PARIS, Dec 7 (Reuters) - Spanish infrastructure group Acciona, the world’s largest renewable energy firm, plans to invest $2.5 billion in renewable energy projects within the next five years, chief executive Jose Manuel Entrecanales said on Monday.
Speaking at a forum in the sidelines of the U.N. climate summit in Paris, Entrecanales also called for leaders to remove ‘indirect subsidies’ for fossil fuel industries in order to put a clear price on carbon, something that could unlock billions of dollars in capital.
“Carbon pricing is an element that is absolutely essential if we need to mobilize approximately 470 billion Euros or dollars in the next 25 years into the energy industry,” he said.
“You need to provide the appropriate returns to move almost half a trillion a year into this industry. If you give us sufficient returns, you will move private capital to the extent you need,” he added.
The projects will mostly be located in developing countries including Chile, Mexico, South Africa and India. (Reporting by Bate Felix)