Spain-Date fund created to promote energy efficiency

The Spanish government on Friday approved the creation of a fund with an annual budget of EUR 370 million to promote energy efficiency in buildings, industry and transport.

The National Fund for Energy Efficiency, which will draw on contributions from energy companies (200 million) and European funds (170 million), is within the actual broad decree measures to enable the Spanish economy was adopted Friday by the Council of Ministers.

In a meeting with reports, the Spanish energy minister hoped that this fund-transposing an European

directive that sets efficiency targets to 2020 - mobilize investment associated by some 2,450 million euros.

"The Fund will result in a total savings of more than 11.3 million tonnes of oil equivalent for the entire period," said Alberto Nadal, noting that this represents a saving to the public purse of 7,700 million euros.

(Reporting by Jose Elias Rodriguez; edited by Andres Gonzalez)