LISBON, Nov. 5 (Xinhua) -- Portuguese utility company EDP announced here its pledge on Tuesday to provide 100 percent renewable energy by the end of the next decade.
EDP Chief Executive Officer (CEO) Antonio Mexia told the ongoing Web Summit event here that 75 percent of the energy supplied by his company already comes from renewable sources, such as water, waves and solar.
"At the end of the next decade we will be 100 percent renewable," said Mexia, adding that fossil energy will continue to play a leading role in the energy transition.
"Renewables are not available 24 hours a day," he said, noting that energy must be generated from multiple sources to ensure efficiency.
"Renewables are the cheapest and most efficient technology to generate energy," he said.
The four-day "Web Summit 2019" opened in Lisbon on Tuesday, attracting a record high number of over 70,000 participants from 163 countries.
Over 1,200 speakers will address the participants from 22 stages throughout the event.
Founded in 2009 in Ireland, the Web Summit is considered one of the world's largest technology, innovation and entrepreneurship events.