Iberdrola, Europe’s largest electricity company, has launched a new report titled “Electric, Together”. This five-point manifesto is a call to action for global policymakers, energy and industrial companies, and other stakeholders on the steps that need to be taken in 2023 to break the cycle of crises driven by oil and gas and shift to delivering green energy security as quickly as possible.
The manifesto targets leaders attending the World Economic Forum in Davos this week and sets out the key challenges that remain unsolved in the energy transition and the best ways to move forward at speed. Iberdrola is investing a total of €47 billion for the three years to 2025 to continue to transform the energy system for the better in the U.S., Europe, the UK, Latin America and Asia Pacific.
The five key priorities in the manifesto include:
- Accelerating planning and ambition for electricity grid infrastructure to deliver the transition to a green economy. According to McKinsey, in the U.S. alone, the electricity grid will need to expand by at least 60% by 2030.
- Turbo-charging the deployment of renewable generation projects: Long and complex permitting procedures are stalling the deployment of renewables projects and progress towards climate goals. This needs to be resolved.
- Scaling up green hydrogen as a solution for hard-to-decarbonise industries: Specific areas of the heavy industry and heavy transport sectors will rely on green hydrogen for their transition, and concrete policies are required to kick-start this industry.
- Increasing ambition on innovation to drive climate solutions: Innovation at scale is required to facilitate the optimal deployment of renewables, electric vehicles and energy storage systems.
- Keeping our eyes on the long-term prize of decarbonisation: Governments and regulatory authorities across the world have the opportunity to show leadership and decisiveness in backing sustained green investments so that we can emerge from the crisis in better shape.
Ignacio Galán, Iberdrola’s Executive Chairman, comments: “If we are to learn one lesson from 2022, it is the compelling need to work together to deliver electrification quickly for a more secure, clean and competitive future. 2023 is the year to finally break the cycle of crises driven by oil and gas, through sustained investment and innovation in green generation, networks and energy storage.”