Pan-European energy: Jolting Spain out of the financial crisis

Date

2011

Authors

Feduk, Rob

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Volume Title

Publisher

Bachelor of Commerce Best Business Research Papers

Abstract

Spain’s current economic situation as it passes through the global financial crisis has produced a series of significantly detrimental economic circumstances. This has left Spain with a record high unemployment rate, banks floundering in the stagnant real-estate market, and the need for a possible bailout in its future. These economic afflictions have created a necessity for Spain to development new economic fortes and form a farsighted economic plan of action. Meanwhile the European Union (EU) has made the goal to reduce CO2 emissions 80% by 2050. The European Climate Foundation has been tasked by the EU to formulate a Roadmap that eliminates Europe’s dependence on carbon energy through the mixture of a pan-European switch to less carbon intensive technologies and the development of a European energy grid based on the flow of renewable power from country to country derived from supply and demand. This paper examines the complementary opportunities and weaknesses present in Spain’s economic situation and in the goals specified in the Roadmap. It is shown that Spain can utilize its comparative advantages towards become a leading supplier of renewable energy, which can lead to resolution of some of the problems caused by the economic crisis while provide a competitive advantage for Spain in years to come.

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Citation

Feduk, R. (2011). Pan-European energy: Jolting Spain out of the financial crisis. Bachelor of Commerce Best Business Research Papers, 4, 46–60.