Speaking at the World Economic Forum yesterday (May 25), in Davos, Switzerland, the Chairman of the Spanish utility company highlighted the industrial opportunities green hydrogen brings.
The Iberdola boss stated, ‘we cannot miss this train’ and stressed a stable regulatory framework is required to attract investment.
The European Green Deal, agreed in 2020, plans to achieve a 55% emission reduction by 2030 and Net Zero by 2050.
Read more: New EU Climate Law makes European Gren Deal an obligation as part of zero emissions by 2050
Galán emphasised that a coordinated EU effort is essential to achieve the ambitious targets, which include increasing green hydrogen production capacity to 10 million tonnes between 2030 and 2050.
Iberdola currently supplies the ‘largest green hydrogen plant for industrial use in Europe’,
which plans to produce 3,000 tonnes of green hydrogen per year. The plant was officially opened on May 13.
Read more: ‘King of electrolysers’ opened by Spain’s King Felipe
The announced investment by Iberdola comes after the European Commission released its REPowerEU Plan last week which hopes to end the EU’s dependence on Russian fossil fuels.
The plan outlines huge investments in low-carbon hydrogen to replace oil, gas and coal in hard-to-abate industries.
Read more: €200m for hydrogen research in REPowerEU Plan
Read more: REPowerEU: €34-49bn needed for hydrogen infrastructure
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