In view of the crisis generated by the COVID-19 pandemic, numerous voices are emerging from all areas of society suggesting the use this moment of recovery as an opportunity to drive the transition to a new socio-economic model that is climate-neutral, resilient, sustainable and inclusive. This is what is known as the Green Recovery, a vision to which Iberdrola group is fully committed and the horizon towards which it has been working for more than two decades.
Committed to the Green Recovery as a path to economic and employment recovery
In view of the crisis generated by the COVID-19 pandemic, numerous voices are emerging from all areas of society suggesting the use this moment of recovery as an opportunity to drive the transition to a new socio-economic model that is climate-neutral, resilient, sustainable and inclusive. This is what is known as the Green Recovery, a vision to which Iberdrola group is fully committed and the horizon towards which it has been working for more than two decades.
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Firmly convinced that any recovery after COVID-19 can only be green, Iberdrola is committed to accelerating its investments in renewable energies, digitalisation and electrical mobility to boost economic and employment recovery. It thus continues its advance towards energy transition and the decarbonisation and electrification of the economy, a path it began 20 years ago and which, since then, has led it to allocate €120 billion to this area, becoming a world leader in renewables.
Likewise, the company has launched a historic 75 billion euro investment plan for the period 2020-2025 with the aim of contributing decisively to the economic recovery, boosting the industrial fabric and employment in the countries in which it operates. Around 90 % of this investment volume — €68 billion — will be organic and aimed at strengthening its business model based on more renewables, more grids, more storage and more smart solutions for its customers. Specifically, 51 % of this organic growth will go to renewables and 40 % to grids.
Ignacio Galán, chairman of Iberdrola group
After 20 years of anticipating the energy transition, our business model positions us as a key agent in the transformation of the industrial fabric. With our experience, our engagement with society and our financial strength, we are advancing a model for long-term sustainable economic growth capable of meeting the current challenges of society
Group chairman, Ignacio Galán, believes that backing a green economy means "investing in renewables, smart grids and energy storage” in order to make greater electrification possible. In addition, he points out that this transition offers opportunities in the field of new technologies and industrial processes, such as green hydrogen, an area in which Iberdrola is at the forefront of significant progress with its project to build Europe's biggest green hydrogen plant for industrial use and install 800 MW of this technology in Spain.
Likewise, Galán, maintains that "to achieve a rapid and sustained economic reactivation it is fundamental to identify the sectors with the greatest potential to act as drivers of recovery," which must be aligned with European strategic priorities — such as energy transition and digitalisation — and set themselves up as generators of investment and employment. In this sense, stresses that, "for every job created within energy sector, 12 more are generated in others such as construction, manufacturing of capital goods, engineering and installation services and machine tools."
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IBERDROLA AS A DRIVER OF EMPLOYMENT
Iberdrola is ready to be one of those vectors of employment and sustainable growth. The company will invest €10 billion this year — twice as much as in the last five years —, helping to revive the economy and employment. It maintains its forecast of hiring 5,000 new professionals throughout 2020, with almost 20,000 new hires by 2025.
Ignacio Galán, chairman of Iberdrola group
We are making steady progress in our commitment to invest €10 billion by 2020, demonstrating that the only way to a rapid and sustained recovery is the green economy
The group has also already placed forward orders with its suppliers worth around €7 billion in the First Half 2020 and expects that the purchase of goods and services from its more than 22,000 suppliers worldwide will contribute to supporting around 500,000 jobs in the period 2020-2025.
IBERDROLA SUPPORTS THE EUROPEAN GREEN DEAL
The company chairman affirms that the great European Green Deal brings "growth, employment and prosperity." "We have the resources, the technology and the knowledge to move towards a green recovery," he says, and the EU Recovery Package that the European Commission (EC) has just presented to Parliament provides "a clear and predictable framework" to implement this plan.
Ignacio Galán, chairman of Iberdrola group
We strongly support the strategy for a rapid and sustainable recovery being based on the 'European Green Deal'
The European Union in December 2019 presented its European Green Deal, which establishes a roadmap to transform the European economy based on the green transition. The EC has identified this Green Deal as a catalyst for growth and the European Parliament and most governments are following the line set by it. Now, with the EU Recovery Package, the Commission is showing its determination to allocate available resources to future sectors: clean energy, efficiency and electric mobility.
Iberdrola, which has supported the Green Deal from the beginning, believes the agreement will allow the opportunities posed by the fight against climate change to be taken advantage of and the countries' competitiveness to be improved. By placing decarbonisation and digitisation at the centre of the political strategy, investments in renewable energies — cleaner, safer and more affordable — will be fostered, lasting and quality jobs will be generated, and air pollution will be reduced, thus improving citizens' health. "We can and must exit this crisis by investing in a stronger, more united, more competitive and more sustainable Europe," Galán stresses.
- sub PPA WITH DANONE
We are joining forces with Danone to promote the creation of the largest photovoltaic plant in Europe
We have signed a long-term power purchase agreement (PPA) with Danone Spain whereby 100 % of their renewable electricity will come from the largest photovoltaic plant planned in Europe: Francisco Pizarro. With an installed power of 590 MW and an investment of 300 million euros, this plant will prevent the emission of more than 245,000 tonnes of CO2 per year when it comes into operation in 2022.
- sub DAIRYLAND POWER COOPERATIVE
Avangrid Renewables completed commissioning of the 154.8 MW Tatanka Ridge Wind. The 56-wind-turbine facility is owned by Tatanka Ridge Wind — which is jointly owned by Avangrid Renewables (15 %) and WEC Energy Group (85 %) — and has reached a power purchase agreement with the Dairyland Power Cooperative, to whom it will provide enough renewable energy to power approximately 16,000 homes.
- sub CONSTRUCTION OF NECEC
Iberdrola group's US subsidiary, AVANGRID, has secured a Presidential Permit from the United States Department of Energy for the New England Clean Energy Connect (NECEC) project, meaning that construction, which is set to take two years, can now go ahead. In association with Hydro-Québec, NECEC will transmit 1,200 MW of clean hydroelectric power from Quebec, Canada to New England, in the USA, significantly reducing carbon emissions in the region.
- sub GREEN INVESTMENTS IN SALAMANCA
Iberdrola continues to lead the development of large-capacity renewable projects, with the start of the approval process for 500 new green MW in Castille and Leon (Spain): the Villarino photovoltaic (200 MW) and the Villarino wind farm (300 MW). Salamanca thus becomes the province in the region with the greatest number of renewable projects in the pipeline for Iberdrola, where the company is also in the process of completing the Environmental Impact Statement for two other photovoltaic installations: Villarino de los Aires (50 MW) and Ciudad Rodrigo (318 MW).
