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Iberdrola and European Business Leaders Commit to Ambitious Climate Targets for 2040

Power | Corporate Carbon Management | Government Policies

  • Iberdrola, along with over 100 other European business leaders, has signed a declaration urging the EU to reduce CO2 emissions by at least 90% by 2040. This initiative was organized by the Corporate Leaders Group (CLG) and aims to eliminate fossil fuel subsidies and accelerate the adoption of clean technologies.
  • The business leaders advocate for a strategic industrial policy that supports investment and competitive sustainability. They emphasize the need for a policy environment that phases out fossil fuels, promotes electrification, and utilizes renewable energy to decarbonize the power sector.
  • The declaration was presented to the European Council, the European Commission, and members of the European Parliament. Key EU business leaders and CLG representatives are set to meet with EU Environment and Climate Ministers to discuss and advance the proposed climate targets and policies.
  • The declaration highlights the importance of a just transition that equitably distributes costs and benefits. It also underscores the role of sustainable business practices and eco-design in achieving the EU's climate goals, following up on commitments made at COP28 to significantly increase renewable energy capacity and energy efficiency by 2030.
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Decarb Avenues

  • CO2 Capture & Storage
  • Corporate Carbon Management
  • Green hydrogen
  • Wind Power

Drivers

  • Government Policies
  • Partnership and Collaboration
  • Big Industry Trends
  • Key Decarbonization Strategies

Stakeholders

  • Corporate Leaders
  • Investors
  • Government Officials