The pivot towards renewable energy stands as the cornerstone for slashing emissions to meet the targets of the Paris Agreement.
According to the International Energy Agency, emissions from energy soared to a new height of 37.4 billion tonnes in 2023, marking an increase of 1.1%. It's predicted that by 2050, renewable energy will slash emissions from the power sector by a staggering 90%.
In the grand scheme of European energy consumption, renewables now fuel 41.2% of electricity usage. Yet, the push for a complete transition remains, with 58.8% still needing conversion to green energy.
A report by McKinsey & Co lays out how Spain and Portugal are primed to spearhead Europe's renewable energy revolution, offering a unique opportunity to advance the energy shift.
Jose Pimenta da Gama, Senior Partner at McKinsey, says: “With Europe’s energy transition in full swing, there is a real opportunity for the Iberian Peninsula to lead it.
