Sustainability and renewable energy are the new watchwords. In European institutions, in governments and even in investment circles, there is today an unshakable conviction that the future passes through the green economy. Perhaps more importantly, there seems to be a consensus that the economic recovery efforts required by the pandemic must be based on the energy transition, that is, on the capacity to produce and distribute green energy, thus replacing traditional polluting raw materials.
In fact, the choice should not be between more or less globalization, but between a model of sustainable development and in line with social needs or, on the contrary, the maintenance of economies based on the maximum exploitation of resources. It is possible to guarantee energy security, technological advances, economic development, competitiveness and quality of life, taking care of present resources and safeguarding the well-being of future generations.
To overcome this crisis it is necessary to invest. Without investment there is no growth and without growth there is no job. Governments and the European Union have created economic stimulus packages, the utility of which is undeniable, but it is important to know the destination of these funds and the criteria underlying their application. These investment decisions will have a profound and lasting impact, as they will largely define the terms and dynamics of the post-Covid-19 world economy. At Iberdrola we subscribe to the Green Recovery Alliance and strongly support the European Green Deal as a way to recover as quickly as it is sustainable.
Over the past 20 years, we have invested 100 billion euros in the energy transition, in a clean, reliable and intelligent business model that intensifies the decarbonization and electrification of the economy. We have developed a hydroelectric project on the Tâmega River, a unique investment in Portugal for the past 25 years, whose energy storage technology meets the solutions recently advocated by the European Parliament.
It is on this path that we will remain, reinforcing investment and defending paths where environmental sustainability is combined with economic competitiveness. Naturally, we are pleased that other companies in the sector are now joining this transformation effort.
A greener energy sector will bring effective gains in terms of wealth and employment. It will also represent an appreciable leap in the protection of resources and the environment. And, not least, it will significantly support the trade balance of the country and Europe, reducing dependence on the outside world, namely in regions marked by instability. Greater sustainability means less vulnerability.
Together with the States, companies must lead the recovery of an economy that wants to be inclusive, open, sustainable and competitive. This is the way to overcome cyclical challenges and correct structural imbalances.