This spring, the Intergovernmental Panel on Climate Change released the third part of its Sixth Assessment Report on climate change mitigation. The document highlights that greenhouse gas emissions have continued to rise over the past decade, a trend that must be reversed to meet the Paris targets: aiming for a temperature rise of 1.5ºC or, at most, 2ºC. The question remains: what are major companies doing to cut their carbon footprints? The report showcases several concrete moves in this direction.
iberdrola
Iberdrola is advancing the development of green hydrogen with more than sixty projects designed to meet the electrification and decarbonisation needs of sectors such as industry and heavy transport. The company leads the charge in producing and supplying hydrogen from entirely renewable energy through electrolysis. It has constructed Europe’s largest green hydrogen plant for industrial use in Puertollano, Ciudad Real, using 100 percent renewable electricity to generate ammonia and green fertilizers.
In collaboration with Grupo Fertiberia and the University of Huelva, Iberdrola is part of Andalusia’s Green Hydrogen Cluster Gateway to Europe. The aim is to centralize a major green hydrogen production hub in the industrial area of Huelva, especially around Palos de la Frontera, to convert and consume green hydrogen for decarbonising industry and heavy transport. The cluster brings together more than eighty partners and plans to deploy over 600 MW of electrolyzers to secure the necessary hydrogen production.
Continuing this line of action, Iberdrola has joined forces with Cummins to install one of the world’s largest electrolyzer plants in Guadalajara for green hydrogen production, with operations expected to begin in 2023.
Iberdrola is also pursuing decarbonisation in other industrial processes, including agreements with BP on a major green hydrogen project in the Valencian Community. The goal is to install an electrolyzer on BP’s land in the Castellón industrial estate in El Serrallo to produce green hydrogen.
Iberdrola is supporting the shift to sustainable ceramics by partnering with Porcelanosa on a full-scale electrification solution for ceramic production. The approach blends renewable energy with green hydrogen and heat pumps, aiming to substitute up to half of natural gas with green hydrogen in residual thermal energy processes.
Iberdrola is also exploring renewable hydrogen investments with Foresa to develop green methanol production in Galicia. The two companies may construct a 20 MW green hydrogen power plant, with potential expansion to 150 MW, using electrolysis powered by renewable energy.
A key transport sector milestone is a Trans-European Transport Network based on green hydrogen. This would create a network to move people and goods across the European Union, with Iberdrola setting up logistics platforms for road transport at nineteen destinations, including Zaragoza, Murcia, and the Valencian Community, primarily to supply road truck fleets.
The project also aligns with the Barcelona Free Trade Zone initiative, where a hydrogen hub will support Transports Metropolitans de Barcelona, known as TMB. The Zona Franca hydrogen plant, completed in under a year, will enable a green hydrogen powered bus fleet in Barcelona.
Endesa
Endesa has announced a substantial investment plan valued at about 25 billion euros through 2030, aimed at expanding renewable energy and digitizing the electricity grid, with the goal of 80 percent of its power generation being free of CO2 emissions by the end of the decade.
In the near term, by 2023 Endesa plans accelerated investments in renewables and decarbonisation, supported by greater digitization of the grid and the electrification of housing demand and sectors such as industry and transport. The 2020-2022 strategic plan calls for a 25 percent rise in investments to 7.9 billion euros for 2021-2023, with 3.3 billion earmarked to expand renewable generation capacity, about 20 percent higher than the previous plan.
With this investment, the company targets 11,500 MW of solar, wind, and hydroelectric power by the end of 2023, roughly 50 percent higher than the 7,700 MW achieved in 2020. Clean energy growth will come from a portfolio of about 7,300 MW projects planned for 2021 to 2025, with 68 percent photovoltaic and 32 percent wind energy. The company expects profitable returns on all clean energy investments, with expenditures reaching around 2.6 billion euros, up 30 percent from the prior plan.
Galp
Galp ranks among Europe’s notable solar developers, holding approximately 1 gigawatt of installed photovoltaic capacity within a total portfolio of about 4.7 GW, including projects in Spain, Brazil, and Portugal. The goal is to grow renewable energy capacity to 4 GW by 2025 and to 12 GW by 2030.
Last year, the European Investment Bank and Galp signed three financing agreements to build solar plants and deploy electric vehicle charging stations in the Iberian Peninsula. The total funding stands at 406.5 million euros, potentially rising to 731.5 million later. These projects will support climate action and social cohesion, generating about 3.6 terawatt-hours of renewable energy annually, enough to power roughly 940,000 homes.
A report from Carbon Tracker, an organization analyzing corporate transition readiness, named ExxonMobil among the least prepared companies with weak climate targets, noting that many projects remain vulnerable if temperature rise exceeds ambitions. The report contrasts this with other majors and highlights the gap between long-term targets and portfolio resilience under strict climate limits.
cesa
Cepsa plans to invest between 7 and 8 billion euros over ten years under its new strategy Positive Motion 2030. The plan aims to lead the energy transition in Spain and Portugal through two core areas: sustainable mobility and sustainable energy trades developed in alliance with Energy Parks and other strategic partners.
By 2030, more than half of EBITDA is expected to come from sustainable businesses. The company targets a 55 percent reduction in Scope 1 and 2 CO2 emissions and a 15 to 20 percent cut in Scope 3 emissions, with a goal to reach net zero emissions by 2050. A major budget shift will allocate 60 percent to sustainable areas by 2023.
repsol
Repsol has implemented a sustainable finance strategy that positions the company as a pioneer in the industry, offering an innovative financial framework aimed at supporting the energy transition on a global scale. The decarbonisation plan envisions reducing emissions by 12 percent in 2025 and 25 percent in 2030 relative to 2016 levels, with a longer-term target of carbon neutrality by 2050 and a 50 percent reduction by 2040. The strategy centers on four pillars: improved energy efficiency, circular economy practices, capture and use of renewable hydrogen, and carbon dioxide management. The plan emphasizes scaling multi-energy hubs and digital innovations to deliver cleaner products and services.
Repsol has outlined a path to lower emissions while expanding capabilities across energy vectors, aiming to balance profitability with sustainable growth through digitalization and new business models.
cemex
In 2021, CEMEX reduced carbon dioxide emissions per tonne of cementitious material by 4.7 percent. The company reports that 30 percent of electricity used in cement operations came from renewable sources, and the adoption of new clinker varieties has led to about a 20 percent reduction in emissions. These improvements reflect ongoing efforts to lower the carbon intensity of cement production while maintaining demand for construction materials.
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