BAKU, Azerbaijan, January 21. Portugal’s energy transition is the cornerstone of its economic strategy, attracting investments through affordable renewable electricity and hydrogen, said Maria da Graça Carvalho, Portugal’s Minister of Environment and Energy.
She addressed the Geoeconomics of Energy and Materials panel during the World Economic Forum (WEF) in Davos, Trend reports.
“We achieved 71% renewables in electricity production last year, including 28% hydro, 27% wind, 10% solar, and 6% biomass. Our ambition is to reach 93% renewables in electricity production and 51% in overall energy consumption,” Carvalho said.
The minister emphasized the importance of renewable energy in attracting investments and building energy independence. “We are focusing heavily on grids, storage, and hydrogen production to enhance competitiveness. Additionally, our collaboration with Spain for an integrated Iberian energy market is key to reducing reliance on external sources,” she added.
Portugal’s progress in reducing its dependency on Russian gas was also highlighted. “In 2021, 15% of our gas imports came from Russia, but by 2023, this figure dropped to 5%. Our primary suppliers are now Nigeria and the United States,” Carvalho noted.
Acknowledging the challenges in transport and building energy transitions, Carvalho underscored Portugal’s commitment to overcoming these hurdles. “We aim to implement this transition swiftly and sustainably while further decreasing our reliance on external energy sources,” she concluded.
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