News

Spain to Increase Use of Renewable Energy

August 29, 2005 by Jeff Shepard

Spain approved €23.6-billion (CAD$34.74-billion) in funding for a plan to boost the use of renewable energy. The plan runs through 2010, and aims for renewable energy to produce 12.1 percent of the total demanded by that date. Spain is seeking to reduce the country's dependence on coal and limit its exposure to oil prices. The government will fund 2.9 percent of the plan and the rest will be financed by companies.

With a population of more than 40 million and Europe's fastest growing economy, Spain is emerging as the fastest growing market for solar power in Europe.