Sánchez proposes extending European funds to electrify the economy
The Spanish president also asks for fiscal rules to be suspended
MadridThe Spanish President, Pedro Sánchez, is participating in the informal summit of European Union leaders in Cyprus to address the war in Ukraine and in the Middle East. At this point, in statements at the entrance of the meeting, he explained his proposals: on the one hand, to extend European funds for six or twelve months to electrify the economy; and, on the other hand, to suspend fiscal rules when it comes to investment also in this area. According to Sánchez, it is necessary for the European Union to have "more ambition" and he also called for a tax on large energy companies, as was done at the beginning of Russia's invasion of Ukraine, as he stressed that these companies are benefiting from the increase in supply prices.
"We need more resources for the green transformation," he proclaimed, in view of the effects of the increase in oil prices due to the conflict in the Strait of Hormuz on all European Union countries. "Since the war began, the import of fossil fuels has increased by 24 million euros; 500 million a day," said Sánchez. In short, he called for more assertiveness from the entire European Union to alleviate the energy crisis, pressure that last night, when the dinner was also held within the framework of the same summit, the Italian Prime Minister, Georgia Meloni, also demanded —reports Gerard Fageda.
In this way, the Spanish president reaffirmed his 'no' to the war in Iran and his support for Ukraine, as well as his support for international law and the multilateral order. In this regard, he insisted, as the Minister of Foreign Affairs, José Manuel Albares, did on Tuesday, that the EU suspend the association agreement with Israel. "There is a double standard with Ukraine," denounced the Spanish president, who advocates for defending the territorial integrity of Ukraine in the same way as Lebanon, the West Bank, and Gaza. "This detracts from our legitimacy. The law of the strongest leads us to a weaker world, to more deaths and more suffering," he stated.
Key to the Spanish economy
In principle, the European Next Generation EU funds and those linked to recovery plans -which were born with the Covid-19 pandemic- end on August 31, 2026. Despite loopholes being found for projects receiving this money to be executed beyond this date, European manna will cease to exist from this day onwards. Countries, however, have had to do the impossible to try to meet the milestones and commitments to receive the funds -Spain has already received a total of 71.4 billion euros disbursed by the European Commission.
For Pedro Sánchez's government, the electrification of the economy is key, considering that the goal is for 80% of the energy consumed by 2030 to be renewable. Beyond deploying green technologies (photovoltaics, wind power, etc.), this requires investment to strengthen the electrical system and its infrastructures (transport and distribution networks), but also key technologies such as storage. However, last summer the European Parliament already proposed extending these funds by 18 more months to ensure, precisely, the correct execution of projects. The European Commission, which has so far been reluctant, would have the final say.
