Press releases
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12/06/2023We sign €1 billion loan with EIB to accelerate energy transition in Europe The European Investment Bank (EIB) and Iberdrola have signed a new financing agreement worth €1 billion to fast forward the energy transition in Europe by building an extensive network of 19 solar power plants and 3 onshore wind farms in Spain, Portugal and Germany. With a total installed capacity of 2.2 GW, the projects envisage a joint investment of more than €1.7 billion, which will accelerate the energy transition and boost supply security , climate action and social cohesion in Europe. The operation is part of the EIB’s financing package in support of REPowerEU , the EU plan to strengthen Europe’s energy autonomy. In addition, the project will have an innovation component, as it will facilitate the integration of renewables into grids, undoubtedly one of the great challenges in achieving Europe’s climate objectives. Some of the photovoltaic projects will include hybridization with wind power and battery systems for energy storage. Hybrid systems generate solar energy when the sun shines and wind energy when the wind blows, with integrated systems complementing each other and sharing the same connection point to guarantee a more stable supply to the grid. Energy storage is a fundamental pillar of the energy transition by adding flexibility to the generation of renewable energy and allowing a better integration into the system. The agreement was signed in Madrid by EIB Vice-President Ricardo Mourinho Félix and Executive Chairman of Iberdrola Ignacio Galán. The new installations will provide green energy equal to the average annual energy consumption of more than 1,000,000 households and they will be mostly located in cohesion regions, where per-capita-income is lower than EU average, underlining EIB’s commitment to equitable growth and the convergence of living standards. The investments made under this agreement will boost economic growth and employment in the regions where these renewable energy facilities are installed. These new projects will also support the national energy plans of the three countries, and help Iberdrola achieve its 2040 net zero emissions target. “This major financing agreement covering three countries highlights the EIB’s continued firm commitment to accelerating the energy transition in Europe and to ensuring access to affordable, clean power for all Europeans,” said EIB Vice-President Ricardo Mourinho Félix . “This is a strategic objective for the European Union and the EIB that will not only contribute to climate change mitigation, but also to the EU’s energy security and strategic autonomy. As the horrific war in Ukraine has shown, sustainable energy and energy security are two sides of the same coin. To achieve them both, it is vital that we collaborate with companies in the European energy sector such as Iberdrola.” Executive Chairman of Iberdrola Ignacio Galán added that “As one of the main partners of the EIB, it is a pleasure for us to have the Bank support again through this loan, which represents a significant contribution to accelerate Europe's energy independence -in line with the REPowerEU Plan of the European Union–, achieve climate objectives, and continue creating economic growth and employment in the continent.” The EIB and energy security In 2022, the EIB Group committed financing more than €17 billion for the energy transition in Europe. As this is a top priority for the EU climate bank, Spain received a record €3.1 billion in financing for sustainable energy and natural resources projects in the same year, making it the second largest beneficiary of financing in the EU. This figure confirms the Group’s commitment to ensuring access to sustainable energy at a time of great uncertainty. These investments are helping Europe weather the crisis triggered by the abrupt cut in gas supplies in the aftermath of Russia’s unjustified attack against Ukraine. In October 2022, the EIB Board of Directors decided to raise the Group’s clean energy financing volumes to unprecedented levels in support of the REPowerEU objective of ending Europe’s dependence on Russian fossil fuel imports. Over the next five years, an additional €30 billion will be invested on top of the EIB’s already robust support for the EU energy sector. The financing pledged under REPowerEU is expected to generate an additional €115 billion in investment by 2027, thus making a substantial contribution to Europe’s energy independence and to the EIB Group’s target of mobilising €1 trillion in climate finance this decade. Spain is set to play a key role in the deployment of REPowerEU and in helping the EIB Group see through its overarching long-term commitment to sustainable energy. This can be seen in the financing granted for projects such as Iberdrola, as well as other renewable energy, energy efficiency, and energy storage and network