Spain to Launch $2.5 Billion Plan to Boost Green Hydrogen Production
(Reuters) — Spanish Prime Minister Pedro Sanchez on Wednesday announced a new plan worth 2.3 billion euros ($2.5 billion) to boost the country's transition to clean energy, including subsidies for green energy industries and hydrogen made from renewable power.
The plan will also include measures to help agriculture, infrastructure and villages transition to green energy, Sanchez said in an address to the lower house.
He did not provide more details of the new plan.
Spain has positioned itself as a renewable energy leader in Europe, taking advantage of its abundant sunshine and strong winds to produce energy.
With renewables breaking records, the country is now vying to be one of the major producers in the region of green hydrogen produced from renewable electricity.
Earlier this month, Madrid approved a 794 million euro package of subsidies for large green hydrogen projects in the country with a potential overall electrolysis capacity of 652 megawatts.
Subsidies are vital for green hydrogen projects due to high costs and are not competitive without public support.
Spain's draft climate strategy a 2030 target of 11 gigawatts (GW) for electrolyzers, up from a previous 4 GW.
($1 = 0.9167 euros)
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments