Ignacio Galán, the Executive Chairman of Iberdrola, and Chairman of its U.S. subsidiary Avangrid, Inc. (NYSE: AGR), has become the inaugural recipient of The Foreign Policy Association’s ESG Leadership Award during their annual dinner at New York’s Harvard Club.
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Avangrid Chairman Ignacio Galán Receives the ESG Leadership Award from The Foreign Policy Association in New York
The newly created award recognises business leaders who have demonstrated a firm commitment to ensuring that ESG + F (Environmental, Social & Governance + Financial Performance) principles are embedded as a core pilar of business strategy.
Other award recipients on the evening included General Mark A. Milley, the 20th Chairman of the Joint Chiefs of Staff and the highest-ranking military officer in the U.S., as well as Joaquin Duato, Chairman & CEO of Johnson & Johnson.
Mr Galán was honoured by Governor George Pataki, New York’s 53rd Governor, who served in office between 1996 and 2006.
During his speech, Governor Pataki noted that if there is one word to describe Mr Galán, it is "visionary."
The Governor said that a sense of social responsibility has guided Mr Galán all the way through Iberdrola’s growth over the years and that he has led the way in the next generation of renewable energy.
He concluded by saying that Mr Galán's vision has made Iberdrola the clean powerhouse it is, but in the process, inspired and challenged other utilities and other companies to share that sense of social responsibility.
Accepting the award, Ignacio Galán, said: “I am very grateful to the Foreign Policy Association. I greatly admire all of the positive work that the association has been delivering for many years.
“Iberdrola’s commitment to ESG principles has always been driven by our own internal belief that we must do all that we can to achieve a positive impact in the communities that we serve. This is why we included the Sustainability Development Goals in our corporate by-laws and created the concept of a social dividend.
“As we continue to invest and grow in the years ahead, we remain committed to demonstrating that decarbonization is fully compatible with value creation."
Under Mr Galán`s leadership over the past two decades, Iberdrola has invested over $150 billion to drive the transition to clean energy. The company’s investment strategy has been coupled with a full commitment to the creation of sustainable value for all its stakeholders (“Social dividend”). In 2022 alone Iberdrola welcomed 4,700 new hires into the group, and its activities around the world now support 400,000 jobs. Iberdrola’s purchases with suppliers exceeded $19 billion in 2022, and over $8 billion was paid in taxation globally, supporting public finances.
Iberdrola’s focus on renewable energy and smart grid networks has placed it at the forefront of the energy transition. In the last two decades, the company has grown from the 20th largest electricity utility in the world, to the second largest by market cap, at the same time as leading the industry in climate ambition.
Mr Galán has overseen the closure of all of Iberdrola’s 17 coal and fuel oil plants across the world at the same time as establishing an industry leading renewable energy capacity of 40,000 megawatts (MW).
More than $50 billion of investments is planned between 2023 and 2025, which will underpin the company’s ambitious Climate Action Plan. Iberdrola aims to achieve carbon neutrality for scopes 1 and 2 by 2030 and net-zero emissions before 2040 for all scopes.
The Foreign Policy Association is a non-partisan organization that has been working for over 100 years to help develop awareness, understanding, and informed opinion on U.S. foreign policy and global issues. The FPA aims to encourage citizens to participate in the foreign policy process.
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs more than 7,500 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, Avangrid ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2023 for the fifth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.