- sub ENTRY INTO DENMARK
Iberdrola has joined forces with Total to develop plans for an offshore wind farm in Denmark. The 50/50 partnership has been pre-qualified by the Danish Energy Agency to submit a bid for the Thor offshore wind farm in the Danish North Sea. Thor will be one of the largest offshore windfarms in the world with a capacity between 800 MW-1,000 MW.
- sub ENERGY BATTERIES
For the first time, SP has exported energy from a commercial 1 MW battery energy storage system connected to the Carland Cross windfarm in Cornwal. This important milestone means that the energy stored in the battery will soon be available for the Cornwall Local Energy Market (LEM) initiative, helping balance electricity supply and demand at a local level.
- sub SECOND ANNIVERSARY OF MEXICAN SOLAR POWER
Two of Iberdrola's major solar power plants are celebrating two years in operation: Hermosillo, in Sonora, and Santiago, in San Luis Potosí. Mexico, the ideal location to produce solar energy, has the group's largest photovoltaic solar farms globally.
- sub NEW BUSINESS UNIT
Our UK subsidiary ScottishPower — the country's only integrated energy company — has launched a new business division dedicated to delivering green hydrogen, signalling the company's commitment to the roll-out of this low carbon technology.
- sub POLAND, NEW GROWTH PLATFORM
Iberdrola has reinforced its commitment to offshore wind with an agreement in Poland, a new market for the company, as it continues to grow its renewable energy business. The company has reached an agreement to acquire a 50 % stake in developer Sea Wind which has seven-project pipeline in early stages of development, with a potential capacity up to 7.3 GW. With this transaction, the group is also promoting the creation of an offshore wind hub in the Baltic Sea which would act as the epicentre of offshore services and local content for the company's projects in Germany, Poland and Sweden.
- sub SOLAR PLANT IN CHAFARIZ
Our subsidiary in Brazil will build its first solar plant for centralized generation — whose production will be allocated to the Free Contracting Environment (ACL) — at the Chafariz wind complex. The new park, slated to start-up by the second half of 2022, will have 149.3 MWdc power, enough to supply over 100 thousand households.
- sub PROJECT ZERO
The fourth vice-president and minister for the Ecological Transition of the Government of Spain, Teresa Ribera, has participated in the fifth and final meeting of Project Zero, an annual series of events organised by Iberdrola and El País. The minister, who was accompanied, among others, by the CEO of Iberdrola Spain, Ángeles Santamaría, stressed that the fight against climate change has not stopped despite the fact that the United States has withdrawn from the Paris Agreement, stating that the countries that ratified this agreement have made progress in the search for sustainable solutions.
- sub THE OTERO PHOTOVOLTAIC PLANT
Iberdrola has started formalities to build the Otero photovoltaic plant, which will have an installed capacity of 505 MW. This will be the largest farm of its kind in Castilla y León and the second-largest in Europe, after commissioning its plant in Núñez de Balboa (500 MW) and the Francisco Pizarro project (590 MW), also developed by the company. The Otero photovoltaic plant will entail an investment of around 220 million euros and will employ up to 1,100 workers during peak periods. Once it is up and running, it will produce enough clean energy to supply the equivalent of 290,000 households, preventing the emission of 182,000 t CO2/year into the atmosphere.
- sub GREEN HYDROGEN CATAPULT
Iberdrola, together with six leading global industrial companies, has announced the creation of a global alliance to speed up the scale and production of green hydrogen 50-fold over the next six years, helping to transform the world's most carbon-intensive industries, including power generation, chemicals, steel manufacturing and heavy transport. Through this new initiative, called Green Hydrogen Catapult, the company is working to deploy 25 GW of hydrogen production based on renewables by 2026 and will halve the current cost of green hydrogen to less than $2 per kilogramme. The goals of Catapult entail an investment of approximately 11 billion dollars and will create more than 120,000 jobs.
- sub GALÁN, AT CERA WEEK
"Transforming the energy sector to use electricity is the most efficient way to decarbonise the economy"
Iberdrola group chairman Ignacio Galán had a conversation with the vice-president of IHS Markit, Daniel Yergin, during which they talked about the company's commitment to clean energy and how it has been able to anticipate trends in recent decades.
- sub NEW PARK IN ARAGON
Continuing with our investment plans in renewables, we commissioned the Puylobo wind farm, whose construction, in record time and during the pandemic, has involved 120 workers. The civil works have been done by Aragonese firms, and many of the turbine components were manufactured in Spain.
- sub 'THE WINDS OF CHANGE'
Our report Powering A Green Recovery: In the Winds of Change explains why clean, cost effective electricity from wind can help to decarbonise the economy and reach our climate goals faster. Read our latest report.
- sub PROJECT ZERO: HOUSE ZERO
How can the construction and building sector reach zero emissions by 2050? How can public-private cooperation for sustainable rehabilitation be promoted as a driver of economic recovery? How can the homes in our country become healthy, efficient and connected? These are some questions that we tried to answer in this fourth meeting of Project Zero.
- sub NEW ECONOMIC FORUM
Iberdrola's chairman, Ignacio Galán, took part in Energy's New "Prize" panel at the Bloomberg New Economy Forum — held virtually from 16 to 19 November under the title A Global Town Hall (A Global Town Hall) —, where energy, climate and sustainability were discussed.
- sub IBERLYZER, GREEN HYDROGEN SPEARHEAD
We join the world's top manufacturer of electrolysers to make Spain a leader in green hydrogen technology and industry
Iberdrola and the world's leading manufacturer of electrolysers Nel have signed an agreement to develop large-scale electrolysers and promote the technology's supply chain in Spain. To this end, we have set up Iberlyzer, a new company that will begin operations next year to supply over 200 MW of electrolysers by 2023, investing €100 million to create 150 direct jobs.
- sub CONTRIBUTION TO GREEN RECOVERY
We launch the greatest investment programme ever by a Spanish company, with €75 billion pledged by 2025
Around 90 % of that investment volume — €68 billion — will be organic and aimed at strengthening our business model based on more renewables, more grids, more storage and more smart solutions for our customers. This plan aims to make the industrial fabric more dynamic and boost employment in the countries where we operate, keeping us one step ahead, and ready to leverage the opportunities that the energy revolution will bring to the world's major economies.
- sub GREEN RECOVERY
The economic newspaper Financial Times opens in new window. published Thursday 5 November an article on the pledge made by Iberdrola to invest €75 billion over the next five years to double its renewable energy capacity and help it capitalise on the global move away from fossil fuels.
- sub NEW PHOTOVOLTAIC PROJECT
Located in the Ayora-Cofrentes Valley (Valencian Community), the Cofrentes photovoltaic park has an installed capacity of 200 MW and represents an investment of more than 100 million euros. Its construction will involve up to 600 professionals, contributing to the reactivation of the local economy.
