The global challenge of decarbonising our society requires all economic activities and, the energy sector in particular, to conduct a thorough review of its own processes. The goals of the Paris Agreement, the intention of several countries to achieve carbon neutrality in their economies and the way these objectives are being pursued across the globe will be key in establishing the strategies of companies worldwide.
Galp aspires to take an active role in shifting the energy paradigm, namely by anticipating new trends, adapting its portfolio to future needs, exploring synergies with its current Iberian activities and by promoting a progressive reduction of its carbon intensity.
The ongoing digital transformation has set the scene for innovative products and services to replace the previous alternatives, with clear benefits for people in general. In order to materialise these opportunities, we intend to identify new value pools in which we can be a reference for the market, develop new business areas and try out different solutions for our customers. We are looking for new answers to the challenges of mobility, namely urban, using technological tools that allow intelligent fleet management and integrated urban planning systems.
Galp aims to develop a profitable renewable power generation business, with 10% to 15% of the Group’s future investment to be allocated to those activities as well as to new businesses that could be scaled up.
We will expand our renewables’ business leveraged on proven technologies, like solar PV, and taking advantage of the existing natural hedge to our power commercial activity in Iberia. Galp’s renewable portfolio consists of 3.3 GW capacity to be installed and operating by 2023, and with a longer-term ambition to reach around 10 GW by 2030, starting in Iberia but looking to explore opportunities in other regions where we believe to have competitive advantages. We will also support our customers in this transition, developing decentralised generation solutions, tailored to their needs.
We will continue investing in innovation, research and technological development, which are crucial for extracting value from our assets and for the creation of new business models, thus fostering the sustainability of the Company and the communities in which it operates.