Iberdrola pushes for enhanced public and private sector alignment to deliver energy transition

At a roundtable organised by the Climate Leaders Group and chaired by the European Commission’s Executive Vice President, Frans Timmermans, Mr Galán reaffirmed his company’s commitment to invest even further in clean energy, smart grids, and storage to overcome the current crisis in global energy markets. Additionally, Mr Galán announced a new commitment to ensure Iberdrola is net positive for nature by 2030 across all of the company’s business areas and markets.

He said: “António Guterres, the UN Secretary General, has been very clear. The best way to tackle the climate and energy crisis is to accelerate the transition to renewables and stop society’s ‘addiction’ to fossil fuels.

“The current global scenario shows that the energy transition cannot wait as it is the solution to both the problems created by high fossil fuel prices and climate change.

“But as we move faster in the transition, it is absolutely vital for companies to ensure that clean energy is also positive for nature. Even though the rest of this decade will see us build more clean energy projects than ever before, we are committing to being positive on nature by 2030 more than compensating any impact on biodiversity produced by the company and acting on our supply chain,” he said.

The event in the Empire State Building, titled: ‘How the EU and US public and private sector can work together to deliver global leadership on climate ambition and energy security’ drew a wide range of private companies, public bodies, and financial institutions.

During the discussion, Mr Galán noted many recent positive signals for the energy transition. Since COP26 in Glasgow, a host of enhanced climate policies and clean energy targets have been announced by countries and regions such as the US, the EU, and Australia. At the same time, private companies across all sectors have continued to announce more ambitious investments in clean technologies. Yet, barriers remain, and more needs to be done from all parties to ensure the transition can be delivered at the speed required.

He said: “The industry is ready to lead the green transition, but in order to deliver on these huge investments intentions, it is essential to work together more effectively to overcome bottlenecks and disjointed policies at a local, national, and international level.”

Mr Galán pointed to the development of green hydrogen as an opportunity for the public and private sector to get the policies correct from the start.

“Green hydrogen is a new opportunity. We must accelerate its development with a clear framework of support. This can be driven by national policy, as we have seen with commitments made in the US Inflation Reduction Act. But there must also be co-ordinated action with regional authorities, the developers of renewables, grid, and storage projects, as well as industrial clients and other end users.

“Everyone involved in this new sector needs to sharpen their focus to ensure we can maximise its potential.”

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