Spain is set to present a new climate law that would ban all fossil fuel powered gas projects with immediate effect and will help cut national emissions to net zero by 2050.
To reach the 2050 net zero target, the Government plans to reduce emissions by 23% from 1990 levels. The emissions reduction measures include doubling the proportion of renewable sources in total energy consumption (35-42%).
The proposed Spanish climate law has been lauded as a way forward by many climate activists and followers. The numbers speak louder as the proposed bill claims that the measures would boost the country’s economic growth by 1.8% by 2030 when compared with business as usual measures. The claim itself is huge win for climate protagonists as it suggests the economic viability of carbon-cutting measures.
The carbon-cutting measures may not limit economic activity as the Government is forecasting it to generate $219,000 million investments and 350,000 new jobs every year. Clean tech jobs and clean investments would definitely help Spanish economy that is already under pressure due to COVID 19 pandemic, which destroyed its tourism industry.
The proposed law will be a welcome news for the Spanish economy that is rampaged by COVID 19. These new measures on renewable energy and clean investment planning will definitely help Spain in generating economic activity post pandemic.
The draft climate law includes many wonderful point, but the ones that caught my attention are two measures that would promote zero carbon vehicles and ban of new research permits for all hydrocarbons.
--Ensures all new vehicles are zero carbon by 2040, promotes electric charging points infrastructure and introduces low-emissions zones in cities of more than 50,000 inhabitants.
---Bans new research permits and exploration concessions for all hydrocarbons with immediate effect. Existing mines and wells would be required to submit a plan to repurpose the site, for example to generate geothermal energy, five years before the end of their licence.
This will be a major boost to global impetus in promoting electric vehicle infrastructure. Global players will definitely seize this opportunity but in the meantime, let’s bask on this data-laden fact that Spanish government is going huge with this climate proposal.