Spain to invest whooping $53 billion to tackle climate change

February 21, 2019 | Investopaper

Spain government has made an announcement to invest $53 billion under the public investment plan this Wednesday. This investment will be done to tackle climate change over a period of 10 years that will be partly financed by issuing green bonds.

The general election is to be held on April 28 and the socialist government has set the goal to make the country carbon neutral by 2050. The prime minister also suggested that the plan was also to be partially financed by EU funds. He further said that the plan was necessary and possible and doesn’t seem to be a fanciful proposal.

The government said that the plan will generate investment valued 200 billion euros and significantly reduced the reliance on imported energy down to 59 percent from 74 percent over the ten year period. Meanwhile, fossil fuel costs saving will amount to 75.4 billion euros if the plan is implemented.

The cabinet meeting is yet to approve the plan along with the draft law.






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