Acciona Sa (ACXIF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

José Manuel Entrecanales, Chairman and CEO at ACCIONA. Welcome to the 2023 results presentation for both ACCIONA and ACCIONA Energía. On my right, the CFO of ACCIONA Group, the Head of Infrastructure on my very right. CEO of Acciona Energía on my left, Rafael Mateo, and the CFSO at Acciona Energía. I will be making a short introduction, and then I will pass on the floor to Rafael first, Acciona Energía, then the CFSO of Acciona Energía, and then on to the group with José Díaz-Caneja, head of During 2023, which has been the warmest year since records began, we have seen the acceleration of both the effects of climate change and the transition towards a decarbonized economy, with around 145 countries with net zero targets covering close to 90% of global emissions. It's a transformation that is producing what some say is the biggest relocation of capital in history. Clean electricity, the main vector of decarburization, needs to triple to meet the demand required by conventional or new users, such as electrification of transport, industry, big data, or clean hydrogen, to name a few. It is estimated that an additional investment of 1.7 trillion annually is needed. This figure more than doubles when considering the non-energy infrastructure required for resilience, transformation and adaptation to the effects of climate change or the increase in urban population with its transportation, housing, sanitation, waste or water implications. Fortunately, despite some marginal debate on the causes of climate change. These challenges enjoy unprecedented policy support and investment appetite, and notwithstanding some interest rate uncertainties, demand for infrastructure investment is at its highest level on record. Private asset managers are sitting on approximately 350 billion ...