Galán announces that Iberdrola will invest 3 billion in green hydrogen to accelerate the European Green Deal
The chairman of Iberdrola, Ignacio Galán, has announced at the World Economic Forum in Davos that he 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, an opportunity and that a stable European framework must be designed to boost investment in this technology.
The Chairman 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 we need 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 objectives, which include multiplying green hydrogen production capacity by 2,000 times.
Iberdrola has been a pioneer in this technology, with the inauguration on 13 May 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. These investments have been agreed in the framework of the signing of the manifesto to accelerate the European Green Pact in the face of strained energy markets. The 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".
The European Green Deal, supported by Iberdrola and agreed in 2020, has today received a boost to reduce greenhouse gas emissions by at least 55% by 2030 and eliminate them completely by 2050. Iberdrola, an example of value creation Galán believes that Iberdrola's track record over the past 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 capitalisation 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.
