Iberdrola, a Spanish energy company, has committed to invest €3 billion in green hydrogen as part of its initiatives to speed up the European Green Deal. The European Green Deal, first agreed upon in 2020, aims for a 55 per cent reduction in greenhouse gas emissions by 2030 and for Europe to achieve climate neutrality by 2050. At the World Economic Forum in Davos, Switzerland, Iberdrola’s chairman announced the investment plan.
According to the chairman, green hydrogen will bring enormous industrial opportunities to energy uses that are difficult to electrify. He also stated that, like other green technologies, green hydrogen will need a robust regulatory framework to attract investment. The chairman claims that concerted effort by the European Union (EU) member states would be required to accomplish the ambitious ambitions set forth in the European Green Deal, which include doubling green hydrogen production capacity by 2,000 times.
Earlier this month, Iberdrola started construction of the 50.5 MW Korytnica II wind farm in Poland. The plant, which is located north of Warsaw in the Mazowieckie region, would increase the company’s onshore wind power capacity in Poland to 163 MW. Iberdrola already operates the 30 MW Zopowy wind farm in the Opole region, as well as the 82.5 MW Korytnica I wind farm.
REGlobal’s Views: With energy security and climate concerns accelerating investments in renewable energy projects across the globe, green hydrogen has emerged as one of the most sought after areas of opportunity. Large energy companies like Iberdrola are planning massive investments to emerge as leaders in this space especially as green hydrogen is a versatile fuel with applications in industries, transport, power and other sectors.