- sub LARGE PROJECT WITH FERTIBERIA
Iberdrola and Fertiberia are planning to develop 800 MW of green hydrogen, equivalent to 20 % of the national target, with an investment of €1.8 billion by 2027. According to Ignacio Galán, chairman of Iberdrola, "it's a great project that can make our country the first to have 100 % ammonia production for completely green fertilisers".
- sub SPANISH GREEN GROWTH GROUP
In the context of the recent approval of the European Green Deal, the Spanish Green Growth Group (GECV), of which Iberdrola forms a part, has published 34 Green Economy Cases, a set of successful initiatives aligned with a sustainable development model, which contributes to competitiveness, the generation of employment and value for the companies that drive it and society as a whole.
- sub GALÁN, IN THE 'FINANCIAL TIMES'
In conjunction with the presentation of Iberdrola's results for the first nine months of the year, the Financial Times offers a profile of the group's chairman, Ignacio Galán, in which he analyses the way he has transformed the company from a second-tier Spanish conglomerate into the world's third largest utility company.
- sub NINE MONTHS 2020 RESULTS
Iberdrola increases investments by 23 % to €6.64 billion as of September, with net profit up 5% to €2.68 billion
During the presentation of the results for the first nine months of the year, Ignacio Galán, the group's chairman, explained that, "despite the difficult environment in which we operate, the acceleration of our investments is opening up enable us to continue being a key driver of economic recovery and job creation, while improving our financial results." The company has added 4,600 new megawatts in the last year, of which 1,300 have been installed in the third quarter of 2020, and continues progressing in the construction of 7,600 MW.
- sub HARVARD BUSINESS REVIEW
In an article in the Harvard Business Review, the chairman of Iberdrola, Ignacio Galán, has written about the company's commitment to clean energy and its strategy for challenging the industry's traditional models and building a better future.
- sub AGREEMENT WITH VOLVO
Iberdrola and Volvo Car España have signed a framework cooperation agreement to promote sustainable mobility, under which the energy group becomes a supplier for the car manufacturer's vehicle charging solution for its Recharge range in Spain.
- sub THE PLANET MARK AWARDS
SP Energy Networks has been awarded The Planet Mark Awards 2020 (TPM) for its social contribution to the community thanks to the Green Economy Fund. This £ 20 million fund supports the Scottish government's ambitious energy strategy and the UK's push towards a carbon-free economy, with a view to reducing its net carbon emissions and improving air quality in cities.
- sub ACCORDING TO 'THE WALL STREET JOURNAL'
Iberdrola occupies the fifth place in the global ranking of the world's most sustainably managed companies, launched by The Wall Street Journal to recognise companies' ability to create long-term sustainable value. Iberdrola is also the best placed utility and Spanish company on the list. This new classification has been drawn up by the publication's environmental, social and governance (ESG) research analysts, who evaluated more than 5,500 listed companies based on criteria such as the programmes, policies and performance metrics they apply in relation to the environment, people, social innovation and business model.
- sub WE JOIN THE NASDAQ INDEX
Iberdrola becomes the first Spanish issuer to join Nasdaq's sustainable bond network. The Nasdaq Sustainable Bond Network (NSBN) brings together a number of issuers, providing standardised information on their financial frameworks and the principles they apply, as well as data on the impact that each has on sustainable development goals.
- sub DUE TO ITS OROGRAPHY
Progress is made in getting blades up to wind farms located in a very tricky terrain — the mountains — with difficult access, steep slopes and curves of up to almost 180 degrees. The construction of these projects — 130 MW of power, which will triple our installed capacity in the region — contributes to the revitalisation of the local industrial framework and will make it possible to generate up to 1,000 jobs.
- sub FIRST HYBRID SOLAR-WIND POWER PLANT IN THE WORLD
Iberdrola gets down to business in Australia with the construction of its first renewable energy project after the friendly acquisition of Infigen Energy, one of the country's key developers of renewable energy projects. Located in South Australia, Port Augusta is thus far our first solar-wind hybrid plant in the world, with an investment of 500 million Australian dollars.
- sub OPPORTUNITIES FOR SPAIN'S ECONOMY
In an opinion article published in Ethic, group chairman Ignacio Galán advocates a new industrial revolution revolving around clean energy and the decarbonisation of the economy. "For the first time in centuries, we can safely say that Spain is in the best position to drive this transformation," says Galán, explaining that, "a green investment plan would have a much higher multiplying effect on the Spanish economy than a traditional plan."
- sub IBEDROLA'S DIGITAL SUMMIT
"Ambition must be increased and the green and digital revolution must be combined as key pieces in the economic recovery"
Accelerating the process of decarbonisation and digitisation, in line with the European Union's roadmap, is the only possible path to recovery for Iberdrola. This was reiterated by its chairman, Ignacio Galán, during his speech at the Digital Summit organised annually by the company, this year virtually, with the aim of analysing the latest trends in digitalisation. Galán stated that it is necessary "accelerate the decarbonisation of transport, the residential segment and industry to leave a better and more sustainable world for the new generations, in which digitalisation plays an essential role."
- sub OECD GREEN FINANCE AND INVESTMENT FORUM
Iberdrola sponsors the 2020 Forum on Green Finance and Investment, the annual flagship event of the OECD Centre for Green Finance and Investment, focused this year on green recovery. With participants from all over the world, the forum offers a unique opportunity for the private and public sectors to exchange views and strengthen plans on building back better and greener. Until 9 October.
- sub EUROPEAN CEO ALLIANCE
Ignacio Galán, the chairman of Iberdrola group, and the CEOs of a further eleven European companies have joined forces to work towards an emissions-free future and to make Europe more resilient. They are working through the European CEO Alliance, an initiative that supports the Paris Agreement for 2050, the European Green Deal and determination and ambition to achieve the EU climate targets. At the first meeting, Galán said that "the CEO Alliance represents the firm commitment of some of the world's leading companies to work together to advocate the adoption of ambitious climate measures, create jobs and lay the foundations for a stronger, more sustainable economy in Europe."
- sub ANDÉVALO PHOTOVOLTAIC PLANT IS INAUGURATED
Iberdrola triples its renewable commitment in Andalusia, which will reach 3,000 MW in the coming five years
The company has inaugurated the Andévalo photovoltaic plant, a ground-breaking facility that paves the way for a more sustainable energy and production model. The group chairman, Ignacio Galán, accompanied by the president of the Andalusian Parliament, Juanma Moreno, explained that "Andévalo is an example of the operations we are undertaking in Andalusia to triple our renewable potential in the region to 3,000 MW over the next five years". This new plan represents an investment of nearly €1.5 bn and will allow for the creation, in the construction and assembly works alone, of 5,500 new jobs in the region. Iberdrola is currently the top wind power developer in Andalusia, with an installed renewable capacity of 900 MW.
