Spain, Portugal and Luxembourg Push for 2040 Renewable Energy Targets

The European Union currently operates under binding renewable targets for 2030, which aim for a 42.5% share of renewables in the total energy mix. While the bloc has committed to a 90% emissions reduction by 2040, it has yet to define a specific renewable deployment goal for that decade. Ministers from the three member states contend that establishing these targets now is essential to insulate the European economy from fossil fuel price shocks and supply chain disruptions.

Industry stakeholders have echoed this urgency, noting that solar power alone has already saved the bloc approximately 34 billion dollars in avoided gas imports since the onset of the Middle East conflict. Despite these economic gains, SolarPower Europe recently warned that the continent faces a contraction in new solar deployment this year as policy support wanes. By formalizing 2040 goals, the three nations hope to provide the regulatory certainty necessary to stabilize industrial competitiveness and accelerate the transition toward climate neutrality by 2050.