2023-11-19 12:00:51
BBVA has joined the initiative ‘Cleantech for Iberia‘ which brings together funds totaling more than 1,000 million euros to accelerate the development of clean technologies in Spain and Portugal.
BBVA is the only bank in the Iberian Peninsula that participates in this coalition, where climate funds such as Net Zero Ventures, Klima, A&G, Azon or Adara, among others, are present, as well as companies that have invested in clean technologies in the region ( Malta, H2 Green Steel, or Plastic Energy). Likewise, it brings together 18 investors and universities from Spain and Portugal.
The specific objective of the initiative is to create a global center that consolidates the Iberian Peninsula’s position as a “leader” in the clean technology sector (‘cleantech’).
To achieve this, ‘Cleantech for Iberia’ aims to create a “solid” ecosystem and promote the development of specialized investment ‘scaleups’ (companies that have already managed to raise at least one million dollars), as well as policies aligned with decarbonization in Spain and Portugal.
The coalition also seeks to attract capital and promote entrepreneurship and job creation in new industries related to the decarbonization in the next years.
The coalition, promoted by Cleantech Group and Breakthrough Energy – the latter initiative founded by Bill Gates, which is dedicated to developing and expanding clean energy solutions – was presented today, November 15, during the ‘Web Summit’ technology conference, held in Lisbon.
BBVA points out that investment in clean technologies in the Iberian Peninsula has multiplied by six in the last five years, reaching 676 million euros in 2022. A total of 160 companies have already invested in this clean technology sector and estimates that others 600 more will do so in the coming years.
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