- sub GREEN TRANSFORMATION
To avoid plausible job losses due to the closure of its last two coal-based power plants, Iberdrola has launched several green transformation plans in these areas. The first phase of the training of 10 employees at the Lada (Asturias) plant, which will consist of gathering information on the main challenges and opportunities within the region.
- sub SOLAR GENERATION MICROGRID
The community of Xique-Xique, in the municipality of Remanso (Bahia), will be the first location in which Neoenergia will install a solar generation microgrid in an isolated area. This solution will be supplied by a centralised system with solar energy — with the capacity to serve 103 consumer units — and battery storage — which will guarantee supply for 48 hours —. The initiative is part of a company pilot project to benefit an area not yet covered by electricity supply.
- sub SELF-CONSUMPTION
We have signed a long-term renewable energy power purchase agreement (PPA) with Makro, under which we will provide green electricity to their centres in Spain for the next 15 years.
- sub SMARTGRID INNOVATION
Iberdrola believes that the transition towards a new energy model, based on electrification and the incorporation of more renewables, requires accelerating investments in electricity distribution networks. In order to respond to the challenges and to lead innovation in networks infrastructure, the company has announced the launch of a Global Smartgrid Innovation Hub. The hub will act as a platform for driving innovation, combining its technological capabilities with that of suppliers, collaborators and startups from all across the world.
- sub NEW GREEN HYDROGEN BUSINESS UNIT
The chairman of Iberdrola group, Ignacio Galán, confirmed the company's firm commitment to green hydrogen with the creation of a new business unit with the aim of positioning the group as a world leader in this technology. Iberdrola joins the new technological challenge of producing and supplying hydrogen from clean energy sources, an area in which it has already taken the first steps in Spain — with the largest green hydrogen plant for industrial use in Europe — and United Kingdom — with the Green Hydrogen for Scotland project —. Galán made the announcement during Climate Week in New York, in which he claimed: "I know only one way to overcome the crisis: to invest more in forward-looking industries and become more productive and efficient."
- sub GREEN HYDROGEN
'Green Hydrogen for Scotland' — a partnership of ScottishPower Renewables, BOC (a Linde company) and ITM Power — brings together industry-leading names in the renewables and clean fuel industries to offer an 'end-to-end' market solution for reducing vehicle emissions through the provision of green hydrogen.
- sub PODCAST 'ROAD TO NET ZERO'
Keith Anderson, chief executive of Scottish Power, joins the Spectator's podcast hosted by economics correspondent Kate Andres to discuss what 'green recovery' means, whether renewable energy can really meet our demands and if the Covid crisis has set back the British government on its path to reaching net zero carbon emissions by 2050.
- sub INVESTMENTS IN JAPAN
Iberdrola is targeting the Japanese market as a new platform for growth in renewable energy, specifically in the field of offshore wind. The company has reached an agreement with Macquarie's Green Investment Group to acquire 100 % of the local developer Acacia Renewables.
- sub EMISSION REDUCTION
"We welcome the European Union's climate ambition to continue to move firmly towards climate neutrality"
Iberdrola chairman, Ignacio Galán, values the European Commission review regarding the emission reduction targets (from 40 % to 55 %) for 2030. He said that it is "a unique opportunity for Spain that we have to take advantage of."
- sub SUSTAINABLE MOBILITY PLAN
The loan, valued €59.4 million, will allow to speed up the roll-out of the Sustainable Mobility Plan which aims to install 150,000 charging points in homes, companies and public roads over the next five years. The company continues to push its stance for transport electrification as part of its strategy for a decarbonised economy, as well as for a green recovery in the post-Covid world.
- sub BLOOMBERG GREEN FESTIVAL
The director of the International Start-up Program - PERSEO, Diego Díaz Pilas, also took part in the first day of the Bloomberg Green Festival [PDF], in the Zero Carbon Careers meeting, in which the new generation of leaders analysed the future of green jobs. Register in BloombergLive.com/greenfestival.
- sub NEW PROJECTS IN CASTILE-LA MANCHA
We are stepping up our renewables strategy in Castile-La Mancha with the commencement of construction of three photovoltaic projects in the region, totalling 150 MW: Barcience, in the municipality of Bargas in Toledo, and El Romeral and Olmedilla, in the province of Cuenca.
- sub WE STRENGTHEN OUR COMMITMENT TO PORTUGAL
Iberdrola has been awarded a connection to the grid in the Algarve for a hybrid photovoltaic project, with 83 megawatts (MW) installed capacity, with 14 MW of storage, which will stabilise the system and manage discharge into the grid at times of high demand.
- sub PROJECT ZERO: CHALLENGES OF SUSTAINABLE MOBILITY
On the road to economic and employment recovery, transport and logistics face a huge goal: to reduce their carbon footprint by adopting new sustainable mobility models. These concerns were addressed on Thursday, September 10 at the Project Zero event Huella Zero: The challenges of logistics and sustainable mobility in green recovery.
- sub OFFSHORE WIND PROJECT IN THE ENGLISH CHANNEL
We continue making progress in our first large-scale offshore wind project in Brittany with the award of a major contract to build the substation to the joint venture formed by Eiffage Métal and Engie Solutions. Saint Brieuc has an investment of 2.4 billion euros and an installed capacity of 496 MW.
- sub EXTRAORDINARY MEETING OF THE SPANISH CHAMBER
"Now is the time to hasten the transformation of Spain's industrial fabric by supporting the green economy"
In his speech at the round table Recovery and reconstruction of the Spanish economy: challenges and priorities in the Extraordinary Meeting of the Spanish Chamber of Commerce, Iberdrola group chairman, Ignacio Galán, mentioned that to face the crisis caused by COVID-19, reconstruction plans will be needed "of an unprecedented magnitude." However, he also stated that such plans "will not only help bring about a recovery as quickly as possible, but also become an opportunity to transform our economy, making it more modern and solid, more internationalised and more competitive."
- sub WORKFORCE TRAINING
Javier Azorín, Iberdrola España's Development, Recruitment and Training Manager, affirmed — in a report published in El País — that the key to adapting quickly to the changes that decarbonization will require is "seeing what opportunities the future offers" and "staying one step ahead and investing" in innovation and talent. "Our older, highly experienced employees, such as miners, coal-fired power station workers, electricians, etc. are going to have to retrain, and we are collaborating with Spain's autonomous regions to help them to do so. We enjoy the advantage of knowing where the investment goes and are making the most of our photovoltaic training program to get them up to speed with wind power as well," he explained.
