Minister Duarte Cordeiro told the Portuguese parliament that the energy sector will see investment of at least €60bn by 2030. (Photo by vins_m via Getty Images).

Portugal’s environment and climate action minister said on Wednesday that the country’s energy sector should expect to see “at least $63bn [€60bn]” of investment by 2030.

Minister Duarte Cordeiro told the parliament of Portugal that, “based on estimates made by our ministry, by 2030, the Portuguese energy sector will mobilise investment of at least €60bn”, Lusa reports. “The total value of these investments that I have described corresponds to about 25% of our country’s current GDP,” he added.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

According to Cordeiro, this is a “conservative” estimate based on objectives set out in energy transition and decarbonisation plans for the sector. It is predicted by the ministry that a large portion of investment will come from private or foreign companies.

Cordeiro also said that in order to meet the goals of the National Energy and Climate Plan (NECP) for 2030, wind power capacity must increase by 3.4GW. He said that this “represents an investment of between €4bn and €4.5bn [$4.2bn to $4.8bn]”. Solar energy will see an investment of “between €4bn and €4.5bn [$4.2bn to $4.8bn]”, to increase its production capacity by 6.4GW.

Investments in hydrogen of around $8.5bn-$10.5bn (€8bn to nearly €10bn) have been included in the funding requirements to meet the NECP’s goals.

The government also plans invest an additional $216m (€204m) in the ‘green’ gas pipeline that crosses the Iberian Peninsula to Marseille, France.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The sea-based corridor, named the Green Energy Corridor, was first agreed by Spain, Portugal, and France in October last year. When completed, it will carry hydrogen and gas between Portugal and Spain to France and other part of Europe. The countries also plan for it to be used temporarily to supply emergency LNG to other parts of Europe to alleviate the effects of the energy crisis.

The three countries will apply for EU funding for the pipeline which has a total estimated cost of $2.64bn (€2.5bn).

Portugal’s Prime Minister António Costa and Cordeiro chaired a ceremony on Tuesday that saw green hydrogen injected into the Portuguese natural gas network for the first time. In a closing speech, Costa said that Portugal must pursue a clear strategy for investment in the development of green hydrogen as a means of meeting NECP targets and increasing the country’s energy independence.