RENEWABLE ENERGY IN SPAIN
Spain has set itself the task of reducing carbon emissions by 2050. This challenge means advancing in alternative energies, an opportunity for job creation and economic growth.
The Law on Climate Change and Energy Transition establishes this prospect in two phases.
Phase 1 – 2030
- Reduce greenhouse gas (GHG) emissions by a minimum of 20% below 1990 levels.
- Generate at least 74% of Spain’s electricity from renewable energy.
- Guarantee 35% of final energy consumption from alternative sources.
- Improve energy efficiency by 35%.
Phase 2 – 2050
- Achieve 100% renewable energies.
- Reduce greenhouse gas emissions by 90%, in line with the 2030 Agenda and the Paris Agreement on Climate Change.
To achieve these objectives, increases in renewable generation capacity (wind and photovoltaic power) by at least 3 GW/year are planned in the coming decades.
In addition to promoting renewable energy, Spain intends to limit the award of new licenses for extraction and fracking activities and to lead a fair transition for regions that are coal-industry dependent.
In 2019 Spain generated 97,888 GWh of renewable energy (37.5% of the total annual generation). In S1 2020 this ratio increased to 40%.
The latest RECAI (EY) index, which ranks countries on the attractiveness of their renewable energy investment and deployment opportunities, places Spain at 10th in the world.
All these circumstances make Spain an excellent destination to invest in renewable energy.