- sub EAST ANGLIA ONE GOES INTO SERVICE
Iberdrola group, through its subsidiary ScottishPower Renewables, has put into operation what is now the largest wind farm in its history and one of the world's largest of its kind: the East Anglia ONE offshore wind farm, in British waters in the North Sea. With an installed capacity of 714 MW, the 102 turbines that comprise it are already operational, producing clean energy for 630,000 British homes. The project started up on schedule despite the complex environment generated by the COVID-19 pandemic. In fact, around 20 % of the installation of the turbines was carried out during the lockdown period in the United Kingdom, which forced the company and its professionals to change their working methods.
- sub EMPLOYMENT AND ENTREPRENEURSHIP IN ASTURIAS
We contribute to the economic development of Asturias with investments in renewables and support for industry, local employment and entrepreneurship
Iberdrola has defined three areas of action related to energy transition as its contribution to the socio-economic development of Asturias: more investment in renewables, support for job creation by offering opportunities and contracts to local industry, and innovation projects. Following the recent awarding of orders to Asturias-based businesses worth €200 million and the start of the construction of 130 MW of wind power in the region, Iberdrola is launching a Citizens' Innovation Platform to channel entrepreneurial initiatives and a waste recovery project.
- sub PPA WITH SABIC
Iberdrola and SABIC have signed a pioneering long-term power purchase agreement (PPA) whereby the energy company will provide green electricity to the industrial plant of the petrochemical multinational in La Aljorra - Cartagena (Murcia, Spain), for the next 25 years. Based on this agreement, Iberdrola will promote, construct and operate the world's largest on site photovoltaic self-consumption system. The new renewable facility, which will be developed on the site of SABIC's industrial plant, will have an installed capacity of 100 MW and will consist of 263,000 solar modules. It will involve an investment of nearly 70 million euros and, during its construction, will generate up to 500 jobs, many of them local.
- sub TRANSPORT ELECTRIFICATION
Iberdrola, SEAT and Volkswagen Group Spain Distribution (VGSD) have signed a strategic agreement to promote the creation of a public network of electric vehicle charging stations in Spain, promote the use of renewable energies, commercialise electric charging solutions and integrate Iberdrola's infrastructure into the navigators of electric vehicles. In this way, Iberdrola continues to push its stance for transport electrification as part of its strategy towards a decarbonised economy, as a key lever in the reduction of emissions and of city pollution, as well as for green recovery in the post-Covid world.
- sub NEW PHOTOVOLTAIC DEVELOPMENTS
Iberdrola obtains environmental permits to build a further 300 MW of photovoltaic power in Extremadura
Iberdrola is making progress on the most ambitious renewables investment plan in Extremadura and Spain, after obtaining the Environmental Impact Statement (EIS) for four photovoltaic plants in the province of Cáceres, with a total capacity of 300 MW: three of them are part of the Arañuelo Complex and amount to a total of 150 MW and the fourth, also located in the province of Cáceres, is the Arenales photovoltaic facility, with another 150 MW of installed capacity. The new developments will entail an investment of 180 million euros and involve more than 1,000 workers during peak periods in its construction.
- sub NEW GREEN HYDROGEN PLANT
Iberdrola and Fertiberia have signed an agreement to build the largest green hydrogen plant for industrial use in Europe. Representing an investment of €150 million, with this project Iberdrola will be able to produce green hydrogen from 100 % renewable sources; power which will be used by the Fertiberia ammonia plant in Puertollano (Ciudad Real, Spain), where the power plant is to be built. Scheduled to enter into operation in 2021, the plant will be made up of a 100 MW photovoltaic solar plant, a lithium-ion battery system with a storage capacity of 20 MWh and one of the largest electrolytic hydrogen production systems in the world (20 MW). Download the infographic [PDF]
- sub 'PROJECT ZERO': TOWARDS THE CIRCULAR ECONOMY
Entitled The green revolution: the path towards a circular economy, the second Proyecto Zero, cycle event was held on 24 July. Organised jointly by Iberdrola and El País, the cycle seeks to analyse and promote energy decarbonisation and contribute to putting the brakes on the climate crisis. The experts gathered at the meeting concluded that the coronavirus has not only failed to slow the pace of the circular economy, but that it has actually speeded it up, due to the tendency to make better use of resources and achieve maximum efficiency. Iberdrola's Head of Environment, Emilio Tejedor, asserted that "the goals being set are increasingly firm" and that "Europe's commitment to the green economy is unquestionable."
- sub GREEN TRANSFORMATION
Iberdrola intensifies its commitment to developing a green economy in Asturias (Spain), driving new investments in renewable energies and more tenders for the local industrial fabric related to the sectors of the future. Accordingly, the company has just awarded six Asturian companies — Windar, Tensa, Isotrón (Grupo Isastur), Gonvarri Solar Steel, Asturmadi Reneergy and Asturfeito — with contracts to go ahead with new renewable energy and power grid projects that Iberdrola is to build both in Spain and abroad. These contracts amount to orders of nearly €200 million and will lead to the generation of thousands of jobs for Asturian industry.
- sub GREEN RECOVERY IN THE RURAL WORLD
Iberdrola held an event in the small town of Astudillo (Palencia, Spain) to analyse the future prospects of the rural world as a basic lever to stimulate economic activity and recovery in Spain as a whole. Under the slogan Building the future. Our towns, our people, the initiative aims to showcase the importance of rural areas by way of projects to stem depopulation and contribute value to society. With this aim in mind, the event brought together representatives from the social, health, tourism, agri-food, institutional and energy sectors.
- sub FIRST HALF 2020 RESULTS
The group has accelerated its investments to €3.58 billion in the first half of the year, 2.3 % more than in the same period in 2019 and despite the lockdown situation due to the COVID-19. The chairman of the company, Ignacio Galán, commenting on the first six months, said that "we are making firm progress in our commitment to invest €10 billion in 2020, demonstrating that the way to a rapid and sustained recovery is the green economy."
- sub TOP-RANKING COMPANY ON THE IBEX 35
Iberdrola closed the 20th July session with a capitalisation of 71,727.6 million euros, at 11.24 euros per share, to become the top-ranking company on the IBEX 35 by market capitalisation. This move reflects a change in trend in an environment marked by the COVID-19 crisis and the transition to a low-carbon economy. In addition, the Spanish index has now become the only major one in the world led by a renewable company.
- sub COMBATTING CLIMATE CHANGE
In an article published in XL Semanal, the group's director of Energy Policies and Climate Change, Carlos Sallé, points out that the crisis caused by the coronavirus has been a turning point in the fight against climate change, to the extent that a multitude of businessmen, governments, NGOs, central banks and investment funds are seeking to stop the destruction of the planet as a key element for recovery and to avoid other possible pandemics.
- sub IEA WORLD SUMMIT
Iberdrola chairman, Ignacio Galán, was the only Spanish businessman and one of the few Europeans to participate in the major world forum convened by the International Energy Agency (IEA) under the title IEA Clean Energy Transitions Summit. During his presentation he gave his view on what should be the cornerstones of the green recovery, in which the electricity sector will play a fundamental role.
