Iberdrola announces plan to invest €3bn in green hydrogen

Spanish energy utility Iberdrola has committed to investing €3bn ($3.2bn) in green hydrogen as part of its efforts to expedite the European Green Deal.

Initially agreed on in 2020, the European Green Deal calls for a 55% reduction in greenhouse gas emissions by 2030 and to make Europe climate-neutral by 2050.

Iberdrola chairman Ignacio Galán announced the investment plan at the World Economic Forum in Davos, Switzerland, this week.