Private investment in renewable energy & hydrogen in Portugal should reach 40 billion

investment in renewable energy & hydrogen - Portugal Business News

Portugal news - Private investment in renewable energy and hydrogen in Portugal should reach 40 billion euros, according to the Minister of Environment and Energy, Graça Carvalho.

Portugal is expecting private investment in hydrogen projects to 18.9 billion euros and in renewable energy projects to reach 20.9 billion euros. There are many national and international companies that want to invest in Portugal’s energy sector, including requests for connection to the grid, licensing requests and environmental impact assessments.

At the industry level, Portugal will soon launch a new auction for renewable gases in addition to the 140-million-euro auction under the Recovery and Resilience Plan (PRR).

Moreover, Portugal has allocated public funds amounting to 17.6 billion euros for investment in the renewable energy and hydrogen sector.

Portugal has set a new target for reducing greenhouse gases by 55% by 2030 compared to 2005, increasing the share of renewable energy by 51%, and increasing storage capacity by two gigawatts. On October 4th, the Government will also enact a law for the emissions market and will approve a strategy for the decarbonization of the aviation industry.

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