Iberdrola is committed to completing the process of closing all of its coal-based power plants, an energy source that currently represents only 1.8% of the group's total capacity, and thus reaffirm its firm commitment to the environment.
AGAINST CLIMATE CHANGE
We reaffirm our commitment to the fight against climate change
The company has decided to complete the process of closing all of its coal-based power plants worldwide, and in line with this objective, on 10th November of this year, the company asked the Spanish Ministry of Energy, Tourism and the Digital Agenda for the authorisation to close the Lada (Asturias) and Velilla (Palencia) power plants, plants that all together amount to 874 MW in power capacity.
The Wikinger offshore wind farm in the waters of the Baltic Sea (Germany).
The ordered closure of the last coal-based power plants operating in Spain will have no effect on the security of the electrical supply or on the price of energy —its production is less than 1% of the national total— or on the company's demonstrated commitment to employment, since the company will relocate 100% of the staff. Furthermore, the areas occupied by Lada and Velilla will be subject to a landscape restoration project.
Since 2001, the company has shut down several power plants, amounting to nearly 7,500 MW of installed capacity, and has built 34,000 MW of renewable and more environmentally friendly power plants.
Thermal power stations closed and expected to be closed by Iberdrola.
With these planned closures, the company is accelerating its firm environmental commitment: the reduction of CO2 gases by 50% in 2030 with respect to 2007 levels and to be carbon neutral in 2050. After having already achieved a 75% improvement since the year 2000 in Europe, Iberdrola is currently emitting 70% less than the average of its competitors and, jointly with them, has requested the European Commission and the European Parliament to approve some more ambitious environmental targets for the year 2030 [PDF], increasing the percentage of renewable energy to 35% instead of the current goal of 27%.
This way, and in reflection of its commitment to the decarbonisation of the economy, energy stability and clean energy, Iberdrola group is a world leader in renewable energy: the company has 29,177 MW of installed capacity through renewable sources (12M 2018).
All of these actions are aligned with the commitments acquired by the company after the incorporation of the Sustainable Development Goals into its corporate strategy and its support for the Paris Agreement (COP21) and to subsequent Climate Summits.
The company also materialises its commitment through green financing: Iberdrola has become the largest European issuer of green credits, the perfect source for the long-term financing of projects that make a difference from the environmental point of view.