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Iberdrola targets 'virtually' zero emissions in Europe by 2030

Iberdrola SA will have "virtually zero emissions" in Europe by 2030 and will be emissions neutral globally by 2050, Chairman and CEO Ignacio Galán said at the COP25 climate change summit in Madrid on Dec. 11.

Discussing the company's strategy to support the transition to a low-carbon economy, which he said began 20 years ago, Galán reiterated the need to act immediately against the threat of climate change.

"The energy transition is feasible. We have the necessary technology at an affordable cost, but we have little time. The time for action is now," he said.

Iberdrola's emissions are currently a quarter that of its European competitors, the company said, having invested over $100 billion since 2001 in new renewable energy, smart grids and efficient storage, according to a Dec. 11 news release. The company plans to continue to allocate more than $10 billion each year to these activities.

Galán added that Iberdrola sees the transition towards a green economy as an opportunity for an industrial renaissance, job creation and general wellbeing.