The chairman of Iberdrola, Ignacio Galán, has taken advantage of the World Economic Forum in Davos to announce that the Spanish electricity company will invest 3,000 million euros in green hydrogen to accelerate the
European Green Deal. Galán pointed out that green hydrogen is now the "great European challenge" that must be designed in "a stable European framework to boost investments" in this technology. The president of the energy company stressed that in energy uses that are difficult to electrify, green hydrogen will bring enormous industrial opportunities and that we cannot miss this train, for which it is necessary to "attract investment" and a "stable regulatory framework", as for the rest of the green technologies. He also insisted that coordinated EU action is essential to achieve the ambitious green hydrogen targets, which include a 2,000-fold increase in green hydrogen production capacity.These investments have been agreed in the framework of the signing of the manifesto to accelerate the European Green Pact in the face of the tension in the energy markets. Members of the CEO Action Group for the European Green Deal are ready to work together with policy makers to transform Europe into a greener continent, turning acute energy needs and global food security risks into economic opportunities. The members of the Accord have reinforced their commitment to accelerate Europe's green transition and are ready to support European governments in developing policies that are "fit for purpose".Iberdrola has pioneered this technology, with the inauguration on May 13 of the largest green hydrogen plant for industrial use in Europe. Its capacity is 40 megawatts, and Europe's goal is to reach 40,000 megawatts in the next 10 years. The European Green Pact, supported by Iberdrola and agreed in 2020, seeks to reduce greenhouse gas emissions by at least 55% by 2030 and to eliminate them completely by 2050.In the last 20 years, Iberdrola has grown sixfold in size, becoming the leading company on the Spanish stock exchange, with a capitalization of close to 70 billion euros, the largest electricity company in Europe and one of the four largest in the world. As a result of this growth, Iberdrola maintains 400,000 supplier jobs around the world, has 40,000 employees and contributes more than 30 billion euros to the countries' GDP.