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Italy's Prime Minister Giorgia Meloni addresses her speech during the question time at the upper house of parliament in Rome, Italy November 23, 2023. REUTERS/Remo Casilli Acquire Licensing RightsROME, Dec 1 (Reuters) - Italy will provide 100 million euros ($108.91 million) to a new fund to help poor countries cope with "loss and damage" due to climate change, Prime Minister Giorgia Meloni said on Friday, adding she would invest 70% of her 4.2-billion euro Climate Fund in Africa. "We are contributing to the loss and damage fund with 100 million euros to help achieve the goals of this COP28," she told an event at the COP28 climate conference in Dubai. Italy's Climate Fund is part of a commitment by rich countries to funnel at least $100 billion a year in developing economies through green transition projects under the form of state guarantees, loans and equity investments. In late 2021, under Meloni's predecessor Mario Draghi, Italy set aside 840 million euros per year between 2022 and 2026 for the programme plus an additional annual endowment of 40 million euros starting from 2027.

Persons: Giorgia Meloni, Remo Casilli, Rome, Mario Draghi, Gilberto Pichetto Fratin, William Maclean Organizations: Italy's, REUTERS, Rights, Fund, Energy, Reuters, Treasury, Thomson Locations: Rome, Italy, Africa, Dubai

ROME, Nov 21 (Reuters) - Italy is considering candidates to take the helm of state lender Cassa Depositi e Prestiti (CDP), three sources close to the matter told Reuters, as part of a wider shake-up of state-controlled companies. State-backed investor CDP, founded 173 years ago, plays a key role in keeping strategic assets in national hands. Asked to comment on a change of CEO at CDP, Meloni's office said any rumours of a replacement for Scannapieco were unfounded. Rome is expected to decide on the top management of CDP in March at the latest, immediately after the approval of this year's CDP financial accounts, the sources said. The state lender invests savings made by Italians through the national post office network Poste Italiane.

Persons: Dario Scannapieco, Fincantieri, Giorgia, Scannapieco, Antonino Turicchi, Stefano Donnarumma, Mario Draghi, Elvira Pollina, Susan Fenton Organizations: Eni, ITA Airways, European Investment Bank, Telecom Italia's, Thomson Locations: Italy, State, Rome, EU, Milan

The upcoming national strategic fund for "Made in Italy" products will have an initial endowment of 1 billion euros ($1.10 billion) in state cash, the statement said, adding it would also aim to boost procurement of "critical raw materials." A draft seen by Reuters showed that the new vehicle was also entitled to invest in domestic, listed firms not operating in the financial sector. The scheme will aim to raise at least an additional 500 million euros from private investors, according to the document. Run by the state lender Cassa Depositi e Prestiti (CDP), the Patrimonio Rilancio fund was originally intended to provide some 40 billion euros of financing, but has so far invested just around 1 billion. Once the bill is approved by parliament, the government will issue a decree defining how the fund will work.

Persons: Rome, Giorgia Meloni, Adolfo Urso's, Italy's, Alison Williams, Deepa Babington Organizations: Reuters, United Arab, Industry, Patrimonio, InfraVia Capital Partners, Paris, Equity, Thomson Locations: ROME, Italy, Saudi Arabia, Qatar, United Arab Emirates, Azerbaijan, Norway, France

Prime Minister Giorgia Meloni's administration is determined to oust current CEO Francesco Starace, several sources told Reuters. OPPORTUNITYWith almost 60 Gigawatt (GW) of installed capacity, Enel is one of the world's biggest players in renewable energy. The company, which has been hit by soaring gas prices and government measures capping bills to shield consumers, saw net profit slip to 5.4 billion euros last year, from 5.6 billion euros in 2021. In November Enel unveiled its updated strategy to 2025, pledging to cut net debt by 21 billion euros via asset disposals, while at the same time investing 37 billion euros and increasing installed renewable capacity by 21 GW. You can't have an Italian only Enel, it would be such a step back," de Lamaze said.

Lukoil's ISAB refinery in Sicily stands to be hit by an embargo on seaborne Russian oil that comes into force on Dec. 5, putting at risk jobs in Italy's poorer south and the country's refining capacity. Although Lukoil is not affected by the sanctions, the ISAB plant has been forced to rely solely on Russian oil after creditor banks halted financing and stopped providing guarantees the refinery needs to buy oil from alternative suppliers. The sources said the government was trying to find ways to ensure the plant can receive financing from lenders and remain operational. The goal is to allow ISAB to buy elsewhere the oil it needs, two of the sources said. A sale to non-Russian buyers would avert the closure of the ISAB plant, which accounts for around 20% of Italian refining capacity and directly employs some 1,000 workers.

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