This paper analyses in detail the climate and energy transition components of the Spanish National Resilience and Recovery Programme. Over 40% of the Plan’s €69.5 billion will be invested in a variety of projects related to sustainability and the fight against climate change. Moreover, sustainability cuts across a substantial part of the investments foreseen, while a number of regulatory changes are also to be implemented. After carefully reviewing the key ‘green’ reforms and investments, the paper addresses some of the Plan’s shortcomings, which are mainly related to its administrative capacity. In sum, the Spanish Plan is well defined in terms of what to do but not so much as to how to do it. If its main deficiencies are addressed, the Plan might provide the key tools for a real green transformation.
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