Portugal: €60B needed to meet renewable and hydrogen targets

The values required to promote various energy sources in Portugal by the end of this decade were published by the government. To reach renewable energy and hydrogen targets, investments must total at least 45 billion. Around €60 billion, or 25% of the Portuguese GDP, according to Ministry of Environment and Climate Action financial records (MAAC).

“According to projections presented by our Ministry, the Portuguese will attract at least €60 billion in investment by 2030. Based on the goals outlined in the numerous plans that frame the policies of energy transition and decarbonization of the energy sector, this cautious evaluation was made “, stated Duarte Cordeiro, the environment minister, in front of the legislature today.

According to the PNEC 2030, “based on installed power by the end of 2022, it will be necessary to boost wind capacity by 3.4 GW, which implies an expenditure of between 4 and 4.5 billion euros,” in order to reach the current goals.

It will be necessary to add 6.4 GW to photovoltaic solar energy, which would cost between 4.3 and 4.7 billion euros.

Duarte Cordeiro emphasized in relation to offshore wind power that “To kick off the previously announced auction of 10 GW, the public debate on maritime areas where we consider it possible to install offshore wind turbines is currently under progress. The investment is anticipated to be in the range of 30 and 40 billion euros.”

In addition, the administration emphasized the need for upgrades in the country’s electrical transmission system; 430 million euros have already been allocated through 2026.

In accordance with the National Strategy for Hydrogen, “investment in production projects between EUR 7 billion and EUR 0 billion and EUR 9 billion and assistance for investment and production by 00” are envisaged.

In addition to these sums, he added, “204 million, excluding enablers, has been invested in the green pipeline corridor, which will cross the Iberian Peninsula to Marseille.

760 million will be made available “for energy efficiency projects, whether residential structures or other building types,” with the help of POSEUR and PRR.