- sub RESPONSE TO OFGEM'S DRAFT DETERMINATION
"Announcement gravely at odds with the UK Government's ambition to boost investment in green infrastructure"
ScottishPower CEO, Keith Anderson, said this about Ofgem's announcement on Transmission network plans, which he described as "a massive missed opportunity”. “This is a short-sighted return to austerity politics", he added. "It's bad for jobs, bad for apprenticeships, bad for training and bad for the UK supply chain", concluded.
- sub RENEWABLE ENERGIES
Investment in renewable energy generation is one of the pillars of Neoenergia's performance, since the company believes in sustainable development as the main way to manage its businesses responsibly and efficiently. In the company, the wind and water generations correspond to 86.8 % of the installed capacity. By 2022, this figure should reach 90 %.
- sub GREEN FINANCING
Iberdrola has signed an agreement with the European Investment Bank (EIB) and the Official Credit Institute (Instituto de Crédito Oficial, ICO) to drive the green recovery by developing new renewable energy capacity in Spain. The EIB and ICO will provide €600 million and €200 million, respectively, to finance the construction of over 20 projects with total capacity exceeding 2 000 MW.
- sub TECHNOLOGY, KEY FOR ECONOMY
Fernando Lucero, CIO of Iberdrola, participated in the conference Technology, key to relaunching the economy, organized by elEconomista.es and DXC Technology, where he claimed the role of those companies, such as Iberdrola, that have performed essential services for society.
- sub POWERING A CLIMATE-NEUTRAL ECONOMY
To become climate-neutral by 2050, Europe needs to transform its energy system, which accounts for 75 % of the EU's greenhouse gas emissions. For this, the EC has adopted two strategies for energy system integration and hydrogen, which will pave the way towards a more efficient and interconnected energy sector, driven by the twin goals of a cleaner planet and a stronger economy.
- sub IGNACIO GALÁN, IN THE 'FINANCIAL TIMES'
Iberdrola group chairman, Ignacio Galán, speaks in the prestigious British financial newspaper about his commitment to a boom in renewables [PDF] as the EU injects funds for recovery from the crisis.
- sub IGNACIO GALÁN, ON 'INFORME SEMANAL'
The TVE Informe Semanal show included, as part of a report on the economic recovery following the COVID-19 pandemic, statements by Ignacio Galán on the need to promote green reconstruction.
- sub CARLOS SALLÉ, ON SPANISH NATIONAL RADIO
Our strategic role during the pandemic and in the post-COVID era
Carlos Sallé, the director of Energy Policy and Climate Change at Iberdrola, spoke on the A Golpe de Bit program on Radio Exterior about the strategic role of Iberdrola in the midst of the COVID-19 crisis, its main commitments in the new post-COVID-19 era and its role as the main issuer of green bonds in the world.
- sub THE ENERGY TRANSITION IN LATIN AMERICA
During his speech at the presentation of the report entitled An innovative, sustainable energy transition in Latin America at a virtual event organised by Fundación Iberoamérica Empresarial, Iberdrola group's chairman said that with a wealth of natural hydroelectric, wind and solar resources, "electrification in this region can be carried out with sustainable sources from the word go, without having to resort to fossil fuels." Galán said that strong investment in renewable technologies, electricity grids and storage systems is essential to be able to grasp this opportunity. Iberdrola has already been driving development in Latin America for 20 years, and has invested more than €20bn.
- sub ACTIVATION IN THE GREEN ENERGY SECTOR
During the crisis caused by the COVID-19 pandemic, Iberdrola has decided to continue with the work on the East Anglia ONE offshore wind farm, which is in the final stages of its commissioning. Located in the North Sea off the British coastline, this facility — which is 60 % owned by the group — has been supplying electricity since September 2019 and, after its full commissioning, it will have an installed capacity of 714 MW. Iberdrola's decision confirms its commitment to green energy as a path to economic recovery and is another example of the fact that, while a large part of the world economy has suffered a slowdown due to the coronavirus, the clean energy generation sector has remained active.
- sub 'CEO INITIATIVE FOR EUROPE'S RECOVERY'
In a letter addressed to the European Commission, the European Council and the European Parliament [PDF], CEOs of major energy, industrial and vehicle manufacturing sector multinationals — among them Iberdrola chairman Ignacio Galán — have expressed their support for the Commission's Next Generation EU plan, which aims to relaunch the economy after the COVID-19 crisis. In their letter, the CEOs urge that this agreement be backed by a “smart” industrial policy with fiscal reforms and a CO2 price fixing system, as well as conditions conducive to an industrial transformation.
- sub VIRTUAL MEETINGS OF THE ERT
Ignacio Galán was the only Spaniard at the virtual meetings of the European Round Table for Industry
The chairman of Iberdrola group was the only Spaniard at two virtual meetings of the European Round Table for Industry (ERT), a forum whose members include CEOs and chairs from around 55 of Europe's largest companies. During the morning meetings — which were attended by Executive Vice-President of the European Commission, Frans Timmermans, and European Commissioner for Economy, Paolo Gentiloni, respectively —, attendees discussed the importance role to be played by European business community when rebuilding the European economy after the crisis caused by the COVID-19 pandemic, underlining the need for everyone to work for a green recovery.
- sub 'PROJECT ZERO: TOWARDS TOTAL DECARBONISATION'
Iberdrola and El País have launched Proyecto Zero, a cycle of five events where experts, entrepreneurs, companies and opinion leaders will talk about how to progress toward a low carbon economy. The first meeting in this programme is entitled Spanish Entrepreneurs and the Challenge of a Green Recovery and it will be broadcast live on 24 June through the digital edition of El País. The participants will discuss the opportunities for growth, new business, innovation and leadership for Spanish companies on the road toward the economic recovery and sustainable job creation. Carlos Sallé, director of Energy Policies and Climate Change at Iberdrola, and Gonzalo Sáenz de Miera, the company's Climate Change director will join other speakers.
- sub 'UNLOCKING NET ZERO'
ScottishPower launches a ten-point plan to create jobs, stimulate investment and jump start the Green Recovery
Iberdrola's British subsidiary has launched Unlocking Net Zero, a ten-step practical plan to move toward the green recovery. The document urges the British Government to commit to a set of regulatory priorities and changes to encourage private investment and create jobs at a minimal cost to the public coffers. The proposed reforms involve installing charging points to accelerate the transition towards electric mobility by 2030, stepping up the development of renewable projects and supporting more than 100,000 new jobs and work training opportunities for young people.
