Commission endorses Spain's €163 billion modified recovery and resilience plan #NextGenerationEU

Today, the Commission has given a positive assessment of Spain's modified recovery and resilience plan, which includes a REPowerEU chapter. The plan is now worth €163 billion (€83 billion in loans and €80 billion in grants) and covers 111 reforms and 142 investments.

Spain's REPowerEU chapter consists of a new reform, a scaled-up investment drawing on three existing measures, and seven new investments to deliver on the REPowerEU Plan's objectives to make Europe independent of Russian fossil fuels well before 2030. These measures focus on diversifying away from fossil fuels, notably by accelerating the deployment of renewable energy, renewable hydrogen, decarbonising industry and investing in the value chain for the net-zero industry.

In addition, the revised recovery and resilience plan includes 59 measures that are new or aim to increase their level of ambition. The new measures seek to strengthen Spain's business environment and attract skilled workers, improve the sustainability of the agricultural sector, promote the circular economy and counter desertification, streamline permitting procedures for renewable energy projects, strengthen cybersecurity rules and boost affordable housing. The proposed new or scaled-up investments cover new financial instruments to promote investments in the economy, including to support the green and digital transitions, as well as the competitiveness of SMEs.

RAPID, IP/23/4700, 2.10.2024
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