Spain faces the challenge of decarbonization

Europe is making unstoppable progress in implementing solutions for the climate emergency. Sustainability goals are already part of the principles, culture, and growth strategy of all countries, becoming a reality through the signing of international agreements. Thus, our continent is a pioneer in proposing a Net Zero environment by 2050 and in promoting the Sustainable Development Goals for 2030. European guidelines address both the duty to protect the environment and efficient decarbonization. In this vein, companies joining the change seek support and lower costs throughout the process to make the transformation profitable for them. Spain has also introduced its own carbon neutrality challenge through the Integrated National Energy and Climate Plan (PNIEC) for 2030, leaving nine years ahead to meet it while simultaneously assuming European objectives. A very ambitious goal that translates into a much tougher challenge for our country than for the rest of Europe. Furthermore, the starting point for decarbonization is already complex in itself because we emit 300 million tons of CO₂ each year, the same figure as in 1990, and reaching the target would require a 23% reduction in a short time. Fortunately, Spain has already begun the decarbonization process. According to the National Inventory of Greenhouse Gas Emissions from July 2021, emissions have been reduced by 6.2% since 2019, but energy processes, such as those produced by transport or industry, still account for 75% of them. Therefore, we conclude that the only path to decarbonization is to evolve towards more sustainable forms of energy generation. Electricity stands out as the preferred solution for decarbonization. This source produces only 13.5% of CO₂ thanks to the introduction of renewable energies and the replacement of coal with natural gas, but the change still poses a major obstacle for the business sector and society in general. The increasingly high price of electricity and the presence of obsolete technologies that do not allow the integration of electrical power systems in established companies are the main structural drawbacks and require significant liquidity for their transformation. Furthermore, although we are not misguided in considering that efforts must be made to decarbonize thermal power plants, we would still need to address the remaining 85% of emissions produced by other sectors. Although many other companies are indeed implementing sustainability plans based on competitive technologies, such as light transport, most businesses lack the necessary maturity, often due to a lack of focus on R&D&I. And despite all the machinery and financing provided through the Green Deal or Next Generation funds to facilitate the energy transition, it is necessary that 4 out of every 5 euros of private capital be invested in decarbonization. We need to work together and make an impact across all areas to achieve the European carbon neutrality goals. That will only be possible if we present projects that consider both sustainability and the business interests of companies. Therefore, the only way to decarbonize our economy is to combine energy efficiency, renewable energies, the circular economy, and offsetting. A whole range of profitable alternatives to facilitate the Net Zero strategies of Spanish companies, which will be the main protagonists of change through decarbonization and will thus achieve a green future for all.