"The best to do for the planet and for people is to invest in renewables," states Ignacio Galán on CNBC

"The best thing to do for the planet and for people is to invest in renewables. They are more efficient, cheaper, cleaner, and they are now creating millions of jobs worldwide". The Executive Chairman of Iberdrola, Ignacio Galán, made this statement in a live interview on CNBC, on the occasion of the Annual Meeting of the World Economic Forum in Davos, in which he is participating. 

Galán also highlighted how the world is aware of the need to boost energy efficiency and energy self-sufficiency: "We cannot depend on third parties". 

In his opinion, in order to be able to finance the tripling of renewables so necessary to achieve the decarbonisation targets, a coherent message must be given to the markets. Therefore, "extraordinary taxation in Europe makes no sense. Energy prices have already risen, in some cases, as a result of political decisions", he warned. 

Furthermore, Ignacio Galán defended the key role of grids in the energy transition in order to meet climate objectives, integrate renewables into the system and thus guarantee security of supply. In this sense, he recalled that "we need more interconnections" and "more investment, more than double". "Grids have been forgotten for years. It is good that the International Energy Agency and the European Commission are focusing on them".  

Along with renewables and grids, he stressed the key role of storage technologies, among which pumped hydroelectric installations stand out. He also mentioned the article published by the prestigious financial newspaper Financial Times on the Tâmega gigabattery, a key Iberdrola project in Portugal, which has involved an investment of more than €1.5 billion.

If you want to see the full interview with Ignacio Galán on CNBC, you can find it here.