Ignacio Galán, chairman of Spanish energy giant Iberdrola, has announced at the World Economic Forum in Davos that the company will invest €3 billion ($3.2 billion) in green hydrogen to accelerate the European Green Deal.
According to Galán, green hydrogen is now a major European challenge and an opportunity to bring enormous industrial opportunities to energy uses that are difficult to electrify.
However, a stable regulatory framework is required in order to attract investment, and coordinated EU action is essential to achieve the ambitious targets.
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.”
Iberdrola has been a pioneer in this technology, after inaugurating a green hydrogen plant for industrial use on 13 May. The plant will produce 3,000 tons of green hydrogen per year.