projects in Spain that have received EIB financing. Iberdrola’s commitment to renewables and sustainable financing The operation is part of Iberdrola's commitment to help decarbonise the planet. As part of this strategy, the company plans to invest more than €47 billion between 2023 and 2025 to promote the energy transition, employment and net zero emissions. Iberdrola continues to move forward with its sustainability strategy, which is based on the electrification of the economy through sustainable energies, and oriented towards combating climate change and creating wealth and jobs in the regions where it operates. This funding will enable the company to further strengthen its position in sustainable financing with more than €48 billion in ESG operations signed, of which €17.6 billion in green bonds. The projects funded with this kind of financing are in line with the following UN Sustainable Development Goals on which Iberdrola is focusing: SDG 7 (affordable and clean energy) and SDG 13 (climate action). READ MORE
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12/06/2023Signed binding agreement to sell 55% of Mexico business for US$6 billion Iberdrola Mexico and Mexico Infrastructure Partners (MIP) signed a binding agreement whereby the trust led and managed by MIP acquires 55% of Iberdrola's gross operating profit (EBITDA) in the country, including the associated contracts and more than 410 related jobs. Iberdrola will keep 13 plants, all its activity with private customers and its portfolio of renewable projects to continue increasing its wind and solar assets in the country in the coming years. Within the agreement, 99% corresponds to combined cycle gas plants and 87% to plants operating under the Independent Power Producer regime, contracted with the CFE. The operation has been carried out in accordance with the agreed terms and the foreseen timetable. The combined cycle gas plants, operating under the Independent Power Producer regime contracted with the Federal Electricity Commission (CFE), are: Monterrey I and II (449 MW), Altamira III and IV (1,096 MW), Altamira V (1,155 MW), Escobedo (878 MW), La Laguna (537 MW), Tamazunchale I (1. 179 MW), Baja California (324MW), Topolobampo II (917 MW), and Topolobampo III (766 MW). Also included is the La Venta III (103 MW) wind farm. In total these contracted assets account for 87% of the total installed capacity to be divested. The private gas combined cycle plants Monterrey III and IV (477 MW), Tamazunchale II (514 MW) and Enertek (144 MW) are additionally included in the agreement. The more than 400 employees of these facilities will also become part of the trust led and managed by MIP. The agreed value of the sale is approximately $6 billion. The transaction has the financial support of Mexico's National Infrastructure Fund (Fonadin) and other public financial entities linked to the Mexican government. The company has a portfolio of 6,000 MW of renewable energy projects in the country to provide energy to its private customers. Last April, the Chairman of Iberdrola, Ignacio Galán, and the President of the Mexican Government, Andrés Manuel López Obrador, announced the beginning of a new phase after the signing of an agreement of intent between subsidiaries of Iberdrola México and México Infrastructure Partners ("MIP"), which has been finalized today. Both presidents pledged to advance the development of renewable energy in the country. Recently, at the extraordinary session of Mexico's Energy Regulatory Commission (CRE), the body authorized Iberdrola's generation permit for the Santiago wind farm, as the only item on the agenda. This wind farm is located in the state of Guanajuato and will have a capacity of 105 MW. The generation permit application was submitted to the regulator by the Spanish company on October 13, 2022. The project was voted and approved unanimously in a brief session. The Iberdrola Group, through the new investments it will make in Mexico, will reaffirm its leadership in the development of renewable energies in the country. READ MORE
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09/06/2023We signed with Trammo the largest EU agreement for the export of green ammonia Iberdrola, a world leader in green energy, and Trammo, the world largest seaborne trader of anhydrous ammonia, have signed the largest green ammonia framework agreement in Europe to date for the purchase and sale of up to 100,000 tons of green ammonia per year from 2026. The contract will enable Iberdrola to construct the first green ammonia plant in southern Europe, which will be viable thanks to European funding, and involves a total investment of 750 million euros. Iberdrola is currently developing green ammonia and methanol plants in Europe, the United States, Australia as well as other markets, and this first plant consolidates the company’s global growth strategy in green hydrogen and its derivatives. The construction of the plant will