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Spanish utility Iberdrola has joined the Race to Zero alliance, an initiative established to achieve an emissions-neutral global economy by 2050.

The Race to Zero alliance is led by the United Nations, the COP26 presidency to unite global cities, regions, businesses and investors to decarbonise the global economy.

Leaders present at the launch of the Race to Zero alliance include president of COP26, Alok Sharma; the executive secretary of the United Nations Framework Convention on Climate Change, Patricia Espinosa; the president of COP25, Carolina Schmidt, and the WHO’s director of Public Health, María Neira.

By joining the alliance, Iberdrola has agreed that between $10 trillion and $20 trillion will be required to reshape the global economy after COVID-19 whilst prioritizing climate change.

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Governments’ stimulus packages should incorporate building healthier and more resilient economies whilst generating sustainable growth that can create jobs.

Iberdrola strongly agrees with the notion to expand or prioritise investments in renewable energy and the electrification of transport.

Iberdrola is backing the stance of this initiative with the conviction that “ensuring the health and prosperity of people and the planet is possible if we take brave decisions today so that future generations can live and flourish in a better world,” according to a statement.

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Other global iniatiatives to address climate change which Iberdrola is part of include; We Mean Business, the World Business Council For Sustainable Development, and the Climate Ambition Alliance and Business Ambition for 1.5°C.