Word Economic Forum: Davos 2023
From 16 to 20 January, the Swiss town of Davos will once again host the annual meeting of the World Economic Forum, which in 2023 will meet under the theme "Cooperation in a fragmented world". The event brings together some 2,500 heads of state and government, business CEOs, civil society representatives, global media and youth leaders from Africa, Asia, Europe, the Middle East, Latin America and North America to work together to rebuild trust and shape the principles, policies and partnerships needed to meet the challenges of 2023.
The Covid-19 pandemic and the war in Ukraine have triggered major transformations and this meeting aims to address systemic risks to avoid uncertainty and fragility. The Davos Forum 2023 thus seeks to drive forward-looking solutions and address the most pressing global challenges through public-private cooperation.
As an international company that aspires to improve the future and stimulate economic growth through innovative technological and business proposals, the Iberdrola group is a member of the World Economic Forum and its chairman has become one of the regular voices at this institution's events. Ignacio Galán is therefore one of the participants invited this year to give his views on the direction of global economic growth.
Iberdrola, at the Davos 2023 Forum
Our position at this international forum focuses on five principles that we believe are fundamental to moving faster towards a secure and green energy system by 2023.
Doubling down on electricity grids
To reach the zero net emissions target, the amount of renewable generation to be connected to the grid needs to increase five- to six-fold by 2040. In addition, electricity demand levels will also grow massively. Electricity grids are the critical link between these new green energy sources and the decarbonisation of local homes and businesses. That is why at Iberdrola we are investing €27 billion over the next three years to ensure that our grids, which currently serve around 100 million people worldwide, are ready for carbon neutrality.
We are also prepared to make the major investments that are needed, from new transmission lines and state-of-the-art submarine interconnections to substations and reinforcements to manage a system with more renewables and growing electricity demand.
Boosting the deployment of new renewable generation
Our global leadership position in renewables, with more than 40,000 MW of installed capacity, gives us the confidence and know-how to develop ever more ambitious and innovative projects. We will invest €17 billion in renewable generation by 2025 to reach a total installed capacity of 52,000 MW, with almost half of this investment going to offshore wind projects. By 2030, our plans call for an almost tenfold increase in current installed offshore wind capacity, while we continue to grow strongly in onshore wind and solar.
Making green hydrogen a large-scale solution
With more than 60 projects in 8 countries, we are leading the development of green hydrogen as a clean energy solution for those sectors of the economy that will be difficult to decarbonise through electrification. Our plan to produce more than 350,000 tonnes per year of green hydrogen by 2030 could save hundreds of millions of tonnes of CO2 per year compared to producing hydrogen from fossil fuels.
As the private energy company that invests the most in R&D worldwide - more than €2 billion over the past ten years - we want to go further and faster in the innovation needed to ensure green energy security. To this end, we have a state-of-the-art Innovation and Training Campus that trains almost 13,000 people every year. In addition, our Global Smart Grids Innovation Hub works with a wide range of universities, suppliers, technology centres and start-ups to develop the application of digitalisation and artificial intelligence in electricity grids and facilitate the optimal deployment of renewables, electric vehicles and energy storage systems. For 15 years, our Perseus programme for start-ups has been driving innovation in climate-friendly solutions through a global ecosystem of early-stage investment in emerging technology companies.
Don't lose sight of the benefits of decarbonisation
As an energy company with the most ambitious decarbonisation plans in the world, our goal is to achieve emissions neutrality in our generation plants and own consumption by 2030 and to reach net zero emissions in all our activities by 2040. Our Climate Action Plan, launched at COP27, reinforces our commitment to emission neutrality as a means to preserve the environment and generate employment and industrial development.
The war in Ukraine and the global fossil fuel crisis have reinforced the importance of accelerating the energy transition, which is why this gas crisis cannot be paid for by renewables. The next decade will be crucial if we are to meet climate targets and protect biodiversity, and we must all work together to achieve them. Moreover, the benefits of achieving green growth are manifested in the 500,000 jobs we expect to support, directly and indirectly, through our investments up to 2030.
Ignacio Sánchez Galán, Iberdrola's Executive Chairman
To achieve this new green energy security, we start from a clear vision: reducing dependence on fossil fuels and investing in electrification will allow us to increase our resilience and energy autonomy and reduce vulnerability to new crises.
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Iberdrola Chairman Ignacio S. Galán writes an article in Fortune on the group's Davos proposal
"The United States and Europe have to move forward together to decarbonise the economy," says Ignacio Galán on CNBC
In a live interview with the TV channel, Iberdrola's chairman argues that Europe is not lagging behind in the drive for energy transition.
