Iberdrola’s £6bn wind pledge and Chloé’s B Corp certification: The sustainability success stories of the week
As part of our Mission Possible campaign, edie brings you this weekly round-up of five of the best sustainability success stories of the week from across the globe.
Published every week, this series charts how businesses and sustainability professionals are working to achieve their ‘Mission Possible’ across the campaign’s five key pillars – energy, resources, infrastructure, mobility and business leadership.
As November approaches, momentum continues to build towards COP26. Businesses, governments and regions alike are all keen to showcase their green credentials in the meantime.
ENERGY: Iberdrola commits £6bn for offshore wind in East Anglia
Between the publication of the Net-Zero Strategy, the UK’s Global Investment Summit and separate, multi-million-pound green hydrogen announcements from the private sector, it’s been a busy week for low-carbon energy investment announcements.
The Global Investment Summit saw some £9.7bn pledged towards the low-carbon activities detailed in the Ten-Point Plant published by Boris Johnson last autumn. The largest contributor was Spanish multinational electricity giant Iberdrola, which committed £6bn to the East Anglia Hub windfarms being developed by its subsidiary ScottishPower. The Hub is planning to host three projects with a collective capacity of 3GW, subject to planning consent.
The new funding is in addition to the £10bn investment already being made by public and private investors in Iberdrola’s renewable generation capacity between 2020 and 2025. Johnson is notably hoping for the UK to host 40GW of offshore wind by 2030.
Iberdrola’s chairman and chief executive Ignacio Galan said: “The Hub is testament to how business can support the Government’s net-zero ambitions within an overarching and stable framework. This is what international investors need as we get ready for the COP26 climate change summit.
“I have no doubt it is only the start of things to come as we continue to tackle the climate emergency, progress the energy transition and strive for a net-zero future.”