- sub INVESTMENTS IN RENEWABLES IN SPAIN
Iberdrola is stepping up its strategy for the consolidation of an energy model for the future with a boost in its renewables investments in Spain, specifically in the Castilla y León region. The company is to develop more than 1,800 MW in the community over the coming years in renewable projects (wind and photovoltaic) for which it will allocate investments in excess of €1.3bn. This volume of resources will galvanise the industrial fabric and create 18,000 jobs, according to estimates by the National Integrated Energy and Climate Plan (PNIEC).
- sub OVER 2,000 DIRECT JOBS
The group, through its subsidiary Ailes Marines, has awarded the Navantia-Windar UTE (temporary business consortium) the construction of 62 jackets — the structures that support offshore wind turbines — and the necessary piling for the Saint-Brieuc offshore wind farm, which the energy company is developing off the coast of Brittany. The contract will help create 2,000 direct Jobs in Galicia, Asturias (Spain) and France, endorsing the path to green recovery and sustainable growth marked out by the European Union.
- sub 20th ANNIVERSARY OF THE UN GLOBAL COMPACT
More than 20,000 heads of state, CEOs and United Nations officials will attend the virtual Leaders Summit to commemorate the 20th anniversary of the United Nations Global Compact. With its slogan Recover Better, Recover Stronger, Recover Together, the event invited political leaders, business and civil society to reflect on the importance of collaboration and public-private alliances for achieving compliance with the Sustainable Development Goals.
- sub INVESTMENTS IN CLEAN ENERGIES
We propose investing 100 bn euros in clean energies in the next five years
Within the framework of the economic recovery plans after the COVID-19 crisis, Iberdrola group is proposing that the Spanish electricity sector invests 100 bn euros in clean energies in the next five years, which will create 300,000 jobs "at no cost to the public treasury". These views were expressed by Iberdrola's climate change director, Gonzalo Sáenz de Miera, on the programme La Entrevista on Radio 5 (Spain), during which he explained that these investments should be used to give additional impetus to renewable energies (among them, green hydrogen), strengthen electricity grids, bring forward the installation of electric vehicle charging points and reinforce pumping technology.
- sub CEOE SUMMIT
"The electrification of the economy is key for economic recovery since our sector has one of the most powerful ripple effects"
During his turn to speak at the business summit organised by the CEOE (Spanish Confederation of Employers' Organisations), the chairman of Iberdrola group, Ignacio Galán, highlighted the electricity sector's potential key contribution to the economic recovery that faces us in the wake of the coronavirus pandemic. "For every job created within our sector, 12 more are created in sectors such as construction, manufacturing of capital goods, engineering and installation services and machine tolos," Galán explained.
- sub TOWARDS THE NEXT GENERATION
The European Round Table for Industry (ERT), an organisation of which Iberdrola's chairman, Ignacio Galán, is a member, has shown its support for the European Commission's Next Generation EU plan, and is urging all the member states to follow suit. The ERT is a high-level intersectoral forum for CEOs and chairs of European multinationals.
- sub 'GREEN ECONOMIC RECOVERY'
We advocate a clear and consensual commitment to environmental sustainability
During the roundtable on Green Economic Recovery organised by Servimedia in collaboration with Iberdrola, representatives from government, business and NGOs all agreed on the need to join forces to support financial and social reconstruction in the wake of the COVID-19 crisis by rowing together towards environmental sustainability. Gonzalo Sáenz de Miera, Iberdrola's climate change director, admitted that the challenge will not be easy as there is "significant pressure to maintain the status quo," but he went on to stress that we must use this opportunity widely because "the plan that is adopted will determine the future of the environment and the economy."
- sub CAVAR WIND POWER COMPLEX
Iberdrola has begun operating its Cavar wind power complex, in the Spanish region of Navarre, the first major wind farm commissioned in Spain since the health crisis. With an installed capacity of 111 megawatts (MW), it is also the company's largest wind farm built in Spain since 2012. Iberdrola makes progress towards a green recovery in the wake of the COVID-19 crisis: "The Cavar complex is a great example of our potential to create jobs and drive prosperity if we pursue a low-carbon economy and steer our investments towards promising sectors, such as renewables, smart grids and energy storage", according to Ignacio Galán.
- sub INTERNATIONAL ENERGY AGENCY
During the virtual meeting 'Mobilising resources to ensure safe and sustainable electricity systems', the chairman of Iberdrola group stated that "the countries with the most attractive regulatory frameworks will receive the highest volumes of investment, which will generate hundreds of thousands of jobs."
- sub EU RECOVERY PACKAGE
Ignacio Galán talked to television channel Telecinco about the EU Recovery Package, a new step forward that the executive considers "tremendously coherent" with the strategy followed by the European Commission for some time now, which advocates for transforming our economy into something far more sustainable by investing in renewable energies, reducing the requirement to buy in energy from outside and creating jobs and technology along the way. "In Europe we have an amazing opportunity to transform our productive sector and make it more efficient, competitive and cleaner," he said.
- sub ARTICLE IN 'LA VANGUARDIA'
In an article in the La Vanguardia daily newspaper, the chairman of Iberdrola declares his conviction that “the return to activity is an essential prescription for mitigating the consequences of the coronavirus on the economy and on jobs.” Galán acknowledges the draft Climate Change bill approved by the Spanish government, which paves the way towards climate neutrality by 2050, as well as the National Integrated Energy and Climate Plan (PNIEC) sent to Brussels, but he wants it brought forward: "Let's be courageous and speed up its implementation to create mass, forward-looking employment from today."
- sub CHOOSE RENEWABLE HYDROGEN
Iberdrola, together with other utilities, has joined the Choose Renewable Hydrogen initiative led by sponsors SolarPower Europe and WindEurope. In a letter addressed to the Vice-President of the European Commission, Frans Timmermans, the signatories are urging the Commission to take the necessary steps to maximise the potential of green hydrogen. Electrification will allow for the decarbonisation of the heating and road transport sectors, but others, such as heavy industry, long-distance haulage, aviation and shipping will have to opt for renewable hydrogen as the most cost-effective and sustainable solution for full-scale decarbonisation.
- sub INTERVIEW WITH 'EL PAÍS'
In an interview with national newspaper El País, Iberdrola group chairman, Ignacio Galán, explained that "we will emerge from this crisis greener or not at all", an opinion shared by all European Union and United Nations leaders and participants in the forums in which he has taken part. "We need to invest and invest wisely to emerge from the crisis", he said.
- sub FOR A #SUSTAINABLERECOVERY
We call on the Spanish Congress to support a green and sustainable recovery to emerge from the crisis
More than 240 figures from politics, civil society and business in Spain, including Ignacio Galán, the chairman of Iberdrola group, have sent a letter to the Congress of Deputies Committee for Social and Economic Reconstruction [PDF] asking that the stimulus measures to combat the COVID-19 crisis be aligned with sustainability policies and the European Green Deal. This manifesto is open to the public for adherence. The movement thus follows in the wake of the Alliance for a Green Recovery [PDF] launched recently at the European level.