generate up to 3.500 jobs, mostly filled by local workers. In addition, during its operations and maintenance phase, the project will create more than 50 jobs. The green ammonia plant will be supported by the construction of 500 MW of new renewable energy, as green ammonia will meet all the requirements of the EU’s Delegated Act. It will also contribute to the creation of industrial and innovation opportunities in a growing market with a high export component. The plant's green ammonia production will be purchased and sold by Trammo to contribute to the decarbonization of northern European industry. This project aims to kickstart the European green hydrogen corridor. Southern Europe has a large renewable potential that allows it to supply competitive green energy to decarbonize the various energy-intensive heavy industry all across the continent such as the Netherlands, Germany or France. "When you bring together one of the world's largest renewable energy developers and the world's largest seaborne trader of anhydrous ammonia, innovative projects like this can quickly become viable. For the past year, we have been operating Europe's largest green hydrogen plant, which gives us the experience and understanding of the processes and technology to scale-up quickly to these larger projects," says Millán García-Tola, Iberdrola's Global Head of Green Hydrogen. "Reducing industrial emissions with the supply of green ammonia presents opportunities in the coming years and Iberdrola wants to be at the centre of this market, delivering real projects to develop a more sustainable production chain and achieve decarbonization goals. We are already in talks with Trammo to look at similar projects in other markets," said García-Tola. Green ammonia can be used in the decarbonization of existing applications, such as fertilizer production or chemical industries. In addition, huge market growth is expected in new uses of this product, for example, as a marine fuel or to make green hydrogen transport viable as a carrier. Green hydrogen reduces water consumption by more than 40% when compared to the processes required in a grey ammonia plant. Iberdrola is a world leader in renewable energies with 40 GW installed worldwide and the ambition to double its current portfolio to 80 GW by 2030. The company became a pioneer in green hydrogen production with three plants in operation by 2023 and Europe's largest electrolyzer (20 MW) at its Puertollano plant in Spain. Iberdrola is developing more than 60 hydrogen projects in 8 countries, including green ammonia and green methanol in geographies such as Iberia, the United States and Australia. As the world largest seaborne trader with a global position lead in the commercialization and the distribution of anhydrous ammonia since 1965, Trammo is taking an active role in the transition to decarbonize the industry sector helping to make available in the market significant volumes of green ammonia by 2035. READ MORE
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07/06/2023We announce an investment of 4,000 million euros in R&D&I until 2030 at our 9th Digital summit Iberdrola today held the ninth edition of its Digital Summit with more than 1,500 employees attending the event, held at the company's campus in San Agustín del Guadalix (Madrid). The company's commitment to digitalization is reflected in its commitment to double its investment in Innovation, Development and Research (R&D&I) over the last 10 years, with the aim of reaching 4,000 million euros by 2030. Ignacio Galán , executive chairman of the company, highlighted the key role of people in this digital revolution and urged employees to continue to actively participate in it: "At Iberdrola we support this great technological change and we are already leading its application in different areas of the electricity sector. I encourage you to continue contributing all your knowledge and experience to generate new ideas and applications," he said at the presentation of the event. The event, with the slogan Digital Experience: Empowering People, Driving Change, aimed to empower people to think differently and drive change throughout the organization. Iberdrola believes that digitalization should be transmitted to all areas of the company: from the network business to the renewables business, from sales to digital transformation, and from people to marketing. The company has counted on the participation of a wide panel of experts from other companies that have intervened throughout the five hours of the conference. Professionals from Amazon Web Services (AWS), Google, the technology consultancies Capgemini and Accenture, the firm specializing in neurotechnology Bitbrain, the pharmaceutical company AstraZeneca, the automakers Ford and SEAT, the electric charger manufacturer Wallbox, the management and technology consultancy Eraneos and the insurance company Nationale-Nederlanden attended. Begoña García-Zapirain, professor