditors has identified several critical issues, particularly related to the limited attractiveness of projects for financiers, also due to limited local technical capacity and the complexity of operational contexts, especially in African settings; a factor which affects the Fund's ability to mobilise additional resources and to consolidate a more structured and continuous project pipeline. Implementation times are also influenced by the complex nature of procedures and the involvement of multiple institutional actors.
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Despite these issues, the period under review shows a progressive strengthening of the instrument, also thanks to increased international promotional activities, the involvement of the diplomatic network and coordination with the Mattei Plan. With a view to improving the overall effectiveness of the Fund, the Court has emphasised the need to expand support for beneficiary countries, including through the enhancement of assistance activities and local capacities, in order to promote high-quality projects better suited to attracting international funding.
The strengthening of governance and the improvement of transparency levels
It was also noted that there is scope to intensify institutional dialogue with local authorities and international financial institutions, to simplify internal procedures and introduce systems for monitoring decision-making times, including through digital systems. Further areas of attention concern both the strengthening of governance and the improvement of transparency levels - also through the periodic publication of data on financed interventions and on the Fund's operations - as well as greater flexibility in the use of resources and closer integration with other development cooperation instruments, in order to maximise the overall impact of the supported initiatives. Measures which, the Court concludes, could increase the effectiveness of the Fund and consolidate its role within public policies supporting the transition towards sustainable development models.
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