Climate change mitigation
Iberdrola contributes to climate change mitigation with specific actions and commitments
The effects of climate change are undeniable and mitigating them is one of the most pressing topics on the global climate agenda. This was made clear at the Climate Action Summit 2019, which took place in New York on 23 September, where the leaders from politics, economics and civil society who attended the event focused on mitigation. Iberdrola group, which was an active participant at the summit, contributed to the success of the event with specific actions and commitments.
Iberdrola, global climate action
The most ambitious climate action scenarios dictate achieving carbon neutrality around mid-century to ensure that temperatures on Earth rise by no more than 1.5 ºC. This is precisely the objective that Iberdrola group has set itself for 2050, basing its business model on growth aligned with climate action. The company has become a global climate action leader and, for many years now, it has been advocating for more demanding policies and playing an active role in the global climate agenda.
This is why, Iberdrola took a leading role at the Climate Action Summit 2019, whose main objective this year was to strengthen commitments to mitigation in national and corporate climate change framework policies. In fact, group chairman Ignacio Galán was the only the representative of the Spanish business community invited to take part in the main event at the conference with heads of government and the secretary general of the United Nations, António Guterres. Galán told the event that "far from being a problem, the fight against climate change is an opportunity", insisting on the urgent need to advance toward a fossil-fuel-free model based on renewable energies, which will help to contribute to the zero-net-CO2-by-2050 scenario.
Iberdrola group committed to the following specific actions during the Climate Action Summit in New York.
The 1.5 ºC scenario
Iberdrola was one of the first 28 companies External link, opens in new window. to support the most important commitment secured during the summit vis-a-vis mitigation, which calls upon all agents to adhere to decarbonisation roadmaps aimed at the 1.5 ºC scenario.
The group also contributed to the 1.5 ºC Business Leadership External link, opens in new window. report issued by the United Nations, in which it is featured as an example of a company aligned with that scenario. The company also took part in high-level technical meetings External link, opens in new window. including the Private Sector Forum External link, opens in new window., which was attended by Galán.
The transformation toward a decarbonised energy model and the opportunities and challenges presented by this process show the value of Iberdrola group's experience, it has been committed to a sustainable business model for 20 years and insists upon extremely rigorous labour and welfare standards.
This work was recognised by the Climate Action Summit organisers, who invited Galán to the preparatory event on a fair transition — which was held on 22 September with governments, companies and bodies including the International Labour Organization (ILO) — to talk about their experience and corporate plans in this area. Iberdrola supported the business commitment to achieving a fair transition and promoting green employment External link, opens in new window. agreed upon during the Summit.
The company was also recognised as a LEAD participant in the United Nations Global Compact due to its commitment to the 10 principles of responsible business activity established by this body.
Universal access to energy
Representatives from Iberdrola participated in preparatory debates and meetings on the role of climate change and universal access to energy as pillars of sustainable development.
The group is one of the main issuers of green financing, which prompted the company to support the report by the High-Level Commission On Carbon Pricing And Competitiveness External link, opens in new window. to establish carbon pricing frameworks to assign a price to CO2 emissions.
Young people and climate change
Iberdrola took part in the Youth Climate Summit External link, opens in new window., particularly the Summer of Solutions Pitch Competition, where it was part of the jury. The winner of this initiative will be part of the Moving for Climate NOW, a cycle ride organised by the company to mark COP25.
The group made a formal commitment to the EV100, the purpose of which is for different global agents to join forces to drive transport electrification by 2030.
Iberdrola has supported two projects at Columbia University (Columbia International Investment Conference - Aligning Corporations with the SDGs External link, opens in new window. and The Global Pact for the Environment and the Sustainable Development Agenda External link, opens in new window.) and has taken part in several events: Girls Get Climate Action External link, opens in new window., on climate action as a driver of human rights, development and gender equality; and the SDG Business Forum External link, opens in new window., exploring innovative solutions to speed up sustainable development.
The company took part in the preparatory meetings on this subject, advocating for the decarbonisation of the economy as an opportunity to advance toward dynamic, sustainable industrial models.