IBERDROLA IN DAVOS
Iberdrola launches ‘Electric, Together’
Iberdrola launches ‘Electric, together’, a five-point manifesto setting out the key priorities for 2023 for achieving green energy security quickly
Committed to green recovery
Iberdrola has accelerated its investments in renewable energy, digitalisation and electric mobility to boost economic recovery and employment in the wake of the COVID-19 crisis.
We champion the energy transition
The group is committed to renewable energies, grids, energy storage and smart solutions for its customers as the main pillar of its clean, reliable and smart business model.
World leader in renewable energy
The company will invest 34 billion euros in renewable energies until 2025, reinforcing its position as an international energy leader and Europe's largest wind power producer.
An example in the fight against climate change
Iberdrola is fully aligned with the emission reduction targets of the Paris Agreement and actively contributes to achieving a decarbonised future.
With the SDGs
The group has incorporated the UN Sustainable Development Goals into its business strategy, with a focus on affordable and clean energy (SDG 7), climate action (SDG 13) and industry, innovation and infrastructure (SDG 9).
We support green employment
The transition to a decarbonised economy is not only key to slowing down climate change, but it is also an engine of economic growth with the potential to create millions of green jobs.
At the forefront of digital transformation
The leading private utility in Europe and second in the world in terms of R&D investment, Iberdrola is at the forefront in the use of digital technologies and is preparing for an era in which disruptive tools will be key.
Diversity and inclusion, our strategic priority
The company is committed to creating a diverse and inclusive environment in which everyone feels represented.
ALL INFORMATION ABOUT
DAVOS AND THE WORLD ECONOMIC FORUM
What is Davos and the World Economic Forum?
The Davos conference is the annual meeting of the World Economic Forum (WEF), an independent, non-profit organisation dedicated to public-private sector cooperation. Headquartered in Geneva, Switzerland, the institution involves the most important political, business, cultural leaders, etc. from all over the world to shape the global agenda.
Where is Davos located?
Davos takes place at Davos-Klosters, a tourist resort situated in the high Alps in Switzerland. It is one of the biggest winter sports areas in Europe and the continent's highest-lying town.
What is the purpose of Davos?
The aim of the Davos summit is to bring together the top world leaders to debate the most pressing global problems and seek solutions to these challenges. And they do it in the Davos spirit, based on interdisciplinary, informal and direct interaction among peers.
Where and when is the Davos Forum 2023?
The World Economic Forum in Davos 2023 is scheduled to take place from 16 to 20 January under the theme "Cooperation in a fragmented world".
What was Davos 2022 all about?
The epicentre of the 2022 agenda - under the theme "History at a Turning Point: Government Policies and Business Strategies" - is to address global problems and find solutions to the world's most pressing challenges.
How many Davos Forums have been held?
The Davos 2023 conference will be the 52st edition of this annual meeting.
What are the goals of the World Economic Forum?
The mission of the World Economic Forum is to serve as a platform for dialogue and cooperation between public and private institutions from all over the world. This mission is based on the stakeholder theory, according to which organisations, of whatever kind, are answerable to all sectors of society. So, a company must not just let itself be guided by the interests of its shareholders, but also by those of its employees, customers, suppliers, local communities and society in general.
Who is the creator of the World Economic Forum?
The creator of the World Economic Forum is Klaus Schwab, Swiss economist, professor and businessman.
How did the World Economic Forum come about, and how has it developed?
In 1971, Klaus Schwab founded in Geneva what was originally called the European Management Forum, a non-profit foundation that brought together business leaders from the entire continent in its annual meeting in January. These first conferences aimed to help European corporations to keep up to date with the management practices of the United States, and to develop and promote the management approach based on the stakeholder theory.
In 1973, due to the collapse of the Bretton Woods exchange system and the Arab-Israeli war, the Forum widened its focus to social matters and, at Davos 1974, political representatives were invited for the first time. Two years later, a membership system was introduced which permitted the entry of 1,000 leading companies from all over the world. The forum started to work with China to stimulate economic reform policies and, in 1979, after the publishing of the Global Competitiveness Report, it also became a research centre.
All this led to the institution becoming the World Economic Forum in 1987. In 2006, it opened regional offices in Beijing and New York, and in 2015, it was recognised as an international organisation.
Which countries integrate the World Economic Forum?
The World Economic Forum includes the 1,000 leading companies in the world, which form part of the institution through a membership system. The members are regional or global companies that have the intention and potential to transform the future to a significant extent, stimulating economic growth through their groundbreaking technological and business proposals. Membership is by invitation only.
What activities does the World Economic Forum organise?
Apart from the Davos summit, the Forum's members take part in the Annual Meeting of the New Champions, which is held in China and is the leading world conference on innovation, technology and science. The Forum also holds regional meetings and high-level workshops in Africa, East Asia, Latin America and the Middle East. It also promotes the Young World Leaders community — comprised of persons under 40 years of age from different sectors and disciplines — and publishes various research reports.