The chairman of Iberdrola, Ignacio Galán, announced at the World Economic Forum in Davos that it will invest 3,000 million euros in green hydrogen to accelerate the European Green Deal. The electricity company, which has more than 60 projects in eight countries, considers that green hydrogen is now the great European challenge, an opportunity and that a stable European framework must be designed to boost investment in this technology.
The president of the electricity company wanted to emphasize that in energy uses 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 multiplying green hydrogen production capacity by 2,000 times.
Iberdrola has been a pioneer in this technology, with the inauguration, on May 13, of the largest green hydrogen plant for industrial use in Europe, as there are other plants of the same size, but for other purposes. The plant will produce 3,000 tons of green hydrogen per year and the company has a portfolio of projects, which will require investments of 9,000 million in total.
These investments have been agreed as part of the signing of the manifesto to accelerate the European Green Pact in the face of strained 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. Accord members 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."
The European Green Pact, supported by Iberdrola and agreed in 2020, has received a boost to reduce greenhouse gas emissions by at least 55% by 2030 and eliminate them completely by 2050.
The electricity company has close to 60 projects in eight countries.
Galán believes that Iberdrola's track record over the last 20 years proves that its commitment to the fight against climate change not only benefits the environment, but also its shareholders and society in general.
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 private 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.