"The best thing you can do for the planet and for people is to invest in renewables", says Ignacio Galán on CNBC

"The best thing you can do for the planet and for people is to invest in renewables. They are more efficient, cleaner and cheaper, and they are creating millions of jobs around the world". The Chairman of Iberdrola, Ignacio Galán, made this statement in a live interview on CNBC, on the occasion of his participation in the Annual Meeting of the World Economic Forum in Davos. 

He also highlighted how the world is aware of the need to promote energy efficiency and energy self-sufficiency: "We cannot depend on third parties".  

In his opinion, in order to be able to finance the tripling of renewables so necessary to achieve the decarbonisation objectives, a coherent message must be given to the markets. Extraordinary taxation in Europe makes no sense. Energy prices have already risen, in some cases, as a result of political decisions", he warned.  

Galán also defended the key role of grids in the energy transition in order to meet climate objectives, integrate renewables into the system and thus guarantee security of supply. In this sense, he recalled that "we need more interconnections" and "more investment, more than double". "Grids have been forgotten for years. It is good that the International Energy Agency and the European Commission are focusing on them".   

Along with renewables and grids, he underlined the key role of storage technologies, among which pumped hydroelectric installations stand out. He also mentioned the article published by the prestigious financial newspaper Financial Times on the Tâmega gigabattery, a key Iberdrola project in Portugal, which has involved an investment of more than 1.5 billion euros.

If you want to see the full interview with Ignacio Galán on CNBC, you can find it here.