News

05.06.2024

Iberdrola recognised by the United Nations Global Compact for its steadfast commitment to sustainability

  • Through its 'Forward Faster' initiative, it is at the forefront of the fight to decarbonise the planet and combat climate change.
  • The company's actions in key areas such as climate action, human rights advocacy and green finance were key to winning the award.
     

Iberdrola has been recognised by the United Nations Global Compact for its commitment to sustainability through the 'Forward Faster' initiative. The company received this award during the event held to mark the organisation’s 20th anniversary. 

The measures being taken by the company in key areas such as climate action, protection of human rights and green finance have the power to push forward the Sustainable Development Goals (SDGs). These actions have been decisive for the Global Compact to value Iberdrola's high level of commitment and leadership in sustainability. 

The 'Forward Faster' initiative aims to increase accountability and transparency by calling on companies to make their commitments public and highlight the actions they will take to meet the targets. 

Measures adopted 

Iberdrola reports annually on its progress in sustainability to the United Nations Global Compact.

  • ‘Forward Faster’ recognises that gender equality is essential for sustainable progress. The utility company is committed to working towards equal representation, participation and leadership at all levels of management and equal pay for equal work by 2030. 
  • Climate change and global warming are among today's most pressing challenges. ‘Forward Faster’ has called on companies to take action by including science-based net emissions reduction targets in line with the 1.5°C limit and to contribute to a just transition that addresses the social impacts of climate change. 
  • Another objective is the eradication of the working poor. Iberdrola ensures that 100% of its workers earn a living wage, in line with the goal of the Living Wage Initiative 2030. It is also working to establish joint action plans with contractors and supply chain partners to achieve this goal. 
  • Another of the global challenges driving ‘Forward Faster’ is water scarcity. Iberdrola has developed water resilience in its operations and supply chains. It has also shown its commitment to collaborate to achieve a positive water impact in at least 100 priority vulnerable watersheds by 2030. 
  • This Iberdrola programme also states that adequate financing is essential for the achievement of the goals of the 2030 Agenda. It urges organisations to align their corporate financing strategies linked to the SDGs. It should be noted that Iberdrola, a world leader in green bond issuance, signed a first sustainable credit linked to the United Nations 2030 Agenda in 2019. This was the first transaction linked to SDG 7: affordable and clean energy. 

The data confirms the company's leadership in ESG project finance, with almost €54.5 billion trading volume by the end of 2023. The investment plan has a very high degree of alignment (approximately 90%) with the European Union Taxonomy, one of the fundamental bases of the EU's sustainable finance framework. 

Iberdrola and the Global Compact 

Iberdrola has been a member of the Global Compact since 2002, undertaking commitments to support, promote and disseminate its ten principles related to human rights, labour practices, the environment and the fight against corruption, both in its field and in its sphere of influence, and to contribute to achieving the United Nations’ Sustainable Development Goals.