Through its involvement with COP15, IBERDROLA seeks a common platform in efforts to combat climate change, with a view to a new agreement to substitute Kyoto when it expires in 2012 with a strong signal on emission reduction targets.

IBERDROLA’S focus consists of four main pillars:

1. An ambitious target on emissions reduction. As a power company, it is ideally placed to contribute towards this goal. In line with the strategy it has been implementing over the past decade, the Company proposes an efficient energy mix, based on renewable energy, efficient thermal, and nuclear.
2. A global carbon trading system, based on regional market integration, capable of generating funds needed to finance clean energy development, both in industrialised and in developing countries.
3. A far-reaching reform of the current financing system for developing countries, the so-called Clean Development Mechanism (CDM), in order to avoid distortions currently arising from a concentrating of funds in certain countries.
4. The existence of government and regulatory support mechanisms to facilitate the implementation of these programmes and help achieve the global targets.