at the University of Deusto, also participated. The industrial metaverse During the conference, the industrial metaverse created by Iberdrola, which aims to unite the real and virtual worlds, was discussed. Thus, in the network business, the employee prepares the work in the office in a virtual environment, from locations to identification of elements or risks. Subsequently, the field worker can visualize all this preparation with Mixed Reality, which incorporates a virtual layer to the reality to increase the understanding of the environment and safety, in addition to having real-time help from the office, where virtual reality allows interacting with the representation of the reality that the field worker is seeing. The suppliers assure that this Iberdrola solution is very advanced and that it is an example of the real business utility of the metaverse, enriching the work in the office with resources that until now were limited to being on-site at the installation, and improving efficiency and safety in the field. Another novelty presented was the formula for aggregating different resources, such as the production of green hydrogen , self-consumption solutions, home automation and intelligent management systems in air conditioning and electric vehicle charging. All these factors will be added to the flexibility platform and managed together as if it were a conventional power plant in what is called Virtual Power Plant (VPP), the digital solution to distributed asset management. In addition, the issue of artificial intelligence was addressed, in which Iberdrola leads the European project IA4TES (Artificial Intelligence for Sustainable Energy Transition), which aims to train and attract talent, generate alliances and carry out proofs of concept of highly disruptive technologies within AI in energy. Commitment to innovation The Digital Summit is part of Iberdrola's commitment to R&D&I. The company focuses its innovation projects on renewable energy, smart grids, digital transformation, green hydrogen and the development of customized solutions for its customers. In doing so, it aims to accelerate the energy transition by addressing not only the climate crisis, but also by improving energy security, competitiveness and sustainable job creation throughout the value chain. Through the incorporation of new technological solutions, the company has become a driver of the transition to a sustainable, competitive and safe energy model based on electrification. In fact, Iberdrola, which is the private utility in the world that invests the most in R&D&I -according to data from The 2021 Industrial Investment Scoreboard report prepared by the European Commission-, has allocated 2,000 million euros to this area in the last decade. In 2021, Iberdrola invested 337.5 million in R&D&I, 15% more than in the previous year, and the number of innovation projects underway totals 250. READ MORE
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31/05/2023Ignacio Galán calls for dialogue and collaboration among all to solve climate change Dialogue and collaboration. These were the two messages that Executive Chairman of Iberdrola, Ignacio Galán, wanted to highlight at the first edition of the CONVIVE Awards , held today in Mérida. These awards, which were created with the aim of advancing the energy transition towards decarbonisation, recognise the best initiatives for the coexistence of renewable energies, nature and people. Ignacio Galán stated that Iberdrola aims to "mobilise society as a whole against climate change. We don't have another planet, we have to take care of this one. The problem can be solved by all of us". The Executive Chairman recalled that the company has been living in harmony with the environment for over 100 years, facilitating the implementation of renewable energies and promoting care for biodiversity. Iberdrola has organised these Awards together with the Centre for Innovation in Technology for Human Development of the Polytechnic University of Madrid (itdUPM). The awards recognise those initiatives, alliances, companies, actions or local entities that exemplify the integration of renewable energies with socio-economic development and biodiversity conservation in Spain. The award winners were: * Local entities, Pueblo Solar de Cedillo and Ayuntamiento Revilla Vallejera. * Citizen participation, Government of Navarre * Research, knowledge and innovation, International Institute of Law and Environment. * Social and business entrepreneurship, Faramax * Communication and awareness-raising, EFEverde * Extraordinary award, SEO BirdLife The company believes that progress in decarbonisation is essential to achieve a more sustainable economy and meet climate goals. As a world leader in the fight against climate change, Iberdrola has created the CONVIVE Programme, a line of continuous improvement that integrates all initiatives and alliances that build bridges towards an energy