Latest news and stories about economic policy in environment in Portugal for expats and residents.
The implementation of windfall profit taxes on energy companies remains a contentious policy, with experts questioning its effectiveness in mitigating the real-world impacts of the ongoing energy crisis.
The energy transition is a critical issue that must be prioritized in economic, industrial, and climate policy discussions. It is essential for sustainable development and addressing climate change.
The regional secretary for the Economy considers that Madeira's “large exclusive economic zone” constitutes a “natural wealth of the region” that is yet to be investigated and explored.
Former Minister of Industry and Energy Luís Mira Amaral analyses Europe's level of preparedness to face the energy crisis triggered by the war in the Middle East.
António Costa places the energy crisis at the top of Brussels' priorities.
The Prime Minister spoke late at night from Brussels, following his participation in the European Council, to highlight the solidarity expressed during the meeting. Regarding the government's actions, Luís Montenegro pointed to the effort being made to ensure Portugal does not lose or have to return any funds from the RRP (Recovery and Resilience Plan) and the Commission's support in this regard.
The European Council meeting on Thursday, March 19, was intended to focus on competitiveness, but the escalation of the war in the Middle East has shifted the agenda. European Council President António Costa noted that leaders will discuss the situation in Iran and the region, as well as the geopolitical and economic consequences, including energy prices and security. Energy Commissioner Dan Jørgensen suggested potential short-term measures to address price spikes, while Commission President Ursula von der Leyen proposed long-term strategies like accelerating renewable energy investment. The meeting will also address the EU's industrial competitiveness, the 'EU Inc.' initiative, and the ongoing conflict in Ukraine, amid continued Hungarian opposition to aid packages and sanctions.
Portugal had 1.56 million tonnes of physical oil and petroleum product reserves in the final quarter of last year, according to data from ENSE. Prime Minister Luís Montenegro announced that Portugal will release 10% of its strategic oil reserves to increase supply and help contain fuel prices, joining an International Energy Agency agreement to release 400 million barrels globally following the closure of the Strait of Hormuz.
The article “Desalentos” by Eduardo Oliveira e Silva discusses the challenges facing Portugal in the context of its development and infrastructure projects. The author expresses skepticism about the effectiveness of the PTRR (Recovery and Resilience Plan), citing failures of previous plans and a lack of capable institutions, skilled construction companies, and financial resources at the municipal level. He highlights the absence of strategic consensus among political parties, civil society, and business groups, which hampers progress. The piece emphasizes the need for a comprehensive reevaluation of the country's approach to development, particularly in light of climate change and evolving circumstances. Oliveira e Silva warns that without strong leadership and broad consensus, Portugal risks becoming irrelevant and burdensome to its partners due to ongoing incompetence.
