Author: Dimitrios Tsiachtanis
Date of Publication: 25/06/2023
It was a normal Tuesday, a working day from 10:00 am to 19:00 pm. Spain managed to spend all those hours exclusively with renewable energy. Energy generated from wind, sun and water for uses like electricity, heating, transportation etc. fully covered with green energy to the country. Making this an impressive fact and example for other countries too. The shift to renewable-green energy not only helps by reducing emissions from the climate crisis, but it is also profitable and reduces costs.
The power to produce and the Legislation
Spain's electricity needs, heating and cooling and transportation are fully covered by green energy. The shares were almost the half percentage from wind power followed by hydroelectric and solar.
The country expanded its renewable base quickly and created a domestic industry in both wind turbines and solar energy. However, support declined after the global financial crisis and new installations stagnated between 2012 and 2015.
Even though the installations stopped already 42.8% of electricity demand represented by renewable sources during 2014. So, Spain is one of the leaders in wind power generation due to large wind power capability built up over many years.
Spain's direction to the top
Natalia Fabra, professor of economics at Carlos III University in Madrid said that “This is not a temporary thing, but we are close to a permanent change”.
In fact, Spain is among the world's top countries for renewable energy investment due to their laws and regulations. In 2020, renewable sources of the country covered 21% of energy needs, while by 2030 the target is 43%. Spain also expects to reach climate zero-footprint in 2050, with renewables covering 97% of the country's needs.
What we as the Climate Group have recognised over time is the importance of legislation to facilitate rapid action towards renewables. As Europe buckles under the weight of the energy crisis, its leaders regret not making the transition from fossil fuels sooner. They should not limit themselves further to catastrophic emissions. - Mike Peirce, Climate Group Director
Results of a risk
Although some oil companies are reluctant to switch to green energy, several that have ventured are already seeing the benefits. Denmark's Orsted has been making the transition gradually over two decades and is already seeing billions of dollars in revenue. Just last year it reported profits of $2 billion and now generates 90% of its energy from renewable sources.