Iberdrola's Galan Seeks Price on Carbon Emissions From UN Talks

Iberdrola SA Chief Executive Officer Jose Ignacio Sanchez Galan believes that a legally binding agreement that puts a price on carbon would be the best way forward from the United Nations climate summit.

“For money to be brought to the table, it would be ideal for it to be legally binding,” said Galan on Friday in a Bloomberg television interview. “A price on carbon would be the best way.”

World leaders have convened in Paris this week to work on a deal on curbing global warming. Each participating country has presented a plan for lowering greenhouse gas emissions, although how the agreement will be enforced is yet to be determined.

Iberdrola is Europe’s largest utility by market value, with operations in Spain, Portugal, the U.K., the U.S. and Latin America. It has a focus on renewable energy, particularly wind power, with nearly 15 megawatts installed.

“Nobody is going to put money on the table if it is not legally binding,” Galan said.

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