Promoting employment and reducing emissions Spain subsidizes renewable energy projects by 180 million EUR

SMM: Spain will inject 181 million ou into renewable energy projects in seven regions, aimed at promoting employment and reducing carbon emissions, the Spanish Ministry of Energy and Environment said recently.

The subsidy is part of a project in which Spain will invest 316 million ou to finance innovation, an amount that can be supplemented by EU recovery funds.

Spain, with plenty of solar energy, is a proponent of the EU's plans to use low-carbon investment to combat the economic damage caused by the coronavirus, especially in its traditionally powerful tourism and car industries.

Projects that could benefit from subsidies include those that use sunlight, wind, biomass and renewable gases, including hydrogen, to generate electricity in sectors such as agriculture, industry and services, the Spanish Ministry of Finance said in a statement.

The Spanish government estimates that its carbon reduction plan will require a total investment of 200 billion ou yuan over the next decade, of which 47 billion will come from the public sector.

According to estimates by the Ministry of Finance, the 181 million ou yuan will encourage the private sector to invest another 551 million ou yuan and reduce greenhouse gas emissions by 712000 tons of carbon dioxide equivalent per year. Decisions on which projects will be subsidized will take into account demographic challenges and the welfare of workers in areas affected by renewable energy.

"Click to understand and sign up: 2020 China Automotive New Materials Application Summit Forum

Scan the QR code above to view the business cards of the participating companies and sign up online

Scan the code and apply to join the SMM Automotive Industry Exchange Group.