The Spanish Council of Ministers has approved the country’s €140bn National Recovery, Transformation and Resilience Plan. Around 39% of the amount will be allocated to the ecological transition. The authorities plan to invest in renewables, including biomass and offshore wind, transmission infrastructures, smart grids, storage, and hydrogen. The reform program will be submitted to the European Commission on 30 April 2021 as part of the Next Generation EU, a €750bn temporary recovery instrument (2021-2027) aimed at addressing the economic crisis caused by the COVID-19 pandemic.
Earlier in April 2021, the Congress of Deputies, Spain’s lower house, approved the Law on Climate Change and Energy Transition, which targets carbon neutrality by 2050. To reach this objective, intermediary targets are set, such as raising the share of renewables in the power mix to 74% by 2030. In addition, Spain is expected to reduce its greenhouse gas (GHG) emissions by 23% in 2030 compared to 1990 levels.