Iberdrola is recognised by the United Nations Global Compact for its high level of commitment to sustainability
Iberdrola has been recognised by the United Nations Global Compact Spain for its strong commitment to sustainability through the ‘Forward Faster’ initiative. The company received this award during the event held to mark the 20th anniversary of the organisation.
The measures being taken by the company in key areas such as climate action, protection of human rights and green finance have the power to accelerate progress on the Sustainable Development Goals (SDGs). These actions have been decisive for the Global Compact to value Iberdrola's high level of commitment and leadership in sustainability.
The ‘Forward Faster’ initiative aims to increase accountability and transparency by calling on companies to make public their commitments and highlight the actions they will take to meet the goals.
Actions taken
Iberdrola reports annually on its sustainability progress to the United Nations Global Compact.
- Forward Faster' recognises that gender equality is essential for sustainable progress. The utility is committed to working towards equal representation, participation and leadership at all levels of management and equal pay for work of equal value by 2030.
- Climate change and global warming are some of today's most pressing challenges. In particular, Forward Faster has called on companies to take action including science-based net emissions reduction targets in line with the 1.5°C limit and, in addition, to contribute to a just transition that addresses the social impacts of climate change.
- Another objective is the eradication of in-work poverty. Iberdrola ensures that 100% of its workers earn a living wage, aligns with the goal of the 2030 living wage initiative. It is also working to establish joint action plans with contractors and supply chain partners to achieve the goal.
- Another of the global challenges driving Forward Faster is water scarcity. Iberdrola has developed water resilience in its operations and supply chains. It has also shown its commitment to collaborate to achieve a positive water impact in at least 100 priority vulnerable watersheds by 2030.
- Finally, Iberdrola's programme ensures that adequate financing is essential to achieve the goals of the 2030 Agenda. It also urges organisations to align their corporate financing strategies linked to the SDGs. It should be noted that Iberdrola, a world leader in green bond issuance, signed a first sustainable credit linked to the United Nations 2030 Agenda in 2019. Specifically, this was the first operation linked to SDG 7: affordable and clean energy.
The figures confirm the company's leadership in financing ESG projects: the volume of operations at the end of 2023 is already almost €54.5 billion. Furthermore, the investment plan has a very high degree of alignment (approximately 90%) with the European Union Taxonomy, one of the fundamental bases of the EU's sustainable finance framework.
Iberdrola and the Global Compact
Iberdrola has been a member of the Global Compact since 2002, undertaking the commitments to support, promote, and disseminate its ten principles relating to human rights, labour practices, the environment, and anti-corruption, both within its area and within its sphere of influence, and to contribute to the achievement of the United Nations Sustainable Development Goals.
