"We’ll increase investment by more than €10 billion year"

In an interview in El Economista, Iberdrola group chairman Ignacio Galán said that the target of the European Union’s Green Deal of achieving “net zero-carbon emissions” by 2050 — also an Iberdrola commitments — will require heavy investment. “That is why it is essential to mobilise all the participants involved in the planned investments”.

Climate neutrality is possible if we all do our bit and move in the same direction

One way of strengthening this commitment would be to tax the heaviest polluters. “At the moment, we are all paying for pollution”, he said. “But to be fair, it should be those who contaminate who pay. They should be forced to do so”.

On the subject of group capitalisation, Galán confirmed that it will step up the pace of growth in networks, renewables and storage to keep its position among the world's top five companies and to meet the European Union’s decarbonisation objectives.

To achieve this, he does not rule out further acquisitions. “We have a duty to be alert to opportunities arising in other markets”, he said, citing examples like the group’s nascent wind and solar developments in Australia, where it already has a 600 MW project portfolio.

Lastly, he is positive about the creation of a vice-presidence of Ecological Transition, “a very similar movement to the one in the European Union which has a vice-president of the European Green Deal”. “Bringing to life the Agenda 2030 is not a partisan matter. It is up to all of us”, he concluded.