At the Step Up Now forum recently held in Madrid, experts from the energy and industrial sector agreed that the Iberian Peninsula has everything necessary to lead the change: an abundance of renewable energy sources, qualified talent, and a prime location.
In this context, the Iberian Industry and Energy Transition Initiative (IETI), presented by McKinsey & Company, is shaping up as an action platform to turn this advantage into reality.
Reindustrializing with purpose
The energy transition not only entails changing the way energy is produced and consumed but also rethinking the industrial model. Sustainable reindustrialization has been proposed as a way to strengthen strategic sectors, promote innovation, and generate quality employment, in addition to improving competitiveness. To this end, regulatory frameworks are being defined to promote the development of new technologies, productive efficiency, and the attraction of capital.
Teresa Parejo, general director of Industrial Strategy and SMEs at the Ministry of Industry and Tourism, emphasized that European reindustrialization must be based on sustainability, digitalization, and independence.
To this end, Spain and Portugal are betting on a new regulatory framework that promotes:
- The ecological transition as a productive engine.
- Safe and efficient energy supply.
- Innovation and investment as pillars of competitiveness.
In addition, the importance of the relocation of key sectors—such as the chemical, pharmaceutical, and automotive sectors—was highlighted as one of the keys to regenerating the industrial fabric.
Cooperation as driver of transformation
One of the clearest consensuses of the forum was the need to strengthen public-private collaboration. Coordination between both areas allows for the design of industrial plans adapted to real needs, promotes investment in key infrastructure, and ensures that technological advances translate into tangible benefits for society.
To achieve this, there must be a firm commitment between industry and management, with clear rules, adequate financing, and a long-term vision.
In terms of cooperation, the Iberian Industry and Energy Transition Initiative (IETI) is of note, as it is jointly promoted by Spain and Portugal, and a project in which Spanish companies such as Moeve, Naturgy, Repsol, Iberdrola, EDP, BBVA, and Santander are involved, as well as the consulting firm McKinsey.
This initiative aims to strengthen the competitiveness of the industry and promote the energy transition by leveraging the opportunities of Spain and Portugal regarding their renewable resources, infrastructure, and talent.
Ultimately, the energy transition will be resilient if it is built on cooperation, soundness, and shared ambition. It is not just about changing technologies, but about combining efforts among institutions, companies, and citizens to move towards a fairer, more efficient, and sustainable energy model. Spain and Portugal have a unique opportunity to demonstrate that change is possible when working together, with a vision for the future and a shared commitment.