Spain's government is proposing new legislation to have the country commit to net-zero carbon emissions by 2050 at the latest, which, if approved, will ban all new oil, gas, and coal projects with immediate effect.
The bill, presented by the government that still requires Parliament approval, will also aim to make Spain's electricity generation coming only from renewable sources by 2050, BusinessGreen reports. All vehicles on Spanish roads will also have to be zero-emission by 2040, according to the draft law.
The Spanish cabinet hopes that the new legislation, if passed, could mark the course to recovery for the country and its economy after the COVID-19 pandemic, in which Spain is one of the worst affected countries in the world.
The new legislation would put Spain on course to fulfill its pledges under the Paris Agreement and play a crucial part in the EU Green Deal.
If the bill becomes law, Spain will join another major European economy, the UK, in enshrining a net-zero pledge into law.
In June last year, the UK became the first major economy in the world to enshrine into law its target to reduce its greenhouse gas emissions to net zero by 2050. Under the law, the UK will be required to have net-zero carbon emissions by 2050, compared to a previous target of at least an 80-percent emissions reduction from 1990 levels.
Earlier this year, the European Commission proposed enshrining the European Green Deal's commitment for carbon neutrality by 2050 into legislation as part of the European Union's heightened focus on climate action and policy.
Under a European Climate Law, the 2050 carbon neutrality target would become legally binding and all EU institutions and member states will be collectively bound to take the necessary measures at the EU and national level to meet that target.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. More