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Tag: Spain

Spain Sets a $10.5 Billion Goal for Green Hydrogen

October 5, 2020
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(Bloomberg) —

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Spain is stepping up its efforts to enter the race to build a hydrogen industry, putting it on par with France and Germany in seeking a greener fuel for heavy industry.

The government in Madrid has a roadmap to build 4 gigawatts of green hydrogen capacity by 2030 and is expected to announce Cabinet approval of the program on Tuesday, according to Sara Aagesen, the secretary of state of energy. The program would require an investment of 8.9 billion euros ($10.5 billion) within the next decade. 

“Things are getting very competitive,” Aagesen said in an interview on Monday. “Spain has the capacity to become a relevant player in the renewable hydrogen sector by taking advantage of our high potential of generating renewable power at very competitive prices.” 

The European Union has put hydrogen at the heart of its measures to cut greenhouse gas emissions by at

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Former IMF Chief Rato Acquitted In Spain Bank Trial

September 29, 2020
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Former IMF chief Rodrigo Rato and all other defendants put on trial on accusations of fraud and falsifying the books in the 2011 stock listing of Spain’s Bankia bank were acquitted on Tuesday.

The court said bank’s stock listing had received approvals “from all necessary institutions”.

The listing was very popular among small investors, who lost their shirts when the Spanish state had to nationalise the bank the following year and inject 22 billion euros ($25.7 billion) to keep it from collapsing.

Rato, who headed the International Monetary Fund from 2004 to 2007, led the merger in 2010 of several struggling banks into Bankia.

The image of a smiling Rato ringing the bell and sipping champagne on July 20, 2011 to mark the start of Bankia’s listing has since become a symbol of the scandal.

Former IMF head Rodrigo Rato, who was acquitted over fraud charges related to the 2011 listing of Bankia bank, had always maintained that the authorities were fully aware of what happened at the bank
(L) smiles as he leaves his office.Former IMF chief R Former IMF head Rodrigo Rato, who was acquitted over fraud charges related to the 2011

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