Spain to encourage EUR 62.8bn investment in green energy in 2011-2020 - report
13 May 2011
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(ADPnews) - May 13, 2011 - The Spanish Government will target investments worth EUR 62.8 billion (USD 89.759bn) in renewable energy for 2011-2020, according to a draft of its renewable energy plan cited by news agency Europa Press yesterday.
A total EUR 55.743 billion will go for power generation, EUR 6.279 billion for heating and EUR 775 million for biofuels.
The costs of the new plan will amount to EUR 20.013 billion, but the economic benefits are calculated at EUR 25.954 billion, according to the draft. The plan is seen to save EUR 15.081 billion gas imports, EUR 6.428 billion diesel oil imports, EUR 878 million petrol consumption and EUR 3.567 billion in CO2 emissions.
Moreover, the new investments will create 84,414 jobs in 2011-2020. The government has calculated that the sector is currently giving direct jobs to 70,000 people and indirect jobs to another 45,000. Thus, in 2020, the green energy sector in Spain might employ 200,000 people.
The renewable energy sources are forecast to cover around 40% of the energy consumption in Spain at the end of the period. Wind energy installed capacity is seen to surge to 35,000 MW in 2020 from 20,744 MW in 2010, while the capacity of photovoltaic plants is expected to hit 7,250 MW, up from 3,787 MW.
(EUR 1.0 = USD 1.429)