- sub SCIENCE BASED TARGETS
A total of 155 large multinationals belonging to the Science Based Targets initiative — including Iberdrola — have issued a declaration [PDF] urging Governments and international political leaders to base post-COVID-19 recovery measures on "solid climate action”. The signatories are asking for priority to be given to "a quicker and fairer transition towards a green economy" and for the aim of achieving carbon neutrality to be reached well before 2050.
- sub DAVOS FORUM VIRTUAL DEBATE
The chairman of Iberdrola group, Ignacio Galán, was invited to participate in a virtual roundtable organised by the World Economic Forum which discussed how the recovery plans could contribute to creating employment, boosting economies and making energy systems more modern, resilient and cleaner.
- sub LETTER FROM THE ETC
The Energy Transitions Commission (ETC) has defined seven priorities to help the economy recover while helping to make society healthier, more resilient and climate neutral. The letter has been signed by 40 members [PDF], including Iberdrola, the only Spanish company that has signed up.
- sub GECV MANIFESTO
Spanish Green Growth Group (GECV), formed by Iberdrola and 49 other companies, has launched a manifesto calling for economic stimuli to overcome the COVID-19 crisis to be aligned with climate action and sustainability, in order to consolidate a sustainable, robust and prosperity generating growth path.
We are 20 years ahead of the current energy transition
Iberdrola group is committed to a clean, reliable and smart business model which replaces production with polluting energy sources with clean energies.
Aligned with climate objectives
The company, which has set itself the goal of becoming carbon neutral by 2050, has invested more than €100 billion in these 20 years to achieve a decarbonised energy model.
We invest in renewable energy and smart grids
Iberdrola continued to move ahead on its construction projects worldwide, which amount to more than 8,500 megawatts (MW) of capacity.
Driving sustainable mobility
As an effective way to combat climate change, the company is leading the transition to sustainable mobility and the electrification of transport.
At the cutting edge of digitalisation
Iberdrola group plans to invest 4.8 billion euros in digital transformation between 2018 and 2022 to improve the operation and maintenance of its assets.
Leaders in green financing
With a total of 17 operations, for a value of 11.4 billion euros, issued up to April 2020, Iberdrola is an international reference model in green financing.
We are committed to the green transformation against coal
The company has completed the closure of its coal plants and has proposed green transformation plans for the areas where its last two operating plants were located.
Decarbonizing through renewables
The electrification of transport and residential heating and obtaining electricity through renewable energies will be the key factors in decarbonising the European economy by 2050.
Mitigating and adapting to climate change
Climate change is a threat to the future of our planet, but there is still time for us to adapt to it and mitigate its effects.
Decarbonising the planet is one of the goals that countries around the world have set for 2050. To achieve this, green hydrogen is one of the keys.
We will show you five everyday practices that you thought were harmless, or even ecological, but that cause considerable damage to the environment.
The fashion industry is the second most polluting industry. Biodegradable clothing is one of the industry's main undertakings to promote sustainability.
All the information about the
What is the Green Recovery and what exactly does it consist of?
The situation arising from the international advance of COVID-19 has highlighted the fragility of our society in the face of global threats. A lesson learned that has made the need to address climate change more pressing than ever, since this phenomenon, the main risk the world will face in the coming years, will cause economic and social shocks of even greater magnitude than that caused by coronavirus. Rising sea levels, loss of biodiversity, overexploitation of natural resources, deforestation, pollution of the air and oceans, natural disasters, climate migration and increased conflicts are just some of the problems that global warming will generate or aggravate.
Against this background, the idea that the recovery will either be green or it will not happen is prevailing. The concept of Green Recovery involves aligning economic recovery measures with the achievement of long-term climate change and sustainability goals, lthereby achieving a drive towards a socio-economic model that is sustainable for the planet, more resilient to future shocks and more inclusive.
Committed to this vision, various agents, including Iberdrola, are opting for green stimulus policies in line with climate objectives as the basis for the economic recovery programmes to be developed worldwide. The Green Recovery could have numerous advantages over a more traditional approach; as demonstrated by a report led by the University of Oxford, which states that green stimulus policies generate more jobs, produce higher short-term returns and lead to a greater long-term multiplier effect than traditional ones.
What is the European Green Recovery alliance?
The European Green Recovery alliance is an alliance of a wide range of actors at European level that is signed by ministers, MPs from all parties, CEOs, NGOs, academics, etc. and driven by Pascal Canfin (European Parliament). It advocates defining and implementing green economic recovery packages to act as accelerators of the transition towards climate neutrality and healthy ecosystems.
How are the principles of Green Recovery being applied in Europe?
The principles of green recovery are part of the main political projects in the European Union. The European Commission has reiterated its determination to establish the European Green Deal as the roadmap for a long-term green recovery. Many European countries, including Spain, France, Germany, Italy, and Ireland, have also declared themselves in favour of aligning economic recovery programmes with climate action goals.
In Spain, policy proposals are being put forward to move towards meeting climate targets. For example, the Government has proposed a Climate Change and Energy Transition Law that aims to achieve climate neutrality by 2050 and incorporates ambitious intermediate targets for emissions, renewables and improved energy efficiency.
What can businesses do to support a coordinated Green Recovery process?
Companies can support this process through their investments and business activities in general by developing and even boosting their investment plans in business solutions aligned with climate and sustainability objectives, for example, by investing heavily in renewable energies or transport electrification. Additionally, as part of civil society, companies can publicly support green economic recovery frameworks through statements and campaigns.
How can citizens support Green Recovery?
Citizens are increasingly aware of all the challenges affecting society, although there is still some way to go in terms of information and awareness. One example of the support for green recovery frameworks has been the recent launch of the Manifesto for Sustainable Recovery, to which a broad cross-section of Spanish society (culture, universities, politics, business, NGOs, etc.) has adhered.
How can renewable energies contribute to the post-COVID-19 economic recovery?
The principles of a green recovery are based on aligning economic recovery measures with the achievement of medium and long-term climate change mitigation and sustainability goals.
Renewable energies combine both. Currently, they employ more than 11 million people worldwide and are a key sector in the decarbonisation of the economy and the achievement of climate goals. The current project portfolio would make it possible to accelerate investments and increase projects in the short term.
The sector is undergoing a technological revolution and cost reductions and technical improvements are making renewables increasingly competitive, so that accelerating these investments requires less support from budgets. Additionally, by investing in indigenous sources of generation such as wind and solar energy, the dependence on foreign energy is reduced, which results in significant improvements in the external balance and creates a sustainable industrial fabric for the future. Also, by displacing more polluting technologies, investment in renewable energies will improve air quality levels and as a result, health.