NEW YORK CLIMATE WEEK 2020
A global opportunity to accelerate climate action
#events #United States #climate action
With the motto Getting it done, Climate Week NYC (20 - 26 September) focused on compliance with the climate objectives and the need to secure more commitments from companies, governments and organisations. Iberdrola group, a global benchmark in the fight against climate change, was once again attending this event, a global opportunity to join forces to accelerate climate action and assess progress before COP26.
IBERDROLA, AT THE FOREFRONT OF CLIMATE ACTION
Iberdrola has invested 120 billion euros in renewable energies, electricity grids and storage over the last two decades. A pioneering commitment to clean energy that has placed it in a leading position in terms of climate action, with CO2 emissions that are already six times lower than those of its European competitors.
But the group's climate commitment does not end there: Iberdrola has pledged to invest an additional 150 billion euros by 2030 to continue to lead the energy transition facing the global economy. Its goal is to achieve carbon neutrality in Europe by 2030, 20 years before the horizon set by the Old Continent, and to be a carbon neutral company globally by 2050.
With its support for initiatives such as New York Climate Week, Iberdrola stresses the need to act urgently to keep global warming below 1.5 ºC and mitigate the effects of climate change on the planet. This will only be possible by joining efforts of all agents from all geographies and sectors to multiply the effectiveness of individual commitments and find new solutions.
In this respect, the electricity industry plays a key role. Renewable energies, smart grids and the electrification of energy uses will be the key vectors for the decarbonization of the economy. And Iberdrola group is working to remain at the forefront of this green transformation.
Ignacio Galán, chairman of Iberdrola group
Transformation such as the one that Iberdrola has been leading for 20 years will be more necessary than ever during the coming years to rebuild our economies
In this regard, Galán talked about the 100 billion euros of investments in renewable energies, networks and storage made by the company since 2001 and the opportunities of the energy transition for employment and the conversion of traditional sectors in the economy of the future.
Commitment to the most significant declarations
The chairman of the group, Ignacio Galán, joined the manifesto of business leaders for renewed global cooperation [PDF] External link, opens in new window. promoted by the United Nations Global Compact to encourage progress towards a more equitable, inclusive and sustainable world. More than 1,200 CEOs from more than 100 countries signed the declaration to show their support for the UN principles and to promise more international cooperation to protect all citizens, promote peace and save the planet.
Galán also supported the European Commission (EC) proposal to step up climate ambition and reduce greenhouse gas emissions by at least 55 % by 2030. He therefore signed a manifesto
External link, opens in new window. with a further than 150 business people and investors that urges European Union leaders to support these objectives and align with the European Green Deal.
Likewise, Iberdrola has signed up to the Sustainable Ocean Principles External link, opens in new window., an initiative of the UN Global Pact oceans platform to promote the use of responsible business practices in activities linked to this environment. The company has been acknowledged by the organisation as being one of the leading companies adhering to these principles, highlighting its leadership in offshore wind power, and has made a noteworthy contribution to the sustainable oceans guides presented at Climate Week.
Iberdrola has also been mentioned as one of the companies that have participated in the workgroups in connection with green financing, specifically with the Principles for Integrated SDG Investments and Finance External link, opens in new window., and has joined the Call for Action initiative of the Business for Nature External link, opens in new window. platform in the context of the forthcoming UN Conference on Biodiversity.
Elsewhere, Iberdrola has had special visibility in the Climate Leadership Now [PDF] External link, opens in new window. report issued by We Mean Business — the main international coalition in defence of climate change from a business standpoint — as a result of its participation in campaigns, declarations, alliances and activities that reflect responsible behaviour in climate policies. The company is placed as the company showing the greatest combined leadership in commitment to the climate policy ambitions that it supports and intensity of actions to promote an ambitious focus.
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ENCOURAGING GLOBAL SIGNS
"It is positive that the world is pulling in the right direction as we approach COP26"
In an interview on Bloomberg TV, Iberdrola group chairman Ignacio Galán highlighted the progress made at Climate Week in New York, which paves the way for COP26, to be held in Glasgow in November. Galán applauded the announcements made by China, the United States, the European Union and the United Kingdom, which he considered to be "encouraging signs" for the fight against climate change at global level. He urged the EU to keep a close eye on the policies of individual member states to ensure that the measures they take are consistent with European emission reduction plans.
