Global energy and electricity provider Iberdrola announced a series of new climate goals, including targets to achieve carbon neutrality in its power generation plants by 2030, and to reach net zero across its full value chain by 2040.

The new goals form part of the company’s new Climate Action Plan, launched at the COP27 climate conference. The company said that its plan makes Iberdrola “the energy company with the most ambitious targets in this area.”

Iberdrola’s Executive Chairman, Ignacio Galán, said:

“The current crisis has further reaffirmed the need to accelerate electrification with renewables and electricity grids to achieve full decarbonization and also energy self-sufficiency. After 20 years of trajectory, the Climate Action Plan is a new boost to Iberdrola’s commitment to zero net emissions as a means of preserving the environment and generating employment and industrial development.”

The new commitments follow Iberdrola’s announcement last week of plans to invest €47 billion between 2023-2025, including €17 billion for renewable energy, and €27 billion in its electricity networks, and a target to boost renewable capacity to 52,000 MW by the end 2025. Earlier this year the company said that it aims to invest €150 billion over the next decade, tripling its renewable energy capacity and doubling its network assets.

In addition to the climate plan, Iberdrola also presented its Biodiversity Plan, addressing the impacts of the company’s activities on nature throughout the life cycle of its facilities, and setting a goal to achieve a net positive impact on species and ecosystems by 2030.

Galán said:

“The next decade will be crucial if we are to achieve the climate goals and protect biodiversity, and we must all work together today to achieve them.”