October 20, 2020

The Spanish economy will need 200,000 million in ten years to complete the ecological transition | Economy

The Spanish economy will need 200,000 million in ten years to complete the ecological transition | Economy



"There can be no transition without the economic sector." With this appeal, the Minister for the Ecological Transition Teresa Ribera addressed this Tuesday to the representatives of 43 companies quoted on the Stock Exchange and to large investors gathered at the opening of the Spain Investors Day forum in Madrid. The appointment, which opens the business year, has started marked by uncertainty about an agreement for the Brexit to which Ribera has also referred. An exit from the United Kingdom without a pact It is "the worst scenario". However he wanted to send several messages of tranquility. The first, on the consequences for Spanish companies. "Our own economic agenda has enough elements of power to not have to look at the capabilities of others, let's see what happens, yesterday the foreign minister spoke of the measures we want to follow from the government," Ribera said. . On another of the concerns that floats in the economic sector, if the budgets approved by the Government last Friday will get sufficient parliamentary support, Ribera left all the scenarios open. "The Law of Presents is enormously important from the point of view of social accompaniment, we trust that the chambers will trust and support these budgets, otherwise we have budgets that allow us to work with total normality."

Towards decarbonization

"The energy transition will mobilize 200,000 million in the next ten years," said Ribera. He explained that 42% of this amount will be allocated to efficiency, 45% to renewables, another 12% to transport networks and between 1% and 3% to electrification. That will cause an impact on GDP of 15,000 to 25,000 million per year between 2021 and 2030. "We are sure that you, the investors, are interested." The new model that he said support from the Government has to balance the interests of all and the decarbonization will be the central axis to achieve, by 2030, that 34% of the energy produced by the country comes from renewable sources. "The change is already happening, and it is very relevant for the Spanish industry, we have to facilitate that revolution," said Ribera. He took advantage of his presence this morning in the forum to try to regain the confidence of investors who were surprised by the cut of premiums for renewables in 2013 and said that for this the Government has proposed to keep their projects for a profitability of 7.4 % in the next twelve years. In a provision included in the preliminary draft of which sets the reasonable profitability for renewables, "they are offered to maintain the current profitability and not the one that will be a little lower after 2020," he said.

Before his speech, the Secretary of State for Trade, Xiana Margarida Méndez, shelled out in figures the pillars of the Spanish economy highlighting the strength of domestic demand "one of the main growth levers" and the foreign sector.

Spain Investors Day brings together in its ninth edition to 150 international investors with Spanish companies. The participating companies represent all the sectors of the stock index: food, infrastructure, banking, automobile, energy, technology and insurance, among others. The forum, promoted and organized by Estudio de Comunicación, has BNP Paribas as a partner and has the sponsorship of the PRISA group, publisher of EL PAÍS, among others.

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