Spain will have to invest 85,000 million a year to achieve zero emissions

The ‘Net-zero Spain: Europe’s decarbonisation hub’ report presents an alternative scenario in which Spain could reduce its greenhouse gas emissions to zero within the next three decades, thereby becoming one of the world’s leading countries. Global leaders of the decarbonized economyconcludes that transport and industry represent 65% of net emissions in Spain and are key to achieving climate neutrality. electrification, green hydrogen and biofuels These will be the three main areas on which the energy transition for industry will depend.

The McKinsey report is a 32% reduction in emissions between 2007 and 2019It is mainly due to investment in renewable electricity generation capacity, compared to 20% in the rest of Europe. And all this despite the brake imposed by the Mariano Rajoy Government.

One of the main findings of the report is that Spain may reach a turning point. Zero net emissions in 2045 and to reach negative emissions by 2050 with an annual investment of 85,000 million Euros in green technologies. The retained capital investment in green technologies will be around €2.5 trillion, equivalent to 6.2% of annual average GDP by 2050. more conservative scenario based on current policies.

The European Union as a whole reduced its emissions by 28% between 1990 and 2019, while Spain’s emissions increased by about 9% over the same period, largely due to the growth of the economy. Nevertheless, solar resources and penetration wind powerAccording to McKinsey experts, they are opportunity factors that together offer enormous potential for green hydrogen development. The explicit commitment of the public sector and EU aid funds (over 70,000 million) is essential to achieving the targets.

Impact on agriculture

Climate change is a real threat. Experts in a scenario 2ºC higher temperatures than pre-industrial levelsSome areas of southern Spain can experience 45 days a year with peak temperatures above 37ºC, affecting not only the health of the population but also certain economic activities. The direct impact will be felt in the reduction of four key crops for Spain: grapes, olives, tomatoes and wheat.

Impact on tourism

The tourism sector may face many challenges to maintain its current attractiveness in high temperature scenarios, especially during peak season. Adapting tourist infrastructures to heat waves and opening businesses during unusual times so far are some of the solutions to consider.

Public transport

McKinsey research finds that: transportation produces almost a third of emissions But thanks to the adoption of electric vehicles and biofuels, it can reduce its emissions by 50% by 2030 and 100% by 2050. According to the report, this sector should receive almost two-thirds of the total investment proposed over this horizon.

industry

Particular attention needs to be paid by industry, which accounts for another third of emissions and could achieve an 85% reduction by 2050 despite the high temperatures required in production processes. Deep reindustrialization is expected in the steel, cement, chemical or petrochemical sectors, where hydrogen, biofuels and even carbon capture could play a key role in the transformation. According to McKinsey, to achieve a 100% reduction in greenhouse gases by 2050, the electricity sector needs to receive 15% to 20% of the investment. Finally, the remaining 15% of the investment needs to go to the electricity sector. Residential and Commercial Buildings, as expected, however, It can also reach 100% reduction emissions are on this horizon.