Iberdrola to invest €3 billion in green hydrogen
Published by Abi Larkin,
Editorial Assistant
Energy Global,
Ignacio Galán, Chairman of Iberdrola, announced at the World Economic Forum in Davos, Switzerland, that the company will invest €3 billion in green hydrogen to accelerate the ‘European Green Deal’. Galán pointed out that green hydrogen is now a major European challenge, an opportunity, and that a stable European framework must be designed to boost investment in this technology.
The Chairman of the Spanish utility highlighted that green hydrogen is set to bring enormous industrial opportunities to energy uses that are difficult to electrify.
“We cannot miss this train,” he added, “and, similarly to the rest of green technologies, a stable regulatory framework is 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 2000 times.
Iberdrola inaugurated the largest green hydrogen plant for industrial use in Europe on 13 May. The plant will produce 3000 tpy of green hydrogen, and the company has a project pipeline which will require €9000 investments in total.
These investments have been agreed 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 policy makers to transform Europe into a greener continent, turning severe energy needs and global food security risks into economic opportunities. 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 in 2020, plans to achieve a 55% emission reduction by 2030 and net zero by 2050.
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Read the article online at: https://www.energyglobal.com/other-renewables/26052022/iberdrola-to-invest-3-billion-in-green-hydrogen/
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