The Red & Black

Is Spain’s New Climate Bill the Key to Post-Pandemic Economic Recovery?

 

A series of steps and revisions were drafted to help Spain achieve its ambitious goal and push it through Parliament. These include climate change curriculum in schools, vehicles with no emissions by 2040, electric charging infrastructure throughout the country, specific zones in cities with emission limits, and renovating buildings to increase energy efficiency.

The biggest changes target the fossil fuel industry. The Spanish Government will no longer allow new fossil fuel projects or issue subsidies to the industry. Facilities that mine or extract coal, oil, and gas will be forced to make use of their sites in different ways.

Economic interest is not the only reason for the bill’s development. The project also originated out of concern for wildlife biodiversity and the environment in Spain. Panels of experts will be brought in to advise the government throughout the process and make adjustments to the plan if necessary.

Regardless, the bill comes at a time of hardship in Spain as the country has experienced nearly 240,000 coronavirus cases. The climate bill is a means for Spain to increase its economic growth in the future and climb out of the hole dug by the pandemic. It is projected that a 1.8% increase in economic growth, compared to normal growth, could be possible by 2030.

As the law awaits Parliamentary approval, it is clear that Spain may face challenges in its economic recovery, but a “Green Deal” could be the key to increased growth and stability of the economy and a more environment-friendly future.