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Tripling renewables by 2030 is feasible, says Iberdrola Chairman

Published by , Editorial Assistant
Energy Global,


The Chairman of Iberdrola, Ignacio Galán, reinforced this morning at COP28 that the objective of tripling the installed renewable capacity by 2030 is feasible. There are 118 countries that have already signed up to this objective at the Climate Summit being held in Dubai. They have also committed to double the energy efficiency ratio, increase electrification and reduce methane emissions and the use of fossil fuels. This commitment aims to limit global warming to 1.5°C by 2050 compared to pre-industrial levels.

Tripling renewables by 2030 is feasible, says Iberdrola Chairman

Iberdrola's Chairman has made his first appearance at the Abu Dhabi Sustainability Week (ADSW) Forum, where he stated that action to achieve the goal must be immediate.

Electricity demand must be multiplied by a factor of 2.5 to achieve zero net greenhouse gas (GHG) emissions. “To meet this demand, investments in the global electricity system will have to increase from 800 000 million dollars a year to 2.2 trillion dollars a year by 2030," Galán said. "We need to accelerate the expansion of electrification through renewables to reduce our dependence on fossil fuels. Grid investments must also grow exponentially, as nearly 80 million km of grids will need to be added or replaced over the next 20 years."

The role of green hydrogen

The Chairman of Iberdrola also took part in a debate organised by the European Roundtable for Industry (ERT) on the Future of Climate, Sustainability and Clean Energy. During the event, held in the COP28 Innovation Zone, Galán highlighted the important role of green hydrogen in the energy transition; a technology that is already a reality and demonstrates the company's commitment to new technologies to achieve a safe, clean, and competitive energy industry. The ERT brings together 60 CEOs and CEOs of European industrial and technology companies operating around the world – some producing a lot of energy, others operating in energy-intensive sectors – all of whom are committed to zero emissions and acting on a large scale to achieve the EU's climate targets. For many companies, this commitment means the total transformation of their business operations around the world, in increasingly difficult geopolitical circumstances. The climate action agenda is global and must be a priority for all. The challenge is not only to achieve climate neutrality in the EU, but also internationally, as soon as possible. As European industry has been at the forefront of inventing clean technology solutions to rapidly reduce emissions over the last decade, the ERT encourages governments to support the modernisation of infrastructure and to create an enabling environment for businesses, including energy-intensive industries, to decarbonise effectively, sustainably and competitively.

 

 

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Autumn 2023 issue

The Autumn 2023 issue of Energy Global hosts an array of technical articles focusing on green hydrogen, wind installation technology, blade monitoring solutions, and more. This issue also features a regional report looking at some key renewables projects in Australia..

Read the article online at: https://www.energyglobal.com/other-renewables/05122023/tripling-renewables-by-2030-is-feasible-says-iberdrola-chairman/

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