Law 2/2011, on Spain’s Sustainable Economy, regulated by Royal Decree 1494/2011, of 24 October 2011
This Law aims to make the economy more competitive by promoting environmental sustainability in sectors such as energy, transport and sustainable mobility, and housing.
The Law has four sections. The first is dedicated to improving the economic environment. The second addresses competitiveness and the third, environmental sustainability. The fourth deals with how to implement and evaluate the Law.
The major principles of environmental sustainability are the guarantee of economic efficiency, respect for the environment, national objectives for 2020 on energy saving and efficiency and on the use of renewable energy. Energy policy should promote renewable energy, strengthen predictability and efficiency in energy policy decisions – especially as regards the incentives framework – and cut back the contribution of energies with higher CO2 emission potential.
The law establishes a national target of 20% of energy consumption to come from renewable energy by 2020 for both homes and commercial buildings.
It also creates the Carbon Fund for a Sustainable Economy (FES – CO2), which will help to reduce GHG emissions by buying carbon credits.
