Spain, Portugal, and Luxembourg have called on the European Union to establish renewable energy targets for 2040. According to the energy ministers of these countries, the European Union must act swiftly to develop clean energy to reduce dependence on fossil fuels and geopolitical disruptions in oil and gas supply.
Emphasis on the Need for Swift Action
The energy ministers of Spain, Portugal, and Luxembourg stated in a letter to the EU Energy Commissioner, Dan Jørgensen: "Due to geopolitical uncertainties and considering the implications of the closure of the Strait of Hormuz, we must act quickly to reduce dependence on fossil fuels." These ministers stressed that the 2040 renewable energy target should send a clear signal to investors and markets.
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Current Targets and Challenges
The European Union has legal targets for renewable energy by 2030, but has not set any target for 2040. The 2030 target of the Union sets a minimum of 42.5 percent for the share of renewable energy in the energy mix. Additionally, the share of renewable energy in the EU's energy consumption was 26.2 percent in 2025.
For 2040, the European Union has only considered a target to reduce greenhouse gas emissions by 90 percent compared to 1990, which includes an internal target of 85 percent and a maximum of 5 percent from international carbon credits. The request from Spain, Portugal, and Luxembourg to set renewable energy targets for 2040 comes a few months after renewable energy stakeholders had urged EU energy ministers in June to "set legally binding renewable energy targets for 2040 and strengthen investment policies to enhance energy security, improve industrial competitiveness, and provide long-term certainty for investors in the European clean energy value chain."
For example, solar energy has contributed over 30 billion euros (about 34 billion dollars) in gas imports for electricity generation to the EU in the past six months since the onset of the Middle East conflicts. However, due to decreasing political support, the industry has warned that the EU is heading towards a slight decline in solar energy development this year.
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