ROME (Reuters) – Energy transition could cost Italy in excess of 650 billion euros ($760 billion) over the next decade and the government must do more to help businesses bear the cost, the head of the employers’ federation said on Thursday.

The national recovery plan does not provide 6% of necessary investment for this transition. Confindustria President Carlo Bonomi stated that nearly 94% of the investment needed for the transition must be covered by businesses.

Bonomi indicated that Italy’s economy would grow by 6 percent this year, following the recession in which the coronavirus caused. But, Bonomi warned that the rising prices of gas and other commodities could hinder the recovery.

Bonomi stated, “We need to take responsibility for the difficulties that have been faced by international markets.”

Bonomi stated that Italy’s real challenge would be to sustain strong growth over the next years and take full advantage of the 200 billion euro coming from the European Union recovery fund. This will help to revitalize the country’s battered economic system.

He said that the real issue isn’t the recovery of this year but rather the rate at which the economy grows from 2022 forwards. This must be sustainable and solid.

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