Spanish clean energy company Iberdrola will invest €3 billion ($3.2 billion) in green hydrogen to accelerate the European Green Deal.
Ignacio Galán , chairman of Iberdrola, announced the news at the World Economic Forum in Davos. He pointed out that green hydrogen is now a major European challenge and an opportunity. Therefore, a stable European framework must be designed to boost investment in this technology.
He also highlighted that green hydrogen is set to bring hudge industrial opportunities to energy uses that are difficult to electrify. A stable regulatory framework is thus required in order to attract investment. He also emphasised that a coordinated EU action is essential to achieve the ambitious targets, which include multiplying green hydrogen production capacity by 2,000 times.
On 13 May, Iberdrola inaugurated what it says is the largest green hydrogen plant for industrial use in Europe. The plant will produce 3,000 tonnes of green hydrogen per year. The company also has a project pipeline that will require €9,000 ($9,590) investments in total.
These investments have been agreed upon in the framework of the Manifesto on Implementing the European Green Deal in the New Global Context.
Members of the CEO Action Group for the European Green Deal are ready to work together with policymakers to transform Europe into a greener continent. Action Group members have reinforced their commitment to accelerate Europe’s green transition and stand ready to support European governments in developing policies that are “fit for purpose.”
The European Green Deal , supported by Iberdrola and agreed upon in 2020, plans to achieve a 55 per cent emission reduction by 2030 and net-zero by 2050.
Galán believes that Iberdrola’s track record over the past 20 years showcases that a company’s commitment to the fight against climate change not only benefits the environment but also its shareholders and society in general.