In his speech in the “Mobilization of investments to support NDC implementation and increased ambition” panel at the UN Climate Change Conference (COP 23), in Bonn, Germany, Ignácio Galán, Chairman of Iberdrola and Chairman of the Board of Directors of Grupo Neoenergia, placed a call to action against global warming this Monday, November 13: “It is now time to act, not to speak”.

For Galán, the solution is to invest in cleaner energy, higher storage capacity and smarter grids, concepts in which Iberdrola invests €6 billion every year: “The fight against global warming is a shared responsibility that must involve all sectors of the economy”, said the Chairman of Iberdrola, who urged the world industry to reduce emissions in order to achieve goals.

Ignácio Galán highlighted Iberdrola’s recent decision to close its last two coal-fired plants: “Our emission-free production capacity will remain at 70%”, guaranteed Galán. The panel in which Galán spoke was organized by the World Business Council for Sustainable Development (WBSCSD).

During his speech, Galán called the global industry to take action to achieve climate goals and urged companies from all sectors of the economy to adopt firm measures to fight climate change. Moreover, he said that “the fight against global warming must involve all countries, which should significantly contribute to that purpose”, and those who have ratified the Paris Agreement must present a plan specifying how they will meet their commitments.

Ignacio Galán reaffirmed that Iberdrola continues to make progress in its commitment to clean energy, putting into practice the commitment to reduce the intensity of CO2 emissions by 50% in 2030. He also mentioned the company’s decision to close its last two coal-fired plants, which added to the 7,500 MW of fuel oil and coal that are no longer generated since 2001.

Moreover, Iberdrola’s Chairman insisted on the need to establish appropriated carbon pricing covering all the sectors of the economy based on the “polluter pays” principle, emphasizing that the decarbonization of the economy may be a unique opportunity to create value for the entire society”.

During his speech, Ignacio Galán said that Iberdrola will maintain its commitment to more sustainable technologies: “After investing US$100 billion in wind and hydro power, as well as on the necessary grids to integrate the entire renewable energy, Iberdrola will continue to work in this line”.

Iberdrola’s Chairman pointed out that, thanks to its commitment in recent years, the Group is currently the world leader in wind power, having reduced its emissions in Europe by 75% since 2000, reaching levels that are nearly 70% below the average for its European peers.​