Source:bnn.network
Ambitious Targets for Renewable Energy and Carbon Neutrality
Portugal has significantly raised its targets for the installation of solar energy capacity and electrolyzers to produce green hydrogen in its updated draft of energy and climate goals. The country aims to decommission natural gas-fired power plants by 2040 and potentially achieve carbon neutrality by 2045. These ambitious targets are part of Portugal’s commitment to furthering the European Union’s renewable energy objectives. The revised plan was submitted to Brussels on the deadline day for European countries to present their revamped strategies, with a public hearing to follow and the final plan due by June of next year.
Stepping Up Renewable Energy Capacity
In its updated goals, Portugal aims to reduce greenhouse gas emissions by 55% by 2030 from 2005 levels, exceeding its previous target range of 45%-55% reduction. The country is also exploring the possibility of achieving carbon neutrality five years ahead of its original commitment. To achieve these objectives, Portugal plans to increase its overall installed renewable energy capacity to 42.8 gigawatts (GW) by 2030, up from the previous target of 27.4 GW. This represents a 2.5-fold increase compared to the capacity operational in the previous year.
Investment and the Path to Carbon Neutrality
Portugal estimates that approximately €75 billion ($81.80 billion) of investment will be required for green energy projects to meet the increased targets. The majority of this investment is expected to come from private sources. By aiming to generate 85% of its annual electricity consumption from renewable sources by 2030, up from around 60% in 2022, Portugal seeks to further enhance its position as one of the leading countries in Europe in terms of renewable energy utilization.
Expanding Solar and Green Hydrogen Capacities
The updated plan envisions significant growth in solar energy capacity, with a target of 21 GW by 2030, eight times higher than the previous year’s level. Electrolyser capacity for green hydrogen production is expected to reach 5.5 GW by 2030, an increase from the previous forecast of 2.5 GW. Furthermore, Portugal plans to raise its onshore wind target to 10.4 GW and initiate the first offshore wind auction later this year, offering a capacity of 2 GW.
Transitioning Away from Natural Gas
To support the growth of renewable energy, Portugal intends to reduce the capacity of natural gas-fired power plants to 3.8 GW by 2030, down from the current 5 GW. The government aims to phase out these plants by 2040, provided that security of supply is ensured.
