The president of Iberdrola, Ignatius Galanwho spoke today at the 10th German-Spanish Forumdemanded “more Europe and more electrification, as this will lead to greater growth and more jobs”. At the forum held today in Berlin and in the presence of His Majesty King Felipe and the president of the Federal Republic from Germany, Frank-Walter SteinmeierGalan said that the energy crisis suffered by the European Union comes from the gas market. To solve it in a sustainable way, we must move forward in the energy transition through electrification and build a real union, Galan said.
During the forum organized by the Bertelsmann Foundation Liz Mohn Center and Telefonica with the support of Fundacion ICO, under the theme ‘Building a digital and sustainable future together in Europe‘, Iberdrola The President gave a positive assessment of EU initiatives such as Green Deal, Fit for 55 and RePower Europe.
European proposals aim to electrify the economy to become less dependent on coal and natural gas, and achieve energy independence. The solution lies in renewable energies, smart grids and storage, and the amount of investment needed until 2030 is estimated at €1,200,000,000,000.
Regulatory stability and clear frameworks are essential to mobilize huge private investments. So the Iberdrola The President argued for unifying policies with integrated markets and tax systems, more interconnections, common administrative processes and incentives across the EU. ‘I believe that Germany and Spain we can do a lot together to advance integration,” he told the forum.
Green hydrogen is an example of how common EU policies can be improved. EU has set a target of 10 million tonnes by 2030, which will require a 300 billion euros of investment. However, public support will be €5.2 billion. During this time at United Statesfor a similar amount of this hydrogen, the support is about $100 billion.
Galan participated in the round table entitled “How to be more competitive through digitalization and sustainability”, during which Jose Maria Alvarez-PalletePresident of Telefonica; Belen GarijoPresident and CEO of Merck; Nicholas HofmanCEO of UFAand Klaus RosenfeldPresident and CEO of Schaeffler also participated.
Leaders stressed that digitalization and sustainability are key factors in strategic planning, with a direct impact on companies in industry, banking, tourism and commerce. They are seen as both challenges and opportunities for Europe economic and social recovery.
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