Cleantech for Iberia: BBVA Joins Billion-Euro Initiative to Drive Green Innovation in Spain and Portugal

Cleantech for Iberia: BBVA Joins Billion-Euro Initiative to Drive Green Innovation in Spain and Portugal

(IN BRIEF) BBVA has partnered with the ‘Cleantech for Iberia’ initiative to accelerate the development of clean technologies in Spain and Portugal. The initiative aims to establish the Iberian Peninsula as a leading hub in the cleantech sector and has garnered support from various funds totaling over one billion euros. ‘Cleantech for Iberia’ is backed by Breakthrough Energy, an initiative founded by Bill Gates focused on advancing clean energy solutions. It seeks to create a robust ecosystem, support the growth of scaleup companies, and align policies with decarbonization goals in both countries. Investment in clean technologies in the region has increased sixfold over the past five years, reaching €676 million in 2022. BBVA is the only bank participating in the initiative, joining climate funds and companies investing in clean technologies to boost entrepreneurship and job creation in decarbonization industries. The initiative’s advantages include abundant clean energy, ambitious renewable energy goals, a skilled workforce, and growth potential in green hydrogen production.

(PRESS RELEASE) BILBAO, 16-Nov-2023 — /EuropaWire/ — BBVA has joined the ‘Cleantech for Iberia’ initiative to accelerate the development of clean technologies in Spain and Portugal. The main goal is to create a global hub that establishes the Iberian Peninsula as a leader in the ‘cleantech’ sector. The initiative brings together funds totaling more than one billion euros.

“Years ago, we were a pioneer for positioning BBVA in fintech. Now, we also want to lead this new ‘cleantech’ sector. Advances in clean technology will allow us to decarbonize the economy in the coming years, and the ‘Cleantech for Iberia’ alliance, will identify and back climate innovations that transform how we tackle environmental challenges on the Iberian Peninsula,” remarks Victoria Mozos, Head of Sustainability at BBVA.

“For the first time ever, the iberian cleantech community has joined forces to speak with one voice. It marks the start of an exciting new chapter to establish the Iberian Peninsula as Europe’s next clean industrial hub”, says ‘Cleantech for Iberia’ Director Bianca Dragomir.

‘Cleantech for Iberia’ is supported by Breakthrough Energy, an initiative founded by Bill Gates that focuses on developing and expanding clean energy solutions.

‘Cleantech for Iberia’ aims to create a strong ecosystem and promote the development of ‘scaleups’ (companies that have already managed to raise at least $1 million); of specialized investments; and policies in alignment with decarbonization in Spain and Portugal. It also seeks to raise capital and boost entrepreneurship and job creation in new decarbonization industries in the coming years.

The investment in clean technologies on the Iberian Peninsula has multiplied by six over the past five years, reaching €676 million in 2022. A total of 160 companies have already invested in the ‘cleantech’ sector, and another 600 are expected to do so in the coming years.

BBVA is the only bank on the peninsula that is participating in ‘Cleantech for Iberia’. Climate funds (Net Zero Ventures, Klima, A&G, Axon and Adara, among others) and companies in the region that have invested in clean technologies (Malta, H2 Green Steel, Plastic Energy, among others) are participating in this initiative. ‘Cleantech for Iberia’ brings together 18 innovative investors and leading universities in Spain and Portugal, all of them key players in building the region’s green technology ecosystem.

The coalition promoted by the Cleantech Group and Breakthrough Energy was presented today, November 15th during the ‘Web Summit’ technology conference held in Lisbon.

According to ‘Cleantech for Iberia’, the comparative advantages of investing in clean technologies on the Iberian Peninsula are the use of clean, cheap and abundant energy; the establishment of ambitious goals, such as reaching 81 percent renewable energy in Spain by 2030, and 80 percent in Portugal by 2026; a qualified labor force; energy storage and hydrogen; and a sturdy industrial fabric. At the same time, growth is expected in the green hydrogen industry, in which Spain would contribute 20 percent of the initiatives worldwide, according to the alliance.

‘Cleantech for Iberia’ calls for industrial policies to bridge the temporary gap between the ambitious targets and the needs of the ecosystems; to accelerate reindustrialization through policies that cover the entire value chain, the costs of developing the projects; and finally, to connect the Iberian Peninsula globally, coordinating long-term infrastructure plans.

‘Cleantech for Iberia’ is part of ‘Cleantech for Europe’, an initiative to foster clean technology in Europe, with a presence in the UK, France, German, Nordic countries, Baltic countries, and now also, the Iberian Peninsula.

The incorporation of financial institutions like BBVA with initiatives focused on sustainability and innovation is critical in order to continue expanding the transformation and adapting to the major trends that are changing the world.

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SOURCE: BBVA