transition in harmony with nature and people. The energy group aims to develop positive impacts on local communities to contribute to rural economic development and the structuring of the territory. It also seeks, with this initiative, to create a benefit for biodiversity because where there are renewables, there is better conservation of the territory and native wild plant species grow again, which in turn attract native animal species. At a global level, this project contributes to the fight against climate change and, at a local level, it generates economic activity and improves biodiversity. Iberdrola also wants to publicise this proposal to improve social acceptance of renewable energies. The event was attended by the President of the Regional Government of Extremadura and Secretary General of the regional PSOE, Guillermo Fernández Vara, who accompanied Iberdrola's Chairman at the awards ceremony, and the President of the Extremadura PP and candidate for President of the regional Executive, María Guardiola. An example of coexistence Iberdrola's CONVIVE Programme was created with the aim of facilitating the acceleration of the development of renewable energies in Spain, improving their contribution to territories and people and to biodiversity. This programme pursues two objectives: on the one hand, an internal one, promoting continuous improvement and the best practices available in the integration of renewables in the environment. On the other hand, an external one, making a positive contribution to local development and the conservation of biodiversity through collaboration and the establishment of alliances. These actions help to establish long-term and sustainable relationships with the environment surrounding our plants, contributing to the social licence of the projects by working hand in hand with the public, institutions, administration, etc., at all times. This programme is structured on the basis of three lines of action: 1. Contributing to socio-economic development: Initiatives that make possible the contribution of the projects to economic and social development at a local level, as well as at a national level. 2. Protecting and improving biodiversity: Actions that contribute to the integration of the facilities in the territory and landscape, improving their contribution to biodiversity and their environmental impact. 3. Learning from experts: Improving the impact of renewables and the social acceptance of the energy transition through collaboration with third parties. Some examples of these initiatives are: the integration of livestock and agricultural activities around the facilities, development of beekeeping activities and new developments in agrovoltaics; the development of the value chain of the renewable sector and suppliers at local level; the creation of energy communities and helping municipalities to develop development plans; participation in alliances to define best practices in renewable projects, develop new industrial activity and innovation, etc. The winners will become part of the winners' repository, with special recognition and the possibility of other elements of visibility for their project. There is no financial remuneration for the award. READ MORE
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31/05/2023We finalised with Norges Bank Investment Management details of our alliance to develop 1,265 MW of renewables in Spain and negotiate an additional 500 MW Iberdrola has finalised the details of its strategic alliance with the sovereign fund of Norway, managed by Norges Bank Investment Management , to co-invest in 1,265 MW of new renewable capacity in Spain (20% wind and 80% Solar PV). Both companies have today informed the National Securities Market Commission (CNMV) that they have obtained all the legal requirements to carry out the alliance. The strategic alliance is designed to accelerate decarbonization in Spain and could be extended in other geographies in the future. Iberdrola will have a majority stake of 51% in the assets. According to the terms of the agreement, the valuation of 100% of this portfolio of assets amounts to about €1.2 billion. Iberdrola will control and manage the assets, providing operation and maintenance services and other corporate services. However, both companies are already working on expanding this strategic alliance by more than 500 additional renewable MW in the Iberian Peninsula. Of the 1,265 MW, 137 MW are operational in Castilla-La Mancha and Aragon, with the rest of the projects under development. These projects are located in Andalusia (358 MW), Extremadura (343 MW), Aragon (175 MW), Castilla y León (102 MW), Madrid (55 MW), Murcia (50 MW) and Castilla La Mancha (45 MW). This renewable energy portfolio will have the capacity to meet the equivalent electricity demands of more than 700,000 homes each year. The perfect partner to co-invest Norges Bank Investment Management, which manages Norway's sovereign