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Iberdrola announces an investment of 3,000 million in green hydrogen | Economy

Ignacio Sánchez Galán, Chairman of Iberdrola, at the Davos Forum
Ignacio Sánchez Galán, Chairman of Iberdrola, at the Davos Forum

Iberdrola will invest 3,000 million euros in green hydrogen to accelerate the European Green Deal, as stated on Wednesday by its president, Ignacio Sánchez Galán, at the World Economic Forum in Davos (Switzerland). Green hydrogen is, according to the company, the great European challenge and an opportunity, and that a stable European framework must be designed to promote investments in this technology. Huge amounts of wind and photovoltaic power are needed to generate green hydrogen.

Sánchez Galán has emphasized those energy uses that are difficult to electrify, an area in which green hydrogen is called to play a fundamental role (as in many industrial processes). For its definitive emergence, he says, both investments and a stable regulatory framework are necessary. Also a coordinated action of the European Union, whose roadmap involves multiplying the production capacity of this gas by 2,000.

Puertollano Plant

On May 13, Iberdrola inaugurated in Puertollano (Ciudad Real) the largest green hydrogen plant for industrial use in Europe, which will produce 3,000 tons per year. The company calculates total investments of 9,000 million.

The investments in green hydrogen announced this Wednesday by Iberdrola have been agreed within the framework of the signing of the manifesto to accelerate the European Green Deal in the face of tension in the energy markets by the members of the Action Group of CEOs for the European Green Deal, held within the framework of the Davos Forum. In the manifesto, members of the group have expressed their willingness to work, together with policymakers, to transform Europe into a greener continent, turning energy needs and global food security risks into economic opportunities. The European Green Deal, agreed in 2020, aims to reduce greenhouse gas emissions in the EU by at least 55% in 2030 and eliminate them completely by 2050.

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