The climate change challenge for the Spanish economy
Fecha: febrero 2020
Gonzalo García, David del Val, A.F.I
Cambio climático, Transición energética, Descarbonización
Spanish and International Economic & Financial Otlook, SEFO, V. 9 N.º 1
Preliminary estimates of the European Environment Agency (EEA) show greenhouse gas emissions in the European Union decreased by 2% in 2018, having edged 0.6% higher in 2017. Although a positive trend, scenarios envisioned by the European Environment Agency indicate the EU would still miss its stated target of a 40% reduction by 2030. The advancement of climate change will involve structural shocks with effects in the medium and long-term. However, climate change and the actions taken to stall it are bound to have a growing impact on macroeconomic performance, too. In Spain, the government estimates that emissions decreased by 2.2% year-on-year in 2018, thanks to reduced emissions by the electricity sector, partially offset by growth in emissions in transport. Similarly, there has been an increase in the share of renewable energy and a decrease in the intensity of energy usage. Nevertheless, Spain’s agricultural, energy and tourism sectors remain highly exposed to climate change. Thus, it is imperative that the country make further advancements by taking advantage of its relative abundance of renewable sources, which will also mitigate the economic cost of its dependence on imported oil and gas.