The help of Iberdrola on Climate Summit responds to the company’s global leadership in energy transfer, a channel in which it is aligned United Nations. The president of Iberdrola, Ignacio Galan went to Climate Ambition Summit as a leader and one of the first advocates of this matter.
Iberdrola, which has been leading the energy transition for 20 years, was one of the first companies to present the plan. He did this after the call made last year by Antonio Guterres business leaders in development. The plan of Iberdrola meets the criteria set by United Nations High-Level Group of Experts of net zero emissions commitments.
Iberdrola presented its energy transition plan at the Climate Summit
prince encourages companies to respond to the call of HE to create and present the Transition Plans as the global temperature continues to rise. «The success of the transition towards a cleaner energy model requires ambition and commitment from companies around the world. However, despite significant progress, there remains a gap between words and action. We are proud to be one of the companies at the forefront of climate action, but it is essential that more companies develop and demonstrate strong transition plans. It’s been a year since the last call to action, and time is against us in the fight against the climate crisis. he assured.
she Climate Change Plan presented at the so-called Climate Summit established the actions and mechanisms that Iberdrola will be implemented to achieve environmental goals and ensure that its activity contributes to the decarbonization of the economy as a whole.
Actions built into the roadmap include:
- Establish goals to achieve carbon neutrality in scope 1 and 2 by 2030 and net zero emissions before 2040 for all scopes, including 3.
- The company’s short- and long-term emission reduction targets are based on science and are in line with the 1.5ºC target of the Paris Agreement.
- The commitment to invest directly in projects with a high impact on sustainability, finding synergies with biodiversity objectives. Iberdrola is committed to the 2030 Biodiversity Plan, which includes the goals of ensuring that business activity does not generate net deforestation by 2025 and has a net positive impact on biodiversity by 2030.
- The decarbonization strategy focuses on reducing emissions, working on an electricity system entirely based on renewables as the backbone of a decarbonized energy system.
Support for the Plan presented at the Climate Summit
she Climate Change Plan This is supported by the investment plan (2023-2025) which commits 47 billion euros until 2025 to promote the energy transition, with more than 27 billion euros allocated to networks and investments and 17 billion euros to renewables energy.
All this to reach 52,000 MW of renewable installed capacity by the end of the period (from ~40,000 MW in 2022), while increasing the storage capacity of more than 100 GWh.
A company that anticipates the energy transition
Iberdrola has undergone a profound change in the last two decades, looking forward to the energy transition in 20 years to face the challenges of climate change and the need for a clean, reliable and intelligent model of business:
- It has established itself as a world leader in renewable energy.
- It closed all of its coal and fuel oil capacity worldwide, which consisted of 17 plants and had approximately 8,500 MW between 2001-2020.
- It has invested 150 billion euros in the energy transition since 2001, expanding its operations to the US, the United Kingdom, Germany, France, Brazil, Mexico and Australia.
- He committed to a Biodiversity Plan 2030 which includes targets to ensure that business activity produces no net deforestation by 2025 and has a net positive impact on biodiversity by 2030.
Iberdrola is the largest electricity company in Europe
Its commitment to combating climate change has led to Iberdrola to multiply its assets by 7, reaching 160,000 million euros, and to become the largest electricity company in Europe and one of the three largest in the world by market capitalization.
“Companies can – and must – use their leverage and strength to move forward and play a more central role in climate leadership. Establishing a clear roadmap, which can be proven of companies, is essential for business emission reduction efforts. he concluded Ignacio Galan.