Since 1953, Credito Emiliano, an Italian bank, has accepted wheels of Parmigiano Reggiano as collateral for loans. However, a current heatwave in the region is prompting the bank to reconsider this practice. Approximately $350 million worth of cheese is stored in two warehouses, and the high temperatures are threatening profitability. A bank spokesperson stated that maintaining the necessary humidity and temperature for the cheese requires significant energy. The bank has implemented upgrades to its cooling systems and insulation to address these challenges.
Paolo Ganzerli, international sales director at food group GranTerre, noted that prolonged extreme weather could affect both the quantity and quality of milk production, leading to increased costs. The Parmigiano Reggiano industry generates $5.15 billion annually, with exports expected to account for over 50% of global sales by 2025. Rising temperatures also impact milk production, as cows produce approximately 10% less milk in high heat conditions, affecting cheese quality.
Italy has recently reversed its decision to close coal-fired power plants by 2025, extending the timeline to 2038 to secure alternative energy sources. This decision reflects ongoing debates about the pace of Europe's transition to renewable energy. Mike Sommers, president and CEO of the American Petroleum Institute, argued that Europe has moved too quickly in this transition, while European Commission Executive Vice-President Teresa Ribera contended that accelerating the shift to clean energy is essential for addressing energy challenges.