The Spanish government has unveiled a draft for a revised National Energy and Climate Plan (NECP), envisaging a significant rise in 2030 renewables and green hydrogen targets.
The draft, published by the Ministry of Ecological Transition (MITECO) this week, sets a more ambitious target of reducing greenhouse gas emissions by 32% by 2030, a substantial increase from the initial goal for a 23% reduction based on 1990 levels. Renewable energy should reach 48% of final energy consumption and an impressive 81% of electricity generation by then.
The draft envisions a total installed capacity of 214 GW in the electricity sector by 2030, with 160 GW derived from renewable sources and 22 GW from storage. It is projected that wind energy capacity should reach 62 GW, including 3 GW from offshore wind farms. Photovoltaic solar power is projected to contribute 76 GW, including 19 GW for self-consumption, which will play a significant role. Until now, Spain targeted 39 GW of solar photovoltaic capacity by the end of this decade.
Additionally, hydropower is estimated at 14.5 GW, while solar thermal power is expected to account for 4.8 GW.
The ambition for electrolysis capacity for green hydrogen production has nearly tripled to 11 GW in the revised plan from previously 4 GW.
The updated version of the plan estimates a mobilisation of investments amounting to EUR 294 billion, with 85% coming from private sources and 15% from public funds, including 11% from EU funds.
As much as 40% of the total amount will be directed towards renewable energy, 29% will go for energy savings and efficiency, 18% for energy networks, and 12% towards the electrification of the economy.
The draft is currently open for public input, and the consultation period will extend until September 4. The final document must be sent to the European Commission in June 2024.