Portugal has doubled its green hydrogen and solar targets for 2030, Reuters reports. The new goals — presented before a deadline for EU countries to submit revamped clean energy plans — will see the country generate 21 GW in solar energy by 2030 instead of its previous target of 9.3 GW. The country is also aiming to increase its green hydrogen production capacity to 5.5 GW, over double its previous target of 2.5 GW. The targets — which will also see the country adjust its wind power target from 9 GW to 10.4 GW — will require some EUR 75 bn in investments, mostly from private sector financiers, the newswire adds, citing government forecasts.

Net zero hopes for 2045: The new plan — due to be reviewed and finalized by June 2024 — is part of the country’s new ambitions to slash its carbon emissions by 55% from 2005 levels by the end of the decade, decommission gas-fired plants by 2040, and potentially become carbon-neutral by 2045, the news outlet notes. The Iberian country has increased its greenhouse gas reduction goals from 45-55% from 2005 levels by 2030 to a solid 55%, and has a target to source 85% of its electricity from renewables by 2030. Portugal has increased its target of power generated from renewables to 42.8 GW by 2030, up from its previous target of 27.4 GW.

ALSO- Italy also has a new clean energy plan in place: Italy also submitted a new updated clean energy plan to Brussels over the weekend which aims to produce 250 tons of clean hydrogen and increase the country’s renewable energy share to 40% by 2030, Reuters reports. The revised plan will see Italy raise its renewables targets from solar to 79.9 MW, its wind power generation to 28.1 MW, and produce 19.1 MW from hydroelectric power by 2030. The country hopes to push down carbon emissions by 35-37% in the transport, housing, agriculture, waste, services, and the energy-light industries, as well as slash emissions by 62% in the power and energy-intensive industry under the new plan, the newswire notes.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Netherlands-based automaker Stellantis NV will invest at least EUR 100 mn to push down CO2 emissions from its Mirafiori plant in Italy. (Bloomberg)
• South Korean steelmaker Posco Group announced plans to earmark c. USD 93 bn to scale its hydrogen, battery materials, and steel production sectors. (Reuters)