Iberdrola, a multinational energy company, has pledged to achieve

Carbon neutrality in its power plants by 2030

Iberdrola, a global producer of energy and electricity, has announced a range of new climate goals, including achieving carbon neutrality in its power-producing

units by 2030 and achieving net zero across the whole value chain by 2040.

The company's new Climate Action Plan, unveiled during the COP27 climate summit, includes the new aims. According to the firm, its plan makes Iberdrola "the energy company with the most aggressive goals in this sector."

Iberdrola's Executive Chairman, Ignacio Galán, said:

"The current crisis has reinforced the necessity to expedite electrification with renewable energy and power networks in order to achieve comprehensive decarbonization and energy independence. The Climate Action Plan provides a new boost to Iberdrola's commitment to zero net emissions as a method of preserving the environment and fostering industrial growth.

The latest promises follow Iberdrola's announcement the previous week of intentions to invest €47 billion between 2023 and 2025, including €17 billion for renewable energy and €27 billion in its power networks, and a goal to increase renewable capacity to 52,000 MW by the end of 2025. The business announced earlier this year that it intends to invest €150 billion over the next decade, tripling its capacity for renewable energy and doubling its network assets.

In addition to the climate plan, Iberdrola also presented its Biodiversity Plan, which addresses the impacts of the company's actions on the environment throughout the life cycle of its facilities and aims to have a net positive impact on species and ecosystems by 2030.

Galán said:

"The next decade will be critical if we are to accomplish our climate goals and safeguard biodiversity, and we must all work together to achieve them today."