On 7 October 2020, the President presented the Plan for the Recovery, Transformation and Resilience, which will be the guide for the modernisation and recovery of Spain for the next six years. Its ultimate purpose is to mitigate the consequences of the Coronavirus pandemic and shall be sent by the Government to Brussels within the next two weeks.
This Plan has been composed under the European Union’s recovery plan, for a total amount of 750,000 million Eur, which will grant Spain 140,000 million Eur under Next Generation EU transfers and loans with advantageous conditions. In particular, pursuant to the Government’s decision, the Plan shall entail 72,000 million Eur for Spain through 2021-2023.
Spain is a leading European country in the photovoltaic market as regards the transition to clean energy, and the second European country with more overall installed wind power capacity. In this context, green investment, that is to say, investment related to ecological transition, shall represent more than 37% of the Plan’s total.
In addition, with this Plan, the Government intends to accelerate by 40% the quantitative objectives of the Energy and Climate Integrated National Plan, bringing forward to 2023 the intermediate objectives initially set for 2025.
The Plan is structured around four main principles, which include first and foremost ecological transition. With the aim of effecting a “green Spain”, it envisages, amongst others, a Plan for the massive deployment of renewable power plants and accelerating large-scale transformation of the Spanish electricity system to make it 100% renewable, and -thereby- clean, by 2050.
Furthermore, the strategic Plan for the Recovery, Transformation and Resilience is structured around ten guiding policies, which must comprise and apply to each specific investment project developed by the State, in collaboration with the Autonomous Communities, Town Halls and private initiative, and submitted to European authorities.
Singularly, the third guiding policy is fair and inclusive energy transition, which shall receive 9% of the resources to take advantage of Spain’s enormous potential and strategically position the country as a worldwide leader in energy transition.