Global energy and electricity provider Iberdrola announced a new commitment to invest between EUR2bn and EUR3bn in Australia, aimed at accelerating the switch to renewable energy, and to boost its capacity in the country to 4GW. The commitment was following a meeting in Australia between Iberdrola Chairman, Ignacio Galán, Premier of the State of Victoria, Daniel Andrews, and the Minister for Energy, Environment, Climate Action and Solar Housing, Lilly D’Ambrosio. Iberdrola’s announcement follows the introduction by Australia’s new government in July of a bill that would for the first time set the country’s emissions reduction targets into law. Targets under the proposed legislation include GHG reductions of 43% by 2030, compared to 2005 levels, and the achievement of net zero by 2050. The government has stated that formalizing the country’s climate commitments into law will help enable the businesses and financial community to commit investments in renewable energy.

Source: ESG Today