Renta4 | The European Commission is preparing a legislative package (12 proposals) for July, which includes the revision of the Renewables and Energy Efficiency directives, and through which it plans to raise the renewables target to 40% by 2030, compared to the current 32%.
Renta4’s analysis team’s opinion:
The increase in Renewables and Energy Efficiency targets to 2030 could be good news for those countries whose targets are below that threshold. Also good news for those companies with a high presence in European countries, which is not the case for practically any of the listed IPPs (independent power producers).
In Spain, the framework for energy and climate policy is determined by the European Union, which in turn responds to the requirements of the Paris Agreement, reached in 2015, to provide an international and coordinated response to the challenge of the climate crisis.
Spain’s energy targets are included in in the National Integrated Energy and Climate Plan (PNIEC in its Spanish acronym),, which envisages a 23% reduction in greenhouse gas emissions compared to 1990. In addition, it also includes a target of 42% renewables in the final use of energy, 39.5% improvement in energy efficiency over the next decade and 74% of renewable energies in the electricity sector, to achieve a 100% renewable electricity sector by 2050.
So Spain would already exceed the new EC targets and for the time being it is unlikely the government will raise them again.