Spain Goes Greener
Spain has been one of the more forward-thinking countries in Europe. When it comes to renewables, they’re capable of smashing records and running their whole country from non-fossil fuel origins for increasingly impressive amounts of time. In 2020, 47% of Spain’s energy came from renewable sources. This year, the amount exceeded 50%, beating neighbouring countries France, Germany, Italy and the UK.
What’s Been Agreed?
Spain agreed a deal at COP28 this year to co-invest in more renewable technology. The country’s electricity company Iberdrola and the United Arab Emirates’ clean energy company Masdar agreed a joint venture to invest €15 billion in offshore wind and hydrogen markets. These projects will be built in America, the UK and Germany.
In a deal that has taken months to negotiate, Spain will have the majority share, as it’s expected Masdar’s ownership will reach 49%. The final deal could be signed in the first half of 2024, and the joint powers of both these companies will help to speed investment in renewable projects across Europe and elsewhere in the world.
Previous Investments
Iberdrola currently has a capacity of 41GW of renewables in operation, and the East Anglia 3 offshore wind project is expected to add 1.4GW to this. In July this year, both companies agreed to invest in the Baltic Sea offshore wind farm in Germany, so this new deal will expand their current offering.
“We are very pleased to be expanding our existing alliance with a leading long-term partner like Masdar from Germany, where we are already constructing new offshore wind turbines, to the UK and across the world.”
Ignacio Galán – Iberdrola Executive Chairman
Agreements at COP28
Despite plenty of controversy surrounding this year’s COP, countries around the world agreed on specific wording to limit and reduce the reliance on fossil fuels in future, which has taken around 20 years to get to. Plenty of critics have argued about the hypocrisy of the conference, including the alleged oil deals that were going to take place.
During the COP28 conference, 118 countries agreed to triple renewable energy generation to 11,000GW by 2030. This deal goes a little way towards this pledge. In a similar move, Octopus Energy agreed a £3 billion international investment with Japan’s Tokyo Gas for offshore wind farms across Europe.
Increased Power in the UK
In UK news, Octopus Energy has plans to invest £15 billion in various global offshore wind farms by 2030. It’s expected to generate 12GW a year, which is enough electricity to power 10 million homes. By 2030, the electricity company is planning on generating 20GW in green projects throughout Europe, which would power 15 million homes.
According to National Grid, the UK saw 43% of its energy mix come from renewable sources in 2020. In 2022, this rose to 48.5%, which proves that the country is on track to become level with others within Europe.
Going Solar
Pleased with the progress that’s happening around the world? Want to do your bit? You can find out how much installing solar panels on your property would cost by clicking on the button below. You’ll get a tailored quote from local experts in seconds.