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ACT URGENTLY
"COP26 will be a crucial moment to show our commitment"
Ignacio Galán spoke at the United Nations Energy Action Days, where he praised the “key” role of this organisation in climate action. The group's chairman stressed that “every day counts” in the fight against climate change, which is why we must start today to build “a stronger and more sustainable economy, capable of creating quality jobs on a massive scale.” This will be the spirit in which Iberdrola will attend COP26, in November, of which its subsidiary ScottishPower is the main sponsor.
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COMMITMENT TO QATAR
Galán meets with the CEO of Qatar Investment Authority
Iberdrola chairman met in New York with Mansoor bin Ebrahim Al Mahmoud, CEO of Qatar Investment Authority, Iberdrola's largest shareholder. The executive showed his support for the group's project and its historic 150 billion investment plan until 2030, which will allow the company to anticipate and take advantage of the opportunities of the energy transformation faced by the world's leading economies. Galán and Al Mahmoud reviewed Iberdrola's progress in the different businesses and countries in which it operates, as well as the main objectives until the end of the year.
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ESG INVESTMENTS
Galán highlights the good position of the United States to attract investment to promote decarbonisation
At the Transatlantic Economic Conference
External link, opens in new window., organised by the Spain-U.S. Chamber of Commerce and the Cámara de Comercio de España, the chairman of Iberdrola group discussed the importance of making investments based on environmental, social and governance (ESG) criteria to combat climate change. Galán said that, in order to attract these investments, the United States has stable and predictable frameworks, tax incentives for renewable energies and rate cases for networks agreed through transparent processes, as well as good federal and state cooperation, which has allowed Iberdrola to diversify and be present in 25 states in the country. -
RENEWABLES, GRIDS AND STORAGE
"We will not reach climate goals if we do not invest massively in the expansion of renewable energies, smart grids and storage"
At the Transatlantic Economic Conference
External link, opens in new window., organised by the Spain-U.S. Chamber of Commerce and the Cámara de Comercio de España, the chairman of Iberdrola group discussed the importance of making investments based on environmental, social and governance (ESG) criteria to combat climate change. Galán said that, in order to attract these investments, the United States has stable and predictable frameworks, tax incentives for renewable energies and rate cases for networks agreed through transparent processes, as well as good federal and state cooperation, which has allowed Iberdrola to diversify and be present in 25 states in the country. -
GLOBAL COMPACT LEAD
Iberdrola, the only Spanish company recognised as a 'leading company' by the UN Global Compact
Iberdrola has been recognised as one of the companies in the Global Compact LEAD for its ongoing commitment to the United Nations Global Compact and the 10 principles for responsible business. The utility, which is part of this ranking for the fifth consecutive year, is the only Spanish member of this select group of companies, which represents 18 industrial sectors from all regions of the world.
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'RACE TO ZERO BREAKTHOUGH'
The electricity sector moves forward in the race to zero emissions
At the opening of Climate Week in New York, the main electricity companies announced that 20 % of the sector is now part of the Race to Zero Breakthough initiative, thus meeting the target set by the United Nations Framework Convention on Climate Change (UNFCCC), the UN climate champions and the presidents of COP25 and COP26 ahead of this major climate summit in November. The initiative, which has been supported by Iberdrola since its launch, articulates what key actors from 20 sectors of the global economy must do and when in order to achieve the changes needed to reach a resilient, carbon-neutral future by 2050 at the latest.
NEXT STEPS IN CLIMATE ACTION
The political and business announcements were more lukewarm than at last year's summit. This notwithstanding, from a political standpoint, this edition has had an outstanding role because of the dynamics that may be created from now on.
- China has announced that it is committed to achieving climate neutrality before 2060 and peak emissions before 2030, a decision welcomed by almost the entire international community.
- The European Commission has revised its goal to reduce emissions by 2030 and has supported the green response for economic recovery.
- The UK has taken a leading diplomatic role by holding a major summit in December 2020 that will stimulate more national climate commitment announcements.