The initiative recommends implementing effective incentives for greener solutions, establishing a stable regulatory framework, shortening licensing processes, ensuring financing solutions, and expanding the electrical grid.

There is an urgent need to expand the electric grid and improve long-term planning to coordinate project adoption and optimize energy consumption.

At the World Economic Forum in Davos, the Iberian Initiative for Industry and Energy Transition (IETI), which includes CEOs from major companies like EDP, BBVA, and Iberdrola, discussed Europe's path to reindustrialization through energy transition.

EDP's CEO highlighted the extraordinary opportunity for the Iberian Peninsula to lead in energy transition, leveraging its abundant natural resources and ambitious renewable energy goals.

Portugal and Spain are positioned to become Europe's most cost-effective energy suppliers, benefiting from their natural resources, talent, and existing infrastructure.

Transforming the Iberian Peninsula into a 'green hub' for renewable energy could increase the region's GDP by up to 15% and create approximately one million jobs, with 300,000 in Portugal and 700,000 in Spain.

The initiative suggests that Europe could add up to one trillion euros in value by 2030 if it regains its industrial advantage, significantly exceeding the additional annual investments needed for carbon neutrality.

To unlock this potential, a favorable environment is necessary, including substantial investment in infrastructure, technological innovation, and stable climate policies.

Naturgy's CEO pointed out the need for simpler, clearer, and long-term stable regulations in the EU compared to the U.S.

The second action involves providing effective regulatory frameworks to ensure project predictability and stability, including capacity remuneration mechanisms.

The first action proposed is to implement effective incentive systems to bridge the cost competitiveness gap between green solutions and fossil fuel alternatives.

The region could also increase production of green hydrogen and other renewable fuels, leveraging its refining capacity, which is the third largest in Europe.