Spain has enormous potential to become a world leader in renewable energy. Since our country has a climate and geography that facilitates the use of native natural resources, Spain is the second European country that generated the most electricity in 2021 from wind and solar plants.
In recent years, Spain has experienced rapid growth in installed renewable energy capacity, setting ambitious goals to increase its share of the energy mix through renewable sources and implementing supportive policies.
Hand in hand with renewables, the country can start a new process of reindustrialization, which will boost the economy and increase job creation, since it has the capacity to manufacture 90% of wind components and 65% of photovoltaic components. In fact, the International Renewable Energy Agency (IRENA) estimates that the sustainable energy ecosystem could create nearly half a million jobs in Spain by 2030.
Spain continues to climb positions in the “Top 10” of the most attractive countries in renewable energy businesses. Specifically, it is in eighth place in the RECAI Index (Renewable Energy Country Attractivenes Index). However, it tops the ranking of the most attractive nations in the world in bilateral long-term renewable electricity purchase agreements.
Therefore, we can consider the great potential of Spain to become a leader in renewable energies for the following reasons:
- It is abundant in natural resources, not only for its good climate but also for having biomass and geothermal resources in some areas.
- The government has set ambitious renewable energy targets and implemented supportive policies to encourage clean energy development.
- Investment in research and development has led to significant improvements in the efficiency and competitiveness of renewable technologies, enabling Spanish companies to develop innovative technologies and solutions.
- The good infrastructure of the electricity grid and the interconnected connections with other European countries, facilitate the distribution of renewable energy nationally and internationally.
- Given its strategic geographical location and its ability to generate surplus renewable energy, Spain could become an exporter of clean energy to neighboring countries.
While there are many positive factors, there are also challenges that need to be addressed, such as the intermittency of some renewable energy sources, the need for continued investment, and adapting to electricity infrastructure to effectively manage the variability of renewable generation.
In summary, Spain has significant potential to lead the transition towards a more sustainable and renewable energy system.