wealth fund, has approximately €1.4 trillion of assets under management and stakes in more than 9,000 companies. It owns on average 1.4% of all listed companies in the world and 2.5% of all listed companies in Europe. Norges Bank Investment Management is also one of the main shareholders of Iberdrola, with a stake of more than 3% for more than seven years. As a result of this relationship, Norges Bank Investment Management has decided to make its first direct investment in renewable assets in Spain with Iberdrola, the largest European electricity company by capitalization. The alliance between Iberdrola and Norges Bank Investment Management brings together two preferred partners in an agreement that could be extended to additional renewable opportunities in other geographies. Partnerships for growth In recent months, Iberdrola has closed several long-term alliances to promote the decarbonization of the economy: * Iberdrola has recently signed a strategic alliance with GIC for the expansion of transmission networks in Brazil for €430 million. * The company has signed an agreement to sell more than 8,400 MW of combined cycle gas in Mexico for $6 billion. * Iberdrola and MAPFRE have continued to advance in their strategic alliance by incorporating 100 new MW through a joint venture, which already has 450 MW. * Iberdrola and bp also signed a strategic alliance in March to deploy 11,700 fast charging points in Spain and Portugal. * In addition, a few months ago, Iberdrola signed an alliance with Energy Infrastructure Partners to co-invest in the Wikinger offshore wind farm and boost its offshore wind portfolio. Iberdrola, commitment to Spain Iberdrola reaffirms its commitment to the energy transition in Spain, as a leader in renewables , with a capacity of around 20.000 MW at the end of the first quarter of 2023, as well as extensive networks and storage assets. In addition, the company plans to invest an additional €6 billion in Spain by the end of 2025, increasing the 85,000 jobs it currently supports in its supply chain. As of September, Iberdrola's assets reached €170 billion euros worldwide. READ MORE
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31/05/2023We received the first shipment of components for Vineyard Wind's wind turbines Iberdrola is making progress in the construction of Vineyard Wind I , the largest commercial-scale offshore wind farm in the United States. The company has received the first shipment of components for the 62 wind turbines that will make up the farm at the port of New Bedford. Specifically, these are the tower sections, manufactured in Portugal. The towers - the base of the turbine that sits on top of the yellow transition piece - will arrive in three sections. Once onshore, they will be installed at the port before being partially assembled and loaded onto a specialised barge that will transport the parts to the wind farm site from the summer. The assembly of the wind turbines in New Bedford alone will create 100 jobs. Once the project, located 15 miles south of Martha's Vineyard and 34 miles south of the Cape Cod peninsula, completes construction and comes online, it will have an output of 800 MW, producing enough clean energy to meet the power needs of more than 400,000 homes and businesses across the Commonwealth of Massachusetts. The project will also prevent the emission of more than 1.6 million tons of CO2 per year, the equivalent of removing 325,000 vehicles from the road. The Vineyard Wind I project, which began construction in 2021 and is expected to be operational in 2024, will involve an investment of $3 billion, secured through contracts with the state's three major utilities. Contribution to employment Vineyard WInd I will contribute to the creation of 3,600 full-time equivalent jobs. These include those generated at the Spanish company Windar Renovables, one of the project's main suppliers. Last month, the Asturian company shipped the first six transition parts from Avilés. The contract, worth around €100 million, will provide the park with 62 transition parts, which are creating around 400 jobs (500 at peak times) at its facilities in Asturias. The park will also have 62 turbines, each as tall as the Torre de Cristal, the tallest skyscraper in Spain and the fourth tallest in the European Union, with blades the length of a football pitch. The wind turbine generators, model Haliade-X and manufactured by General Electric, have up to 13 megawatts of power, and are the most powerful to date. Each can save 52,000 tonnes of CO2 per year and in a single rotation - of 38,000 m2 - can generate the energy needed for a household for more than two days. Operational control Iberdrola, through Avangrid Renewables, is participating in the development of the wind farm together with Copenhagen Infrastructure Partners (CIP) through a 50/50 joint venture. Once construction of the wind farm is completed and commercial operation begins, Iberdrola will take