Spain has launched an ambitious plan to switch its electricity system entirely to renewable sources by 2050 and completely decarbonize its economy soon after.
By mid-century greenhouse gas emissions would be slashed by 90 percent from 1990 levels under Spain’s draft climate change and energy transition law.
To do this, the country’s social democratic government is committing to installing at least 3,000 MW of wind and solar power capacity every year in the next 10 years ahead.
New licenses for fossil fuel drills, hydrocarbon exploitation and fracking wells, will be banned, and a fifth of the state budget will be reserved for measures that can mitigate climate change. This money will ratchet upwards from 2025.