At the World Economic Forum in Davos, Iberdrola Chairman Ignacio Galán said that the business will invest €3 billion in green hydrogen to help speed the ‘European Green Deal.’
Galán stated that green hydrogen is now a major European issue as well as an opportunity and that a secure European framework is needed to encourage investment in the technology.
Green hydrogen, according to the Chairman of the Spanish utility, would open up vast industrial prospects for energy applications that are difficult to electrify. We can’t afford to miss this train, he continued, and a robust regulatory framework, like the rest of green technology, is necessary to attract investment. He also emphasized that achieving the lofty ambitions, which include doubling green hydrogen production capacity by 2,000 times, will need concerted EU effort.
After the commissioning of Europe’s largest green hydrogen plant for industrial usage on May 13, Iberdrola has been a pioneer in this technology. The facility will create 3,000 tons of green hydrogen each year, and the business is working on a project that will cost €9,000 in total.
These investments were agreed upon as part of the Manifesto for the Implementation of the European Green Deal in the New Global Context. Members of the CEO Action Group for the European Green Deal are ready to collaborate with policymakers to transform Europe into a greener continent, transforming critical energy demands and global food security threats into economic possibilities. Members of the Action Group have reaffirmed their commitment to speeding up Europe’s green transition and have stated their willingness to assist European governments in adopting policies that are “fit for purpose.”
The European Green Deal, backed by Iberdrola and signed in 2020, aims to reduce emissions by 55 percent by 2030 and reach net zero by 2050.
Galán believes that Iberdrola’s 20-year track record demonstrates that a company’s dedication to combating climate change helps not just the environment, but also its shareholders and society as a whole.
Iberdrola has risen sixfold in size over the last 20 years, becoming the most valuable business on the Spanish stock exchange, with a market value of about €70 billion, the largest energy provider in Europe, and one of the top four in the world.
Iberdrola sustains 400,000 supplier employment globally, employs 40,000 people, and contributes more than €30 billion to the GDP of the countries where it works as a result of its expansion.