the lead in the operation phase of the project and assume responsibility for controlling the operation and management of the facility. Among the services Iberdrola will provide to the project are operations management, supervision of tasks such as turbine, cable and substation maintenance, contractor coordination, 24/7 control centre services, marketing and asset management. Pioneers in offshore wind Two decades ago, the group was a pioneer in onshore wind energy , and now it is also a pioneer in offshore wind , one of the company's major growth vectors. At the end of the first quarter of 2023, it had 1,258 MW offshore in operation and 5,500 MW under construction or secured long-term contracts, which will come into operation before 2027 thanks to investments of close to €30 billion worldwide during this decade. In addition to the Vineyard Wind I project, in the United States, through Avangrid, Iberdrola owns 100% of Commonwealth Wind (1,200 MW in Massachusetts), Park City Wind (804 MW in Connecticut) and Kitty Hawk Wind (2,500 MW off the coast of North Carolina). In total, the group has a forecast of 5,000 MW of offshore wind energy on the east coast of the United States, enough to supply more than two million homes. The company's commitment to renewables is reflected in its record investment plan of €47 billion in the period 2023-2025 , of which €17 million will be allocated to the renewables business. With these investments, it will increase installed renewable capacity by 12,100 MW to 52,000 MW in 2025 - 6,300 MW of photovoltaic, 3,100 MW of onshore wind, 1,800 MW of offshore, 700 MW of batteries and 200 MW of hydro. READ MORE
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25/05/2023Foreign Policy Association presents Ignacio Galán with ESG Leadership Award in New York Ignacio Galán, Executive Chairman of Iberdrola, was the first recipient of the ESG Leadership Award from the Foreign Policy Association in New York at its annual dinner at the Harvard Club in New York. The award recognises business leaders who have demonstrated a strong commitment to ensuring that ESG+F (Environmental, Social & Governance + Financial Performance) principles are integrated as a core pillar of business strategy. Other honourees during the evening included General Mark A. Milley, 20th Chairman of the Joint Chiefs of Staff and America's highest-ranking military officer, and Joaquín Duato, Chairman and CEO of Johnson & Johnson. Ignacio Galán was honoured by Governor George Pataki, the 53rd Governor of New York, who served from 1996 to 2006. Pataki noted that "Galán is a visionary who has pointed the way to the next generation of renewable energy with a commitment to social responsibility". On receiving the award, Ignacio Galán said: "I am very grateful to the Foreign Policy Association. I greatly admire all the work that the Association has been doing for many years. "Iberdrola's commitment to ESG principles has always been driven by our own internal conviction that we must do everything we can to make a positive impact on the communities we serve. That is why we included the Sustainable Development Goals in our corporate bylaws and created the concept of social dividend". "As we continue to invest and grow in the coming years, we remain committed to demonstrating that decarbonisation is fully compatible with value creation for all." Under the leadership of Ignacio Galán over the past two decades, Iberdrola has invested more than €140 billion to drive the transition to clean energy. The company's investment strategy has been accompanied by a total commitment to creating sustainable value for all its stakeholders ("social dividend"). In 2022 Iberdrola made nearly 4,700 new hires in the Group, made purchases of €17.8 billion from thousands of suppliers that support 400,000 jobs worldwide, and paid more than €7.5 billion in taxes globally, supporting public finances. Iberdrola's commitment to renewable energies and smart grids has placed it at the forefront of the energy transition. In the last two decades, the company has gone from being the twentieth largest electricity company in the world to the second largest by market capitalisation, while leading the sector in terms of climate ambition. During this time Galán has promoted the closure of Iberdrola's 17 coal and fuel oil-fired power plants worldwide, while establishing an industry-leading 40,000 megawatts (MW) of renewable energy capacity. Between 2023 and 2025, investments worth more than €47 billion are planned, which will underpin the company's ambitious Climate Action Plan. Iberdrola aims to achieve carbon neutrality by 2030 and net zero emissions by 2040. The Foreign Policy Association is an independent organisation that has been working for over 100 years to help develop awareness, understanding and informed opinion on US foreign policy and global issues. The FPA aims to encourage citizens to participate in the foreign policy process. READ MORE
