Portugal’s previous plan called for a 45%-55% reduction in greenhouse gas emissions by 2030 compared to 2005 levels.
Portugal has more than doubled its 2030 targets for solar energy installed capacity and electrolysers to produce green hydrogen in order to close down its natural gas-fired power plants by 2040 and potentially achieve carbon neutrality by 2045.
The updated draft of the energy and climate goals that Portugal sent to Brussels on Friday—the deadline for all of Europe’s nations to submit updated plans on how they intend to support EU renewable energy goals—includes the new targets of installed capacity of solar energy and electrolysers to produce green hydrogen. The final plan must be submitted by June of the following year after a public hearing.
Portugal’s previous plan called for a 45%-55% reduction in greenhouse gas emissions by 2030 compared to 2005 levels. Additionally, it is looking into the possibility of meeting its original commitment of five years earlier by going carbon neutral.
The government predicts that by 2030, installed renewable energy capacity will have increased to 42.8 gigawatts (GW), up from the previous plan’s target of 27.4 GW and 2.5 times the capacity currently in use.
This will necessitate an estimated 75 billion euro ($81.80 billion) investment, primarily from the private sector, in green energy projects.
The European Court of Auditors (ECA) had stated in a report last month that the EU is at risk of failing to meet its 2030 climate change targets due to uncertainty over whether sufficient funds are being invested in the low-carbon transition.
Portugal wants to increase its share of renewable energy production from around 60% in 2022—one of the highest ratios in Europe—to 85% by 2030.
The European Court of Auditors (ECA) is a vital institution in the European Union, established in 1975 to improve financial management. It consists of 27 members and 800 civil servants.
The ECA was established through the 1975 Budgetary Treaty and replaced two separate audit organizations, one for the European Economic Community and Euratom, and the other for the European Coal and Steel Community. The ECA’s first session took place on October 18, 1977, and it continues to serve as a vital tool for the EU’s financial management.