Spain | The country needs an ambitious and realistic energy and climate plan

The Government presented the updated draft of the National Energy and Climate Plan (NECP) 2023-2030, submitted for public hearing until September 4 and to be approved in June 2024. It includes 46 new or updated measures and incorporates an increasing climate ambition that is in line with European targets.

Key points

• Key points:
• It raises the reduction of emissions to 32% in 2030 compared to levels in 1990, up from the previous 23%, and relying on renewables, storage and demand management to do so.
• Another key player is green hydrogen, for which 11 GW of electrolyzers are expected to produce it for industrial purposes through renewable energies.
• To achieve this energy and climate ambition, it is estimated that an investment of EUR 294 billion will be mobilized, 85% private and 15% public, EUR 53 billion more than in the previous Plan.
• Of the total, 40% would be allocated to renewable generation, 29% to savings and efficiency and 18% to energy networks. These investments would have a positive impact on the economy, increasing GDP by 2.5% and creating up to 522,000 additional jobs by 2030.
• Spain's energy dependence would be reduced to 51%, saving more than EUR 90 billion.

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