Category: Interviews

Iberdrola is one of the first movers in the renewable energy world. We are already the world’s largest wind producer currently with an investment of over Euro 120 billion in the last 20 years. Further, more than 50 per cent of Iberdrola’s business is in grid development to transport electricity. We are planning to invest a further Euro 75 billion by 2025, Euro 150 billion by 2030, 50 per cent of which will be in grid networks.

As a financial hub, Singapore can help the global push for sustainability through green finance, fintech and capability building. We have launched a USD2 billion Green Investments Programme. This will support the development of carbon trading and services, sustainability consultancies and environmental risk management. One promising area is emissions verification, including using new technology to measure the carbon footprints and monitor abatement commitments of businesses.

With governments in Asia Pacific increasing their focus on developing low-carbon economies, offshore wind is being included as a key component of their energy transition strategies. Countries such as Taiwan have set ambitious targets. However, several challenges still need to be addressed – one of them relates to the development of the corresponding transmission infrastructure, both offshore and onshore.

Electrification of transport has gained significant momentum in the United States, especially in the state of California. The state, reputed for its commitment to clean and renewable energy has taken several initiatives over the past decade to move towards carbon neutrality. Clifford Rechtschaffen, Commissioner, California Public Utilities Commission talks about the key initiatives undertaken by California in this space and the way forward.

The Baltic sea is surrounded by countries with ambitious carbon neutrality targets and climate action goals. Estonia is not far behind, with a target of 70 per cent carbon dioxide reduction by the year 2030. The country also targets to achieve climate neutrality by 2050. To achieve climate neutrality and renewable energy targets, we have to focus on offshore development in addition to onshore projects.

Offshore wind is slowly gaining traction in the US especially on the east coast where state policies and favourable conditions are driving the industry. The drastic drop in offshore wind technology costs combined with its potential to address some pressing concerns for the country’s power sector, is expected to create interest in other parts of the country as well.

Geographically, the US renewable energy sector is an important growth market for us. This market allows us to deploy capital at scale and develop large capacities with shorter lead times. It has proved to be a very compelling market for us.

A game changer for solar energy, I think, is the incorporation of storage into solar PV projects. We are actively building our technological capabilities in the solar plus energy storage space, to gear up for these new growth opportunities.

Offshore energy is slated to play an instrumental role in building a power system largely based on renewables to reach the 2030 and 2050 energy and climate objectives. This net-zero objective is ambitious and will require an array of policy changes in sectors beyond energy as well. Offshore wind has the potential to contribute to a sustainable and inclusive post-Covid-19 recovery.