The Basque government will encourage the creation of a macro investment fund, albeit with a mix of public and private resources, similar to the sovereign wealth fund operating in some northern European countries such as Norway. The goal is to take … Shareholders in large companies – “Basque multinationals” are actually referred to – with the aim of influencing them to avoid the relocation of their decision-making centers. The experience of recent years has already shown that a fund of a few hundred million euros, such as Finkatuz of the Basque executive, cannot achieve this objective. Confluence between resources
Administration but private investments. To further reinforce this policy, PNV and PSE are promising to “accelerate” decision-making at Finkatuz – the fund has spent the last year and a half without new investments – while they are also promising to ease EPSV regulations. Their investments in companies in autonomous communities.
Decarbonization
The plan also contains a clear commitment to decarbonisation, including a commitment by the administration not to become a shareholder in companies linked to fossil fuels – with some public participation still in gas-related companies beyond 2030. However, it is a very clear endorsement of Petronr’s strategy, which includes support for industrial processes linked to synthetic fuels, especially support for the aviation sector, which is one of the Basque company’s strategic challenges.
There is no doubt, the tradition that has been maintained for decades in the Basque administration, will be the commitment to promote the industry, because the sector makes a difference in the growth model and guarantees high salary wages. At the same time it allows moderation of cycles of depression in the economy. Along these lines, the new administrator wants to maintain the pace of investments destined for research and development, to reach a rate of 6%, in line with the most advanced countries in the European Union.
Risk-free conversion
There is also a firm commitment to the energy transition, but without risking the industry and taking a moderate and extreme position on this issue, the future of a part of the economic structure of the Basque Country, linked to technologies. It disappears along the way. So, with a commitment to promote renewable electricity production – 900 MW in the legislature – the project winks at Petronador by supporting the production of synthetic fuels, especially for use in aviation. A subsidiary of the Repsol Group.
A few things are notable, such as the announced tax reform that will be addressed in the second half of the year. The PNV has imposed that the role of the Basque government should be reduced to that of promoter and creator of certain ideas. Along these lines, the project acknowledges the need to promote tax exemptions that affect the energy transition, as a way of announcing an axis of action that affects not only environmental issues but also the development of many industrial sectors such as energy. Automobile.
