ESG Today writes that the investment was announced by Iberdrola Executive Chairman Ignacio Galán, who said that the "electrification of energy is unstoppable and will expand exponentially in the years ahead, supporting decarbonization, boosting energy security, and reducing the volatility caused by fossil fuels."

As per company officials, most of the investment strategy, 60% to be exact, will be focused on the grid, specifically the transmission and distribution of electricity, with the investment increasing the grid's assets by 38% in 2026. Over 40% of the company's investments are aimed at the US market.

Experts at the International Energy Agency (IEA) say that around 80 million kilometers of new grid lines will be needed to support the expansion of renewable energy, which is why Iberdrola looks to improve its presence on the market in this regard. At the same time, for the world's entire grid, around 600 billion USD will be needed per year until 2030 to ensure that we'll be able to hit our energy-related climate goals.

Around 15 billion euros will also go towards renewable power, of which half will be allocated for offshore wind power, Iberdrola announced, with countries such as France and Germany to benefit from the added capacity.