Italy could be axing the use of coal in 2024 — a year earlier than planned — if gas prices remain low, Reuters reported on Monday, citing statements by Environment Minister Pichetto Fratin. Fratin said natural gas — seen as the least polluting fossil fuel — would remain part of the country’s energy transition until 2050 as it boosts its renewable energy capacity. The plan would be a part of the country’s Environment Ministry’s updated strategy for energy and climate, set to be announced later this month. The updated strategy would see Italy targeting an increase of power generation from renewables to two-thirds of the overall generation by 2030 from the current one-third, according to the minister.

Germany plans to provide EUR 2 bn to help fund a planned green steel plant by leading German conglomerate Thyssenkrupp, Reuters reported on Monday. The aid package announced by Germany’s Economy Ministry includes EUR 700 mn to be provided by the German state of North Rhine-Westphalia, where Thyssenkrupp’s headquarters are located. The plant, which comes under Thyssenkrupp’s hydrogen-based climate strategy for steel production, plans to produce 2.5 mn tons of climate-friendly steel annually, with production slated for 2026. It estimates the costs for the site of the plant and related infrastructure at over EUR 2 bn.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Brazil’s President Luiz Inacio Lula da Silva has laid out a plan to eliminate deforestation in the Amazon by 2030. (Reuters)
• Japan plans to pour USD 107 bn over the next 15 years into boosting the country’s hydrogen supply. (Reuters)
• India intends to offer USD 455 mn in incentives for battery storage projects. (Reuters)