Piero Formenti: the marine industry accounts for just 0.01% of emissions and generates record employment and value

Piero Formenti, President of Confindustria Nautica, on Primocanale: From ACTUAL Global Emissions (0.01%) to Record Employment and Exports.

“The ecological transition must be pragmatic; focusing solely on electric is a mistake.”

The Italian marine industry is often the victim of distorted narratives, perceived more through the lens of ideology than that of scientific and economic objectivity. Stepping in to clear the air was Piero Formenti, President of Confindustria Nautica, during an interview with Primocanale. Formenti presented a picture based on undeniable data, debunking false myths about the sector’s pollution and highlighting the specific weight of boating on the economy, employment, and “Made in Italy” exports.

Piero Formenti, the Marine Industry, and Sustainability: Real Data vs. Prejudices—Environmental Impact is Just 0.01%

The starting point of Piero Formenti’s analysis is the sector’s actual impact on the environment. According to data from the IMO (International Maritime Organization), global emissions produced by the recreational boating industry account for a mere 0.01% of the total.

Despite this infinitesimal impact, the sector is frequently the target of criticism and stringent regulations, such as the European ETS (Emissions Trading System). This system is negatively impacting the industry, forcing the EBI (European Boating Industry) to actively engage with the European Commission and Parliament. The tendency to want to “tax the rich” by targeting superyacht owners actually risks penalizing an entire production chain, ultimately hitting the most vulnerable working classes who depend on this industry for their livelihood.

Economic Leadership and the Export Boom

The numbers for the Italian marine industry describe a sector experiencing strong and steady growth. In 2022, the sector generated a turnover of 8.6 billion euros, producing a remarkable 13 billion euros in added value.

Italy confirms its status as a global maritime superpower thanks to a strong drive toward internationalization:

• About 90% of national production is destined for foreign markets.

• The most important target market for Italian exports is the United States.

• Italy holds the absolute global leadership in Superyacht construction, with 568 units under construction out of the 1,093 commissioned worldwide.

• Our country is also the world leader in the production of rigid inflatable boats (RIBs) and serves as an international benchmark for components and accessories.

Piero Formenti: Record Employment, the True Social Engine of Boating

The importance of the Italian marine industry is measured not only by turnover, but above all by its extraordinary capacity to create jobs. Currently, the sector employs 168,000 people.

The most astonishing figure, however, is the employment multiplier of 7.2. This means that for every single person directly hired in the Italian marine industry, 7.2 jobs are generated in the direct and indirect supply chain. This is the highest multiplier by far in Italy, equal to three times that of any other national production sector.

In light of these numbers, Formenti issued a strong warning to institutions: targeting profitable companies means destroying value and jobs. The President recalled the mistake made in the past by the Monti Government, whose punitive tax policies on the sector (“missing the mark”) caused the loss of 40,000 jobs, ultimately hurting workers rather than big capital.