The Spanish government has outlined a €47bn public investment plan draft to tackle climate change over the next 10 years, which would be partly financed by issuing green bonds. The proposal also confirms the objective of making Spain carbon neutral by 2050, as mentioned earlier in the November 2018 draft energy and climate plan (Plan Nacional Integrado de Energía y Clima).
A detailed schedule will be set out shortly for the organisation of capacity auctions to work towards the objective of producing 74% of Spain's electricity from renewable energy sources by 2030 and 100% by 2050. This would help reduce the reliance on imported energy from 74% to 59% by 2030.
Earlier in 2019, Spain proposed to phase out nuclear energy and close all the domestic nuclear power plants between 2025 and 2035 . This would play a significant role in the process as nuclear energy accounted for 7% of the nationwide installed capacity and 20% of the gross power production in 2018.
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