(Portugal continues to expand its wind energy capacity via off-shore floating platforms)
Back in the early 2000s, Portugal decided to make a major change to its energy structure. It invested heavily in building wind, hydro, solar and vehicle to grid infrastructure. The government created a corporation that bought out the power infrastructure and invested money in creating a smart grid. By 2010, 45% of all of Portugal’s energy came from renewables. And, for the first time, Portugal ran 70% of its economy on entirely renewable energy during the first quarter of this year (the vast majority of which was provided by wind and hydro power).
Portugal has produced a stunning achievement. It has increased renewable energy capacity even as it heightened efficiency and constructed a large network of electric vehicle charging stations. Once mostly reliant on fossil fuel imports, Portugal now exports electricity — 6% of that produced so far this year. These innovations are providing Portugal with key economic advantages during what has been a very difficult time for the nation. These advantages will help it continue to trim its trade deficit and keep more of its own money in-country, reducing reliance on debt and fiat inflationary tools.
Many agencies and think tanks have said that such a level of renewable energy adoption is not possible. But Portugal, a small and economically challenged European country, has done it all in just one decade. With its smart grid and network of electric vehicle charging stations, Portugal is now able to continue to increase its renewable energy capacity on up to 100% — a goal that all nations should aspire to.
Portugal provides a good example of how economies can rapidly switch to renewable energy. Such switches will be entirely necessary as the next few decades proceed and the shocks of human-caused climate change intensify.