Spain, Portugal and Luxembourg Urge the EU to Set a 2040 Renewable Energy Target

Spain, Portugal and Luxembourg called on the EU to set a 2040 renewable energy target to reduce dependence on imported fossil fuels and vulnerability to geopolitical supply disruptions. In a letter to EU Energy Commissioner Dan Jorgensen, the three countries said a 2040 target should send a clear signal to investors and markets. The EU currently has only a binding renewable energy target for 2030, while its only binding target for 2040 is to cut emissions by 90% from 1990 levels.