MOSCOW (Pakistan Point News / Sputnik - 29th June, 2023) Spain plans to increase the share of renewable sources in electricity generation to 81% in 2030 from 74%, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) said Wednesday.
"The target for final consumption of renewable energy rises to 48% (from 42% in 2020) - with 81% (from 74% previously) of electricity generation - and the target for energy efficiency rises to 44% (from 41.7% previously)," MITECO said in Madrid's new energy project.
The government will be working to promote renewable energy sources as well as demand management to improve their integration, the document read. Madrid is expecting to install 62 gigawatts of wind power, 76 gigawatts of photovoltaic, 4.8 gigawatts of solar-thermal and 1.4 gigawatts of biomass energy by 2030.
In addition, the project provides for an increase in Spain's energy production by 10%, which in total would amount to 49% of the total amount of energy received. The government is planning that this will save more than 90 billion Euros ($98 billion) on imports of fossil fuels.
The new will require an investment of 294 billion euros, of which 85% will be private and 15% public, including 11% from European funds. Some 40% of the funds will be invested in renewable energy sources, 29% to improve efficiency, 18% in energy networks and 12% in the electrification of the economy, which should reach 34% by 2030, the document read.
