The chairman of Iberdrola urges to build a real energy union at the 10th German-Spanish Forum

Galán calls for more Europe and more electrification to combat the energy crisis

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The chairman of Iberdrola, Ignacio Sánchez Galán, who spoke this Thursday at the 10th German-Spanish Forum, called for "more Europe and more electrification, as this will lead to greater growth and more employment". At the forum, held in Berlin and attended by His Majesty King Felipe and the President of the Federal Republic of Germany, Frank-Walter Steinmeier, Galán said that the energy crisis suffered by the European Union stems from the gas market. In order to solve it in a lasting way, it is necessary to advance in the energy transition through electrification and to build a real union, Galán stressed.  

At the forum, which was held under the theme "Building together a digital and sustainable future in Europe" and organised by the Liz Mohn Centre of the Bertelsmann Foundation and Telefónica with the support of Fundación ICO, Iberdrola's Chairman gave a positive assessment of EU initiatives such as Green Deal, Fit for 55 and RePower Europe. 

The European proposals aim to electrify the economy to reduce dependence on coal and natural gas, and to achieve energy independence. The solution is renewable energy, smart grids and storage, and the amount of investment needed until 2030 is estimated at 1.2 trillion euros. 

Regulatory stability and clear frameworks are essential to mobilise the huge private investments. Thus, the Iberdrola chairman has advocated unifying policies with integrated markets and tax systems, more interconnections, administrative processes and common incentives in the EU. "I believe that Germany and Spain can do a lot together to push for greater integration," he told the forum. 

Green hydrogen is an example of how joint EU policies can be improved. The EU has set a target of 10 million tonnes by 2030, which will require an additional 300 billion euros of investment. However, public support will be 5.2 billion euros. Meanwhile, in the United States, for a similar amount of this hydrogen, support is around 100 billion dollars.  

Galán took part in the round table discussion entitled "How to be more competitive through digitalisation and sustainability", in which José María Álvarez-Pallete, Chairman of Telefónica; Belén Garijo, President and CEO of Merck; Nico Hofmann, CEO of UFA, and Klaus Rosenfeld, President and CEO of Schaeffler, also took part.   

The executives pointed out that digitalisation and sustainability are key factors in strategic planning, with a direct impact on business in industry, banking, tourism and trade. They are both a challenge and a great opportunity for Europe's economic and social recovery. 

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